---
title: Texas Pacific Land (TPL) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/tpl
ticker: TPL
as_of: 2026-10-17
sector: Energy
industry: Oil & Gas Exploration & Production
---
# Texas Pacific Land (TPL)

Texas Pacific Land (TPL) closed at $350.92 on Oct 16, 2026, overvalued by 59% vs its model value of $221.21 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $350.92 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $221.21 |
| Price vs model | overvalued by 59% vs model |
| Range of that model | $139.54 – $610.14 |
| Market value | $24.2B |
| P/E (fiscal 2025) | 50.3 |
| Net margin (fiscal 2025) | 60.3% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 0.66% |
| Beta | 0.59 |
| Cost of capital (WACC) | 8.09% |
| Business classification | Profitable Growth (Moderate growth (~12% recent), High profitability (60% net margin), Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.66% |
| Dividends per share, last 12 months | $2.33 |
| Coverage | — |
| Raised | 2 years in a row |
| Growth over 5 years | -26.7% a year |
| Latest payment | $0.60, ex-date Sep 1, 2026, paid Sep 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Dec 7, 2021 | $11.00 |
| To Dec 7, 2022 | $8.89 |
| To Nov 30, 2023 | $1.44 |
| To Sep 3, 2024 | $4.50 |
| To Sep 2, 2025 | $2.13 |
| Trailing twelve months (to Sep 1, 2026) | $2.33 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $221.21 | $139.54 | $610.14 |
| DCF · Perpetuity growth · 10y | cross check | $253.97 | $162.91 | $681.82 |
| DCF · EBITDA exit · 5y | cross check | $216.16 | $159.86 | $282.38 |
| DCF · EBITDA exit · 10y | cross check | $248.74 | $180.23 | $339.73 |
| P/E · peers | cross check | $219.19 | $132.28 | $339.58 |
| P/E · own history | cross check | $382.00 | $267.78 | $463.00 |
| PEG | sanity check | $161.38 | $161.38 | $161.38 |
| EV/EBITDA · peers | cross check | $154.46 | $146.74 | $162.83 |
| EV/Revenue · peers | cross check | $49.40 | $46.67 | $95.01 |
| Earnings power value | cross check | $90.81 | $76.93 | $111.01 |
| Dividend discount | cross check | $41.13 | $28.80 | $79.62 |

## Insider activity (SEC Form 4)

Past 90 days: 38 open-market buys ($16,227.8) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 10% Owner | Open-market buy | 4 | $1,363.8 |
| Sep 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 10% Owner | Open-market buy | 1 | $340.1 |
| Sep 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 10% Owner | Open-market buy | 1 | $339.7 |
| Sep 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 10% Owner | Open-market buy | 1 | $340.3 |
| Sep 23, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 10% Owner | Open-market buy | 1 | $353 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 8, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1811074/000110465926114696/tm2627310d1_defa14a.htm |
| Sep 25, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 5.08 Shareholder Director Nominations | https://www.sec.gov/Archives/edgar/data/1811074/000110465926111009/tm2626094d1_8k.htm |
| Sep 25, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1811074/000110465926110985/tm264934d8_defa14a.htm |
| Sep 25, 2026 | ARS | Annual report to shareholders | https://www.sec.gov/Archives/edgar/data/1811074/000110465926110979/tm2622884d2_ars.pdf |
| Sep 25, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1811074/000110465926110972/tm264934d5_defa14a.htm |

## About

Texas Pacific Land Corporation (TPL) operates in two core business segments: land and resource management, and water services. Its Land and Resource Management division oversees a vast land portfolio, spanning nearly 880,000 acres. This segment also holds significant oil and gas royalty interests. These include perpetual non-participating royalty interests (NPRIs) covering approximately 85,000 acres (at a 1/128th rate) and about 371,000 acres (at a 1/16th rate). Furthermore, it possesses around 4,000 additional net royalty acres, primarily located in West Texas. The segment grants various easements and commercial leases for purposes such as oil, gas, and hydrocarbon infrastructure, power and utility lines, and subsurface wellbores. It also leases its land for facilities like processing, storage, and compression plants, as well as roads, and sells materials such as caliche. The Water Serv…

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Source: https://sweetvaluelab.com/stocks/tpl (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.