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: Liabilities and Stockholders’ Equity

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 1.95 2.72 2.34 2.33 3.21
Ad valorem and other taxes payable 0.93 0.92 0.01 0.00 0.00
Income taxes payable 0.41 0.36 3.81 0.71 0.88
Unearned revenue 0.55 0.51 0.50 0.70 0.00
Current liabilities 3.84% 4.51% 6.66% 3.74% 4.09%
Deferred taxes payable 3.66 4.69 5.10 6.77 6.83
Unearned revenue, noncurrent 2.16 2.47 2.68 3.88 2.91
Operating lease liabilities, noncurrent 0.10 0.22 0.19 0.35 0.56
Accrued liabilities, noncurrent 0.02 0.01 0.08 0.38 0.00
Noncurrent liabilities 5.95% 7.40% 8.04% 11.38% 10.29%
Total liabilities 9.79% 11.91% 14.70% 15.12% 14.38%
Preferred stock, $0.01 par value; none outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.00 0.00
Treasury stock, at cost -12.54 -11.87 -2.02 0.00 0.00
Additional paid-in capital 1.26 0.95 0.00 0.00 0.00
Accumulated other comprehensive income (loss) 0.16 0.29 -0.13 -0.47 -0.24
Retained earnings 101.32 98.71 87.43 0.00 0.00
Net proceeds from all sources 0.00 0.00 0.00 85.35 85.86
Total equity 90.21% 88.09% 85.30% 84.88% 85.62%
Total liabilities and equity 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).

The capital structure demonstrates a consistent shift toward increased equity financing and a reduction in total liabilities between 2019 and 2023. Total liabilities as a percentage of total liabilities and equity declined from 14.38% to 9.79%, indicating a strengthened solvency position and a reduced reliance on external obligations.

Liability Analysis
A general downward trend is observed in both current and noncurrent liabilities. Noncurrent liabilities decreased from 10.29% in 2019 to 5.95% in 2023. This decline is largely attributable to the reduction in deferred taxes payable, which fell from 6.83% to 3.66% over the period. Current liabilities experienced a temporary peak of 6.66% in 2021 before descending to 3.84% by the end of 2023.
Equity Composition and Growth
Total equity increased from 85.62% in 2019 to 90.21% in 2023. The primary driver of this growth is the substantial expansion of retained earnings, which grew from 87.43% in 2021 to 101.32% in 2023. The fact that retained earnings exceed 100% of the total liabilities and equity suggests a high rate of internal capital accumulation that outweighs other equity components.
Treasury Stock and Capital Management
A significant increase in the contra-equity account for treasury stock is observed, moving from -2.02% in 2021 to -12.54% in 2023. This pattern indicates an aggressive share repurchase strategy, which has acted as a primary offset to the growth in retained earnings, thereby moderating the overall increase in total equity.
Other Balance Sheet Components
Minor fluctuations are noted in other areas, such as unearned revenue, which remained relatively stable between 0.50% and 0.70% for current liabilities and between 2.16% and 3.88% for noncurrent liabilities. Accumulated other comprehensive income remained marginal, shifting from a negative 0.24% in 2019 to a positive 0.16% in 2023.

AI Ask an analyst for more

My previous chats

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?