Price to FCFE (P/FCFE)
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Texas Pacific Land Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Texas Pacific Land Corp., FCFE calculation
US$ in thousands
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).
- Cash Provided by Operating Activities
- The cash provided by operating activities experienced a significant decline from 2019 to 2020, dropping from approximately $342.8 million to $207.0 million. However, this figure recovered in the following years, reaching about $265.2 million in 2021 and further increasing substantially to $447.1 million in 2022. In 2023, the cash flow slightly decreased to $418.3 million but remained significantly above the levels seen in 2019 through 2021.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity mirrored the trend seen in operating cash flow, with a notable decrease from 2019 to 2020, falling from around $310.7 million to $202.0 million. Subsequently, FCFE rose to $250.7 million in 2021, followed by a marked increase to $428.0 million in 2022. In 2023, there was a small contraction to $403.3 million, yet the FCFE remained elevated compared to the initial years in the dataset.
- General Observations
- Both cash provided by operating activities and free cash flow to equity showed parallel patterns over the five-year period. The dip observed in 2020 likely reflects adverse conditions during that year, possibly due to broader economic challenges. The strong recovery and growth in 2022 and sustained higher levels into 2023 suggest improved operational efficiency and cash generation capacity. Despite slight reductions in 2023, the cash flow metrics demonstrate robust liquidity and financial flexibility relative to earlier periods.
Price to FCFE Ratio, Current
Texas Pacific Land Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Texas Pacific Land Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, Industry | ||||||
| Energy | ||||||
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).
1 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals notable fluctuations and trends in the share price, free cash flow to equity (FCFE) per share, and the price-to-FCFE ratio.
- Share Price
- The share price exhibited a strong upward trend from 2019 to 2020, increasing significantly from $226.07 to $370.62. This was followed by a moderate decline in 2021 to $337.37 and a substantial rise in 2022 reaching $596.28. In 2023, the share price decreased to $507.46, which remains considerably higher than the initial 2019 value, indicating overall growth notwithstanding the volatility observed in the later years.
- FCFE per Share
- The FCFE per share experienced a decline from $13.35 in 2019 to $8.68 in 2020, suggesting a reduction in free cash flow available to equity holders during that year. Subsequently, there was a recovery and increase to $10.79 in 2021, followed by a marked rise to $18.54 in 2022. The value slightly decreased to $17.53 in 2023 but remained at a relatively high level compared to the earlier years, indicating improvement in cash generation capacity over time.
- Price-to-FCFE (P/FCFE) Ratio
- The P/FCFE ratio showed considerable volatility, starting at 16.93 in 2019 and rising sharply to 42.7 in 2020. This significant increase suggests that the share price rose disproportionately relative to the free cash flow per share during that year, potentially indicating overvaluation or investor optimism. The ratio declined to 31.27 in 2021 and remained in a similar range with 32.16 in 2022. In 2023, the ratio further decreased to 28.95, indicating a trend toward more moderate valuation multiples relative to FCFE compared to the peak in 2020.
Overall, the data reflects a period of volatility with a general positive trend in the company's valuation and cash flow generation. The share price experienced substantial movements likely influenced by market dynamics and company performance. FCFE per share improved over the long term despite short-term declines, and valuation multiples fluctuated significantly, peaking in 2020 before moving toward more sustainable levels in recent years.