Texas Pacific LandTPL -1.88%90 Net Current Asset Value is $3.47 as of Mar. 2026, which is 90% below its 10-year median of 34.19. GuruFocus rates TPL with a GF Score™ of 90/100 and a GF Value™ of $369.98 (Fairly Valued). The stock has 2 warning signs investors should review. Among 300 Oil & Gas companies, Texas Pacific Land ranks worse than 97.67% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Texas Pacific Land's net current asset value per share for the quarter that ended in Mar. 2026 was $3.47.
The historical rank and industry rank for Texas Pacific Land's Net Current Asset Value or its related term are showing as below:
TPL'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 12.73 Med: 34.19 Max: 136.76
Current: 117.35
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Texas Pacific Land was 136.76. The lowest was 12.73. And the median was 34.19.
TPL's Price-to-Net-Current-Asset-Value is ranked worse than 97.67% of 300
companies
in the Oil & Gas industry
Industry Median: 3.985
vs TPL: 117.35
Texas Pacific Land (NYSE:TPL) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Texas Pacific Land Net Current Asset Value Related Terms
Texas Pacific Land Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Texas Pacific Land's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TPL vs EQT, EXE, PR: Net Current Asset Value Comparison
For the Oil & Gas E&P subindustry, Texas Pacific Land's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Texas Pacific Land Price-to-Net-Current-Asset-Value vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Texas Pacific Land's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Texas Pacific Land's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $3.47 mean?
Texas Pacific Land (TPL) has a Net Current Asset Value of $3.47 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Texas Pacific Land and its competitors. This is 90% below median its historical median of 34.19. Over the past decade, Texas Pacific Land's Net Current Asset Value has ranged from 12.73 to 136.76. According to the industry distribution chart, Texas Pacific Land ranks #293 out of 300 companies in the Oil & Gas industry, placing it in the top 97.7%.
Is Texas Pacific Land's Net Current Asset Value too high?
Texas Pacific Land's current Net Current Asset Value of $3.47 is 90% below median its 10-year median of 34.19. Over the past 10 years, this metric has ranged from a low of 12.73 to a high of 136.76. The Oil & Gas industry median Net Current Asset Value is 3.99. Texas Pacific Land's value of $3.47 is 12.9% below this industry median. Based on the distribution chart, Texas Pacific Land ranks #293 out of 300 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Texas Pacific Land has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Texas Pacific Land's Net Current Asset Value compare to EQT and EXE?
According to the Oil & Gas industry distribution chart, Texas Pacific Land ranks #293 out of 300 companies for Net Current Asset Value. This places Texas Pacific Land in the lower half of its industry. The industry median Net Current Asset Value is 3.99. Texas Pacific Land's value of $3.47 is 12.9% below this benchmark. Historically, Texas Pacific Land's own Net Current Asset Value has ranged from 12.73 to 136.76 over the past decade. While the company's 10-year median is 34.19 vs. the industry median of 3.99, Texas Pacific Land has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for an Oil & Gas company?
The median Net Current Asset Value among Oil & Gas companies is 3.99, based on 300 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Texas Pacific Land's current Net Current Asset Value of $3.47 is 12.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Texas Pacific Land and its competitors. For the Oil & Gas industry, the median Net Current Asset Value is 3.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Texas Pacific Land's current Net Current Asset Value is $3.47, which is 90% below median its own 10-year median of 34.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Texas Pacific Land stock overvalued right now?
Based on GuruFocus' analysis, Texas Pacific Land (TPL) is currently considered Fairly Valued. The stock's GF Value™ is $369.98, compared to a current price of $407.20 — trading 10.1% above its estimated fair value. The current Net Current Asset Value is $3.47, which is 90% below median its 10-year median of 34.19 and 12.9% below the Oil & Gas industry median of 3.99. Texas Pacific Land's overall GF Score™ is 90/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Texas Pacific Land (TPL), the current Net Current Asset Value is $3.47 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Texas Pacific Land (TPL) Overvalued in 2026?
Based on GuruFocus' analysis, Texas Pacific Land stock appears to be overvalued.
The current stock price of $407.20 is trading 10.1% above its estimated GF Value™ of $369.98.
GuruFocus considers Texas Pacific Land to be Fairly Valued.
Key valuation signals for TPL:
Net Current Asset Value: $3.47 (90% below median its 10-year median of 34.19)
GF Value™: $369.98 vs. price of $407.20 (10.1% above fair value)
Industry Position: 12.9% below the Oil & Gas median (#293 of 300)
No single metric tells the full story. See the TPL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Texas Pacific Land Corp is mainly engaged in the sales and leases of land owned, retaining oil and gas royalties, and the overall management of the land owned. The group operates its business in two reportable segments: Land and Resource Management and Water Service and Operations. The Land and Resource Management segment, which generates maximum revenue, focuses on managing its several surface acres of land and its oil and gas royalty interests, principally concentrated in the Permian Basin. The revenue streams of this segment consist of royalties from oil and gas, revenues from easements and commercial leases, and land and material sales. The Water Services and Operations segment encompasses the business of providing a full-service water offering to operators in the Permian Basin.
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