Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Texas Pacific Land Corp., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits noteworthy volatility over the observed periods. Starting with available data from March 2020, the ratio fluctuated around the high teens to low twenties in 2020. A significant spike occurred in the first half of 2021, reaching a peak near 74 in June 2021, indicating heightened market valuation relative to earnings at that time. Following this peak, the ratio experienced a general decline throughout late 2021 and 2022, settling in the mid to high twenties by early 2023. However, a renewed upward trend is evident from mid-2023 onward, culminating in another substantial increase by September 2024, reaching approximately 68. This pattern suggests periods of investor optimism interspersed with corrections.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrates a pattern paralleling the P/E ratio. From early 2020 through 2021, the ratio escalated markedly, peaking near 60 in mid-2021, reflecting increased market valuations relative to operating profit. A decline followed during late 2021 and most of 2022, reaching a trough around 20 by mid-2023. Subsequently, a moderate recovery is observed going into 2024, with the ratio climbing back above 50 by September 2024. These movements align with shifts in perceived profitability and market sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio experiences a similar trend profile. From early 2020 until mid-2021, a rise is clear, reaching values near 43, signaling increased valuations relative to sales revenue. A downward adjustment follows through 2022 and early 2023, with the ratio declining to the mid-teens. Later 2023 and 2024 data show a gradual appreciation, culminating in a renewed upswing reaching approximately 44 in late 2024. This suggests changing expectations regarding sales growth and revenue prospects.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts relatively high in early 2019 at over 18, then declines steadily through 2019 and most of 2020, bottoming near 7.6 by September 2020. A strong rebound occurs beginning late 2020, with ratios climbing to over 24 in late 2021 and early 2022, indicating increased investor valuation relative to book equity. Following this peak, a downward trend resumes, with values decreasing to low double digits by mid-2023. The ratio then rises sharply again through 2024, reaching a new high near 29 by September 2024. This demonstrates fluctuating investor confidence in the company’s net asset value over time.
Price to Earnings (P/E)
Texas Pacific Land Corp., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 22,974,914 | 22,980,620 | 22,989,755 | 23,005,266 | 23,024,601 | 23,033,268 | 23,076,534 | 23,086,488 | 23,113,488 | 23,167,113 | 23,225,160 | 23,236,125 | 23,238,423 | 23,257,392 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in thousands) | 106,594) | 114,589) | 114,417) | 113,110) | 105,574) | 100,393) | 86,568) | 99,731) | 129,837) | 118,894) | 97,900) | 79,045) | 83,837) | 57,046) | 50,052) | 44,790) | 46,275) | 27,583) | 57,401) | 69,122) | 60,022) | 49,586) | 139,998) | |||||||
| Earnings per share (EPS)2 | 19.53 | 19.48 | 18.86 | 17.63 | 17.04 | 18.08 | 18.85 | 19.33 | 18.42 | 16.39 | 13.68 | 11.62 | 10.14 | 8.52 | 7.25 | 7.57 | 8.61 | 9.20 | 10.15 | 13.70 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,329.62 | 772.99 | 563.50 | 507.46 | 614.25 | 488.43 | 477.72 | 596.28 | 776.35 | 589.80 | 474.97 | 337.37 | 413.28 | 489.77 | 535.96 | 370.62 | 168.94 | 192.30 | 164.34 | 226.07 | 213.33 | 216.67 | 263.42 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 68.08 | 39.68 | 29.88 | 28.78 | 36.05 | 27.01 | 25.34 | 30.84 | 42.15 | 35.99 | 34.71 | 29.04 | 40.74 | 57.48 | 73.92 | 48.98 | 19.62 | 20.90 | 16.19 | 16.50 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | 16.81 | 22.09 | 54.58 | — | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | 14.66 | 20.66 | 40.48 | 3,758.13 | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | 14.11 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 12.74 | 13.05 | 16.45 | 13.36 | 11.85 | 9.28 | 5.97 | 4.24 | 5.61 | 5.94 | 8.51 | 23.89 | — | — | — | — | — | — | — | — | — | — | — | |||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net incomeQ3 2024
+ Net incomeQ2 2024
+ Net incomeQ1 2024
+ Net incomeQ4 2023)
÷ No. shares of common stock outstanding
= (106,594,000 + 114,589,000 + 114,417,000 + 113,110,000)
÷ 22,974,914 = 19.53
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= 1,329.62 ÷ 19.53 = 68.08
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. Initially, it declined from $263.42 in March 2019 to a low of $164.34 in March 2020. Subsequently, the price showed recovery and substantial growth, peaking at $776.35 in September 2022. Following that peak, the price decreased again but maintained relatively high levels compared to earlier periods, with values generally above $400 through March 2024. Notably, the share price surged dramatically towards the end of the period, reaching $1,329.62 in September 2024, representing a new historic high within the dataset.
- Earnings Per Share (EPS) Pattern
- EPS data starts from March 2020 and demonstrates a generally upward trend. The EPS decreased from $13.7 in March 2020 to a low of $7.25 in June 2021, after which there was consistent growth. By September 2024, EPS reached $19.53, marking an improvement of approximately 168% from the trough in June 2021. This increase signifies strengthening profitability on a per-share basis, with minor fluctuations but an overall positive trajectory.
- Price-to-Earnings (P/E) Ratio Movement
- The P/E ratio showed considerable fluctuations corresponding with changes in the share price and EPS. Early in the period, from March 2020 onwards, the ratio fluctuated between approximately 16.19 and 20.9, indicating moderate valuation levels. However, significant spikes were observed from December 2020 to March 2021, where the P/E ratio surged to levels above 40, reaching as high as 73.92. This suggests a period of rapid share price appreciation relative to earnings. Afterward, the P/E ratio declined, stabilizing mostly between 25 and 40, but experienced occasional spikes, reaching 68.08 in September 2024, corresponding with the recent sharp increase in share price.
- Correlations and Insights
- There is a clear inverse relationship between EPS and P/E ratio in some quarters, particularly during periods of rapid share price increases when P/E ratios climbed sharply despite EPS growth being more moderate. The share price peaks coincide with elevated P/E ratios, reflecting enhanced market optimism or speculative valuation beyond earnings growth. Conversely, periods of share price decline or stability correspond with more moderate P/E ratios.
- Overall Summary
- The company's financial performance reflects substantial growth in earnings per share from mid-2021 onwards, accompanied by a generally rising share price with heightened volatility. The fluctuations in the P/E ratio highlight market sensitivity to earnings changes and potential speculative investor behavior during price surges. The latest data suggest strong market confidence with share prices reaching unprecedented levels, albeit with elevated valuation multiples that may warrant cautious interpretation.
Price to Operating Profit (P/OP)
Texas Pacific Land Corp., historical P/OP calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 22,974,914 | 22,980,620 | 22,989,755 | 23,005,266 | 23,024,601 | 23,033,268 | 23,076,534 | 23,086,488 | 23,113,488 | 23,167,113 | 23,225,160 | 23,236,125 | 23,238,423 | 23,257,392 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in thousands) | 127,331) | 133,222) | 136,041) | 133,863) | 126,958) | 120,280) | 104,952) | 124,231) | 162,055) | 151,708) | 124,313) | 125,861) | 103,240) | 71,270) | 62,022) | 55,231) | 56,748) | 34,730) | 70,542) | 88,160) | 73,818) | 62,442) | 175,153) | |||||||
| Operating profit per share2 | 23.09 | 23.07 | 22.49 | 21.13 | 20.69 | 22.21 | 23.53 | 24.36 | 24.40 | 21.80 | 18.29 | 15.60 | 12.56 | 10.55 | 8.97 | 9.34 | 10.75 | 11.49 | 12.68 | 17.17 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,329.62 | 772.99 | 563.50 | 507.46 | 614.25 | 488.43 | 477.72 | 596.28 | 776.35 | 589.80 | 474.97 | 337.37 | 413.28 | 489.77 | 535.96 | 370.62 | 168.94 | 192.30 | 164.34 | 226.07 | 213.33 | 216.67 | 263.42 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 57.59 | 33.51 | 25.05 | 24.02 | 29.69 | 21.99 | 20.30 | 24.48 | 31.82 | 27.05 | 25.98 | 21.63 | 32.92 | 46.44 | 59.75 | 39.69 | 15.71 | 16.74 | 12.96 | 13.16 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | 11.40 | 14.10 | 26.00 | — | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | 8.66 | 11.68 | 17.96 | 71.79 | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | 9.86 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 7.81 | 8.15 | 9.68 | 7.37 | 6.93 | 5.80 | 4.11 | 3.78 | 4.91 | 5.18 | 7.42 | 7.96 | 33.61 | — | — | — | — | — | — | — | — | — | — | |||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Operating incomeQ3 2024
+ Operating incomeQ2 2024
+ Operating incomeQ1 2024
+ Operating incomeQ4 2023)
÷ No. shares of common stock outstanding
= (127,331,000 + 133,222,000 + 136,041,000 + 133,863,000)
÷ 22,974,914 = 23.09
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 1,329.62 ÷ 23.09 = 57.59
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio over the observed periods.
- Share Price
- The share price shows considerable volatility with an overall upward trajectory from March 2019 through September 2024. Initially, the price fluctuates between approximately $160 and $370 through 2019 and 2020, with a notable spike to $535.96 in March 2021. This is followed by a decline throughout late 2021, reaching around $337.37 by December 2021. Subsequently, the price trends upward again, reaching significant highs of $776.35 in September 2022, a somewhat lower peak in December 2022, and another increase thereafter. The most dramatic rise occurs in the final quarters, with the share price nearly doubling from $772.99 in September 2024 to $1329.62 by December 2024.
- Operating Profit Per Share
- Operating profit per share data begins from March 2020. The values display a general upward trend across the quarters, starting around $17.17 and increasing gradually to peak at $24.4 in December 2022. Following this peak, the performance stabilizes, with minor fluctuations near $21 to $23 through the end of 2024. This indicates consistent improvement and relative stability in operational profitability per share over the medium term.
- Price-to-Operating-Profit Ratio (P/OP)
- The P/OP ratio demonstrates significant variation, highlighting changing market valuations relative to operating profits. From March 2020, the ratio starts at around 13 and experiences some fluctuations, peaking markedly at 59.75 in June 2021. This peak correlates with the earlier rise and subsequent fall in share price, despite fairly stable operating profit growth. After this peak, the ratio decreases to a range between 20 and 35 for most of the observed period, indicating a somewhat normalized valuation. However, another surge occurs near the end of 2024, with the ratio reaching 57.59 in September 2024, reflecting a sharp increase in share price relative to operating profit at that time.
In summary, the data portrays a company experiencing strong growth in operating profit per share and marked variability in market valuation as reflected by the share price and P/OP ratio. The recent steep increases in share price towards the end of the period, combined with relatively stable operating profits, suggest heightened investor optimism or changing market dynamics influencing valuation multiples.
Price to Sales (P/S)
Texas Pacific Land Corp., historical P/S calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 22,974,914 | 22,980,620 | 22,989,755 | 23,005,266 | 23,024,601 | 23,033,268 | 23,076,534 | 23,086,488 | 23,113,488 | 23,167,113 | 23,225,160 | 23,236,125 | 23,238,423 | 23,257,392 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in thousands) | 173,563) | 172,334) | 174,142) | 166,657) | 157,967) | 160,609) | 146,362) | 152,706) | 191,111) | 176,270) | 147,335) | 147,178) | 123,693) | 95,932) | 84,155) | 77,009) | 74,383) | 54,568) | 96,594) | 113,332) | 98,530) | 87,310) | 191,324) | |||||||
| Sales per share2 | 29.89 | 29.20 | 28.68 | 27.45 | 26.83 | 28.25 | 28.88 | 28.91 | 28.64 | 25.66 | 22.14 | 19.41 | 16.39 | 14.25 | 12.47 | 13.00 | 14.56 | 15.60 | 17.01 | 21.08 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,329.62 | 772.99 | 563.50 | 507.46 | 614.25 | 488.43 | 477.72 | 596.28 | 776.35 | 589.80 | 474.97 | 337.37 | 413.28 | 489.77 | 535.96 | 370.62 | 168.94 | 192.30 | 164.34 | 226.07 | 213.33 | 216.67 | 263.42 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 44.49 | 26.47 | 19.65 | 18.48 | 22.90 | 17.29 | 16.54 | 20.63 | 27.11 | 22.98 | 21.46 | 17.38 | 25.22 | 34.36 | 42.99 | 28.50 | 11.60 | 12.33 | 9.66 | 10.72 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | 1.69 | 1.63 | 1.69 | 2.19 | 2.09 | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | 2.58 | 2.67 | 2.56 | 3.35 | 3.52 | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | 1.17 | 1.12 | 1.12 | 1.43 | 1.34 | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 1.74 | 1.87 | 2.14 | 1.78 | 1.81 | 1.72 | 1.48 | 1.45 | 1.87 | 1.80 | 1.92 | 1.40 | 1.42 | 1.26 | 1.51 | 1.39 | — | — | — | — | — | — | — | |||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (RevenuesQ3 2024
+ RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023)
÷ No. shares of common stock outstanding
= (173,563,000 + 172,334,000 + 174,142,000 + 166,657,000)
÷ 22,974,914 = 29.89
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 1,329.62 ÷ 29.89 = 44.49
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility over the analyzed periods. Starting from a value of 263.42 US$ on March 31, 2019, it decreased gradually to a low point of 164.34 US$ by March 31, 2020. Subsequently, the price showed considerable recovery and growth, reaching a peak of 776.35 US$ in September 2022. Following this peak, the share price fluctuated, dipping and rising between 477.72 US$ and 614.25 US$ until March 31, 2024. A noteworthy surge occurred by September 30, 2024, with the share price reaching 1329.62 US$, which represents a marked increase from prior quarters.
- Sales per Share
- Sales per share data was first reported in the March 31, 2020, period at 21.08 US$, and although it showed a decline in the following two quarters, it mostly trended upward over time. The sales per share decreased to 13 US$ in March 31, 2021, before demonstrating a steady increase from that point onward. By September 30, 2024, sales per share reached 29.89 US$, indicating overall growth in revenue generation relative to the number of shares over the analyzed timeframe.
- Price-to-Sales (P/S) Ratio
- The P/S ratio presented substantial variability over the course of the periods measured. Initially reported at 10.72 on March 31, 2020, it fluctuated considerably, peaking sharply at 42.99 on June 30, 2021. After this peak, the ratio declined to a low of 16.54 on June 30, 2023, before increasing again towards 44.49 on September 30, 2024. This pattern suggests periods of changing market valuation relative to sales, with increasingly elevated valuation multiples in the latter stages of the timeline.
- Overall Trends and Insights
- The data reveals a dynamic and somewhat cyclical financial pattern characterized by an initially declining share price followed by robust growth. Sales per share followed an upward trajectory from their initial recording. The P/S ratio demonstrated wide fluctuations, reflecting varying investor sentiment and valuation changes relative to sales figures. Notably, the significant rise in both share price and P/S ratio toward the end of the timeline points to strong market optimism or reevaluation of the company's revenue-generating potential. The divergence between P/S ratio and sales growth during peak valuation periods could indicate expectations of future growth or potentially a premium valuation environment.
Price to Book Value (P/BV)
Texas Pacific Land Corp., historical P/BV calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 22,974,914 | 22,980,620 | 22,989,755 | 23,005,266 | 23,024,601 | 23,033,268 | 23,076,534 | 23,086,488 | 23,113,488 | 23,167,113 | 23,225,160 | 23,236,125 | 23,238,423 | 23,257,392 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | 23,268,468 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total equity (in thousands) | 1,052,132) | 1,206,421) | 1,122,449) | 1,043,196) | 964,558) | 887,550) | 829,051) | 772,887) | 721,170) | 645,281) | 727,876) | 651,711) | 601,042) | 547,177) | 513,935) | 485,184) | 519,227) | 472,939) | 445,343) | 512,137) | 443,426) | 383,394) | 333,799) | |||||||
| Book value per share (BVPS)2 | 45.79 | 52.50 | 48.82 | 45.35 | 41.89 | 38.53 | 35.93 | 33.48 | 31.20 | 27.85 | 31.34 | 28.05 | 25.86 | 23.53 | 22.09 | 20.85 | 22.31 | 20.33 | 19.14 | 22.01 | 19.06 | 16.48 | 14.35 | |||||||
| Share price1, 3 | 1,329.62 | 772.99 | 563.50 | 507.46 | 614.25 | 488.43 | 477.72 | 596.28 | 776.35 | 589.80 | 474.97 | 337.37 | 413.28 | 489.77 | 535.96 | 370.62 | 168.94 | 192.30 | 164.34 | 226.07 | 213.33 | 216.67 | 263.42 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 29.03 | 14.72 | 11.54 | 11.19 | 14.66 | 12.68 | 13.30 | 17.81 | 24.88 | 21.18 | 15.16 | 12.03 | 15.98 | 20.82 | 24.27 | 17.77 | 7.57 | 9.46 | 8.59 | 10.27 | 11.19 | 13.15 | 18.36 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | 1.89 | 1.61 | 1.47 | 1.59 | 1.50 | 1.02 | 1.21 | 1.17 | — | — | — | — | |||||||
| ConocoPhillips | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | 2.61 | 2.19 | 1.69 | 1.74 | 2.22 | 1.02 | 1.28 | 1.40 | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | 1.93 | 1.69 | 1.52 | 1.64 | 1.53 | 0.79 | 1.03 | 1.02 | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 1.36 | 1.59 | 1.87 | 1.67 | 1.81 | 1.87 | 1.78 | 1.76 | 2.37 | 2.18 | 2.24 | 1.79 | 1.67 | 1.35 | 1.36 | 1.33 | 0.57 | 0.66 | 0.39 | — | — | — | — | |||||||
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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total equity ÷ No. shares of common stock outstanding
= 1,052,132,000 ÷ 22,974,914 = 45.79
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 1,329.62 ÷ 45.79 = 29.03
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the observed periods. Beginning at $263.42 at the end of Q1 2019, the price decreased notably to reach a low of $164.34 by Q1 2020. Subsequently, it demonstrated a strong recovery and experienced substantial growth, peaking at $776.35 by Q3 2022. However, following this peak, the price again declined to approximately $477.72 by Q1 2023 before rising steadily to an all-time high of $1329.62 in Q3 2024. This pattern indicates periods of both market correction and strong investor confidence driving the share price upwards.
- Book Value per Share (BVPS) Trend
- The book value per share showed a consistent upward trajectory from $14.35 in Q1 2019 to a peak of $52.5 by Q2 2024, evidencing progressive growth in the company’s net asset base on a per-share basis. Despite minor fluctuations, such as a dip from $31.34 in Q1 2022 to $27.85 in Q2 2022, the general trend has been positive, reflecting sustained enhancements in equity value over time.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio displayed substantial variation throughout the periods. Initially, it dropped from 18.36 in Q1 2019 to a low of 7.57 in Q3 2020, indicating that the share price was relatively undervalued compared to book value during that time. Thereafter, the ratio surged to peak ratios exceeding 24.88 in Q3 2022 and eventually reached 29.03 by Q3 2024. This increase suggests escalating market optimism and premium valuation relative to the company’s book value, reflective of investors’ expectations for future growth or profitability.
- Overall Insights
- The analysis reveals that while the company’s fundamental value—as measured by book value per share—has grown steadily and robustly, the share price has experienced more pronounced fluctuations, likely influenced by external market factors, investment sentiment, and possibly earnings expectations. The increasing P/BV ratio towards the later periods suggests an elevated market valuation premium, which may warrant attention regarding valuation risk. The substantial rise in share price and P/BV ratio in 2024 marks an important shift, potentially indicating heightened investor speculative behavior or anticipation of accelerated growth drivers.