TPLTexas Pacific Land Corp
Oil Royalty Traders
- Revenue
- $798M
- 13% YoY
- Operating margin
- 74.2%
- 2.9% YoY
- EBITDA
- $655M
- 16% YoY
- Market cap
- $22.9B
- Employees
- 114
- $7M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo113% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo29% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$7M · 91st pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$22.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $451M | $667M | $632M | $706M | $798M | 13% |
| Operating income | $362M | $562M | $486M | $539M | $592M | 9.8% |
| Net income | $270M | $446M | $406M | $454M | $481M | 6.0% |
| Operating cash flow | $265M | $447M | $418M | $491M | $546M | 11% |
| Capex | $16M | $19M | — | — | — | |
| Stock-based comp | $28K | $8M | $10M | $12M | $15M | 21% |
| Buybacks | $20M | $88M | $43M | $29M | $8M | 71% |
| Dividends | $85M | $247M | $100M | $347M | $148M | 57% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 7, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | SCHEDULE 13D/A | 14.7% | Active |
| Apr 13, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | SCHEDULE 13D/A | 14.5% | Passive |
| Mar 26, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | SCHEDULE 13D/A | 14.6% | Active |
| Dec 18, 2024 | HORIZON KINETICS ASSET MANAGEMENT LLC | SCHEDULE 13D/A | 15.6% | Active |
| Feb 28, 2024 | HORIZON KINETICS ASSET MANAGEMENT LLC | SC 13D/A | 16.6% | Active |
| Feb 7, 2024 | HORIZON KINETICS ASSET MANAGEMENT LLC | SC 13D/A | 16.7% | Passive |
| Feb 5, 2024 | HORIZON KINETICS ASSET MANAGEMENT LLC | SC 13D/A | 16.8% | Passive |
| Jan 22, 2024 | Bulldog Investors, LLP | SC 13D | 0.1% | Passive |
| Dec 6, 2023 | HORIZON KINETICS ASSET MANAGEMENT LLC | SC 13D/A | 17.8% | Passive |
| Aug 1, 2023 | HORIZON KINETICS ASSET MANAGEMENT LLC | SC 13D/A | 18.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $571K · 228
- Open-market sells, 12 mo
- $3M · 5
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $4M | 316 | 213 |
| FY2024 | $7M | $26M | 403 | 217 |
| FY2023 | $6M | $1M | 187 | 220 |
| FY2022 | $6M | $12M | 277 | 212 |
| FY2021 | $5M | $5M | 145 | 146 |