Texas Pacific Land Corporation Financial Ratios — TPL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	80.82	58.18	39.81	37.06	33.5
Return on Assets (%)	78.57	80.82	125.02	125.37	119.8	74.9	106.56	103.55	72.17	30.1	40.43	54.38	39.89	37.76	33.53
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	18,932.46	6,528.8	80.4	58.05	39.75	37.04	33.34
Return on Invested Capital (%)	91.79	103.42	158.25	152	135.6	87.78	124.72	118.67	82.55	34.41	45.93	60.08	41.26	38.34	35.47
Gross Margin (%)	99.86	99.95	99.96	99.96	99.97	99.93	99.44	95.41	93.9	89.23	93.46	95.08	92.35	89.9	85.46
EBITDA Margin (%)	89.65	89.97	91.02	93.18	94.79	95.23	93.98	87.74	83.28	76.56	83.97	86.55	79.29	79.95	82.02
Operating Margin (%)	89.61	89.92	90.98	93.14	94.76	95.16	93.74	86.88	81.46	71.81	80.36	84.25	76.96	76.38	74.19
Incremental Operating Margin (%)	100.73	83.71	93.97	101.74	98.46	92.78	92.67	79.6	72.91	97.01	97.8	92.35	212.84	71.52	57.4
Pretax Margin (%)	89.67	89.98	91.01	93.17	94.8	95.14	93.81	87.19	82.01	72.6	80.5	85.23	81.95	82.01	76.46
Profit Margin (%)	60.04	60.29	61.71	62.98	63.01	63.95	62.88	69.86	64.98	58.19	59.87	66.88	64.23	64.32	60.31
Net Income to Common Margin (%)	60.04	60.29	61.71	62.98	63.01	63.95	62.88	69.86	64.98	58.19	59.87	66.88	64.23	64.32	60.31
Effective Tax Rate (%)	33.04	32.99	32.2	32.41	33.53	32.79	32.97	19.87	20.76	19.85	25.63	21.53	21.62	21.57	21.13
Dvd Payout Ratio (%)	9.71	21.86	- -	6.56	4.8	5.93	10.99	15.09	14.6	114.55	31.58	55.4	24.65	76.51	30.7
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	55.3	25.95	30	8.71	23.21

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	3	2	1	2	1	- -	16
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	3	2	1	2	1	- -	16
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.01	- -	- -	- -	- -	0.02
Net Debt/EBITDA	-0.42	-0.29	-0.33	-0.52	-0.6	-0.78	-0.55	-0.45	-0.74	-1.21	-1.13	-0.88	-1.45	-0.66	-0.22
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.01	- -	- -	- -	- -	0.03
Net Debt/EBIT	-0.42	-0.29	-0.33	-0.52	-0.6	-0.79	-0.55	-0.46	-0.76	-1.29	-1.18	-0.91	-1.49	-0.69	-0.24
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	948.83
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	204.23
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	858.2
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.44	98.72	101.33	102.39	98.33
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.66	0.42	0.22	0.25	0.11	0.04	1.11
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	100	100	0.22	0.23	0.1	0.04	1
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.56	0.35	0.19	0.22	0.1	0.04	1
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.66	0.42	0.22	0.25	0.11	0.04	1.11
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	100	100	0.22	0.23	0.1	0.04	1
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.56	0.35	0.19	0.22	0.1	0.04	1
Net Debt to Equity	-63.41	-54.02	-73.84	-100.36	-98.52	-103.77	-75.72	-48.9	-59.29	-57.93	-65.71	-66.09	-69.51	-32.66	-9.93
Net Debt/Capital (%)	100	100	100	100	100	100	100	100	101.12	100.73	-177.47	-142.96	-161.96	-40.71	-9.87
EBITDA	31	29	40	51	75	63	145	263	408	232	379	578	501	564	655
EBITDA-CapEx	31	29	40	51	75	62	127	167	366	193	363	557	461	139	141
Operating Income (Loss)	31	29	40	51	75	63	145	261	400	217	362	562	486	539	592

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	5.1	5.91	9.62	19.22	26.94	16.18	12.32	9.88	12.41	7.11	6.34	8.99	11.5	6.12	1.97
Current Ratio	10.24	13.97	15.16	22.78	29.29	18.32	15.26	14.99	14.99	8.41	7.8	11.15	13.68	8.33	4.34
Quick Ratio	10.24	13.68	15.16	22.19	29.29	18.32	15.07	13.9	14.99	8.33	7.75	10.82	13.54	8.22	4.21
CFO/Avg Current Liab	5.43	10	21.47	28.04	32.33	17.33	19.72	21.05	18.74	6.47	4.95	7.19	6.98	7.95	8.15
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.44	98.72	101.33	102.39	98.33
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.66	0.42	0.22	0.25	0.11	0.04	1.11
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	100	100	0.22	0.23	0.1	0.04	1
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.56	0.35	0.19	0.22	0.1	0.04	1
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.66	0.42	0.22	0.25	0.11	0.04	1.11
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	100	100	0.22	0.23	0.1	0.04	1
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.56	0.35	0.19	0.22	0.1	0.04	1
CFO/Total Liabilities	347.58	356.15	679.09	608.72	1,044.18	276.18	628.17	483.97	398.41	239.48	236.01	427.73	369.51	424.62	332.12
CFO/CapEx	642.26	395.03	550.55	722.33	224.28	41.92	5.01	2.03	8.11	5.31	17.05	21.42	10.46	1.15	1.06
Altman's Z-Score	39.08	58.44	125.5	101.03	143.31	101.31	147.12	67.45	45.97	41.53	55.8	108.94	68.28	135.96	75.61

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	24.56	11.86	13.73	15.9	22.67	12.79	12.72	9.03	8.78	5.44	6.29	6.7	5.42	5.52	5.48
Days Sales Outstanding	14.86	30.77	26.59	22.96	16.1	28.54	28.71	40.44	41.58	67.08	58.05	54.47	67.31	66.1	66.67
Inventory Turnover	0.09	0.01	0.01	0.02	0.02	0.04	0.78	2.37	0.51	0.3	0.27	0.3	0.88	- -	- -
Days Inventory Outstanding	4,180.03	24,881.64	25,214.7	20,813.31	16,349.52	9,462.84	469.41	153.83	716.66	1,206.99	1,346.67	1,215.82	414.32	- -	- -
Accounts Payable Turnover	1.14	0.02	0.02	0.02	0.02	0.05	0.27	2.87	8.52	2.09	1.92	1.62	-2.67	2.88	3.49
Accounts Payable Turnover Days	319.48	23,825.03	21,712.86	15,641.87	21,303.12	7,131.15	1,354.54	127.04	42.84	174.23	189.84	225.45	-136.6	126.62	104.62
Cash Conversion Cycle	3,875.41	1,087.38	3,528.42	5,194.4	-4,937.49	2,360.23	-856.43	67.23	715.4	1,099.84	1,214.88	1,044.84	618.23	-60.52	-37.96
Inventory to Cash Days	-4,165.17	-24,850.87	-25,188.11	-20,790.34	-16,333.41	-9,434.3	-440.7	-113.39	-675.08	-1,139.91	-1,288.62	-1,161.35	-347	66.1	66.67
Inventories	1	1	1	1	1	1	1	10	107	109	109	110	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	1	1	1	1	1	1	1	10	107	109	109	110	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	380	478	860	991	1,073	2,371	3,508	4,218	6,059	5,639	9,681	18,102	12,079	25,422	19,804
- Cash & Cash Equivalents	13	8	13	27	45	49	80	120	304	281	428	511	725	370	145
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	3	2	1	2	1	- -	16
Enterprise Value	367	469	847	964	1,028	2,321	3,429	4,098	5,759	5,360	9,254	17,593	11,355	25,052	19,675
Total Capital	- -	- -	- -	- -	- -	- -	- -	- -	3	2	670	868	1,173	1,278	1,612
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	100	100	0.22	0.23	0.1	0.04	1
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	10.69	14.41	19.2	17.46	12.95	35.11	22.17	13.65	11.74	17.71	20.52	26.36	17.98	35.49	24.65
EV/EBITDA	11.93	16.01	21.09	18.74	13.66	36.87	23.59	15.56	14.1	23.14	24.44	30.45	22.67	44.4	30.05
EV/EBIT	11.93	16.02	21.1	18.75	13.67	36.9	23.66	15.71	14.41	24.67	25.54	31.29	23.36	46.47	33.23
EV/Cash Flow to Firm	15.33	23.58	28.17	24.81	20.75	56.67	36.54	20.97	16.8	25.89	34.9	39.35	27.15	51.06	36
EV/Free Cash Flow to Firm	15.3	23.52	28.11	24.78	20.66	55.35	30.46	14.04	14.96	21.79	32.97	37.59	24.78	27.35	18.56
Diluted Market Cap	380	478	860	991	1,073	2,371	3,508	4,218	6,059	5,639	9,681	18,113	12,087	25,459	19,826
Diluted Enterprise Value	367	469	847	964	1,028	2,321	3,429	4,098	5,759	5,360	9,254	17,605	11,363	25,089	19,697
EV per Share	4.36	5.84	10.94	12.76	13.94	32.28	48.5	58.47	82.5	76.78	132.64	253.15	164.25	363.29	285.35
TTM Sales	34	33	44	55	79	66	155	300	490	303	451	667	632	706	798
TTM EBITDA	31	29	40	51	75	63	145	263	408	232	379	578	501	564	655
TTM Operating Income	31	29	40	51	75	63	145	261	400	217	362	562	486	539	592
TTM Cash Flow to Firm	24	20	30	39	50	41	94	195	343	207	265	447	418	491	546
TTM Free Cash Flow to Firm	24	20	30	39	50	42	113	292	385	246	281	468	458	916	1,060

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	15.85	23.94	28.55	25.47	21.56	56.53	31.16	14.45	15.74	22.92	34.49	38.7	26.37	27.8	18.71
EV/EBIT	11.93	16.02	21.1	18.75	13.67	36.9	23.66	15.71	14.41	24.67	25.54	31.29	23.36	46.47	33.23
Enterprise Value	367	469	847	964	1,028	2,321	3,429	4,098	5,759	5,360	9,254	17,593	11,355	25,052	19,675
Low Price	3.74	4.43	5.68	10.33	10.96	11.56	28.78	45.44	58.32	32.78	78.94	105.14	140.69	155.87	269.23
EV/Sales	10.69	14.41	19.2	17.46	12.95	35.11	22.17	13.65	11.74	17.71	20.52	26.36	17.98	35.49	24.65
EV/EBITDA	11.93	16.01	21.09	18.74	13.66	36.87	23.59	15.56	14.1	23.14	24.44	30.45	22.67	44.4	30.05
Price/Earnings	18.44	24.32	31.6	28.5	21.45	56.08	36.08	20.11	19.01	32.03	35.86	40.55	29.78	56	41.14
Price/Earnings Average	19.48	24.31	24.69	36.23	22.92	35.87	27.55	24.13	17.46	25.53	38.39	29.36	31.84	40.63	52.59
Price/Earnings High	22.44	27.97	32.05	58.46	26.94	58.17	37	32.6	22.28	36.94	50.94	47.38	43.69	89.58	69.84
Price/Earnings Low	15.26	18.14	16.15	22.46	16.16	19.66	20.92	15.18	12.77	13	20.4	16.37	23.98	23.68	38.56
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.49	20.9	10.31	19.89	12.41
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.51	15.13	11.02	14.43	15.86
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.58	24.42	15.12	31.82	21.06
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.24	8.44	8.3	8.41	11.63
Price/Tangible Book Value	18.49	30.64	47.97	37.08	23.5	49.78	33.38	17.24	11.83	11.62	14.85	23.42	11.82	23.17	13.89
Price/Tangible Book Value Average	19.53	30.63	37.48	47.14	25.1	31.84	25.48	20.68	10.86	9.26	15.9	16.96	12.64	16.81	17.75
Price/Tangible Book Value High	22.49	35.23	48.66	76.06	29.5	51.63	34.23	27.94	13.87	13.4	21.1	27.37	17.34	37.06	23.57
Price/Tangible Book Value Low	15.3	22.85	24.52	29.22	17.7	17.45	19.36	13.02	7.95	4.72	8.45	9.45	9.52	9.8	13.02
Price/Sales	11.07	14.66	19.5	17.95	13.52	35.86	22.69	14.05	12.35	18.64	21.47	27.12	19.12	36.02	24.81
Price/Sales Average	11.7	14.66	15.23	22.82	14.44	22.94	17.32	16.86	11.34	14.86	22.98	19.64	20.45	26.13	31.72
Price/Sales High	13.47	16.86	19.78	36.81	16.97	37.2	23.26	22.77	14.48	21.5	30.5	31.69	28.06	57.61	42.12
Price/Sales Low	9.16	10.94	9.97	14.14	10.18	12.57	13.16	10.61	8.3	7.56	12.21	10.95	15.4	15.23	23.26
Price/Cash Flow	15.87	24	28.61	25.5	21.66	57.88	37.39	21.58	17.68	27.24	36.51	40.48	28.88	51.81	36.28
Price/Cash Flow Average	16.77	23.99	22.35	32.42	23.14	37.02	28.54	25.89	16.23	21.71	39.09	29.31	30.88	37.59	46.38
Price/Cash Flow High	19.31	27.6	29.02	52.31	27.19	60.04	38.34	34.98	20.72	31.41	51.86	47.3	42.37	82.88	61.58
Price/Cash Flow Low	13.13	17.9	14.62	20.09	16.31	20.29	21.68	16.29	11.88	11.05	20.77	16.34	23.25	21.91	34
Price/Free Cash Flow Average	16.74	23.93	22.31	32.38	23.03	36.16	23.79	17.34	14.45	18.27	36.93	28.02	28.2	20.17	23.92
Price/Free Cash Flow High	19.28	27.53	28.96	52.23	27.07	58.64	31.96	23.42	18.45	26.44	48.99	45.22	38.7	44.46	31.76
Price/Free Cash Flow Low	13.11	17.85	14.6	20.07	16.24	19.82	18.07	10.91	10.57	9.3	19.62	15.62	21.24	11.75	17.54
EV/Sales Average	11.32	14.4	14.93	22.33	13.87	22.19	16.81	16.46	10.73	13.93	22.04	18.88	19.3	25.61	31.56
EV/Sales High	13.09	16.6	19.48	36.33	16.41	36.45	22.75	22.37	13.87	20.57	29.55	30.93	26.91	57.09	41.96
EV/Sales Low	8.78	10.68	9.67	13.66	9.62	11.83	12.64	10.21	7.69	6.64	11.27	10.19	14.25	14.71	23.1
EV/EBITDA Average	12.62	16	16.41	23.97	14.64	23.3	17.88	18.76	12.89	18.2	26.25	21.81	24.35	32.03	38.47
EV/EBITDA High	14.61	18.45	21.4	38.99	17.31	38.28	24.21	25.5	16.65	26.87	35.19	35.73	33.94	71.41	51.15
EV/EBITDA Low	9.8	11.87	10.62	14.66	10.14	12.42	13.45	11.64	9.23	8.67	13.42	11.77	17.98	18.39	28.16
EV/EBIT Average	12.63	16.01	16.41	23.98	14.64	23.32	17.93	18.94	13.17	19.4	27.42	22.4	25.09	33.53	42.54
EV/EBIT High	14.61	18.46	21.41	39	17.31	38.3	24.27	25.75	17.02	28.65	36.77	36.71	34.97	74.74	56.56
EV/EBIT Low	9.8	11.87	10.63	14.66	10.15	12.43	13.49	11.75	9.44	9.25	14.02	12.09	18.52	19.25	31.13
Last Price	4.52	5.94	11.11	13.11	14.55	32.97	49.63	60.18	86.8	80.78	138.76	260.47	174.72	368.65	287.22
High Price	5.5	6.83	11.27	26.89	18.27	34.2	50.89	97.55	101.74	93.17	197.11	304.33	256.35	589.71	487.59
Enterprise Value Average	388	469	659	1,233	1,102	1,467	2,599	4,941	5,263	4,216	9,938	12,598	12,193	18,076	25,189
Enterprise Value High	449	541	859	2,005	1,303	2,410	3,518	6,717	6,802	6,225	13,325	20,641	16,998	40,296	33,490
Enterprise Value Low	301	348	426	754	764	782	1,955	3,065	3,771	2,009	5,081	6,798	9,002	10,379	18,435

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	83	79	76	75	73	71	70	70	70	70	70	69	69	69	69
Diluted Weighted Avg Shares	84	80	77	76	74	72	71	70	70	70	70	70	69	69	69
Basic Weighted Avg Shares	84	80	77	76	74	72	71	70	70	70	70	69	69	69	69
Revenue per Share	0.41	0.41	0.57	0.73	1.08	0.92	2.19	4.28	7.03	4.33	6.46	9.6	9.14	10.24	11.58
EBITDA per Share	0.37	0.36	0.52	0.68	1.02	0.88	2.06	3.76	5.85	3.32	5.43	8.31	7.24	8.18	9.5
Operating Income per Share	0.37	0.36	0.52	0.68	1.02	0.87	2.05	3.72	5.72	3.11	5.19	8.09	7.03	7.82	8.59
Basic EPS, GAAP	0.25	0.24	0.35	0.46	0.68	0.59	1.38	2.99	4.57	2.52	3.87	6.42	5.87	6.58	6.98
Basic EPS from Cont Ops	0.25	0.24	0.35	0.46	0.68	0.59	1.38	2.99	4.57	2.52	3.87	6.42	5.87	6.58	6.98
Diluted EPS, GAAP	0.25	0.24	0.35	0.46	0.68	0.59	1.38	2.99	4.57	2.52	3.87	6.42	5.86	6.57	6.97
Diluted EPS from Cont Ops	0.25	0.24	0.35	0.46	0.68	0.59	1.38	2.99	4.57	2.52	3.87	6.42	5.86	6.57	6.97
Dividend per Share	0.02	0.05	- -	0.03	0.03	0.03	0.15	0.45	0.67	2.89	1.22	3.56	1.45	5.04	2.14
Cash Flow per Share	0.28	0.25	0.39	0.51	0.67	0.57	1.33	2.79	4.91	2.97	3.8	6.43	6.05	7.12	7.92
Free Cash Flow per Basic Share	0.28	0.25	0.39	0.51	0.67	0.56	1.06	1.41	4.31	2.41	3.58	6.13	5.47	0.95	0.47
Cash & Equivalents per Share	0.16	0.1	0.17	0.35	0.61	0.69	1.13	1.71	4.35	4.03	6.14	7.35	10.49	5.36	2.1
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.58	12.46	16.95	18.53	23.15
Tangible Book Value per Share	0.24	0.19	0.23	0.35	0.62	0.66	1.49	3.49	7.34	6.95	9.34	11.12	14.79	15.91	20.68

Texas Pacific Land Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)