This high-margin royalty company has years of growth ahead profiting off land, oil, and water in the desert.

With a combination of rapid growth and a capital efficient business model that achieves high returns on its investments, this 100-year old ‘picks and shovels’ company has compounded its free cash flow per share by an incredible 39%, while returning a total of $1 billion to shareholders through repurchases and dividends, in the last 10 years alone.