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.
The historical analysis of the Price to Book Value (P/BV) ratio reveals three distinct valuation phases: an initial period of volatility, a phase of extreme premium valuation, and a recent trend toward valuation compression driven by significant growth in underlying book value.
- P/BV Ratio Volatility and Peak
- Between 2006 and 2018, the P/BV ratio experienced substantial fluctuations, reaching a historical peak of 64.32 in February 2014. This suggests a period where the market assigned a massive premium to the company's assets, far exceeding their recorded accounting value. During this interval, the ratio frequently shifted between moderate levels and extreme premiums, reflecting high sensitivity in market pricing relative to the equity base.
- Book Value per Share (BVPS) Expansion
- The book value per share remained relatively stagnant for nearly a decade, holding below US$1.00 from 2006 through 2014. A fundamental shift occurred after February 2014, initiating a period of rapid growth. BVPS increased from US$0.71 in 2014 to US$45.35 by February 2024. The most aggressive acceleration is observed between 2018 and 2020, where the BVPS rose from US$3.37 to US$22.01, indicating a significant increase in the company's net asset position.
- Valuation Convergence and Compression
- Starting in 2019, a marked compression of the P/BV ratio is observed. While the share price remained at historically high levels, the exponential growth in book value led to a reduction in the P/BV ratio from 53.24 in 2018 to 11.19 in 2024. This trend indicates that the market valuation has converged more closely with the accounting value of the assets, effectively normalizing the ratio despite the continued growth in absolute share price.
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Comparison to Competitors
Texas Pacific Land Corp., P/BV, long-term trends, comparison to competitors
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 21, 2024 | 11.19 | 1.78 | 2.65 | 2.02 |
| Feb 22, 2023 | 17.81 | 1.94 | 2.75 | 2.29 |
| Feb 23, 2022 | 12.03 | 1.89 | 2.61 | 1.93 |
| Feb 25, 2021 | 17.77 | 1.50 | 2.22 | 1.53 |
| Feb 27, 2020 | 10.27 | 1.42 | 1.80 | 1.17 |
| Feb 28, 2019 | 23.58 | 1.47 | 2.47 | 1.75 |
| Feb 28, 2018 | 53.24 | 1.42 | 2.10 | 1.71 |
| Feb 28, 2017 | 49.69 | 1.44 | 1.70 | 2.01 |
| Feb 29, 2016 | 24.16 | 1.05 | 1.02 | 1.98 |
| Feb 27, 2015 | 43.32 | 1.32 | 1.59 | 2.16 |
| Feb 28, 2014 | 64.32 | 1.44 | 1.57 | 2.38 |
| Mar 11, 2013 | 33.21 | 1.65 | 1.49 | 2.42 |
| Mar 12, 2012 | 20.68 | 1.76 | 1.45 | 2.67 |
| Mar 11, 2011 | 23.18 | 1.95 | 1.64 | 2.88 |
| Mar 12, 2010 | 14.16 | 1.58 | 1.15 | 2.78 |
| Mar 16, 2009 | 8.62 | 1.46 | 1.03 | 2.97 |
| Mar 14, 2008 | 14.12 | 2.40 | 1.41 | 3.93 |
| Mar 15, 2007 | 21.01 | 2.14 | 1.33 | 3.58 |
| Mar 16, 2006 | 12.37 | 2.03 | 1.62 | 3.26 |
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 | 2.00 |
| Feb 22, 2023 | 17.81 | 2.21 |
| Feb 23, 2022 | 12.03 | 2.00 |
| Feb 25, 2021 | 17.77 | 1.58 |
| Feb 27, 2020 | 10.27 | 1.33 |
| Feb 28, 2019 | 23.58 | 1.70 |
| Feb 28, 2018 | 53.24 | 1.62 |
| Feb 28, 2017 | 49.69 | 1.74 |
| Feb 29, 2016 | 24.16 | 1.49 |
| Feb 27, 2015 | 43.32 | 1.74 |
| Feb 28, 2014 | 64.32 | 1.89 |
| Mar 11, 2013 | 33.21 | 1.99 |
| Mar 12, 2012 | 20.68 | 2.11 |
| Mar 11, 2011 | 23.18 | 2.31 |
| Mar 12, 2010 | 14.16 | 1.98 |
| Mar 16, 2009 | 8.62 | 2.04 |
| Mar 14, 2008 | 14.12 | 2.74 |
| Mar 15, 2007 | 21.01 | 2.51 |
| 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 | 2.08 |
| Feb 22, 2023 | 17.81 | 2.30 |
| Feb 23, 2022 | 12.03 | 2.07 |
| Feb 25, 2021 | 17.77 | 1.61 |
| Feb 27, 2020 | 10.27 | 1.38 |
| Feb 28, 2019 | 23.58 | 1.69 |
| Feb 28, 2018 | 53.24 | 1.74 |
| Feb 28, 2017 | 49.69 | 1.86 |
| Feb 29, 2016 | 24.16 | 1.56 |
| Feb 27, 2015 | 43.32 | 1.83 |
| Feb 28, 2014 | 64.32 | 1.99 |
| Mar 11, 2013 | 33.21 | 2.08 |
| Mar 12, 2012 | 20.68 | 2.21 |
| Mar 11, 2011 | 23.18 | 2.45 |
| Mar 12, 2010 | 14.16 | 2.10 |
| Mar 16, 2009 | 8.62 | 2.10 |
| Mar 14, 2008 | 14.12 | 2.94 |
| Mar 15, 2007 | 21.01 | 2.69 |
| Mar 16, 2006 | 12.37 | 2.76 |
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).