Net Profit Margin
since 2005
Calculation
Texas Pacific Land Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 64.23% | = | 100 | × | 405,645) | ÷ | 631,595) |
| Dec 31, 2022 | 66.88% | = | 100 | × | 446,362) | ÷ | 667,422) |
| Dec 31, 2021 | 59.87% | = | 100 | × | 269,980) | ÷ | 450,958) |
| Dec 31, 2020 | 58.19% | = | 100 | × | 176,049) | ÷ | 302,554) |
| Dec 31, 2019 | 64.98% | = | 100 | × | 318,728) | ÷ | 490,496) |
| Dec 31, 2018 | 69.86% | = | 100 | × | 209,736) | ÷ | 300,220) |
| Dec 31, 2017 | 57.71% | = | 100 | × | 76,361) | ÷ | 132,329) |
| Dec 31, 2016 | 62.16% | = | 100 | × | 37,240) | ÷ | 59,911) |
| Dec 31, 2015 | 63.01% | = | 100 | × | 50,039) | ÷ | 79,415) |
| Dec 31, 2014 | 62.98% | = | 100 | × | 34,765) | ÷ | 55,202) |
| Dec 31, 2013 | 61.71% | = | 100 | × | 27,219) | ÷ | 44,109) |
| Dec 31, 2012 | 60.29% | = | 100 | × | 19,648) | ÷ | 32,587) |
| Dec 31, 2011 | 60.04% | = | 100 | × | 20,595) | ÷ | 34,301) |
| Dec 31, 2010 | 56.36% | = | 100 | × | 11,309) | ÷ | 20,066) |
| Dec 31, 2009 | 52.84% | = | 100 | × | 6,914) | ÷ | 13,085) |
| Dec 31, 2008 | 56.70% | = | 100 | × | 10,940) | ÷ | 19,296) |
| Dec 31, 2007 | 53.35% | = | 100 | × | 8,250) | ÷ | 15,465) |
| Dec 31, 2006 | 51.51% | = | 100 | × | 11,570) | ÷ | 22,461) |
| Dec 31, 2005 | 55.25% | = | 100 | × | 8,513) | ÷ | 15,408) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The financial performance from 2005 to 2023 is characterized by consistently high profitability and a significant expansion in both absolute net income and total revenues. The net profit margin has remained well above 50% throughout the entire period, reflecting a highly efficient cost structure and strong pricing power.
- Historical Margin Baseline (2005–2010)
- Between 2005 and 2010, the net profit margin remained relatively stable, oscillating between a low of 51.51% in 2006 and a high of 56.70% in 2008. During this period, revenues grew modestly, with net income fluctuating in alignment with top-line performance.
- Efficiency Expansion (2011–2015)
- A steady increase in profitability is observed from 2011 to 2015, with the net profit margin climbing from 60.04% to a peak of 63.01%. This upward trend suggests an improvement in operational efficiency or a shift toward higher-margin revenue streams.
- Volatility and Peak Profitability (2016–2023)
- Following a decline in 2017 to 57.71%, the net profit margin reached a historical zenith of 69.86% in 2018. While subsequent years exhibited volatility—including a dip to 58.19% in 2020—the margin recovered to 66.88% in 2022 before settling at 64.23% in 2023. This volatility occurred alongside a massive scaling of operations, as revenues grew from approximately 132 million USD in 2017 to over 631 million USD by 2023.
- Correlation Between Scale and Margin
- The ability to maintain a net profit margin generally above 60% despite a multi-fold increase in total revenue indicates substantial economies of scale. The surge in net income from 2018 onward, rising from 76 million USD to over 400 million USD by 2023, demonstrates that profitability has scaled effectively alongside revenue growth.
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Comparison to Competitors
Texas Pacific Land Corp., net profit margin, long-term trends, comparison to competitors
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 64.23% | 10.85% | 19.52% | 10.76% |
| Dec 31, 2022 | 66.88% | 15.05% | 23.80% | 13.98% |
| Dec 31, 2021 | 59.87% | 10.04% | 17.63% | 8.33% |
| Dec 31, 2020 | 58.19% | -5.87% | -14.38% | -12.57% |
| Dec 31, 2019 | 64.98% | 2.09% | 22.07% | 5.61% |
| Dec 31, 2018 | 69.86% | 9.33% | 17.18% | 7.46% |
| Dec 31, 2017 | 57.71% | 6.83% | -2.94% | 8.31% |
| Dec 31, 2016 | 62.16% | -0.45% | -15.26% | 3.59% |
| Dec 31, 2015 | 63.01% | 3.53% | -14.98% | 6.22% |
| Dec 31, 2014 | 62.98% | 9.60% | 13.08% | 8.25% |
| Dec 31, 2013 | 61.71% | 9.73% | 16.83% | 7.74% |
| Dec 31, 2012 | 60.29% | 11.35% | 14.54% | 9.90% |
| Dec 31, 2011 | 60.04% | 11.01% | 5.08% | 8.79% |
| Dec 31, 2010 | 56.36% | 9.60% | 6.00% | 8.23% |
| Dec 31, 2009 | 52.84% | 6.26% | 3.25% | 6.39% |
| Dec 31, 2008 | 56.70% | 9.03% | -7.06% | 9.84% |
| Dec 31, 2007 | 53.35% | 8.73% | 6.34% | 10.40% |
| Dec 31, 2006 | 51.51% | 8.36% | 8.47% | 10.81% |
| Dec 31, 2005 | 55.25% | 7.28% | 7.54% | 10.07% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Texas Pacific Land Corp., net profit margin, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Texas Pacific Land Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 64.23% | 11.63% |
| Dec 31, 2022 | 66.88% | 15.41% |
| Dec 31, 2021 | 59.87% | 9.78% |
| Dec 31, 2020 | 58.19% | -10.51% |
| Dec 31, 2019 | 64.98% | 5.71% |
| Dec 31, 2018 | 69.86% | 8.83% |
| Dec 31, 2017 | 57.71% | 7.00% |
| Dec 31, 2016 | 62.16% | 1.06% |
| Dec 31, 2015 | 63.01% | 3.89% |
| Dec 31, 2014 | 62.98% | 9.06% |
| Dec 31, 2013 | 61.71% | 9.08% |
| Dec 31, 2012 | 60.29% | 10.72% |
| Dec 31, 2011 | 60.04% | 8.41% |
| Dec 31, 2010 | 56.36% | 8.03% |
| Dec 31, 2009 | 52.84% | 5.60% |
| Dec 31, 2008 | 56.70% | 5.40% |
| Dec 31, 2007 | 53.35% | 8.99% |
| Dec 31, 2006 | 51.51% | 9.57% |
| Dec 31, 2005 | 55.25% | 8.71% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Texas Pacific Land Corp., net profit margin, long-term trends, comparison to industry (energy)
| Texas Pacific Land Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 64.23% | 11.68% |
| Dec 31, 2022 | 66.88% | 15.29% |
| Dec 31, 2021 | 59.87% | 9.70% |
| Dec 31, 2020 | 58.19% | -13.06% |
| Dec 31, 2019 | 64.98% | 3.11% |
| Dec 31, 2018 | 69.86% | 8.68% |
| Dec 31, 2017 | 57.71% | 6.15% |
| Dec 31, 2016 | 62.16% | 0.54% |
| Dec 31, 2015 | 63.01% | 4.04% |
| Dec 31, 2014 | 62.98% | 9.21% |
| Dec 31, 2013 | 61.71% | 9.44% |
| Dec 31, 2012 | 60.29% | 10.84% |
| Dec 31, 2011 | 60.04% | 8.58% |
| Dec 31, 2010 | 56.36% | 8.29% |
| Dec 31, 2009 | 52.84% | 5.89% |
| Dec 31, 2008 | 56.70% | 5.80% |
| Dec 31, 2007 | 53.35% | 9.37% |
| Dec 31, 2006 | 51.51% | 9.82% |
| Dec 31, 2005 | 55.25% | 8.84% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).