Price to Book Value (P/BV)
since 2005
Calculation
Texas Pacific Land Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2024 | 11.19 | = | 507.46 | ÷ | 45.35 | 45.35 | = | 1,043,196 | ÷ | 23,005,266 | |
| Feb 22, 2023 | 17.81 | = | 596.28 | ÷ | 33.48 | 33.48 | = | 772,887 | ÷ | 23,086,488 | |
| Feb 23, 2022 | 12.03 | = | 337.37 | ÷ | 28.05 | 28.05 | = | 651,711 | ÷ | 23,236,125 | |
| Feb 25, 2021 | 17.77 | = | 370.62 | ÷ | 20.85 | 20.85 | = | 485,184 | ÷ | 23,268,468 | |
| Feb 27, 2020 | 10.27 | = | 226.07 | ÷ | 22.01 | 22.01 | = | 512,137 | ÷ | 23,268,468 | |
| Feb 28, 2019 | 23.58 | = | 247.87 | ÷ | 10.51 | 10.51 | = | 244,691 | ÷ | 23,281,242 | |
| Feb 28, 2018 | 53.24 | = | 179.69 | ÷ | 3.37 | 3.37 | = | 79,193 | ÷ | 23,464,797 | |
| Feb 28, 2017 | 49.69 | = | 99.50 | ÷ | 2.00 | 2.00 | = | 47,624 | ÷ | 23,781,942 | |
| Feb 29, 2016 | 24.16 | = | 45.33 | ÷ | 1.88 | 1.88 | = | 45,689 | ÷ | 24,354,192 | |
| Feb 27, 2015 | 43.32 | = | 46.36 | ÷ | 1.07 | 1.07 | = | 26,720 | ÷ | 24,967,197 | |
| Feb 28, 2014 | 64.32 | = | 45.37 | ÷ | 0.71 | 0.71 | = | 17,930 | ÷ | 25,419,606 | |
| Mar 11, 2013 | 33.21 | = | 19.63 | ÷ | 0.59 | 0.59 | = | 15,596 | ÷ | 26,385,774 | |
| Mar 12, 2012 | 20.68 | = | 15.44 | ÷ | 0.75 | 0.75 | = | 20,547 | ÷ | 27,526,242 | |
| Mar 11, 2011 | 23.18 | = | 14.81 | ÷ | 0.64 | 0.64 | = | 18,302 | ÷ | 28,645,332 | |
| Mar 12, 2010 | 14.16 | = | 9.40 | ÷ | 0.66 | 0.66 | = | 19,704 | ÷ | 29,683,542 | |
| Mar 16, 2009 | 8.62 | = | 6.62 | ÷ | 0.77 | 0.77 | = | 23,525 | ÷ | 30,618,438 | |
| Mar 14, 2008 | 14.12 | = | 11.17 | ÷ | 0.79 | 0.79 | = | 24,890 | ÷ | 31,465,125 | |
| Mar 15, 2007 | 21.01 | = | 16.13 | ÷ | 0.77 | 0.77 | = | 24,439 | ÷ | 31,838,625 | |
| Mar 16, 2006 | 12.37 | = | 9.40 | ÷ | 0.76 | 0.76 | = | 24,614 | ÷ | 32,378,625 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
- Share Price
- The share price showed significant variability throughout the analyzed period. Initially, it fluctuated moderately from $9.4 in 2006, peaking somewhat in 2007 at $16.13, before dropping to as low as $6.62 in 2009. Starting in 2013, the stock price exhibited strong upward momentum, increasing steeply from $19.63 to a peak of $596.28 in early 2023. A slight decline followed in 2024, with the share price at $507.46. Overall, the trend demonstrates substantial appreciation over the long term, especially from 2013 onward.
- Book Value per Share (BVPS)
- BVPS remained relatively stable at low levels between $0.59 and $0.79 during the initial years up to 2013, with minor fluctuations. Starting in 2014, BVPS began a pronounced upward trend, growing from $1.07 to $45.35 by 2024. This steady and substantial increase indicates consistent growth in the company's equity base on a per-share basis over the latter part of the period, reflecting accumulation of net assets or retained earnings.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed considerable volatility over the years. In early periods, it ranged widely, peaking at 33.21 in 2013 and experiencing large swings afterward. Notably, after a very high P/BV of 64.32 in 2014 and 53.24 in 2018, the ratio decreased substantially in the following years to levels near 10 to 18. The downward movement of P/BV ratios after spikes suggests that while share prices were rising, the book value was increasing faster, or that share prices were adjusting downward from extreme overvaluation. The dramatic peaks indicate periods of market enthusiasm or premium valuation relative to book value, whereas later moderation points to a possible market correction or alignment with fundamental values.
- Summary of Trends
- There is a clear pattern of accelerating growth starting in the early 2010s, with share price and book value per share both rising substantially. The P/BV ratio's volatility indicates fluctuating market sentiment regarding the company’s valuation relative to its net asset value. The long-term increases in BVPS suggest strengthening fundamentals, while the share price's strong rise reflects growing investor confidence. Despite occasional corrections, the overall financial metrics point to significant value creation over the analyzed timeframe.
Comparison to Competitors
Texas Pacific Land Corp., P/BV, long-term trends, comparison to competitors
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Feb 21, 2024 | 11.19 | 1.78 | 2.65 | 2.02 | 1.67 |
| Feb 22, 2023 | 17.81 | 1.94 | 2.75 | 2.29 | 1.76 |
| Feb 23, 2022 | 12.03 | 1.89 | 2.61 | 1.93 | 1.79 |
| Feb 25, 2021 | 17.77 | 1.50 | 2.22 | 1.53 | 1.33 |
| Feb 27, 2020 | 10.27 | 1.42 | 1.80 | 1.17 | 0.86 |
| Feb 28, 2019 | 23.58 | 1.47 | 2.47 | 1.75 | 2.34 |
| Feb 28, 2018 | 53.24 | 1.42 | 2.10 | 1.71 | 2.54 |
| Feb 28, 2017 | 49.69 | 1.44 | 1.70 | 2.01 | 2.32 |
| Feb 29, 2016 | 24.16 | 1.05 | 1.02 | 1.98 | 2.19 |
| Feb 27, 2015 | 43.32 | 1.32 | 1.59 | 2.16 | 1.76 |
| Feb 28, 2014 | 64.32 | 1.44 | 1.57 | 2.38 | 1.77 |
| Mar 11, 2013 | 33.21 | 1.65 | 1.49 | 2.42 | 1.65 |
| Mar 12, 2012 | 20.68 | 1.76 | 1.45 | 2.67 | 2.26 |
| Mar 11, 2011 | 23.18 | 1.95 | 1.64 | 2.88 | 2.55 |
| Mar 12, 2010 | 14.16 | 1.58 | 1.15 | 2.78 | 2.21 |
| Mar 16, 2009 | 8.62 | 1.46 | 1.03 | 2.97 | 1.50 |
| Mar 14, 2008 | 14.12 | 2.40 | 1.41 | 3.93 | 2.65 |
| Mar 15, 2007 | 21.01 | 2.14 | 1.33 | 3.58 | 2.02 |
| Mar 16, 2006 | 12.37 | 2.03 | 1.62 | 3.26 | 2.48 |
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., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Texas Pacific Land Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2024 | 11.19 | 1.98 |
| Feb 22, 2023 | 17.81 | 2.18 |
| Feb 23, 2022 | 12.03 | 1.99 |
| Feb 25, 2021 | 17.77 | 1.57 |
| Feb 27, 2020 | 10.27 | 1.29 |
| Feb 28, 2019 | 23.58 | 1.73 |
| Feb 28, 2018 | 53.24 | 1.67 |
| Feb 28, 2017 | 49.69 | 1.77 |
| Feb 29, 2016 | 24.16 | 1.53 |
| Feb 27, 2015 | 43.32 | 1.74 |
| Feb 28, 2014 | 64.32 | 1.88 |
| Mar 11, 2013 | 33.21 | 1.96 |
| Mar 12, 2012 | 20.68 | 2.13 |
| Mar 11, 2011 | 23.18 | 2.33 |
| Mar 12, 2010 | 14.16 | 2.00 |
| Mar 16, 2009 | 8.62 | 1.98 |
| Mar 14, 2008 | 14.12 | 2.73 |
| Mar 15, 2007 | 21.01 | 2.48 |
| Mar 16, 2006 | 12.37 | 2.54 |
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., P/BV, long-term trends, comparison to industry (energy)
| Texas Pacific Land Corp. | Energy | |
|---|---|---|
| Feb 21, 2024 | 11.19 | 2.05 |
| Feb 22, 2023 | 17.81 | 2.27 |
| Feb 23, 2022 | 12.03 | 2.06 |
| Feb 25, 2021 | 17.77 | 1.60 |
| Feb 27, 2020 | 10.27 | 1.33 |
| Feb 28, 2019 | 23.58 | 1.73 |
| Feb 28, 2018 | 53.24 | 1.78 |
| Feb 28, 2017 | 49.69 | 1.89 |
| Feb 29, 2016 | 24.16 | 1.60 |
| Feb 27, 2015 | 43.32 | 1.82 |
| Feb 28, 2014 | 64.32 | 1.97 |
| Mar 11, 2013 | 33.21 | 2.04 |
| Mar 12, 2012 | 20.68 | 2.21 |
| Mar 11, 2011 | 23.18 | 2.46 |
| Mar 12, 2010 | 14.16 | 2.11 |
| Mar 16, 2009 | 8.62 | 2.04 |
| Mar 14, 2008 | 14.12 | 2.92 |
| Mar 15, 2007 | 21.01 | 2.64 |
| Mar 16, 2006 | 12.37 | 2.74 |
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).