Texas Pacific Land Corp. (TPL) intrinsic value & 10-year financials
Texas Pacific Land Corp. (TPL) has a Graham intrinsic value of $205.54 per share. At $350.92 on Oct 17, 2026, the stock trades 71% above that value. Over the last 9 fiscal years revenue grew 15.0% a year to $798.2M, with an average return on invested capital of 105.8%.
- Graham intrinsic value
- $205.54
- Share price (Oct 17, 2026)
- $350.92
- Price vs Graham value
- 71% above
- Market cap
- $24.2B
- Revenue (FY2025)
- $798.2M
- Revenue growth (9-yr CAGR)
- 15.0%
- ROIC (10-yr avg)
- 105.8%
- Free cash flow (FY2025)
- —
TPL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $798.2M | $481.4M | $6.97 | — | 74.2% | 44.6% |
| FY2024 | $705.8M | $454.0M | $6.57 | — | 76.4% | 78.1% |
| FY2023 | $631.6M | $405.6M | $5.86 | — | 77.0% | 130.6% |
| FY2022 | $667.4M | $446.4M | $6.42 | $428.2M | 84.3% | 180.5% |
| FY2021 | $451.0M | $270.0M | $3.87 | $248.7M | 80.4% | 125.0% |
| FY2020 | $302.6M | $176.0M | $2.52 | $202.0M | 71.8% | 84.5% |
| FY2019 | $490.5M | $318.7M | $4.57 | $310.6M | 81.5% | 83.7% |
| FY2018 | $300.2M | $209.7M | — | $147.6M | 86.9% | 119.5% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Texas Pacific Land Corporation revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Texas Pacific Land Corporation has earned high returns on invested capital, averaging 83.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Texas Pacific Land Corporation capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Texas Pacific Land Corporation is modeled at 12.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $205.54 per share.