Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 6, 2024.

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

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Long-term Activity Ratios (Summary)

Texas Pacific Land Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Net fixed asset turnover
Total asset turnover
Equity turnover

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).


Net fixed asset turnover
The net fixed asset turnover ratio shows a notable upward trend from the earliest available data point in March 2020, starting at 5.55 and progressively increasing to peak at 8.12 by December 2022. After reaching this peak, the ratio exhibits some fluctuations but generally remains at elevated levels, maintaining above 7.0 until September 2024 before declining to 5.77 in the latest period. This pattern indicates improved efficiency in generating sales from fixed assets until late 2022, followed by some variability and a decrease in the most recent quarter.
Total asset turnover
The total asset turnover ratio displays a declining trend from March 2020 through December 2021, falling from 0.82 to 0.55. Subsequently, there is a moderate recovery from March 2022, with the ratio rising to a high of 0.8 in June 2022, indicating improved effectiveness in asset utilization. However, from this peak, a steady decline is observable through to September 2024, where the ratio reaches 0.58. Overall, the ratio suggests periods of decreasing efficiency followed by brief improvements and then renewed challenges in asset turnover.
Equity turnover
The equity turnover ratio follows a similar general pattern to total asset turnover, starting at 0.96 in March 2020 and declining steadily to 0.56 by December 2021. Thereafter, a short-term increase occurs, elevating the ratio to 0.92 by mid-2022, which indicates a temporary enhancement in the use of equity to generate revenues. After this peak, the ratio gradually decreases through the subsequent periods, settling around 0.65 by September 2024. This reflects fluctuating but overall weakening efficiency in equity utilization over the timeframe.
Summary
In summary, the net fixed asset turnover shows a generally positive trend with strong improvements until late 2022 before a downturn. Both total asset turnover and equity turnover ratios follow a similar trajectory of decline from early 2020 through 2021, a brief recovery in the first half of 2022, then a gradual decline thereafter. These patterns suggest cycles of varying asset and equity efficiency, with the fixed asset utilization demonstrating the strongest performance improvements relative to overall assets and equity.

Net Fixed Asset Turnover

Texas Pacific Land Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues
Property, plant and equipment, net
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Occidental Petroleum Corp.

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Net fixed asset turnover = (RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024 + RevenuesQ4 2023) ÷ Property, plant and equipment, net
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The revenue figures exhibit noticeable fluctuations over the analyzed periods, with an overall upward trend from early 2019 to mid-2024. Initial quarters show some volatility, including a sharp decline from March 2019 to June 2019, followed by gradual recovery and subsequent growth through 2021 and 2022. Revenues peak around the third quarter of 2022 and show some variability thereafter but generally maintain a level higher than earlier periods in 2019 and 2020.

Net property, plant, and equipment values remain relatively stable from 2019 through 2023, with minor fluctuations reflecting slight increases or decreases each quarter. However, a significant increase is observed in the last recorded quarter, March 2024, where net fixed assets rise markedly compared to previous periods. This suggests possible recent investment or revaluation in fixed assets.

The net fixed asset turnover ratio demonstrates considerable variability. Early periods lack data, but from late 2019 onward, the ratio shows a general declining trend during 2019 and 2020, dropping from above 5.5 to approximately 3.7. Starting from 2021, the turnover ratio increases consistently, peaking around late 2022 and early 2023 with values over 8.0, indicating improved efficiency in generating revenues from fixed assets. In the most recent quarters, there is a slight decline, ending near 5.8 in mid-2024, which aligns with the notable increase in fixed assets during this time, potentially diluting turnover efficiency temporarily.

Revenue Trends
General upward trajectory with fluctuations; peak revenue in Q3 2022; sustained higher revenues relative to 2019-2020.
Property, Plant, and Equipment (PPE)
Stable asset base with minor quarter-to-quarter changes until a significant increase in early 2024, suggesting new capital expenditure or asset revaluation.
Net Fixed Asset Turnover
Early decline followed by a strong recovery and peak in late 2022/early 2023; recent decrease correlates with the rise in asset base, indicating short-term efficiency adjustments.

Total Asset Turnover

Texas Pacific Land Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Occidental Petroleum Corp.

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Total asset turnover = (RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024 + RevenuesQ4 2023) ÷ Total assets
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The financial data presents a series of trends and fluctuations over multiple quarters across revenue, total assets, and total asset turnover ratio.

Revenues
Revenues exhibit a generally increasing trend over the entire period, with notable fluctuations between quarters. The initial quarters in 2019 start with revenues around 190 million USD, followed by a sharp drop in the second quarter of 2019 to approximately 87 million USD. Thereafter, revenues gradually increase with seasonal variations, peaking notably in the fourth quarter of several years. For instance, revenues surged to 147 million USD by the end of 2021 and further increased to a high of over 191 million USD in the third quarter of 2022. From this peak, there was a decline in the following quarter and subsequent quarters displayed moderate recovery, maintaining levels above 150 million USD. The data suggests some seasonal patterns or cyclical factors impacting revenue, with Q4 generally stronger, but overall a positive revenue growth trajectory over the years.
Total Assets
Total assets show a consistent upward trajectory from early 2019 through mid-2024. Starting at approximately 405 million USD, assets increased substantially to over 1.3 billion USD by the third quarter of 2024, indicating ongoing asset accumulation or valuation growth. There was a minor dip in asset levels in the fourth quarter of 2022, but this was followed by a steady rise continuing into 2024. This ongoing increase in assets suggests significant investment, acquisition, or asset appreciation activities by the company over the analyzed timeframe.
Total Asset Turnover Ratio
The total asset turnover ratio, indicating efficiency in using assets to generate revenue, varies over time with a generally declining trend until late 2021 before showing signs of recovery. Starting with a ratio of 0.82 in September 2019, the ratio steadily decreased, reaching a low around 0.47 to 0.53 between 2019 and 2021. From late 2021 onwards, there is a noticeable improvement, with the ratio climbing back up to values near 0.8 by the third quarter of 2022, followed by a gradual decline again through 2023 and stabilizing around 0.5 to 0.58 by mid-2024. This pattern indicates periods of reduced efficiency in asset utilization, followed by partial recovery, but the company may still be experiencing challenges in maximizing asset deployment relative to revenue generation in recent quarters.

Overall, the data reflects a company with growing asset base and increasing revenue, albeit with fluctuating efficiency in asset usage. The increase in total assets outpaces revenue growth proportionally in some periods, contributing to the observed declines in asset turnover. Seasonal effects are apparent in revenue figures, and asset management efficiency remains an important area for continued focus.


Equity Turnover

Texas Pacific Land Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenues
Total equity
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Occidental Petroleum Corp.

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Equity turnover = (RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024 + RevenuesQ4 2023) ÷ Total equity
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Revenue Trends
The revenues exhibited significant volatility over the analyzed quarters. Initial figures in early 2019 were relatively high, followed by a sharp decline in the middle of 2019. Subsequently, revenues fluctuated with some recovery periods but often declined in the quarters adjacent to peaks. Starting from early 2021 up to the end of 2022, there was a noticeable upward trajectory, peaking around the third quarter of 2022. However, in 2023, revenues demonstrated a mix of increases and decreases, with slight overall growth observed towards the middle and latter part of the year. The first three quarters of 2024 maintained revenue levels close to those recorded in 2023, suggesting relative stabilization but without substantial growth.
Total Equity Dynamics
Total equity showed a generally upward trend over the entire period. From just over 330 million USD at the start of 2019, equity increased steadily until the end of 2019, followed by some fluctuations in 2020 with minor declines and rebounds. After 2020, equity consistently grew through the succeeding years, reaching over 1.2 billion USD at its peak in late 2023. The first three quarters of 2024 reflected a slight decline in total equity compared to the previous peak, marking a potential area for further attention.
Equity Turnover Patterns
The equity turnover ratio, available from late 2019 onwards, revealed a declining trend initially, dropping from around 0.96 in late 2019 to approximately 0.56 by the end of 2020. The ratio slightly recovered during 2021 and early 2022, peaking near 0.92 but then gradually decreased again throughout 2022 and 2023. The first three quarters of 2024 showed a continuing low turnover ratio, hovering around 0.56 to 0.65, indicating a reduced efficiency in generating revenues from equity compared to previous years.
Summary and Insights
Overall, the financial performance exhibits cyclical fluctuations, particularly in revenues, with mid-term recovery phases following declines. The strong growth in total equity over the years suggests solid capital base expansion, although recent slight declines warrant monitoring. The decreased equity turnover ratio over time points to diminishing effectiveness in generating revenues relative to equity, which may indicate either increasing capital investment without proportionate revenue growth or operational inefficiencies. These trends suggest a need to focus on improving revenue generation relative to equity to enhance overall financial performance.