The business behind the dividend
| Measure | TPL | Median | Formula |
|---|---|---|---|
| Return on equity | 33.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $507.96m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $509.96m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 74.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 60.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -4.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 33.0% | 40.1% | 38.9% | 57.8% | 41.4% | 36.3% | 62.2% | 85.7% | 41.4% |
| Operating margin | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.5% | 86.9% | 80.4% |
| Net margin | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.0% | 69.9% | 64.3% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Texas Pacific Land pays out less than 188 of them. The median for that group is 30.6%, against this company’s 30.6%.
Closest on GAAP earnings
- Eagle Bancorp Montana (EBMT) 30.3%
- FNB (FNB) 30.8%
- NorthEast Community Bancorp (NECB) 30.8%
- Lincoln National (LNC) 30.9%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →