Price to Sales (P/S)
since 2005
Calculation
Texas Pacific Land Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2024 | 18.48 | = | 507.46 | ÷ | 27.45 | 27.45 | = | 631,595 | ÷ | 23,005,266 | |
| Feb 22, 2023 | 20.63 | = | 596.28 | ÷ | 28.91 | 28.91 | = | 667,422 | ÷ | 23,086,488 | |
| Feb 23, 2022 | 17.38 | = | 337.37 | ÷ | 19.41 | 19.41 | = | 450,958 | ÷ | 23,236,125 | |
| Feb 25, 2021 | 28.50 | = | 370.62 | ÷ | 13.00 | 13.00 | = | 302,554 | ÷ | 23,268,468 | |
| Feb 27, 2020 | 10.72 | = | 226.07 | ÷ | 21.08 | 21.08 | = | 490,496 | ÷ | 23,268,468 | |
| Feb 28, 2019 | 19.22 | = | 247.87 | ÷ | 12.90 | 12.90 | = | 300,220 | ÷ | 23,281,242 | |
| Feb 28, 2018 | 31.86 | = | 179.69 | ÷ | 5.64 | 5.64 | = | 132,329 | ÷ | 23,464,797 | |
| Feb 28, 2017 | 39.50 | = | 99.50 | ÷ | 2.52 | 2.52 | = | 59,911 | ÷ | 23,781,942 | |
| Feb 29, 2016 | 13.90 | = | 45.33 | ÷ | 3.26 | 3.26 | = | 79,415 | ÷ | 24,354,192 | |
| Feb 27, 2015 | 20.97 | = | 46.36 | ÷ | 2.21 | 2.21 | = | 55,202 | ÷ | 24,967,197 | |
| Feb 28, 2014 | 26.15 | = | 45.37 | ÷ | 1.74 | 1.74 | = | 44,109 | ÷ | 25,419,606 | |
| Mar 11, 2013 | 15.89 | = | 19.63 | ÷ | 1.24 | 1.24 | = | 32,587 | ÷ | 26,385,774 | |
| Mar 12, 2012 | 12.39 | = | 15.44 | ÷ | 1.25 | 1.25 | = | 34,301 | ÷ | 27,526,242 | |
| Mar 11, 2011 | 21.14 | = | 14.81 | ÷ | 0.70 | 0.70 | = | 20,066 | ÷ | 28,645,332 | |
| Mar 12, 2010 | 21.32 | = | 9.40 | ÷ | 0.44 | 0.44 | = | 13,085 | ÷ | 29,683,542 | |
| Mar 16, 2009 | 10.50 | = | 6.62 | ÷ | 0.63 | 0.63 | = | 19,296 | ÷ | 30,618,438 | |
| Mar 14, 2008 | 22.73 | = | 11.17 | ÷ | 0.49 | 0.49 | = | 15,465 | ÷ | 31,465,125 | |
| Mar 15, 2007 | 22.86 | = | 16.13 | ÷ | 0.71 | 0.71 | = | 22,461 | ÷ | 31,838,625 | |
| Mar 16, 2006 | 19.75 | = | 9.40 | ÷ | 0.48 | 0.48 | = | 15,408 | ÷ | 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 data indicates a long-term expansion in both equity valuation and revenue generation per share, although the Price-to-Sales (P/S) ratio exhibits significant volatility over the analyzed period. While both share price and sales per share trended upward from 2006 to 2024, the relationship between the two has fluctuated, reflecting varying market valuations of the company's revenue streams.
- Share Price Appreciation
- A substantial long-term increase in share price is evident, rising from 9.40 US$ in 2006 to a peak of 596.28 US$ in 2023, before settling at 507.46 US$ in 2024. Notable acceleration occurred between 2016 and 2019, where the price increased from 45.33 US$ to 247.87 US$, followed by another significant surge between 2022 and 2023.
- Sales per Share Growth
- Revenue per share demonstrates a consistent upward trajectory, growing from 0.48 US$ in 2006 to 27.45 US$ in 2024. The most aggressive growth phase occurred between 2018 and 2020, during which sales per share rose from 5.64 US$ to 21.08 US$, indicating a period of rapid fundamental revenue expansion.
- Price-to-Sales Ratio Dynamics
- The P/S ratio has not followed a linear path, characterized instead by cyclical volatility. The ratio remained largely between 10.50 and 26.15 for the first decade. A peak valuation occurred in 2017, with the P/S ratio reaching 39.50. This was followed by a contraction period, hitting a local low of 10.72 in 2020, which coincided with a sharp increase in sales per share that outpaced the share price growth. In recent years, the ratio has stabilized between 17.38 and 28.50, suggesting a realignment of market valuation relative to the expanded revenue base.
The overall trend suggests that while the market has consistently assigned a high multiple to the company's sales, the valuation has occasionally decoupled from revenue growth, leading to the observed fluctuations in the P/S ratio. The significant increase in sales per share since 2018 has acted as a stabilizing force on the ratio, even as the share price reached historic highs.
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Comparison to Competitors
Texas Pacific Land Corp., P/S, long-term trends, comparison to competitors
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 21, 2024 | 18.48 | 1.46 | 2.33 | 1.24 |
| Feb 22, 2023 | 20.63 | 1.31 | 1.68 | 1.12 |
| Feb 23, 2022 | 17.38 | 1.69 | 2.58 | 1.17 |
| Feb 25, 2021 | 28.50 | 2.09 | 3.52 | 1.34 |
| Feb 27, 2020 | 10.72 | 1.46 | 1.94 | 0.88 |
| Feb 28, 2019 | 19.22 | 1.43 | 2.16 | 1.20 |
| Feb 28, 2018 | 31.86 | 1.56 | 2.21 | 1.35 |
| Feb 28, 2017 | 39.50 | 1.91 | 2.51 | 1.54 |
| Feb 29, 2016 | 13.90 | 1.24 | 1.38 | 1.30 |
| Feb 27, 2015 | 20.97 | 1.02 | 1.57 | 0.95 |
| Feb 28, 2014 | 26.15 | 0.98 | 1.50 | 0.98 |
| Mar 11, 2013 | 15.89 | 0.98 | 1.23 | 0.89 |
| Mar 12, 2012 | 12.39 | 0.88 | 0.39 | 0.88 |
| Mar 11, 2011 | 21.14 | 1.03 | 0.59 | 1.14 |
| Mar 12, 2010 | 21.32 | 0.87 | 0.48 | 1.02 |
| Mar 16, 2009 | 10.50 | 0.48 | 0.24 | 0.73 |
| Mar 14, 2008 | 22.73 | 0.86 | 0.67 | 1.23 |
| Mar 15, 2007 | 22.86 | 0.72 | 0.60 | 1.12 |
| Mar 16, 2006 | 19.75 | 0.66 | 0.48 | 1.01 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Texas Pacific Land Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2024 | 18.48 | 1.41 |
| Feb 22, 2023 | 20.63 | 1.24 |
| Feb 23, 2022 | 17.38 | 1.48 |
| Feb 25, 2021 | 28.50 | 1.72 |
| Feb 27, 2020 | 10.72 | 1.15 |
| Feb 28, 2019 | 19.22 | 1.35 |
| Feb 28, 2018 | 31.86 | 1.48 |
| Feb 28, 2017 | 39.50 | 1.72 |
| Feb 29, 2016 | 13.90 | 1.29 |
| Feb 27, 2015 | 20.97 | 1.02 |
| Feb 28, 2014 | 26.15 | 1.02 |
| Mar 11, 2013 | 15.89 | 0.94 |
| Mar 12, 2012 | 12.39 | 0.75 |
| Mar 11, 2011 | 21.14 | 0.98 |
| Mar 12, 2010 | 21.32 | 0.85 |
| Mar 16, 2009 | 10.50 | 0.54 |
| Mar 14, 2008 | 22.73 | 1.00 |
| Mar 15, 2007 | 22.86 | 0.88 |
| Mar 16, 2006 | 19.75 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| Texas Pacific Land Corp. | Energy | |
|---|---|---|
| Feb 21, 2024 | 18.48 | 1.46 |
| Feb 22, 2023 | 20.63 | 1.31 |
| Feb 23, 2022 | 17.38 | 1.52 |
| Feb 25, 2021 | 28.50 | 1.69 |
| Feb 27, 2020 | 10.72 | 1.18 |
| Feb 28, 2019 | 19.22 | 1.38 |
| Feb 28, 2018 | 31.86 | 1.63 |
| Feb 28, 2017 | 39.50 | 1.90 |
| Feb 29, 2016 | 13.90 | 1.37 |
| Feb 27, 2015 | 20.97 | 1.10 |
| Feb 28, 2014 | 26.15 | 1.11 |
| Mar 11, 2013 | 15.89 | 1.02 |
| Mar 12, 2012 | 12.39 | 0.83 |
| Mar 11, 2011 | 21.14 | 1.10 |
| Mar 12, 2010 | 21.32 | 0.93 |
| Mar 16, 2009 | 10.50 | 0.57 |
| Mar 14, 2008 | 22.73 | 1.09 |
| Mar 15, 2007 | 22.86 | 0.96 |
| Mar 16, 2006 | 19.75 | 0.86 |
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).