Stock Analysis on Net
Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

This company has been moved to the archive! The financial data has not been updated since November 6, 2024.

Common-Size Balance Sheet: Assets 

Texas Pacific Land Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 62.71 58.22 56.05 49.17 50.76
Accounts receivable and accrued receivables, net 11.15 11.85 12.46 8.43 10.53
Prepaid expenses and other current assets 0.25 0.85 0.40 0.23 0.00
Tax like-kind exchange escrow 0.47 0.72 0.00 0.35 0.00
Prepaid income taxes 0.00 0.55 0.00 0.00 0.00
Current assets 74.58% 72.19% 68.91% 58.17% 61.29%
Real estate acquired 11.24 12.50 14.28 18.99 17.90
Property, plant and equipment, net 7.75 9.74 10.43 13.87 14.77
Royalty interests acquired, net 4.03 5.13 5.81 7.99 4.86
Intangible assets, net 1.82 0.00 0.00 0.00 0.00
Land (surface rights) 0.00 0.00 0.00 0.00 0.00
1/16th nonparticipating perpetual royalty interest 0.00 0.00 0.00 0.00 0.00
1/128th nonparticipating perpetual royalty interest 0.00 0.00 0.00 0.00 0.00
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned 0.00% 0.00% 0.00% 0.00% 0.00%
Operating lease right-of-use assets 0.16 0.29 0.24 0.43 0.52
Other assets 0.42 0.15 0.33 0.56 0.67
Noncurrent assets 25.42% 27.81% 31.09% 41.83% 38.71%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets demonstrated a consistent upward trend from 50.76% in 2019 to 62.71% in 2023, indicating an increasing liquidity position over the period.
Accounts receivable and accrued receivables, net
This category exhibited some variability, initially decreasing from 10.53% in 2019 to 8.43% in 2020, then rising to a peak of 12.46% in 2021, followed by a slight decline to 11.15% by 2023. Overall, it maintained a moderate share of total assets without a clear sustained increase or decrease.
Prepaid expenses and other current assets
Values for this item appeared starting in 2020 at 0.23%, gradually rising to 0.85% in 2022 but then falling back to 0.25% in 2023, suggesting some short-term fluctuation without a definitive trend.
Tax like-kind exchange escrow
Reported values were sporadic, with presence recorded in 2020 (0.35%) and 2022 (0.72%), diminishing to 0.47% in 2023, reflecting irregular holdings of this asset type.
Prepaid income taxes
This accounted for 0.55% of total assets in 2022 only, with no other recorded values, indicating a transient position in the asset structure.
Current assets
The total current assets proportion increased steadily from 61.29% in 2019 to 74.58% in 2023, underscoring a strategic shift towards more liquid or short-term assets over the five-year period.
Real estate acquired
A declining trend was observed, with the share decreasing from 17.90% in 2019 to 11.24% in 2023. This suggests a reduction in holdings or valuation of acquired real estate relative to total assets.
Property, plant and equipment, net
There was a consistent decrease in the net value of property, plant, and equipment as a percentage of total assets, falling from 14.77% in 2019 to 7.75% in 2023, indicating a possible divestment or depreciation impact over time.
Royalty interests acquired, net
The proportion shifted irregularly, increasing from 4.86% in 2019 to 7.99% in 2020, then decreasing steadily to 4.03% in 2023, reflecting fluctuating royalty-related asset levels.
Intangible assets, net
Intangible assets were not reported until 2023, where they accounted for 1.82% of total assets, evidencing a new or reclassified asset category introduced in the latest period.
Operating lease right-of-use assets
These assets gradually declined from 0.52% in 2019 to 0.16% in 2023, indicating a reduction in leased asset rights or changes in lease accounting.
Other assets
Other assets showed minor fluctuations, ranging from 0.67% in 2019 down to 0.15% in 2022, but rising back to 0.42% in 2023, suggesting minor adjustments in miscellaneous asset holdings.
Noncurrent assets
The proportion of noncurrent assets relative to total assets steadily declined from 38.71% in 2019 to 25.42% in 2023. This aligns with the observed increases in current assets and declines in several fixed asset categories, indicating a shift towards more liquid asset composition.
Total assets
The total assets consistently equal 100% across all periods, serving as the base for all reported proportional values.