Forensic Analysis · Energy / Oil & Gas · as of Nov 9, 2026
Texas Pacific Land Corp (TPL)
A forensic read on Texas Pacific Land Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
16.0
Distress distance
Clean
Earnings quality
2
Forensic signals
37.2%
ROE
13.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Texas Pacific Land Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 16.0, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+53.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +53.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +34% against revenue +13%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 53.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-57%
FY2024→FY2025
Dividend — cut.The payout was CUT ~57% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$798.2M
Revenue Growth YoY+13.1%
Revenue CAGR (2yr)+12.4%
Net Margin60.3%
Return on Equity37.2%
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