Stock Analysis on Net
Stock Analysis on Net

Texas Pacific Land Corp. (NYSE:TPL)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Texas Pacific Land Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable and accrued expenses
Ad valorem and other taxes payable
Income taxes payable
Unearned revenue
Current liabilities
Deferred taxes payable
Unearned revenue, noncurrent
Operating lease liabilities, noncurrent
Accrued liabilities, noncurrent
Noncurrent liabilities
Total liabilities
Preferred stock, $0.01 par value; none outstanding
Common stock, $0.01 par value
Treasury stock, at cost
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings
Net proceeds from all sources
Total equity
Total liabilities and equity

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).

Liabilities Trends

Total liabilities as a percentage of total liabilities and equity declined steadily over the five-year period, from 14.38% in 2019 to 9.79% in 2023, indicating a reduction in the relative weight of liabilities in the company’s capital structure.

Current liabilities showed variability, peaking in 2021 at 6.66% before decreasing to 3.84% in 2023. Accounts payable and accrued expenses generally declined from 3.21% in 2019 to 1.95% in 2023, suggesting improved payment management or a reduction in short-term obligations.

Ad valorem and other taxes payable appeared starting in 2021 with minimal values (0.01%) but increased significantly in 2022 and 2023 to approximately 0.9%, becoming a notable component of current liabilities.

Income taxes payable fluctuated, rising sharply to 3.81% in 2021 before falling back to below 0.5% in subsequent years.

Unearned revenue, both current and noncurrent, displayed a slight decline or stabilization. Current unearned revenue decreased from 0.7% in 2020 to 0.55% in 2023, while noncurrent unearned revenue dropped from 3.88% in 2020 to 2.16% in 2023.

Deferred taxes payable declined consistently from 6.83% in 2019 to 3.66% in 2023, reflecting a possible reduction in deferred tax liabilities.

Noncurrent liabilities decreased from 10.29% in 2019 to 5.95% in 2023, paralleling the overall downward trend in total liabilities.

Equity Trends

Total equity increased gradually, rising from 85.62% in 2019 to 90.21% in 2023, indicating strengthening equity relative to total capital.

Retained earnings showed a strong upward trend, growing from 87.43% in 2021 to 101.32% in 2023, highlighting accumulated profits and reinvested earnings as major drivers of equity growth.

Additional paid-in capital emerged from zero in 2021 to reach 1.26% in 2023, suggesting new capital contributions or adjustments in equity accounts.

Treasury stock values increased negatively over time, from -2.02% in 2021 to -12.54% in 2023, indicating a growing volume or cost of stock repurchases, which reduces overall equity.

Accumulated other comprehensive income (loss) moved from slight negative values in earlier years (-0.24% in 2019) to small positive levels in recent years (0.16% in 2023), suggesting minor improvements in comprehensive income components.

Capital Structure and Overall Insights

The data reflects a strategic shift towards a stronger equity base and reduced leverage, as evidenced by the declining proportion of total liabilities and increasing equity.

The company appears to manage its liabilities prudently, reducing both current and noncurrent liabilities relative to its total capital base.

The increase in treasury stock’s negative impact on equity indicates active share buyback programs or stock retirement initiatives, which could reflect management’s confidence in the company’s value or an effort to optimize capital structure.

The variation in tax-related payables and deferred taxes suggests changes in tax strategies or timing differences across years.