Common Stock Valuation Ratios (Price Multiples)
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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Texas Pacific Land Corp. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
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Current Valuation Ratios
Texas Pacific Land Corp., current price multiples
| Texas Pacific Land Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Texas Pacific Land Corp., historical price multiples
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited significant volatility over the analyzed period. It increased markedly from 16.5 in 2019 to a peak of 48.98 in 2020. Subsequently, the ratio declined sharply to 29.04 in 2021 and then showed slight upward movement to 30.84 in 2022, followed by a moderate decrease to 28.78 in 2023. This pattern suggests a spike in market expectations or earnings fluctuations during 2020, followed by a stabilization phase in the subsequent years.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trend seen in the P/E ratio to some extent, starting at 13.16 in 2019 and rising dramatically to 39.69 in 2020. This was followed by a considerable reduction to 21.63 in 2021. After 2021, the ratio demonstrated minor fluctuations but remained relatively stable around the mid-20s, finishing at 24.02 in 2023. The initial spike indicates a possible surge in stock price relative to operating profit that corrected over time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio increased substantially from 10.72 in 2019 to 28.5 in 2020, indicating heightened market valuation relative to sales during that year. Thereafter, it decreased to 17.38 in 2021, rose again to 20.63 in 2022, and then declined to 18.48 in 2023. The fluctuations suggest variable investor sentiment and possibly changes in sales performance or profitability influencing valuation multiples.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio showed notable instability over the time frame. It increased from 10.27 in 2019 to 17.77 in 2020, decreased to 12.03 in 2021, and then rose again to 17.81 in 2022 before declining to 11.19 in 2023. These oscillations imply alternating market perceptions regarding the company’s net asset value, potentially driven by changes in underlying book values or shifts in investor risk tolerance.
- Overall Observations
- All valuation ratios experienced a significant increase in 2020 compared to 2019, pointing to elevated market expectations or valuation multiples during that year. Following 2020, ratios generally trended downward or stabilized at levels higher than pre-2020 but did not revert to the earlier lows. These patterns may reflect the impact of external market events in 2020, followed by a phase of adjustment. The repeated fluctuations in the price to book value ratio suggest variability in asset valuation or changes in investor sentiment concerning the company’s equity base over time.
Price to Earnings (P/E)
Texas Pacific Land Corp., historical P/E 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$) | ||||||
| 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. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, 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.
2 2023 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals various trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the five-year period.
- Share Price
- The share price experienced a general upward trend from 2019 through 2022, starting at $226.07 and reaching a peak of $596.28 in 2022. However, in 2023, the share price declined to $507.46, indicating a downward correction after the previous year's notable increase.
- Earnings Per Share (EPS)
- The EPS showed some fluctuation but overall an increasing trend with some volatility. It decreased significantly from $13.7 in 2019 to $7.57 in 2020, then rebounded to $11.62 in 2021. The most substantial growth occurred in 2022, where EPS rose sharply to $19.33 before slightly declining to $17.63 in 2023. This pattern suggests recovery and improving profitability after the dip in 2020, with a marginal contraction in the latest year.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio displayed significant volatility reflecting changes in both share price and EPS. Starting at a moderate level of 16.5 in 2019, the ratio sharply increased to 48.98 in 2020, indicating a possible overvaluation or market expectation of future earnings growth despite lower EPS that year. Subsequently, the P/E ratio declined to 29.04 in 2021, then slightly rose to 30.84 in 2022, and marginally decreased to 28.78 in 2023. This trend suggests the market corrected its valuation expectations after the 2020 spike, settling into a range that reflects the improved earnings.
Price to Operating Profit (P/OP)
Texas Pacific Land Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, 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.
2 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a significant increase from 2019 to 2020, rising from $226.07 to $370.62. This was followed by a slight decrease in 2021 to $337.37. In 2022, the share price experienced a notable surge, reaching a peak of $596.28, before declining to $507.46 in 2023. Overall, the share price trend is upward with some volatility, particularly marked by the sharp rise in 2022.
- Operating Profit per Share
- Operating profit per share experienced a decline from $17.17 in 2019 to $9.34 in 2020. After this drop, the figure recovered strongly, increasing to $15.6 in 2021 and further to $24.36 in 2022. In 2023, there was a slight decrease to $21.13. The general trend indicates substantial improvement in operational profitability after 2020, peaking in 2022 before a modest reduction the following year.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio rose sharply from 13.16 in 2019 to 39.69 in 2020, reflecting a significant increase in share price relative to operating profit per share during that year. In 2021, the ratio decreased to 21.63, showing a better alignment between share price and operating profit. The ratio then increased slightly in 2022 to 24.48 and remained relatively stable in 2023 at 24.02. This pattern suggests initial overvaluation in 2020 followed by a correction and then stabilization at a mid-20s level in subsequent years.
Price to Sales (P/S)
Texas Pacific Land Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, 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.
2 2023 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a significant increase from $226.07 at the end of 2019 to $370.62 by the end of 2020, reflecting a strong upward movement. In 2021, there was a slight decline to $337.37, followed by another substantial gain, peaking at $596.28 in 2022. By the end of 2023, the share price decreased to $507.46, indicating some volatility but maintaining a higher level compared to previous years.
- Sales Per Share Trend
- Sales per share decreased sharply from $21.08 in 2019 to $13 in 2020, suggesting a drop in sales revenue. Subsequently, it recovered steadily to $19.41 in 2021 and showed significant growth to $28.91 in 2022. There was a slight decline in 2023 to $27.45, but overall sales per share remained elevated compared to earlier years.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio demonstrated considerable fluctuation over the period. It surged from 10.72 in 2019 to a peak of 28.5 in 2020, possibly indicating a high valuation relative to sales following the price increase and sales drop that year. The ratio decreased to 17.38 in 2021, rose again to 20.63 in 2022, and declined slightly to 18.48 in 2023, reflecting changing investor perceptions and market conditions relative to the company’s sales performance.
- Overall Insights
- The financial indicators reveal that the company’s share price and sales per share have generally trended upwards since 2020, despite some fluctuations. The peak share price in 2022 aligns with the highest sales per share in the same year, suggesting a positive correlation between sales performance and market valuation. The volatility in the P/S ratio indicates that market sentiment and valuation multiples have varied, possibly influenced by external market factors or shifts in company-specific fundamentals. The data suggest a period of growth with intermittent corrections in market valuation.
Price to Book Value (P/BV)
Texas Pacific Land Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, 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.
2 2023 Calculation
BVPS = Total equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Pacific Land Corp. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed a significant upward trend from 2019 to 2022, increasing from $226.07 to a peak of $596.28. However, in 2023, the share price declined to $507.46, indicating some volatility after the peak year.
- Book Value per Share (BVPS) Trends
- The book value per share increased consistently over the observed period. Starting at $22.01 in 2019, BVPS dipped slightly to $20.85 in 2020, then rose steadily each year thereafter, reaching $45.35 by the end of 2023. This reflects an overall strengthening of the company’s net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio exhibited considerable fluctuation throughout the timeframe. It started at 10.27 in 2019, escalated sharply to 17.77 in 2020, declined to 12.03 in 2021, then rose again to a peak of 17.81 in 2022 before decreasing to 11.19 in 2023. These variations suggest changing market perceptions of the company’s value relative to its book value, with the market price outrunning book value more significantly in certain years.
- Summary of Insights
- The data indicates robust growth in intrinsic company value, as shown by steadily increasing book value per share. Despite this, the share price experienced notable volatility, rising sharply before a correction in 2023. The fluctuating P/BV ratio underscores shifts in market sentiment and valuation, suggesting times when investors assigned noticeably higher premiums over the book value. Overall, the company displayed strong asset growth accompanied by variable market valuation trends.