Price to Earnings (P/E)
since 2005
Calculation
Texas Pacific Land Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2024 | 28.78 | = | 507.46 | ÷ | 17.63 | 17.63 | = | 405,645 | ÷ | 23,005,266 | |
| Feb 22, 2023 | 30.84 | = | 596.28 | ÷ | 19.33 | 19.33 | = | 446,362 | ÷ | 23,086,488 | |
| Feb 23, 2022 | 29.04 | = | 337.37 | ÷ | 11.62 | 11.62 | = | 269,980 | ÷ | 23,236,125 | |
| Feb 25, 2021 | 48.98 | = | 370.62 | ÷ | 7.57 | 7.57 | = | 176,049 | ÷ | 23,268,468 | |
| Feb 27, 2020 | 16.50 | = | 226.07 | ÷ | 13.70 | 13.70 | = | 318,728 | ÷ | 23,268,468 | |
| Feb 28, 2019 | 27.51 | = | 247.87 | ÷ | 9.01 | 9.01 | = | 209,736 | ÷ | 23,281,242 | |
| Feb 28, 2018 | 55.22 | = | 179.69 | ÷ | 3.25 | 3.25 | = | 76,361 | ÷ | 23,464,797 | |
| Feb 28, 2017 | 63.54 | = | 99.50 | ÷ | 1.57 | 1.57 | = | 37,240 | ÷ | 23,781,942 | |
| Feb 29, 2016 | 22.06 | = | 45.33 | ÷ | 2.05 | 2.05 | = | 50,039 | ÷ | 24,354,192 | |
| Feb 27, 2015 | 33.29 | = | 46.36 | ÷ | 1.39 | 1.39 | = | 34,765 | ÷ | 24,967,197 | |
| Feb 28, 2014 | 42.37 | = | 45.37 | ÷ | 1.07 | 1.07 | = | 27,219 | ÷ | 25,419,606 | |
| Mar 11, 2013 | 26.36 | = | 19.63 | ÷ | 0.74 | 0.74 | = | 19,648 | ÷ | 26,385,774 | |
| Mar 12, 2012 | 20.64 | = | 15.44 | ÷ | 0.75 | 0.75 | = | 20,595 | ÷ | 27,526,242 | |
| Mar 11, 2011 | 37.51 | = | 14.81 | ÷ | 0.39 | 0.39 | = | 11,309 | ÷ | 28,645,332 | |
| Mar 12, 2010 | 40.36 | = | 9.40 | ÷ | 0.23 | 0.23 | = | 6,914 | ÷ | 29,683,542 | |
| Mar 16, 2009 | 18.53 | = | 6.62 | ÷ | 0.36 | 0.36 | = | 10,940 | ÷ | 30,618,438 | |
| Mar 14, 2008 | 42.60 | = | 11.17 | ÷ | 0.26 | 0.26 | = | 8,250 | ÷ | 31,465,125 | |
| Mar 15, 2007 | 44.39 | = | 16.13 | ÷ | 0.36 | 0.36 | = | 11,570 | ÷ | 31,838,625 | |
| Mar 16, 2006 | 35.75 | = | 9.40 | ÷ | 0.26 | 0.26 | = | 8,513 | ÷ | 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 financial performance from 2006 to 2024 is characterized by substantial growth in both share price and earnings per share (EPS), although the price-to-earnings (P/E) ratio exhibits significant volatility over the same period.
- Share Price and Earnings Trajectory
- A consistent long-term upward trend is observed in the share price, which rose from $9.40 in 2006 to a peak of $596.28 in 2023 before settling at $507.46 in 2024. This growth was supported by a corresponding increase in EPS, which grew from $0.26 in 2006 to $17.63 in 2024. The most aggressive growth in earnings occurred between 2018 and 2020, where EPS rose from $3.25 to $13.70.
- P/E Ratio Volatility and Peaks
- The P/E ratio does not follow a linear trend, indicating fluctuating market sentiment. High valuation multiples were prominent in the early period (2006-2011) and reached a historical peak of 63.54 in 2017. These spikes suggest periods where the share price expanded at a rate far exceeding the growth of actual earnings.
- Valuation Compression Cycles
- Several periods of valuation compression are evident. The P/E ratio dropped sharply to 18.53 in 2009, 20.64 in 2012, and reached its lowest point of 16.50 in 2020. The 2020 compression is particularly notable as it occurred despite a significant increase in the underlying share price and earnings, suggesting a market-wide correction or a shift in the perceived risk profile of the equity.
- Recent Stabilization Trends
- In the most recent three-year window (2022-2024), the P/E ratio has entered a phase of relative stability, fluctuating narrowly between 28.78 and 30.84. This suggests that the market has reached a consensus valuation regarding the company's earnings potential, decoupling from the extreme volatility seen in previous decades.
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Comparison to Competitors
Texas Pacific Land Corp., P/E, long-term trends, comparison to competitors
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 21, 2024 | 28.78 | 13.42 | 11.92 | 11.49 |
| Feb 22, 2023 | 30.84 | 8.71 | 7.07 | 8.01 |
| Feb 23, 2022 | 29.04 | 16.81 | 14.66 | 14.11 |
| Feb 25, 2021 | 48.98 | — | — | — |
| Feb 27, 2020 | 16.50 | 70.06 | 8.77 | 15.64 |
| Feb 28, 2019 | 27.51 | 15.30 | 12.60 | 16.15 |
| Feb 28, 2018 | 55.22 | 22.83 | — | 16.28 |
| Feb 28, 2017 | 63.54 | — | — | 42.80 |
| Feb 29, 2016 | 22.06 | 35.02 | — | 20.96 |
| Feb 27, 2015 | 33.29 | 10.61 | 12.03 | 11.56 |
| Feb 28, 2014 | 42.37 | 10.04 | 8.91 | 12.71 |
| Mar 11, 2013 | 26.36 | 8.61 | 8.49 | 8.94 |
| Mar 12, 2012 | 20.64 | 7.96 | 7.60 | 10.03 |
| Mar 11, 2011 | 37.51 | 10.77 | 9.89 | 13.89 |
| Mar 12, 2010 | 40.36 | 13.81 | 14.78 | 15.92 |
| Mar 16, 2009 | 18.53 | 5.29 | — | 7.42 |
| Mar 14, 2008 | 42.60 | 9.89 | 10.59 | 11.78 |
| Mar 15, 2007 | 44.39 | 8.63 | 7.09 | 10.33 |
| Mar 16, 2006 | 35.75 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Texas Pacific Land Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2024 | 28.78 | 12.17 |
| Feb 22, 2023 | 30.84 | 8.08 |
| Feb 23, 2022 | 29.04 | 15.11 |
| Feb 25, 2021 | 48.98 | — |
| Feb 27, 2020 | 16.50 | 20.13 |
| Feb 28, 2019 | 27.51 | 15.32 |
| Feb 28, 2018 | 55.22 | 21.22 |
| Feb 28, 2017 | 63.54 | 162.35 |
| Feb 29, 2016 | 22.06 | 33.10 |
| Feb 27, 2015 | 33.29 | 11.30 |
| Feb 28, 2014 | 42.37 | 11.25 |
| Mar 11, 2013 | 26.36 | 8.78 |
| Mar 12, 2012 | 20.64 | 8.96 |
| Mar 11, 2011 | 37.51 | 12.17 |
| Mar 12, 2010 | 40.36 | 15.12 |
| Mar 16, 2009 | 18.53 | 9.95 |
| Mar 14, 2008 | 42.60 | 11.08 |
| Mar 15, 2007 | 44.39 | 9.23 |
| Mar 16, 2006 | 35.75 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Texas Pacific Land Corp. | Energy | |
|---|---|---|
| Feb 21, 2024 | 28.78 | 12.48 |
| Feb 22, 2023 | 30.84 | 8.54 |
| Feb 23, 2022 | 29.04 | 15.67 |
| Feb 25, 2021 | 48.98 | — |
| Feb 27, 2020 | 16.50 | 37.93 |
| Feb 28, 2019 | 27.51 | 15.94 |
| Feb 28, 2018 | 55.22 | 26.50 |
| Feb 28, 2017 | 63.54 | 354.83 |
| Feb 29, 2016 | 22.06 | 33.85 |
| Feb 27, 2015 | 33.29 | 11.97 |
| Feb 28, 2014 | 42.37 | 11.81 |
| Mar 11, 2013 | 26.36 | 9.43 |
| Mar 12, 2012 | 20.64 | 9.63 |
| Mar 11, 2011 | 37.51 | 13.24 |
| Mar 12, 2010 | 40.36 | 15.83 |
| Mar 16, 2009 | 18.53 | 9.90 |
| Mar 14, 2008 | 42.60 | 11.66 |
| Mar 15, 2007 | 44.39 | 9.76 |
| Mar 16, 2006 | 35.75 | 9.78 |
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).