Texas Pacific Land Corp (TPL)

Oil Royalty Traders

Latest Price

$394.25

TTM P/E

103.75

Normalized P/E

11.68

Div Yield

0.96%

Book Value

22.56

P/B Ratio

17.47

Valuation metrics

EPS: $6.97

Book value / share: $21.16

Formula: √(22.5 × EPS × BVPS)

Graham Number

$57.61

86% 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

85% 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

37% downside

EPS: $6.97

Target P/E: 12×

Formula: EPS × P/E

P/E Fair Value

$83.64

79% downside

75.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
HORIZON KINETICS ASSET MANAGEMENT LLC	10.02M	$4.75B	14.52%	-318.4K	2026-03-31
BlackRock, Inc.	5.95M	$2.82B	8.63%	-757	2026-03-31
STATE STREET CORP	3.78M	$1.80B	5.49%	+198.0K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	3.78M	$1.79B	5.49%	--	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	3.14M	$1.49B	4.56%	--	2026-03-31
Blue Trust, Inc.	2.23M	$44.0M	3.23%	+2.15M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	1.63M	$772.0M	2.37%	-125.7K	2026-03-31
SoftVest Advisors, LLC	1.47M	$698.0M	2.13%	+290.4K	2026-03-31
FIRST MANHATTAN CO. LLC.	1.06M	$504.0M	1.54%	+49.4K	2026-03-31
MORGAN STANLEY	964.5K	$457.0M	1.40%	+236.6K	2026-03-31