Texas Pacific Land Corp (TPL)

Oil Royalty Traders

Latest Price

$365.27

TTM P/E

372.72

Normalized P/E

11.23

Div Yield

0.77%

Book Value

24.25

P/B Ratio

15.06

Valuation metrics

EPS: $6.97

Book value / share: $21.16

Formula: √(22.5 × EPS × BVPS)

Graham Number

$57.61

84% downside

Norm. op. income: $513M (median of 6yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$60.43

83% downside

Base FCF: $249M (median of recent 3yr)

Growth: 24%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$253.52

31% downside

EPS: $6.97

Target P/E: 11×

Formula: EPS × P/E

P/E Fair Value

$76.67

79% downside

78.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
HORIZON KINETICS ASSET MANAGEMENT LLC	9.80M	$4.29B	14.21%	-212.5K	2026-06-30
BlackRock, Inc.	5.30M	$2.32B	7.68%	-656.3K	2026-06-30
STATE STREET CORP	3.96M	$1.74B	5.75%	+179.8K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	3.81M	$1.67B	5.52%	+25.2K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	3.18M	$1.39B	4.62%	+41.2K	2026-06-30
Blue Trust, Inc.	2.23M	$40.0M	3.23%	-45	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.65M	$717.0M	2.39%	+13.2K	2026-06-30
SoftVest Advisors, LLC	1.54M	$674.0M	2.24%	+71.1K	2026-06-30
FIRST MANHATTAN CO. LLC.	1.06M	$465.0M	1.54%	+2.0K	2026-06-30
MORGAN STANLEY	972.3K	$425.0M	1.41%	+7.8K	2026-06-30