Question 1

What is Texas Pacific Land's P/B ratio?

Accepted Answer

Texas Pacific Land (TPL) P/B ratio is 19.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Texas Pacific Land?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Texas Pacific Land specifically, the relevant sector benchmark is the current sector median of 2.5×.

Question 5

Is Texas Pacific Land's P/B ratio high or low?

Accepted Answer

Texas Pacific Land's P/B ratio of 19.2× is above its own 5-year average of 17.1× and above the sector median of 2.5×. That places the current reading at the 67th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Texas Pacific Land's historical P/B ratio range?

Accepted Answer

In the available daily series, Texas Pacific Land (TPL) P/B ratio has ranged from a low of 6.6× in 2020 to a high of 82.3× in 2007. The 5-year average is 17.1× and the 5-year median is 15.7×.

Question 7

What was Texas Pacific Land's P/B ratio in 2025?

Accepted Answer

Texas Pacific Land (TPL) P/B ratio at the end of 2025 was 13.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Texas Pacific Land's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$19.8B	$1.46B	13.6×	-8.9×	Dec 31, 2025
2024	$25.5B	$1.13B	22.5×	+10.9×	Dec 31, 2024
2023	$12.1B	$1.04B	11.6×	-11.8×	Dec 31, 2023
2022	$18.1B	$773M	23.4×	+8.5×	Dec 31, 2022
2021	$9.67B	$652M	14.8×	+3.2×	Dec 31, 2021
2020	$5.64B	$485M	11.6×	-0.2×	Dec 31, 2020
2019	$6.06B	$512M	11.8×	-5.4×	Dec 31, 2019
2018	$4.21B	$245M	17.2×	-27.0×	Dec 31, 2018
2017	$3.5B	$79.2M	44.2×	-5.3×	Dec 31, 2017
2016	$2.36B	$47.6M	49.5×	+26.1×	Dec 31, 2016
2015	$1.07B	$45.7M	23.4×	-13.5×	Dec 31, 2015
2014	$986M	$26.7M	36.9×	-10.6×	Dec 31, 2014
2013	$852M	$17.9M	47.5×	+37.4×	Dec 31, 2013
2012	$158M	$15.6M	10.1×	-44.1×	Dec 31, 2012
2011	$1.11B	$20.5M	54.2×	-2.6×	Dec 31, 2011
2010	$1.04B	$18.3M	56.8×	+11.6×	Dec 31, 2010
2009	$889M	$19.7M	45.1×	+15.1×	Dec 31, 2009
2008	$706M	$23.5M	30.0×	-26.4×	Dec 31, 2008
2007	$1.4B	$24.9M	56.4×	-0.1×	Dec 31, 2007
2006	$1.38B	$24.4M	56.5×	+17.5×	Dec 31, 2006
2005	$960M	$24.6M	39.0×	+0.1×	Dec 31, 2005
2004	$883M	$22.7M	38.9×	+11.8×	Dec 31, 2004
2003	$378M	$14M	27.0×	+7.0×	Dec 31, 2003
2002	$280M	$14M	20.0×	—	Dec 31, 2002


Targa Resources (TRGP)	17.2×
New Era Energy & Digital (NUAI)	11.4×
Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
SLB (SLB)	2.9×
Halliburton (HAL)	2.6×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Chevron (CVX)	2.2×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
NACCO Industries (NC)	0.9×

P/B Ratio for Texas Pacific Land (TPL) 2002-2026

P/B Ratio daily chart for Texas Pacific Land (TPL)

Historical P/B Ratio for Texas Pacific Land (TPL) from 2002 to 2025

About P/B Ratio at Texas Pacific Land (TPL)

Texas Pacific Land P/B Ratio by Year

Texas Pacific Land P/B Ratio 2025: 13.6×

Texas Pacific Land P/B Ratio 2024: 22.5×

Texas Pacific Land P/B Ratio 2023: 11.6×

Texas Pacific Land P/B Ratio 2022: 23.4×

Texas Pacific Land P/B Ratio 2021: 14.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Texas Pacific Land (TPL) Key Financials