Stock Analysis on Net
Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

This company has been moved to the archive! The financial data has not been updated since November 6, 2024.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Texas Pacific Land Corp., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2023 0.55 = 631,595 ÷ 1,156,398
Dec 31, 2022 0.76 = 667,422 ÷ 877,427
Dec 31, 2021 0.59 = 450,958 ÷ 764,064
Dec 31, 2020 0.53 = 302,554 ÷ 571,635
Dec 31, 2019 0.82 = 490,496 ÷ 598,176
Dec 31, 2018 1.05 = 300,220 ÷ 285,075
Dec 31, 2017 1.04 = 132,329 ÷ 127,460
Dec 31, 2016 0.96 = 59,911 ÷ 62,454
Dec 31, 2015 1.57 = 79,415 ÷ 50,436
Dec 31, 2014 1.67 = 55,202 ÷ 33,102
Dec 31, 2013 1.97 = 44,109 ÷ 22,357
Dec 31, 2012 1.54 = 32,587 ÷ 21,187
Dec 31, 2011 1.25 = 34,301 ÷ 27,432
Dec 31, 2010 0.80 = 20,066 ÷ 24,989
Dec 31, 2009 0.49 = 13,085 ÷ 26,788
Dec 31, 2008 0.63 = 19,296 ÷ 30,785
Dec 31, 2007 0.47 = 15,465 ÷ 32,657
Dec 31, 2006 0.69 = 22,461 ÷ 32,468
Dec 31, 2005 0.48 = 15,408 ÷ 32,305

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 total asset turnover ratio exhibits a non-linear trajectory over the analyzed nineteen-year period, characterized by an initial growth phase, a mid-term peak, and a subsequent contraction as the asset base expanded.

Early Volatility and Efficiency Gains (2005–2014)
Between 2005 and 2010, the asset turnover ratio fluctuated within a range of 0.47 to 0.80. A period of significant increase in asset efficiency occurred from 2011 to 2014, with the ratio climbing steadily to a historical peak of 1.97 in 2013. This trend indicates a phase where revenue growth significantly outpaced the growth of the total asset base.
Correction and Stabilization (2015–2018)
Following the 2013 peak, the ratio underwent a correction, declining to 0.96 by 2016. Between 2017 and 2018, the ratio remained relatively stable, fluctuating minimally between 1.04 and 1.05. During this interval, both revenues and assets began to scale upward substantially, maintaining a proportional relationship.
Asset Expansion and Ratio Compression (2019–2023)
A sustained downward trend in asset turnover is observed from 2019 through 2023. Although revenues increased from 490.5 million USD in 2019 to 631.6 million USD in 2023, total assets grew at a much more aggressive rate, rising from 598.2 million USD to 1.156 billion USD. This rapid accumulation of assets resulted in the ratio compressing from 0.82 in 2019 to 0.55 by the end of 2023.

Overall, the data reveals a transition from a lean asset model with high turnover in the early 2010s to a capital-intensive structure in the 2020s. Despite the massive increase in absolute revenue, the current asset turnover ratio has returned to levels comparable to those seen in the 2005-2010 period, suggesting that asset growth is currently outpacing revenue generation.

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Comparison to Competitors

Texas Pacific Land Corp., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Texas Pacific Land Corp. Chevron Corp. ConocoPhillips Exxon Mobil Corp.
Dec 31, 2023 0.55 0.75 0.59 0.89
Dec 31, 2022 0.76 0.91 0.84 1.08
Dec 31, 2021 0.59 0.65 0.51 0.82
Dec 31, 2020 0.53 0.39 0.30 0.54
Dec 31, 2019 0.82 0.59 0.46 0.70
Dec 31, 2018 1.05 0.63 0.52 0.81
Dec 31, 2017 1.04 0.53 0.40 0.68
Dec 31, 2016 0.96 0.42 0.26 0.66
Dec 31, 2015 1.57 0.49 0.30 0.77
Dec 31, 2014 1.67 0.75 0.45 1.13
Dec 31, 2013 1.97 0.87 0.46 1.21
Dec 31, 2012 1.54 0.99 0.49 1.36
Dec 31, 2011 1.25 1.17 1.60 1.41
Dec 31, 2010 0.80 1.07 1.21 1.22
Dec 31, 2009 0.49 1.02 0.98 1.29
Dec 31, 2008 0.63 1.64 1.69 2.02
Dec 31, 2007 0.47 1.44 1.05 1.61
Dec 31, 2006 0.69 1.54 1.11 1.67
Dec 31, 2005 0.48 1.54 1.68 1.72

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., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)

Microsoft Excel
Texas Pacific Land Corp. Oil, Gas & Consumable Fuels
Dec 31, 2023 0.55 0.80
Dec 31, 2022 0.76 0.99
Dec 31, 2021 0.59 0.71
Dec 31, 2020 0.53 0.46
Dec 31, 2019 0.82 0.64
Dec 31, 2018 1.05 0.71
Dec 31, 2017 1.04 0.59
Dec 31, 2016 0.96 0.52
Dec 31, 2015 1.57 0.60
Dec 31, 2014 1.67 0.88
Dec 31, 2013 1.97 0.97
Dec 31, 2012 1.54 1.08
Dec 31, 2011 1.25 1.38
Dec 31, 2010 0.80 1.18
Dec 31, 2009 0.49 1.12
Dec 31, 2008 0.63 1.81
Dec 31, 2007 0.47 1.39
Dec 31, 2006 0.69 1.46
Dec 31, 2005 0.48 1.66

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., total asset turnover, long-term trends, comparison to industry (energy)

Microsoft Excel
Texas Pacific Land Corp. Energy
Dec 31, 2023 0.55 0.79
Dec 31, 2022 0.76 0.97
Dec 31, 2021 0.59 0.71
Dec 31, 2020 0.53 0.47
Dec 31, 2019 0.82 0.63
Dec 31, 2018 1.05 0.69
Dec 31, 2017 1.04 0.58
Dec 31, 2016 0.96 0.50
Dec 31, 2015 1.57 0.59
Dec 31, 2014 1.67 0.87
Dec 31, 2013 1.97 0.94
Dec 31, 2012 1.54 1.05
Dec 31, 2011 1.25 1.33
Dec 31, 2010 0.80 1.13
Dec 31, 2009 0.49 1.10
Dec 31, 2008 0.63 1.76
Dec 31, 2007 0.47 1.37
Dec 31, 2006 0.69 1.43
Dec 31, 2005 0.48 1.63

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).