Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Texas Pacific Land Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Overall valuation trend
- The valuation multiples for the company exhibited notable volatility over the analyzed periods, with distinct peaks occurring predominantly in early 2021 and again towards late 2024. Following relatively moderate values in early 2020, all price ratios surged by the first quarter of 2021, marking a period of elevated market expectations or performance anticipation. Subsequently, a downward adjustment occurred through 2022 and early 2023, followed by another upward trend culminating in late 2024.
- Price to Earnings (P/E) ratio
- The P/E ratio started at 16.19 in Q1 2020, increasing sharply to a peak of 73.92 in Q1 2021, indicating a substantial rise in market valuation relative to earnings. After this peak, the ratio declined gradually, stabilizing around the mid-20s to mid-30s through 2022 and most of 2023. Another marked increase was observed towards Q3 and Q4 2024, reaching a second peak of 68.08, which suggests renewed optimism or earnings fluctuations influencing the valuation.
- Price to Operating Profit (P/OP) ratio
- The P/OP ratio mirrored the P/E ratio in directional movement, starting at 12.96 in early 2020, peaking at 59.75 in Q1 2021, and subsequently retreating. The decline was more pronounced, bottoming around the 20 range in early 2023. A rising trend resurfaced in 2024, with the ratio nearing its previous high at 57.59 in Q3 2024. This behavior indicates operating profits experienced similar market revaluation patterns as earnings.
- Price to Sales (P/S) ratio
- The P/S ratio showed a consistent trend with other multiples, starting at 9.66 in early 2020 and escalating to a high of 42.99 in Q1 2021. A decline followed, with the ratio dipping to approximately 16.54-17.29 in mid-2023, implying a reduction in valuation relative to sales. The ratio then ascended once more, exceeding 44.49 by late 2024, reflecting either anticipated sales growth or enhanced market sentiment towards revenue metrics.
- Price to Book Value (P/BV) ratio
- The P/BV ratio began at 8.59 in Q1 2020, with a sharp rise to 24.27 by Q1 2021, indicating increased market valuation compared to the company's book value. Following this, the ratio decreased steadily to levels near 11.19-14.72 during 2023 to mid-2024. The final period showed a significant increase to 29.03 in Q3 2024. Fluctuations in this metric suggest changing investor perceptions of asset value or equity strength over time.
- Comparative insights
- All valuation multiples generally moved in tandem, demonstrating high correlation in market sentiment across earnings, operating profit, sales, and book value during the periods. Peaks in early 2021 were likely driven by optimism or strong financial performance expectations, with subsequent corrections reflecting normalization or changing fundamentals. The resurgence of multiples towards late 2024 indicates renewed market interest or anticipated growth prospects.
- Conclusion
- The financial ratios illustrate a cyclical valuation pattern with significant peaks in early 2021 and late 2024, separated by periods of moderation. This suggests fluctuating investor confidence and changing perceptions of the company’s profitability, sales, and asset values. Stakeholders should consider these valuation swings within the broader economic and company-specific contexts when assessing performance and future prospects.
Price to Earnings (P/E)
Texas Pacific Land Corp., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net incomeQ3 2024
+ Net incomeQ2 2024
+ Net incomeQ1 2024
+ Net incomeQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility across the analyzed periods. An initial rise was observed from approximately $164 to a peak near $370 during 2020, followed by a strong upward trend reaching as high as $535 in early 2021. This was succeeded by a gradual decline through late 2021, bottoming around $337. Subsequently, the share price rebounded sharply through 2022 and into early 2023, hitting highs close to $776 before experiencing fluctuations with a downward trend toward the end of 2023. Notably, from early 2024, the share price demonstrated a pronounced surge, culminating in a peak value surpassing $1,300 by the third quarter of 2024.
- Earnings Per Share (EPS)
- The EPS values showed overall growth over the reported timeframe, albeit with varying rates of increase. Starting at around $10.15 in the first quarter of 2020, EPS slightly declined through the same year, reaching a low near $7.25 at the beginning of 2021. From that point onward, EPS generally trended upward, increasing steadily from just under $8.5 mid-2021 to over $19 by late 2022. Throughout 2023 and into 2024, EPS remained relatively stable, fluctuating in the $17 to $19.5 range, indicating consistent profitability with moderate growth momentum.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibited considerable fluctuation reflective of volatility in share price relative to earnings. Initially, it remained modest in early 2020, ranging between approximately 16 and 21. During the latter half of 2020 and early 2021, the ratio escalated sharply, reaching a peak near 74, signaling market expectations of substantial future growth or possibly a degree of overvaluation. Following this peak, the P/E ratio gradually declined over late 2021 and 2022, fluctuating between ranges of roughly 25 to 42. In 2023, the ratio stabilized mostly in the mid-20s to mid-30s bracket with occasional spikes. However, a significant rise was evident by mid to late 2024, where the P/E ratio again soared, exceeding 68 by the third quarter, which may suggest heightened market optimism or increased share price outpacing earnings growth during this period.
- Overall Insights
- The data depicts a pattern of rising earnings supporting an overall increase in the company's underlying profitability. The share price, while trending upwards in the long term, experienced several periods of notable volatility, including sharp corrections and recoveries. The P/E ratio’s behavior reflects these fluctuations, indicating changing market sentiment and revaluation dynamics. Periods of elevated P/E ratios may hint at speculative pressures or expectations of accelerated growth, especially observable during early 2021 and mid-2024. Despite this, the stability and upward trend in EPS suggest fundamental strength in earnings performance throughout the period analyzed.
Price to Operating Profit (P/OP)
Texas Pacific Land Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Operating incomeQ3 2024
+ Operating incomeQ2 2024
+ Operating incomeQ1 2024
+ Operating incomeQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility over the reported periods, initially rising sharply from $164.34 in March 2020 to a peak of $535.96 in March 2021. Following this peak, a decline occurred to about $337.37 by December 2021. Subsequently, the price recovered significantly, reaching $776.35 in September 2022 before another decrease to approximately $477.72 by March 2023. From that point, the share price trended upwards once more, culminating in a significant rise to $1,329.62 in September 2024. This long-term upward trajectory with intermittent volatility indicates strong growth momentum despite periods of correction.
- Operating Profit Per Share (OPPS) Dynamics
- The operating profit per share presented an overall upward trend across the periods. Starting at $12.68 in March 2020, the OPPS experienced some fluctuations but generally increased, reaching approximately $23.09 by September 2024. Notably, there was a strong rise from around $9.34 in December 2020 to $24.36 in December 2022, indicating improved operational efficiency or profitability. Minor declines were observed intermittently but were followed by recoveries, reflecting resilience in operational performance.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio showed significant variability linked closely to share price movements and OPPS changes. Initially, the ratio climbed sharply from 12.96 in March 2020 to a high of 59.75 in March 2021, reflecting a rapid increase in share price relative to earnings. It then decreased steadily to about 21.63 by December 2021 as share prices declined and OPPS increased. However, from 2022 onward, the ratio displayed high fluctuation, moving between roughly 20 and 33 before escalating sharply to 57.59 by September 2024. This increasing P/OP ratio toward the latest period suggests a premium valuation relative to operating profits, potentially signaling heightened investor optimism or anticipation of future growth.
- Summary and Insights
- There is a general pattern of strong growth in operating profitability accompanied by notable fluctuations in share price, resulting in variable market valuations as measured by the P/OP ratio. Periods of significant share price appreciation tended to increase the valuation multiples, while corrections in price brought the ratio back down. The substantial surge in share price and P/OP ratio towards the end of the data period implies heightened market expectations, which may warrant further investigation regarding sustainability of earnings growth and valuation justification.
Price to Sales (P/S)
Texas Pacific Land Corp., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (RevenuesQ3 2024
+ RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends regarding the share price, sales per share, and the price-to-sales (P/S) ratio over the time period examined.
- Share Price
- The share price exhibited significant volatility throughout the observed quarters. Initially, it showed a moderate increase from 164.34 US$ in the first quarter of 2020 to 370.62 US$ by the end of that year. This upward trajectory continued into early 2021, peaking at 535.96 US$ in the first quarter. However, following this peak, the price experienced a downturn during the middle of 2021 and the first quarter of 2022, declining to as low as 337.37 US$. From mid-2022 onward, the share price regained strength, increasing markedly and reaching a substantial high of 1,329.62 US$ by the third quarter of 2024. This pattern suggests episodes of investor optimism punctuated by periods of consolidation or correction.
- Sales Per Share
- In contrast to share price volatility, sales per share demonstrated a generally consistent upward trend over the entire period. Starting from 17.01 US$ in the first quarter of 2020, there was a slight dip during the initial quarters of 2021, but overall, the metric steadily increased to 29.89 US$ by the third quarter of 2024. The gradual increase in sales per share indicates effective revenue generation and growth in underlying sales performance over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio reflected marked fluctuations and a dynamic valuation environment. Beginning at 9.66 in early 2020, the ratio rose sharply to a high of 42.99 in the first quarter of 2021, indicating a significant premium placed on sales by the market. Thereafter, the ratio declined steadily through late 2021 but remained elevated compared to early 2020 levels. From 2022 onward, the P/S ratio experienced another marked upward shift, culminating in a peak of 44.49 in the third quarter of 2024. These trends suggest changing investor sentiment and valuation perspectives, possibly influenced by expectations for future growth or broader market conditions.
In summary, sales per share exhibited stable incremental growth, while the share price and P/S ratio demonstrated considerable variability with pronounced spikes and corrections. The strong share price gains in later periods, coupled with rising sales per share, indicate improving market valuation supported by solid operational performance. The elevated and fluctuating P/S ratio underscores the influence of market sentiment and valuation adjustments throughout the timeline.
Price to Book Value (P/BV)
Texas Pacific Land Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits notable fluctuations in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the analyzed periods.
- Share Price Trend
- The share price demonstrated considerable volatility with a general upward trajectory over the long term. There were sharp increases observed at the end of 2020 and significant peaks around mid-2022 and again by late 2024, reaching over $1300 per share. However, intermittent declines occurred, especially toward the end of 2021 and in early 2023, indicating short-term adjustments or market corrections.
- Book Value Per Share (BVPS) Trend
- The BVPS showed a steady and consistent increase from approximately $19 in early 2020 to a peak above $52 in mid-2024. This rise suggests ongoing growth in the company's net asset value per share, reflecting potential asset accumulation or retained earnings. A notable dip from mid-2024 onward indicates a decrease in book value, which may point to asset revaluation or dividend payments surpassing earnings.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio displayed significant variability, ranging from a low of around 7.57 to a high exceeding 29. The ratio peaked notably at the end of 2020 and again near the third quarter of 2022 and the last quarter of 2024, implying periods of heightened market valuation relative to the company's book value. Conversely, troughs in the ratio corresponded with times when the share price decreased or BVPS increased, indicating shifts in investor sentiment or market corrections.
- Interrelation and Insights
- The data suggests that share price movements are the primary drivers of P/BV fluctuations, given the steadier increases in BVPS. Sharp increases in P/BV ratios coincide with significant share price surges, potentially reflecting optimistic market expectations or speculative activity. The decline in BVPS in the latest periods, combined with rising share prices, contributed to elevated P/BV ratios, which may warrant closer monitoring for sustainability.