EQT vs TPL: EQT and Texas Pacific Land compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- EQT is the larger company, worth $35.3B, about 1.4 times Texas Pacific Land.
- Texas Pacific Land grew revenue faster over the last year (+31.2% vs -29.2%).
- Texas Pacific Land keeps more of each dollar of revenue as operating profit (74.9% vs 42.5%).
- On earnings, EQT is the cheaper stock (10.7x vs 49.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQT | TPL |
|---|---|---|
| Market cap | $35.3B | $24.9B |
| Share price | $52.83 | $360.98 |
| Revenue (last fiscal year) | $8.6B | $798M |
| Free cash flow (last fiscal year) | $2.8B | — |
| Revenue growth, last year | -29.2% | +31.2% |
| Revenue growth per year, last 5 fiscal years | +6.2% | +15.3% |
| Operating margin | 42.5% | 74.9% |
| Net margin | 28.4% | 60.3% |
| Return on equity | 10.7% | 32.4% |
| P/E (trailing) | 10.7x | 49.4x |
| Price / free cash flow | 12.4x | 51.2x |
| EV / EBITDA | 5.57x | 32.6x |
| FCF growth the price implies | -1.2% | — |
| Dividend yield | 1.2% | 0.61% |
| Debt / equity | 0.49x | 0.11x |
| Fundamental grade | C | B |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 4 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
EQT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.8B | $607M | -20.0% |
| 2022 | $12.1B | $2.1B | 22.4% |
| 2023 | $5.0B | $1.2B | 45.9% |
| 2024 | $5.3B | $573M | 13.0% |
| 2025 | $8.6B | $2.8B | 37.6% |
Texas Pacific Land
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $451M | $249M | 80.4% |
| 2022 | $667M | $428M | 84.3% |
| 2023 | $632M | — | 77.0% |
| 2024 | $706M | — | 76.4% |
| 2025 | $798M | — | 74.2% |
Where the revenue comes from
EQT · by segments, 2025
Upstream$8.0B81%
Gathering$1.3B13%
Transmission$572M6%
Texas Pacific Land · by segments, 2025
LRM$491M61%
WSO$307M39%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQT in InvestinglyQuestions
Which is bigger, EQT or Texas Pacific Land?
EQT (EQT), at $35.3B against $24.9B.
Is EQT or TPL cheaper?
By trailing P/E, EQT (10.7x) is cheaper than Texas Pacific Land (49.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQT or TPL?
Texas Pacific Land: revenue grew +31.2% over the last year, against -29.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.