Texas Pacific Land Corporation (TPL)
Official siteENERGY • OIL & GAS E&P • NYSE
Market Cap: $25.82B
Last updated: Sep 01, 2026 at 5:00 PM ET
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The LAND Framework: How I Find Assets The Market Can't Properly Value
GAAP hides value - Texas Pacific's ~800,000 acres sit on the balance sheet at a carrying value of zero, yet the trust is worth roughly $26 billion, illustrating persistent mispricing Proprietary LAND scorecard identifies priorities - Texas Pacific Land (TPL) 92, LandBridge (LB) 81, Rayonier (RYN) 76, Whirlpool (WHR) 11, use as initial sourcing signal LAND is a mispricing detector, not a quality test - screen for assets carried below market, then apply TOLL+M to determine whether the underlying business warrants ownership Locked Supply and Accounting Gap are decisive - replication must be mechanically impossible, and vintage matters because acquisitions reset fair-value accounting and close the gap Nominal Linkage determines real upside - prefer royalties on gross, commodity linkage, or market-rate rent resets; fixed low escalators often fail to protect cash flow from inflation
How To Buy Stocks Nobody Wants - Without Blowing Up Your Portfolio
Durable edge is willingness to hold unloved, high-quality businesses - excess return comes from unique info, reframed misreads, or holding what others cannot Behavioral constraints matter - losses feel ~2x gains (Kahneman/Tversky) and myopic loss aversion makes frequent checking costly, accumulate over quarters not days Diagnose weakness before acting - distinguish cyclical, secular decline, or idiosyncratic problems, then apply a tailored response rather than relying on courage Position sizing and execution are risk controls - scale in over quarters, size to survive being early, and set predefined re-eval triggers to limit ruin risk Practical proof points - author down ~30% on QXO, while UNP was bought through a 3+ year sideways cycle and later rewarded, illustrating timing risk and payoff
LandBridge & Texas Pacific Land Dominate My Portfolio - But One Is Clearly My Favorite
LandBridge and Texas Pacific Land both posted record quarters, but the market reaction exposed a major divergence in how investors are valuing the two stories. TPL’s results were boosted by unusually high oil prices, while softer oil volumes, weaker Waha gas pricing, and falling forward inventory complicate the picture. LandBridge’s core advantage is becoming clearer: scarce Permian pore space, rising water royalty rates, and limited direct commodity exposure. I remain bullish on both stocks, but LandBridge is my preferred way to add exposure today because its thesis is cleaner and its infrastructure moat is strengthening.
The Investing Lesson That Changed Everything For Me
Kirby coffee-can case - $5,000 initial buys (≈$16k today) left untouched produced one Haloid stake worth >$800,000 in Xerox, beating the professional portfolio and highlighting value of not trading winners away Bessembinder (1926-2016) on ~26,000 U.S. stocks - majority underperformed 1-month T-bills, 4% of firms generated all net wealth above T-bills, and ~90 firms (0.3%) created over half of market wealth Phelps and Mayer on 100-baggers - hundreds of 100x winners existed, the average 100-bagger took ~26 years, so premature selling of winners forfeits the disproportionate long-term compounding Behavioral evidence - Barber and Odean show most-active retail traders underperformed by >6% annually and sold stocks later seen outperforming replacements, supporting pre-commitment tools like a never-sell list Practical application - author holds winners despite valuation (GE +50% last year, forward EPS multiple >40x); recommended actions: set never-sell core positions, size for volatility, add on weakness, accept some losers
Starting Over: The 15-Stock Dividend Portfolio My Own Rules Would Build
TOLL+M disciplined 15-stock build: 15 holdings, average forward yield >=3%, one name per sleeve, no manager overrides Toll-road core via EPD and WMB - EPD yields ~6%, 27-year increase streak, DCF coverage >1.6x; WMB grows faster but has a 2016 cut scar Real-asset income engines: UNP (rail oligopoly), CME (exchanges), LMT (defense, payout mid-60s, long backlog), VICI and Realty Income - O has 30+ years of raises Framework fills gaps: NextEra - dividend +10% last year, payout ~40%; PepsiCo - yield >4% and 50+ years of raises; TXN and AbbVie meet TOLL+M thresholds Investor playbook: one-per-sector diversification, target >=3% avg forward yield, score holdings with TOLL+M, avoid concentration, add sleeves for higher income or themes
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Frequently Asked Questions About TPL
- What is TPL's current dividend yield?
- Texas Pacific Land Corporation (TPL) has a current dividend yield of 0.61%.
- Does TPL pay dividends?
- Yes, Texas Pacific Land Corporation pays dividends with a current yield of 0.61%.
- What is TPL's P/E ratio?
- Texas Pacific Land Corporation has a price-to-earnings (P/E) ratio of 32.98.
- What is TPL's market cap?
- Texas Pacific Land Corporation (TPL) has a market capitalization of $25.82B with a current stock price of $374.61.
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