Texas Pacific Land (TPL)
Market Price (6/14/2026): $378.8 | Market Cap: $26.1 BilSector: Energy | Industry: Oil & Gas Exploration & Production
Texas Pacific Land (TPL)
Market Price (6/14/2026): $378.8Market Cap: $26.1 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 74% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 66% Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US Oilfield Technologies, and Water Treatment & Delivery. | Expensive valuation multiplesP/SPrice/Sales ratio is 31x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x, P/EPrice/Earnings or Price/(Net Income) is 52x Key risksTPL key risks include [1] a concentrated dependence on royalty revenue tied to oil and gas production levels in the Permian Basin and [2] vulnerability to regional water scarcity, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 74% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 66% |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US Oilfield Technologies, and Water Treatment & Delivery. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 31x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x, P/EPrice/Earnings or Price/(Net Income) is 52x |
| Key risksTPL key risks include [1] a concentrated dependence on royalty revenue tied to oil and gas production levels in the Permian Basin and [2] vulnerability to regional water scarcity, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Texas Pacific Land (TPL) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Adjusted EBITDA Miss in Fiscal Q1 2026. Texas Pacific Land (TPL) reported its fiscal Q1 2026 results on May 6, 2026, with adjusted EBITDA of $181.4 million, missing analyst estimates by 11.1%. While the company exceeded earnings per share and revenue forecasts, this notable miss on a key profitability metric indicated that expenses grew faster than revenue, resulting in a 5% drop in the stock price on the day of the announcement.
2. Downward Pressure and Volatility in Crude Oil Prices. TPL's revenue streams are directly impacted by commodity prices. During the period, crude oil prices experienced significant volatility and a notable decline. In early May 2026, crude oil prices fell by 2.8% following reports of potential progress on a U.S.-Iran peace deal, which suggested an increase in global oil supply. Further contributing to this downward trend, OPEC+ announced an additional supply of 188,000 barrels per day beginning in June 2026. The U.S. Energy Information Administration (EIA) forecast Brent crude oil to average approximately $106 per barrel in May and June 2026, a decrease from a high of $138 per barrel recorded in early April 2026.
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Stock Movement Drivers
Fundamental Drivers
The -27.5% change in TPL stock from 2/28/2026 to 6/13/2026 was primarily driven by a -30.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 522.89 | 378.91 | -27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 798 | 839 | 5.1% |
| Net Income Margin (%) | 60.3% | 60.0% | -0.5% |
| P/E Multiple | 74.9 | 51.9 | -30.7% |
| Shares Outstanding (Mil) | 69 | 69 | 0.0% |
| Cumulative Contribution | -27.5% |
Market Drivers
2/28/2026 to 6/13/2026| Return | Correlation | |
|---|---|---|
| TPL | -27.5% | |
| Market (SPY) | 8.4% | 5.6% |
| Sector (XLE) | 3.6% | 32.9% |
Fundamental Drivers
The 32.1% change in TPL stock from 11/30/2025 to 6/13/2026 was primarily driven by a 25.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 286.80 | 378.91 | 32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 772 | 839 | 8.6% |
| Net Income Margin (%) | 61.7% | 60.0% | -2.7% |
| P/E Multiple | 41.5 | 51.9 | 25.0% |
| Shares Outstanding (Mil) | 69 | 69 | 0.0% |
| Cumulative Contribution | 32.1% |
Market Drivers
11/30/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| TPL | 32.1% | |
| Market (SPY) | 9.2% | 9.1% |
| Sector (XLE) | 29.2% | 42.8% |
Fundamental Drivers
The 2.8% change in TPL stock from 5/31/2025 to 6/13/2026 was primarily driven by a 15.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 368.50 | 378.91 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 728 | 839 | 15.3% |
| Net Income Margin (%) | 63.2% | 60.0% | -5.1% |
| P/E Multiple | 55.2 | 51.9 | -6.0% |
| Shares Outstanding (Mil) | 69 | 69 | 0.0% |
| Cumulative Contribution | 2.8% |
Market Drivers
5/31/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| TPL | 2.8% | |
| Market (SPY) | 27.3% | 11.6% |
| Sector (XLE) | 45.7% | 45.3% |
Fundamental Drivers
The 170.9% change in TPL stock from 5/31/2023 to 6/13/2026 was primarily driven by a 133.1% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.87 | 378.91 | 170.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 666 | 839 | 25.9% |
| Net Income Margin (%) | 65.3% | 60.0% | -8.0% |
| P/E Multiple | 22.3 | 51.9 | 133.1% |
| Shares Outstanding (Mil) | 69 | 69 | 0.4% |
| Cumulative Contribution | 170.9% |
Market Drivers
5/31/2023 to 6/13/2026| Return | Correlation | |
|---|---|---|
| TPL | 170.9% | |
| Market (SPY) | 84.5% | 33.3% |
| Sector (XLE) | 65.7% | 55.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TPL Return | 73% | 91% | -32% | 115% | -22% | 29% | 388% |
| Peers Return | 69% | 79% | -5% | -2% | -1% | 28% | 261% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| TPL Win Rate | 50% | 67% | 33% | 75% | 33% | 33% | |
| Peers Win Rate | 68% | 62% | 50% | 50% | 63% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TPL Max Drawdown | -34% | -23% | -45% | -37% | -42% | -32% | |
| Peers Max Drawdown | -22% | -27% | -21% | -21% | -23% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XOM, CVX, COP, EOG, OXY. See TPL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | TPL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.1% | -18.8% |
| % Gain to Breakeven | 30.1% | 23.1% |
| Time to Breakeven | 40 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.5% | 7.1% |
| Time to Breakeven | 55 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 10 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.1% | -33.7% |
| % Gain to Breakeven | 144.4% | 50.9% |
| Time to Breakeven | 287 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.5% | -19.2% |
| % Gain to Breakeven | 101.9% | 23.8% |
| Time to Breakeven | 110 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.2% | -12.2% |
| % Gain to Breakeven | 18.0% | 13.9% |
| Time to Breakeven | 13 days | 62 days |
In The Past
Texas Pacific Land's stock fell -23.1% during the 2025 US Tariff Shock. Such a loss loss requires a 30.1% gain to breakeven.
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Asset Allocation
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| Event | TPL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.1% | -18.8% |
| % Gain to Breakeven | 30.1% | 23.1% |
| Time to Breakeven | 40 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.5% | 7.1% |
| Time to Breakeven | 55 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 10 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.1% | -33.7% |
| % Gain to Breakeven | 144.4% | 50.9% |
| Time to Breakeven | 287 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.5% | -19.2% |
| % Gain to Breakeven | 101.9% | 23.8% |
| Time to Breakeven | 110 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.5% | -6.8% |
| % Gain to Breakeven | 87.0% | 7.3% |
| Time to Breakeven | 602 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.4% | -17.9% |
| % Gain to Breakeven | 30.5% | 21.8% |
| Time to Breakeven | 167 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -63.0% | -53.4% |
| % Gain to Breakeven | 170.0% | 114.4% |
| Time to Breakeven | 571 days | 1085 days |
In The Past
Texas Pacific Land's stock fell -23.1% during the 2025 US Tariff Shock. Such a loss loss requires a 30.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Texas Pacific Land (TPL)
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Texas Pacific Land (TPL):
- Like Weyerhaeuser (WY), but instead of timber, it manages vast tracts of West Texas land for oil, gas, and water resources, collecting royalties and leasing land.
- Imagine Franco-Nevada (FNV), but focused on oil, gas, and water royalties in the Permian Basin, combined with extensive surface land ownership and water infrastructure services.
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```html- Land Leasing and Easements: Providing access to its vast land holdings for oil and gas operations, power lines, utility infrastructure, and roads through various leases and easements.
- Oil and Gas Royalty Interests: Earning passive income from nonparticipating perpetual oil and gas royalty interests under substantial acreage in West Texas.
- Water Services and Operations: Offering comprehensive water solutions to Permian Basin operators, including sourcing, gathering, treatment, disposal, and well testing.
- Water Royalty Interests: Earning royalties from the sale of water sourced from the company's land.
- Caliche Sales: Selling caliche, a material often used in construction, from its land.
AI Analysis | Feedback
Texas Pacific Land (TPL) primarily sells its services and resources to other companies.
Its major customers fall into the following categories:
- Oil and Gas Exploration and Production (E&P) Companies: These are the "operators in the Permian Basin" who are TPL's primary customers for its water services (sourcing, gathering, treatment, disposal, well testing). They also pay royalties for oil and gas production from TPL's royalty interests and lease land for drilling operations, facilities, and roads.
- Midstream and Energy Infrastructure Companies: These companies lease TPL's land for processing, storage, and compression facilities, as well as for pipelines and related infrastructure development tied to oil, gas, and related hydrocarbons.
- Utility Companies: Companies that utilize TPL's land for various easements, including those for power lines and other utility infrastructure.
- Construction and Industrial Companies: Customers who purchase materials such as caliche from TPL's land, likely for use in road construction, well pads, or other industrial applications.
The provided company description does not name specific public companies that are TPL's major customers.
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Tyler Glover President and Chief Executive Officer Tyler Glover has served as President and Chief Executive Officer of Texas Pacific Land Corporation and a member of its board since January 2021. He also holds the position of President and Chief Executive Officer of Texas Pacific Water Resources, a wholly-owned subsidiary, since its formation in June 2017. Prior to the corporation's formation, Mr. Glover served as Chief Executive Officer, Co-General Agent, and Secretary of Texas Pacific Land Trust. He brings 17 years of experience in energy services and land management, having joined Texas Pacific in 2011 and leading the company since 2016. He was instrumental in the company's transition from a trust to a C-corporation and the expansion of its water business. Chris Steddum Chief Financial Officer Chris Steddum became Chief Financial Officer of Texas Pacific Land Corporation on June 1, 2021. He previously served as Vice President, Finance and Investor Relations for TPL Corporation and TPL Trust since 2019. Before joining TPL, Mr. Steddum was a Director at Stifel Financial Corporation, where he led the Energy Sponsors Coverage team within its oil and gas investment banking group and provided strategic advisory to TPL during its corporate reorganization. His investment banking career also includes working in Credit Suisse's global oil & gas coverage team, where he handled various transactions across equity capital markets, debt capital markets, and mergers and acquisitions. Micheal W. Dobbs Senior Vice President, Secretary and General Counsel Micheal W. Dobbs serves as Senior Vice President, Secretary and General Counsel for Texas Pacific Land Corporation. He previously held the roles of Senior Vice President and General Counsel for Texas Pacific Land Trust. Before his tenure at TPL, Mr. Dobbs was a partner at Kelley Drye & Warren LLP. He possesses over two decades of experience in property and mineral rights, water rights, easements, and leasehold negotiations, and is a licensed attorney in the State of Texas. Stephanie Buffington Chief Accounting Officer Stephanie Buffington is the Chief Accounting Officer of Texas Pacific Land Corporation, a position she assumed on June 1, 2021. Prior to this, she served as Vice President, Accounting for both TPL Corporation and TPL Trust. Ms. Buffington's experience includes serving as Vice President of Financial Reporting at Monogram Residential Trust, Inc., a publicly traded REIT, before joining TPL Trust. With over two decades of public company experience, she began her career at KPMG and is a licensed Certified Public Accountant in Texas. Katie Keenan Senior Vice President, Commercial Transactions and Assistant General Counsel Katie Keenan holds the title of Senior Vice President, Commercial Transactions and Assistant General Counsel at Texas Pacific Land Corporation. She joined TPL in January 2017 as a Land Manager and later transitioned to Vice President, Land and Legal at Texas Pacific Water Resources. Before her time at TPL, Ms. Keenan worked for BHP Billiton in the Permian Basin, where her responsibilities included property and water rights negotiations, right-of-way acquisitions, and land purchase contracts. She is a licensed attorney in the State of Texas.AI Analysis | Feedback
The key risks to Texas Pacific Land's business include its significant dependence on the health and activity of the oil and gas industry in the Permian Basin, potential impacts from environmental regulations and policy shifts, and risks associated with water availability and management.
Dependence on the Oil and Gas Industry: Texas Pacific Land's revenue streams are heavily reliant on oil and gas exploration, development, and production activity, particularly within the Permian Basin. A substantial portion of its income is derived from nonparticipating perpetual oil and gas royalty interests (NPRI), easements for oil and gas infrastructure, and leasing of its land for related facilities. Furthermore, its Water Services and Operations segment provides services directly to oil and gas operators in the region. Therefore, fluctuations in crude oil and natural gas commodity prices, reduced drilling activity, or a long-term decline in demand for fossil fuels could significantly impact the company's royalty income, demand for its land and water services, and overall financial performance.
Environmental and Regulatory Risks: As a company deeply involved with land and resource management and water services in an active energy basin, Texas Pacific Land is exposed to various environmental regulations and potential policy changes. Stricter environmental regulations concerning oil and gas drilling, emissions, wastewater disposal (particularly produced water), or land use could increase operational costs for the operators it serves, potentially leading to reduced activity on TPL's land or decreased demand for its water services. Shifts in environmental policy towards renewable energy or conservation could also affect the long-term outlook for oil and gas development, indirectly impacting TPL.
Water Availability and Management Risks: The Water Services and Operations segment is a critical part of Texas Pacific Land's business, providing full-service water offerings to operators in the Permian Basin. Operating in an arid region, the company faces risks related to water scarcity, competition for water resources, and evolving water rights or conservation regulations. Changes in water availability, increasing costs of sourcing water, or more stringent rules regarding water usage and disposal could directly impact the profitability and operational capacity of its water services segment and potentially affect overall development activity in the Permian Basin, which in turn could reduce demand for TPL's other land-related services.
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The accelerating global transition to renewable energy sources and electric vehicles poses a clear emerging threat. TPL's business model is overwhelmingly dependent on the sustained demand for and production of oil and gas in the Permian Basin. A rapid and widespread shift away from fossil fuels would diminish the value of its perpetual oil and gas royalty interests and reduce demand for its land leases and water services, fundamentally impacting its primary revenue streams.
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Texas Pacific Land (TPL) operates in key segments within the Permian Basin, primarily focusing on land and resource management, and water services and operations. The addressable markets for its main products and services are significant within the U.S. and, more specifically, the Permian Basin.
Water Services and Operations
The Permian Basin represents a dominant portion of the U.S. midstream water market for oil and gas. This market, which includes water sourcing, transport, storage, treatment, and disposal, is projected to reach a total of US$156 billion between 2025 and 2030 across the U.S., with an average annual value exceeding US$26 billion at a 2.1% compound annual growth rate. The Permian Basin alone is expected to account for US$101.8 billion of this market through 2030, representing nearly two-thirds of the total U.S. market value. It is projected that the Permian Basin will require an average of 46.5 billion gallons of water annually for new well completions during this forecast period.
Within water services, the global produced water treatment market was estimated at USD 9,331.5 million in 2025 and is projected to grow to USD 16,479.2 million by 2033, with a compound annual growth rate of 7.5% from 2026 to 2033. North America held the largest share of this market in 2025, largely due to extensive oil and gas production activities in regions such as the Permian Basin. In 2024, the Permian Basin alone generated approximately 12 million barrels of produced water per day.
Land and Resource Management
Texas Pacific Land's land and resource management activities, including easements, commercial leases for oil, gas, power line, utility, and subsurface wellbore, and leasing land for facilities and roads, contribute to the broader U.S. oil and gas infrastructure market. The U.S. oil & gas infrastructure market size was valued at USD 78.9 billion in 2024 and is projected to grow at a CAGR of 6.4% from 2025 to 2034, reaching an estimated USD 147.8 billion by 2034. This market growth is driven by increasing energy demand and shale oil and gas production across the nation, including the Permian Basin, and involves the development and upgrading of extensive pipeline networks and related infrastructure.
For the direct addressable market size for oil and gas royalty interests and caliche sales, specific market size figures are not readily available and therefore, are considered null.
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Here are the expected drivers of future revenue growth for Texas Pacific Land (TPL) over the next 2-3 years:- Sustained Growth in Oil and Gas Royalty Production: Texas Pacific Land anticipates continued growth in its oil and gas royalty production. This is supported by an elevated inventory of permitted, drilled but uncompleted (DUC), and completed not yet producing wells on its acreage. Furthermore, the trend of longer lateral lengths in new permitted wells is expected to enhance production volumes from the company's royalty interests.
- Expansion of Water Services and Operations: The Water Services and Operations (WSO) segment is a key growth area for TPL. The company expects sustained levels of water sales and increased produced water royalties. Strategic initiatives in this segment include the nearing completion and anticipated ramp-up of volumes from the Orla desalination facility, as well as ongoing discussions for beneficial reuse and commercial agreements with operators.
- Strategic Acquisitions of Royalty and Mineral Interests: TPL actively pursues strategic acquisitions of third-party owned surface, water, and royalty/mineral assets. These acquisitions are intended to complement and enhance the company's existing asset base, providing a consistent source of future growth in royalty production and revenue streams.
- Development of Data Center and Power Generation Infrastructure: Leveraging its extensive land holdings in West Texas, Texas Pacific Land is exploring and investing in "next-generation" initiatives, particularly in data center and power generation co-location projects. A strategic partnership, such as with Bolt Data & Energy, is a notable step in this direction, aiming to establish West Texas as a hub for technology infrastructure.
- Growth in Easements and Other Surface-Related Income: The company's Land and Resource Management segment generates revenue through easements and commercial leases for various infrastructure, including oil, gas, power lines, utility easements, and subsurface wellbores. The sale of materials like caliche, essential for infrastructure development, also contributes to this segment's growth, which is expected to continue as activity on its lands persists.
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Share Repurchases
- Texas Pacific Land Corporation repurchased $8.4 million of common stock through December 31, 2025.
- The company repurchased $87.9 million of its outstanding Common Stock in 2022 and $19.9 million in 2021.
- On November 1, 2022, the board of directors approved a stock repurchase program to acquire up to an aggregate of $250 million of outstanding common stock, effective beginning January 1, 2023. Previously, a $100 million stock repurchase program was approved on March 11, 2022, and expired on December 31, 2022.
Share Issuance
- Texas Pacific Land Corporation effected a three-for-one stock split on December 22, 2025, with shares trading on a split-adjusted basis starting December 23, 2025.
- The company amended its Certificate of Incorporation to increase authorized common shares from 46,536,936 to 139,610,808 in conjunction with the stock split.
Outbound Investments
- In the fourth quarter of 2025, TPL acquired 17,306 net royalty acres, primarily in the Midland Basin, for $450.7 million in an all-cash transaction.
- TPL invested $50.0 million in Bolt Data & Energy, Inc. in late 2025, as part of a strategic agreement to develop large-scale data center campuses and supporting infrastructure on TPL land in West Texas.
Capital Expenditures
- Capital expenditures for 2025 were $66 million, which was at the low end of original guidance.
- For fiscal year 2026, anticipated capital expenditures are approximately $65 million to $75 million.
- Approximately $20 million of the 2026 capital expenditures will be allocated towards investigating waste heat capture and data center co-location potential for the desalination facility.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 141.83 |
| Mkt Cap | 107.9 |
| Rev LTM | 40,843 |
| Op Inc LTM | 9,080 |
| FCF LTM | 4,910 |
| FCF 3Y Avg | 6,170 |
| CFO LTM | 14,348 |
| CFO 3Y Avg | 15,336 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.6% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | -16.1% |
| Op Inc Chg 3Y Avg | -22.9% |
| Op Mgn LTM | 17.0% |
| Op Mgn 3Y Avg | 20.8% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 38.3% |
| CFO/Rev 3Y Avg | 40.9% |
| FCF/Rev LTM | 8.7% |
| FCF/Rev 3Y Avg | 16.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 107.9 |
| P/S | 2.6 |
| P/Op Inc | 19.3 |
| P/EBIT | 16.7 |
| P/E | 22.0 |
| P/CFO | 9.9 |
| Total Yield | 7.4% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.9% |
| 3M Rtn | -3.7% |
| 6M Rtn | 28.0% |
| 12M Rtn | 24.4% |
| 3Y Rtn | 36.2% |
| 1M Excs Rtn | 0.5% |
| 3M Excs Rtn | -15.7% |
| 6M Excs Rtn | 17.5% |
| 12M Excs Rtn | 5.7% |
| 3Y Excs Rtn | -42.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Land and resource management (LRM) | 491 | 441 | 432 | 507 | 320 |
| Water services and operations (WSO) | 307 | 265 | 199 | 160 | 131 |
| Total | 798 | 706 | 632 | 667 | 451 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Land and resource management (LRM) | 394 | 370 |
| Water services and operations (WSO) | 198 | 170 |
| Total | 592 | 539 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Land and resource management (LRM) | 322 | 315 | 307 | 365 | 209 |
| Water services and operations (WSO) | 159 | 139 | 99 | 81 | 61 |
| Total | 481 | 454 | 406 | 446 | 270 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Land and resource management (LRM) | 1,332 | 1,024 | 975 | 735 | 635 |
| Water services and operations (WSO) | 291 | 224 | 181 | 142 | 129 |
| Total | 1,623 | 1,248 | 1,156 | 877 | 764 |
Price Behavior
| Market Price | $378.91 | |
| Market Cap ($ Bil) | 26.1 | |
| First Trading Date | 12/31/1987 | |
| Distance from 52W High | -29.7% | |
| 50 Days | 200 Days | |
| DMA Price | $409.82 | $369.44 |
| DMA Trend | up | down |
| Distance from DMA | -7.5% | 2.6% |
| 3M | 1YR | |
| Volatility | 55.2% | 47.0% |
| Downside Capture | 23.48 | 34.65 |
| Upside Capture | -102.41 | 27.71 |
| Correlation (SPY) | 2.9% | 11.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.23 | -0.66 | 0.16 | 0.35 | 0.44 | 1.04 |
| Up Beta | -0.10 | -0.00 | 0.32 | 0.32 | 0.30 | 1.04 |
| Down Beta | 0.29 | 2.82 | 1.04 | 1.47 | 0.85 | 1.49 |
| Up Capture | -111% | -113% | -58% | 33% | 24% | 75% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 19 | 32 | 67 | 130 | 418 |
| Down Capture | 90% | -223% | 53% | -59% | 44% | 87% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 22 | 31 | 57 | 120 | 333 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPL | |
|---|---|---|---|---|
| TPL | 4.0% | 46.9% | 0.23 | - |
| Sector ETF (XLE) | 37.8% | 20.6% | 1.45 | 45.2% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 11.2% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 5.9% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | 19.4% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 15.4% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 10.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPL | |
|---|---|---|---|---|
| TPL | 19.2% | 46.2% | 0.53 | - |
| Sector ETF (XLE) | 20.1% | 26.0% | 0.70 | 59.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 36.1% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 12.1% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 40.9% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 26.7% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPL | |
|---|---|---|---|---|
| TPL | 36.6% | 47.0% | 0.84 | - |
| Sector ETF (XLE) | 10.0% | 29.6% | 0.38 | 59.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 41.4% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 6.3% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 41.5% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 31.8% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -4.9% | -7.9% | -7.0% |
| 2/18/2026 | 10.4% | 15.8% | 21.0% |
| 11/5/2025 | 10.0% | 9.5% | -1.4% |
| 8/6/2025 | -8.7% | -7.2% | -6.3% |
| 5/7/2025 | -4.2% | 4.7% | -17.0% |
| 2/19/2025 | 1.9% | -3.8% | -2.3% |
| 11/6/2024 | 0.4% | 2.8% | 0.8% |
| 8/7/2024 | 7.1% | 6.0% | 3.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 12 |
| # Negative | 9 | 7 | 10 |
| Median Positive | 8.5% | 6.0% | 11.8% |
| Median Negative | -3.6% | -7.2% | -6.2% |
| Max Positive | 10.4% | 22.8% | 42.3% |
| Max Negative | -8.7% | -10.5% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Horizon, Kinetics Asset Management Llc | Direct | Buy | 6122026 | 370.47 | 1 | 370 | 1,257,208,839 | Form | |
| 2 | Horizon, Kinetics Asset Management Llc | Direct | Buy | 6112026 | 380.37 | 1 | 380 | 1,290,804,614 | Form | |
| 3 | Horizon, Kinetics Asset Management Llc | Direct | Buy | 6102026 | 386.62 | 1 | 387 | 1,312,013,914 | Form | |
| 4 | Horizon, Kinetics Asset Management Llc | Direct | Buy | 6092026 | 402.65 | 1 | 403 | 1,366,412,102 | Form | |
| 5 | Steddum, Chris | Chief Financial Officer | Direct | Sell | 6092026 | 400.33 | 830 | 332,271 | 4,819,935 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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