Texas Pacific Land Corporation (TPL) Stock

Texas Pacific Land Corporation (TPL) is a Financials stock trading at $369.55 (as of 2026-08-20), with a market capitalization of $25.49B and a trailing P/E of 50.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Texas Pacific Land Corporation manages land and resource interests, including large acreages under ownership and oil and gas royalty interests, and earns revenue from activities such as easements, commercial leases, and related land-related transactions. Its water services and operations segment provides water-related sourcing, gathering/treatment, infrastructure, disposal, tracking/analytics, and well testing for operators in the Permian Basin.

Understand Texas Pacific Land Corporation: how it makes money

Texas Pacific Land Corporation manages large land holdings, earns oil and gas royalties from its nonparticipating perpetual royalty interests, and provides water services and operations including water sales, plus easements and commercial leases.

The profit model is driven by perpetual nonparticipating oil and gas royalty interests on defined acreage blocks, which monetize third-party production volumes, complemented by water services and operations that generate additional revenue tied to water activity.

Revenue by segment (latest quarter)
LandRes	$0.1B
WaterOps	$0.1B

Business quality (Exceptional): Clear reportable segments (Land and Resource Management, Water Services and Operations) and an operational metric for royalty production are provided, but the revenue split labels in the dataset are not fully consistent across similar line items, so the exact mix should be checked against the filing.

Valuation: At 103× earnings, TPL trades 208% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Large managed land base and royalty acreage: The Land and Resource Management segment manages approximately 880,000 acres and holds nonparticipating perpetual oil and gas royalty interests under approximately 85,000 acres (1/128th NPRI) and approximately 371,000 acres (1/16th NPRI), supporting oil and gas royalty revenue.
Multiple monetization channels from land operations: In addition to oil and gas royalty interests, the company engages in easements and commercial leases activities, alongside water services and operations.
Operational visibility into royalty production: The dataset includes an operational KPI, Oil and gas royalty production (average daily Boe per day), which can help investors track one key driver of royalty revenue.

Bear case

Royalty revenue depends on third-party production outcomes: Because the company holds nonparticipating perpetual royalty interests, its oil and gas royalty revenue is tied to production from areas operated by others, which can decline over time.
Water revenue depends on water services demand and activity: Water services and operations revenue, including water sales revenue and produced water royalties revenue, may be sensitive to changes in the underlying water activity that supports these services.
Segment mix uncertainty from available line items: The dataset shows multiple similar revenue labels for land and oil and gas and for water services, which may make it harder to precisely reconcile the revenue composition without confirming the exact segment disclosures in the report.

Valuation — source: SEC EDGAR (first-party)
Price	$369.55
Market Cap	$25.49B
P/E Ratio	50.9
EV / EBITDA	37.1
Price / Book	16.38
Price / Sales	30.96
DCF Value (model)	$164.55
DCF Upside vs Price	-55.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$798.19M
Net Margin	60.3%
Revenue Growth (YoY)	13.1%
EPS Growth (YoY)	-64.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	96.25 (safe)

Valuation vs Sector & Industry
Stock P/E	50.9
Sector P/E (Financials)	15.1
Industry P/E (Trading)	34.6
vs Sector	236.2%
vs Industry	47.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	HORIZON KINETICS ASSET MANAGEMENT LLC ($4.75B)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Financials
Industry	Trading
CEO	Tyler Glover
Employees	111
Country	US
IPO Date	1980-03-17

Related Companies (Business model: Exploration & Production (Upstream Oil & Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.