Explain this page
Arphra AIPlain-English read on Texas Pacific Land Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
A+Top tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin100.0%
Operating margin74.2%
Net margin60.3%
ROE33.0%
ROA29.7%
ROIC34.7%
Liquidity & leverage
Current ratio4.40×
Quick ratio4.40×
Debt / equity0.02×
Net debt / EBITDA-0.17×
Interest coverage—
Efficiency & per-share
Asset turnover0.49×
Inventory days—
Days sales out.75
FCF / share$7.05
Book value / share$21.14
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $25.46B | $19.8B | — | — | — |
| Enterprise value | — | — | — | $25.09B | $19.69B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 35.55 | 24.67 | — | — | — |
| EV / FCF | — | — | — | 54.43 | 40.49 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +1.78% | +2.43% | — | — | — |
| Free cash flow yield | — | — | — | +1.81% | +2.46% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +93.46% | +95.07% | +92.35% | +89.90% | +100.00% | +96.25% | +93.17% | +95.03% |
| Operating margin | +80.36% | +84.25% | +76.96% | +76.38% | +74.19% | +77.94% | +75.41% | +74.61% |
| EBITDA margin | +83.97% | +86.55% | +79.29% | +79.95% | +82.12% | +82.72% | +79.59% | +82.59% |
| EBIT margin | +80.39% | +84.31% | +76.96% | +76.38% | +74.28% | +75.87% | +75.73% | +77.10% |
| Pre-tax margin | +80.50% | +85.23% | +81.95% | +82.01% | +76.46% | +82.31% | +80.70% | +80.39% |
| Net margin | +59.87% | +66.88% | +64.23% | +64.32% | +60.31% | +61.54% | +62.69% | +63.36% |
| Cost structure | ||||||||
| Cost of revenue / sales | +6.54% | +4.93% | +7.65% | +10.10% | 0.00% | +5.89% | +5.88% | +5.91% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +13.10% | +9.51% | +14.22% | +4.89% | +2.98% | +7.54% | +7.16% | +7.25% |
| Effective tax rate | +25.63% | +21.53% | +21.62% | +21.57% | +21.13% | +20.54% | +21.70% | +21.45% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +41.43% | +57.75% | +38.88% | +40.09% | +33.00% | +35.52% | +36.50% | +37.48% |
| Return on assets (ROA) | +35.33% | +50.87% | +35.08% | +36.37% | +29.65% | +31.93% | +34.32% | +34.05% |
| Return on capital (ROC) | +55.48% | +72.57% | +46.54% | +47.59% | +39.71% | +44.61% | +43.53% | +43.77% |
| Return on invested capital (ROIC) | +41.33% | +57.61% | +38.84% | +40.07% | +32.28% | +35.22% | +36.19% | +37.18% |
| Asset turnover | +59.02% | +76.07% | +54.62% | +56.56% | +49.17% | +51.88% | +54.75% | +53.74% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +59.87% | +66.88% | +64.23% | +64.32% | +60.31% | +61.54% | +62.69% | +63.36% |
| Asset turnover (× revenue / assets) | +59.02% | +76.07% | +54.62% | +56.56% | +49.17% | +51.88% | +54.75% | +53.74% |
| Equity multiplier (× assets / equity) | +117.24% | +113.53% | +110.85% | +110.20% | +111.27% | +111.25% | +106.33% | +110.10% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.59 | 0.76 | 0.55 | 0.57 | 0.49 | 0.52 | 0.55 | 0.54 |
| Fixed-asset turnover | 3.58 | 5.02 | 4.57 | 1.27 | 4.48 | — | — | — |
| Inventory turnover | 0.27 | 0.30 | — | — | — | — | — | — |
| Receivables turnover | 4.74 | 6.42 | 4.90 | 5.57 | 4.84 | — | — | — |
| Payables turnover | 1.65 | 1.40 | 2.15 | 2.64 | 0.00 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 77.07 | 56.87 | 74.53 | 65.50 | 75.41 | — | — | — |
| Days inventory outstanding (DIO) | 1349.98 | 1217.30 | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 221.64 | 260.13 | 169.96 | 138.03 | — | — | — | — |
| Cash conversion cycle | 1205.41 | 1014.04 | -95.43 | -72.53 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.98 | 1.00 | 1.03 | 1.08 | 1.13 | 1.11 | 1.11 | 1.05 |
| FCF / Net income | 0.92 | 0.96 | 0.99 | 1.02 | 1.01 | 1.03 | 1.03 | 1.00 |
| FCF margin | +55.35% | +64.12% | +63.85% | +65.31% | +60.94% | +63.28% | +64.36% | +63.25% |
| OCF margin | +58.80% | +67.00% | +66.23% | +69.52% | +68.39% | +68.13% | +69.47% | +66.60% |
| CapEx / Revenue | +3.45% | +2.88% | +2.38% | +4.21% | +7.46% | +4.73% | +4.68% | +4.70% |
| CapEx / D&A | 0.96 | 1.25 | 1.02 | 1.18 | 0.95 | — | — | — |
| Stock-based comp / Revenue | +0.01% | +1.26% | +1.64% | +1.77% | +1.90% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.87 | 6.42 | 5.86 | 6.57 | 6.97 | 9.17 | 10.08 | 0.00 |
| EPS · basic | 3.87 | 6.42 | 5.87 | 6.58 | 6.98 | 9.25 | 10.02 | 0.00 |
| Book value / share | 9.34 | 11.11 | 15.08 | 16.40 | 21.14 | 26.02 | 27.85 | 30.90 |
| Tangible BV / share | 9.34 | 11.11 | 14.78 | 15.89 | 20.66 | 26.02 | 27.85 | 30.90 |
| Sales / share | 6.46 | 9.60 | 9.13 | 10.22 | 11.56 | 15.01 | 16.21 | 18.28 |
| Operating CF / share | 3.80 | 6.43 | 6.05 | 7.11 | 7.91 | 10.23 | 11.26 | 12.18 |
| Free cash flow / share | 3.58 | 6.15 | 5.83 | 6.68 | 7.05 | 9.50 | 10.43 | 11.56 |
| Dividends / share | 1.22 | 3.56 | 1.45 | 5.03 | 2.14 | 4.11 | 4.40 | 5.01 |
| Payout ratio | +31.58% | +55.40% | +24.65% | +76.51% | +30.70% | +44.50% | +43.29% | +43.22% |
| Retention ratio | +68.42% | +44.60% | +75.35% | +23.49% | +69.30% | +55.50% | +56.71% | +56.78% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +48.00% | -5.37% | +11.75% | +13.09% | +29.48% | +8.42% | +13.07% | +15.90% |
| Gross profit · YoY | — | +50.55% | -8.08% | +8.79% | +25.79% | +24.62% | +4.95% | +15.34% | +16.18% |
| Profit | |||||||||
| Operating income · YoY | — | +55.16% | -13.56% | +10.92% | +9.83% | +36.03% | +4.89% | +11.87% | +14.68% |
| EBITDA · YoY | — | +52.56% | -13.31% | +12.68% | +16.15% | +30.43% | +4.32% | +17.34% | +15.63% |
| Net income · YoY | — | +65.33% | -9.12% | +11.91% | +6.04% | +32.13% | +10.44% | +14.28% | +16.84% |
| Operating | |||||||||
| EBIT · YoY | — | +55.22% | -13.62% | +10.92% | +9.98% | +32.24% | +8.22% | +15.12% | +15.21% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +65.89% | -8.67% | +12.11% | +6.04% | +31.54% | +9.97% | -100.00% | — |
| EPS · basic · YoY | — | +65.98% | -8.67% | +12.22% | +6.03% | +32.59% | +8.25% | -100.00% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $1.45M | $1.96M | $1.17M | $453K | $32.35M | $15.15M | $16.14M | $17.81M |
| Net debt | -$426.8M | -$508.88M | -$724M | -$369.38M | -$112.46M | -$633.03M | -$662.25M | -$783.3M |
| Net debt / EBITDA | -1.13 | -0.88 | -1.45 | -0.65 | -0.17 | -0.74 | -0.74 | -0.75 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.01 | 0.01 |
| Debt / assets | +0.19% | +0.22% | +0.10% | +0.04% | +1.99% | +0.76% | +0.79% | +0.76% |
| Equity / assets | +85.30% | +88.09% | +90.21% | +90.74% | +89.87% | +89.89% | +94.05% | +90.83% |
| Coverage | ||||||||
| EBITDA / interest expense | — | — | — | — | — | — | — | — |
| Operating income / interest | — | — | — | — | — | — | — | — |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | ||||||||
| Current ratio | 7.80 | 11.15 | 13.68 | 8.33 | 4.40 | — | — | — |
| Quick ratio | 7.75 | 10.82 | 13.54 | 8.22 | 4.27 | — | — | — |
| Cash ratio | 6.34 | 8.99 | 11.50 | 6.12 | 1.99 | — | — | — |
| Working capital | $458.97M | $576.59M | $799.4M | $442.97M | $246.72M | — | — | — |
| Working capital / revenue | +101.78% | +86.39% | +126.57% | +62.76% | +30.91% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 24.67x | 35.55x |
| Earnings yield | 2.4% | 1.8% |
| FCF yield | 2.5% | 1.8% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 33.0% | 40.1% |
| ROA | 29.7% | 36.4% |
| ROIC | 30.1% | 35.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.17 | -0.65 |
| Interest coverage | — | — |
| Current ratio | 4.40x | 8.33x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).