Stock Analysis on Net
AI Tokens
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
Quarterly Data

Texas Pacific Land Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 45.42 68.00 66.48 62.71 60.61 60.84 61.83 58.22 53.87 50.97 59.23 56.05 53.59 51.93 50.61 49.17 52.52 46.67 41.08 50.76 47.87 33.52 27.97
Accounts receivable and accrued receivables, net 10.43 9.05 9.67 11.15 11.69 12.06 11.10 11.85 16.85 17.32 12.72 12.46 11.92 10.58 10.00 8.43 6.85 8.95 12.61 10.53 12.03 14.67 16.23
Prepaid expenses and other current assets 4.12 0.29 0.39 0.25 0.47 0.53 0.79 0.85 0.36 0.23 0.30 0.40 0.35 0.21 0.30 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tax like-kind exchange escrow 0.00 0.00 0.00 0.47 0.50 0.22 0.71 0.72 0.00 0.00 0.00 0.00 0.00 0.12 0.32 0.35 0.00 0.00 0.00 0.00 0.00 7.58 15.18
Prepaid income taxes 0.34 0.00 0.00 0.00 0.00 0.00 0.00 0.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 60.31% 77.34% 76.54% 74.58% 73.27% 73.66% 74.43% 72.19% 71.07% 68.51% 72.25% 68.91% 65.86% 62.83% 61.23% 58.43% 59.37% 55.62% 53.69% 61.29% 59.90% 55.76% 59.38%
Real estate acquired 12.14 9.94 10.31 11.24 12.05 12.99 11.48 12.50 13.16 14.26 12.73 14.28 15.60 17.13 17.68 18.99 18.25 19.56 20.37 17.90 16.26 18.31 14.25
Property, plant and equipment, net 10.13 7.26 7.32 7.75 8.02 8.42 9.02 9.74 9.84 10.91 9.34 10.43 11.39 12.14 12.77 13.87 13.69 15.44 16.29 14.77 16.68 18.29 17.98
Royalty interests acquired, net 13.95 3.46 3.67 4.03 4.37 4.59 4.68 5.13 5.47 5.96 5.35 5.81 6.49 7.14 7.40 7.99 7.60 8.29 8.43 4.86 5.62 6.32 6.85
Intangible assets, net 3.04 1.55 1.65 1.82 1.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land (surface rights) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other assets 0.42 0.44 0.51 0.58 0.31 0.35 0.38 0.44 0.46 0.35 0.33 0.57 0.66 0.77 0.91 0.73 1.08 1.08 1.21 1.18 1.54 1.31 1.54
Noncurrent assets 39.69% 22.66% 23.46% 25.42% 26.73% 26.34% 25.57% 27.81% 28.93% 31.49% 27.75% 31.09% 34.14% 37.17% 38.77% 41.57% 40.63% 44.38% 46.31% 38.71% 40.10% 44.24% 40.62%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The analysis of the common-size balance sheet reveals a significant shift in asset composition over the period from March 31, 2019, to September 30, 2024. The most prominent trend is a prolonged period of aggressive liquidity accumulation followed by a strategic reallocation of capital into long-term assets in the final quarter of the observed period.

Liquidity and Current Asset Trends
Cash and cash equivalents exhibited a sustained upward trajectory for five years, rising from 27.97% of total assets in March 2019 to a peak of 68.00% in June 2024. This concentration of liquidity drove the overall current assets to a high of 77.34% during the same period. However, a sharp reversal occurred in the quarter ending September 30, 2024, where cash and cash equivalents declined to 45.42%, suggesting a substantial deployment of capital.
Noncurrent Asset Composition
Noncurrent assets generally trended downward as a percentage of the total balance sheet, falling from 40.62% in March 2019 to a low of 22.66% in June 2024. This decline was primarily driven by the relative dilution caused by the growth in cash reserves rather than a reduction in absolute asset value. The trend reversed abruptly in September 2024, with noncurrent assets increasing to 39.69%.
Strategic Asset Reallocation
The final quarter of the analysis shows a marked increase across several noncurrent asset categories. Royalty interests acquired, net, experienced a significant spike from 3.46% in June 2024 to 13.95% in September 2024. Similarly, property, plant and equipment increased from 7.26% to 10.13%, and real estate acquired rose from 9.94% to 12.14%. This indicates a pivot from cash hoarding to the acquisition of productive, long-term royalty and real estate interests.
Other Asset Observations
Accounts receivable and accrued receivables showed a general decline from 16.23% in early 2019 to 10.43% by September 2024, indicating improved collections or a shift in revenue timing. Additionally, intangible assets appeared in the final year of the data, growing from 1.97% in September 2023 to 3.04% in September 2024, further supporting the observation of recent strategic acquisitions.

In summary, the organization transitioned from a phase of extreme liquidity growth, where cash dominated the asset mix, to a phase of capital reinvestment. The most recent quarterly data confirms a deliberate shift toward increasing the weight of royalty interests and fixed assets, effectively diversifying the asset base away from cash equivalents.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?