Texas Pacific Land Corporation

TPL operates with no reported financial debt, substantial cash, and very low capital intensity. As of June 30, 2025 cash and equivalents were about 544 million dollars vs total liabilities of ~116 million dollars, and TTM net margin approximated 62 percent.

The model scales with minimal maintenance capex, providing high free cash conversion and resilience. The balance sheet easily covers dividends and opportunistic capital returns while retaining flexibility for targeted mineral and surface acquisitions.