Kimbell Royalty Partners LP (KRP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Kimbell Royalty Partners LP $32.53, price $14.41, upside +125.8%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $5.84 – $15.46 · fair‑value band $15.31 – $48.07 · the $14.41 price screens below the $32.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Kimbell Royalty Partners, LP, together with its subsidiaries, owns and acquires mineral and royalty interests in oil and natural gas properties in the United States. The company was founded in 1998 and is based in Fort Worth, Texas.
Stock analysis
Kimbell Royalty Partners LP (KRP) currently trades at $14.41, while our model-based Fair Value estimate is $32.53, implying the stock looks roughly 55.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $56.52 per share, and 14 of the 25 models we run sit above the $14.41 price.
Bear case: the Multiples group reads lowest at $3.98, and 11 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: $15.31 (bear) to $48.07 (bull), the price of $14.41 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kimbell Royalty Partners LP reported revenue of $334M in FY2025 versus $178M in FY2021, a compound +17.0%/yr. Reported net income was $90.9M in FY2025, compounding +28.0%/yr from FY2021.
Key figures
Market cap $1.9B · P/E ratio 17.6 · P/S ratio 4.79 · EPS (TTM) $0.8500 · Dividend yield 11.1% · Net margin 27.2% · Return on equity 12.4% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at 126%, KRP screens cheaper than that median.
Fair Value models
Bear $15.31Fair Value $32.53Bull $48.07
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.1%
Start year 2020 (pandemic). Over 10 years: +53.2% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+17.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)11.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−270% → 40%
⚠ Revenue per share shrinking 8.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −7.5% a year for the price and +0.7% for the forecasts.
Compare Kimbell Royalty Partners LP with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 306 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+126% · Top 25%
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)26% · Top 25%
Operating margin (TTM)56% · Top 25%
Growth and dividend
Revenue growth38% · Top 25%
Dividend yield (TTM)11.1% · Top 25%
Balance sheet
Debt / equity0.64× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
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Is Kimbell Royalty Partners LP (KRP) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $32.53 versus a price of $14.41, about +126% upside (undervalued).
What is the fair value of KRP?
Our model-based fair value for Kimbell Royalty Partners LP is $32.53 (as of Sep 23, 2026), built from audited fundamentals. The current price: $14.41.
What is the quality score of KRP?
Kimbell Royalty Partners LP has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kimbell Royalty Partners LP (KRP)?
Our model-based price target is the fair value of $32.53 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario $15.31, optimistic scenario $48.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Kimbell Royalty Partners LP stock forecast for 2026?
Our models put fair value at $32.53, about +126% upside versus a price of $14.41 (undervalued). Cautious scenario $15.31, optimistic scenario $48.07. The calculation is refreshed regularly with new filings.
What is the revenue of Kimbell Royalty Partners LP (KRP)?
Kimbell Royalty Partners LP reported trailing-twelve-month revenue of about $345M (latest available figure, as of Sep 23, 2026).
Does Kimbell Royalty Partners LP pay a dividend?
Kimbell Royalty Partners LP currently shows a dividend yield of about 11.10% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Kimbell Royalty Partners LP (KRP)?
For today's price to be fair in a discounted-cash-flow model, Kimbell Royalty Partners LP would have to grow free cash flow by -5.3 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of KRP use?
Our models discount Kimbell Royalty Partners LP at 9.8 %: a base by market capitalisation (small), damped by beta 0.29, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kimbell Royalty Partners LP that is -5.3 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Kimbell Royalty Partners LP (KRP) delivered so far?
Over the past 5 years revenue at Kimbell Royalty Partners LP grew +29.1 % a year. The price currently implies -5.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kimbell Royalty Partners LP (KRP) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Kimbell Royalty Partners LP (-5.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kimbell Royalty Partners LP (KRP)?
The free-cash-flow yield on the price is 14.34 %: that much free cash flow Kimbell Royalty Partners LP produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kimbell Royalty Partners LP (KRP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kimbell Royalty Partners LP it is $32.53 per share (as of Sep 23, 2026), against a price of $14.41. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Kimbell Royalty Partners LP stock overvalued or undervalued in 2026?
As of Sep 23, 2026, KRP trades below its calculated fair value: price $14.41, fair value $32.53, a gap of about +126% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KRP?
No. The price is what the market pays today ($14.41); the fair value is what the company's own numbers justify ($32.53). For Kimbell Royalty Partners LP the two are $18.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kimbell Royalty Partners LP worth?
The market values Kimbell Royalty Partners LP at about $1.9B (market capitalisation, as of Sep 23, 2026). Per share that is $14.41; our models calculate a fair value of $32.53 per share.
What do the bullish and bearish scenarios say about KRP?
Our models span a range for Kimbell Royalty Partners LP: cautious scenario $15.31, base $32.53, optimistic $48.07 per share (as of Sep 23, 2026, price $14.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KRP?
Kimbell Royalty Partners LP trades at a price-to-earnings ratio of 17.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $32.53 is built from several models across several years. Other multiples: PEG 2.4, P/B 2.8, P/S 5.6, EV/EBITDA 8.9.
What is the PEG ratio of KRP?
The PEG ratio of Kimbell Royalty Partners LP is 2.36 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kimbell Royalty Partners LP (KRP)?
Balance-sheet figures for Kimbell Royalty Partners LP (as of Sep 23, 2026): return on equity 12.4%, debt of 0.64 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is KRP from its 52-week high?
Kimbell Royalty Partners LP trades at $14.41, about 7% below its 52-week high of $15.46 and 38% above the low of $10.44 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $32.53 is for.
Which stocks are comparable to Kimbell Royalty Partners LP?
From the same area (Energy) we also value CNOOC Limited, ConocoPhillips explores for,, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kimbell Royalty Partners LP stock attractive at the current price?
The data as of Sep 23, 2026: price $14.41, calculated fair value $32.53 (+126%), Quality Score 69/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KRP calculated?
We run Kimbell Royalty Partners LP through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $32.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Kimbell Royalty Partners LP currently trades 126 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kimbell Royalty Partners LP (KRP)?
The closing price on Sep 23, 2026 was $14.41. Our model-based fair value is $32.53, about +126% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kimbell Royalty Partners LP right now?
The price is below even our cautious bear case ($15.31). The market is more pessimistic than our downside scenario. The model range is unusually wide ($15.31 to $48.07). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Kimbell Royalty Partners LP
How large is the market capitalisation of Kimbell Royalty Partners LP (KRP)?
The market capitalisation of Kimbell Royalty Partners LP is $1.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kimbell Royalty Partners LP (KRP)?
The price-to-sales ratio of Kimbell Royalty Partners LP is 4.79 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kimbell Royalty Partners LP (KRP)?
Earnings per share at Kimbell Royalty Partners LP are $0.8500 (price ÷ EPS = P/E 17.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kimbell Royalty Partners LP (KRP)?
The dividend yield of Kimbell Royalty Partners LP is 11.1% (payout 188%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kimbell Royalty Partners LP (KRP)?
The net margin of Kimbell Royalty Partners LP is 27.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kimbell Royalty Partners LP (KRP)?
The return on equity (ROE) of Kimbell Royalty Partners LP is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kimbell Royalty Partners LP (KRP)?
On an EBIT basis the return on assets of Kimbell Royalty Partners LP is 8.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kimbell Royalty Partners LP (KRP)?
The operating margin of Kimbell Royalty Partners LP is 56.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kimbell Royalty Partners LP (KRP)?
Revenue at Kimbell Royalty Partners LP is growing +37.8% versus a year earlier (3y avg +5.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kimbell Royalty Partners LP (KRP)?
Earnings per share at Kimbell Royalty Partners LP are growing +18.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kimbell Royalty Partners LP (KRP) carry?
The net debt of Kimbell Royalty Partners LP is $407M (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 23, 2026