Texas Pacific Land
TPL on NYSE. Oil royalty traders. Market value $23.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$355.16 a share, 32% above its 1-year low
Over the past year the price has ranged from $269.23 to $547.20.
Dividend: 0.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $451m | $667m | $632m | $706m | $798m |
| Operating margin | |||||
| Operating margin | 80.4% | 84.3% | 77.0% | 76.4% | 74.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.02bn | 0.02bn | 0.07bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 21.4% a year
- Buying back its own sharesNo, 795% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $246 million last quarter, up 31% on a year ago.
- Profit: $154 million, up 33% on a year ago.
- It keeps 75 cents of each $1 of sales as operating profit, down from 76 cents a year earlier.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $174m |
| December 2024 | $186m |
| March 2025 | $196m |
| June 2025 | $188m |
| September 2025 | $203m |
| December 2025 | $212m |
| March 2026 | $237m |
| June 2026 | $246m |
| Quarter to | Amount |
|---|---|
| September 2024 | $107m |
| December 2024 | $118m |
| March 2025 | $121m |
| June 2025 | $116m |
| September 2025 | $121m |
| December 2025 | $123m |
| March 2026 | $143m |
| June 2026 | $154m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 4 November 2026
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 871 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $466m
- Share of fund
- 1.2%
- Hosking PartnersJeremy Hosking
- Value
- $15m
- Share of fund
- 0.5%
- GAMCO InvestorsMario Gabelli
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Horizon KineticsMurray Stahl | $4.3bn | 48.6% | Cut |
| First Manhattan Co.First Manhattan partners | $466m | 1.2% | |
| Gotham Asset ManagementJoel Greenblatt | $16m | <0.1% | Cut |
| Hosking PartnersJeremy Hosking | $15m | 0.5% | |
| GAMCO InvestorsMario Gabelli | $6m | <0.1% |
Largest holders overall
- Horizon Kinetics$4.3bnCut
- BlackRock$2.3bnCut
- State Street$1.7bnAdded
- Vanguard Capital Management$1.7bn
- Vanguard Portfolio Management$1.4bn
- Geode Capital Management$718m
- First Manhattan Co.$466m
- SoftVest Advisors$465m
- Morgan Stanley$426m
- Invesco$313mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Horizon KineticsPassive investorat least 14.7%+0.2 pts(filed with 1 related holder)Since 5 May 2026
What they said
Item 4 is hereby amended and restated in its entirety to read as follows: HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes. In the ordinary course of its business, HKAM intends to regularly review its equity interest in the…
Read the filing - STAHL MURRAY14.6%−1.0 ptsSince 24 March 2026
- BlackRock, Inc.Passive investor7.9%Since 31 December 2024
- Vanguard Capital ManagementPassive investor6.3%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.1%+0.1 ptsSince 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Horizon Kinetics Passive investor | at least 14.7%+0.2 pts (filed with 1 related holder) | 5 May 2026 | What they saidItem 4 is hereby amended and restated in its entirety to read as follows: HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes. In the ordinary course of its business, HKAM intends to regularly review its equity interest in the… Read the filing |
STAHL MURRAY | 14.6%−1.0 pts | 24 March 2026 | |
BlackRock, Inc. Passive investor | 7.9% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 6.3% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.1%+0.1 pts | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $460,832 of shares on the open market. 3 sold $3m, $2m of it under preset trading plans.
- DOYLE PETERDirectorBought
- Date
- 15 September 2026
- Shares
- 5
- Price
- $371.64
- Value
- $1,858
- DOYLE PETERDirectorBought
- Date
- 15 June 2026
- Shares
- 4
- Price
- $381.95
- Value
- $1,528
- STEDDUM CHRISChief Financial OfficerSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 830
- Price
- $400.33
- Value
- $332,271
- STEDDUM CHRISChief Financial OfficerSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 3,170
- Price
- $400.25
- Value
- $1m
- EPPS DONNA EDirectorSold
- Date
- 25 February 2026
- Shares
- 895
- Price
- $510.08
- Value
- $456,522
- EPPS DONNA EDirectorBought
- Date
- 25 February 2026
- Shares
- 895
- Price
- $510.45
- Value
- $456,853
- BUFFINGTON STEPHANIEChief Accounting OfficerSold
- Date
- 24 February 2026
- Shares
- 1,608
- Price
- $503.00
- Value
- $808,824
- HORIZON KINETICS ASSET MANAGEMENT LLCDirectorBought
- Date
- 6 January 2026
- Shares
- 1
- Price
- $296.79
- Value
- $297
- HORIZON KINETICS ASSET MANAGEMENT LLCDirectorBought
- Date
- 6 January 2026
- Shares
- 1
- Price
- $296.79
- Value
- $297
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | DOYLE PETER Director | Bought | 5 | $371.64 | $1,858 |
| 15 June 2026 | DOYLE PETER Director | Bought | 4 | $381.95 | $1,528 |
| 8 June 2026 | STEDDUM CHRIS Chief Financial Officer | Sold under a preset trading plan | 830 | $400.33 | $332,271 |
| 5 June 2026 | STEDDUM CHRIS Chief Financial Officer | Sold under a preset trading plan | 3,170 | $400.25 | $1m |
| 25 February 2026 | EPPS DONNA E Director | Sold | 895 | $510.08 | $456,522 |
| 25 February 2026 | EPPS DONNA E Director | Bought | 895 | $510.45 | $456,853 |
| 24 February 2026 | BUFFINGTON STEPHANIE Chief Accounting Officer | Sold | 1,608 | $503.00 | $808,824 |
| 6 January 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC Director | Bought | 1 | $296.79 | $297 |
| 6 January 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC Director | Bought | 1 | $296.79 | $297 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.