Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Texas Pacific Land Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Texas Pacific Land Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Liabilities trends
- Current liabilities as a percentage of total liabilities and equity demonstrate a fluctuating pattern over the observed period. Initially increasing in the first half of 2019, they showed a decline through late 2019 and early 2020. Subsequently, the ratio fluctuated with notable peaks around the first quarters of 2021 and 2022, before generally decreasing towards the end of the dataset.
- Noncurrent liabilities steadily decreased from 13.51% in March 2019 to levels around 5% to 6% by late 2024, indicating a gradual reduction in long-term obligations relative to the company's capital structure.
- Deferred taxes payable consistently declined, starting near 8.87% in early 2019 and tapering to approximately 3.3%-3.8% in mid-2024, suggesting a decrease in deferred tax liabilities over time.
- Accounts payable and accrued expenses fluctuated with no strong directional trend but showed several interim rises and falls, remaining mostly between approximately 1.5% and 4% of the total liabilities and equity.
- Income taxes payable exhibited a volatile pattern with sharp spikes in certain quarters, particularly in late 2021 and early 2022, reflecting temporal variability in tax obligations. The ratio oscillated substantially, indicating inconsistent tax payment timing or accruals.
- Ad valorem and other taxes payable appear only from early 2023 onward, showing variability albeit at relatively low levels (below 1%), suggesting a new or previously unreported tax liability component.
- Unearned revenue, both current and noncurrent, displayed a generally declining trend. Current unearned revenue ranged approximately between 0.5% and 0.7%, while noncurrent unearned revenue steadily decreased from near 3.9% in 2019 to around 1.6%-1.8% in 2024, indicating a reduction in deferred income recognized on the balance sheet.
- Accrued liabilities (noncurrent) steadily decreased from about 0.73% to under 0.1% by 2024, highlighting a marked reduction in long-term accrued expenses.
- Equity components trends
- Total equity as a percentage of total liabilities and equity remained relatively stable, predominantly within the 82%-90% range, showing minor fluctuations indicative of a consistently strong equity base.
- Retained earnings increased moderately over time, from approximately 84% in early 2019 to peaks slightly above 102% in the later periods, denoting accumulation of earnings and reinvestment over the years.
- Treasury stock (at cost) showed a consistent increase in negative figures, moving from around -0.4% in early 2021 to about -13.8% by mid-2024, reflecting increased share buybacks or treasury stock holdings, which reduced equity.
- Additional paid-in capital rose gradually starting from early 2021, increasing from near zero to around 1.4% of the total liabilities and equity by late 2024, suggesting incremental capital contributions or adjustments in paid-in capital.
- Accumulated other comprehensive income (loss) shifted from a modest negative balance to a small positive range over the period, moving from around -0.26% to roughly 0.15%, indicating improvement in other comprehensive income components.
- Common stock holdings remained consistent at negligible levels (around 0.01%-0.02%), reflecting stable par value stock capitalization without significant changes.
- Overall capital structure insights
- The company maintained a predominantly equity-driven capital structure, with total equity consistently representing the majority portion (typically over 80%) of total liabilities and equity.
- Liabilities decreased as a percentage of total capital over the recorded periods, moving downward from about 17.56% in early 2019 to as low as approximately 8.3% in mid-2024, denoting deleveraging or reduced reliance on borrowed funds.
- Fluctuations in current liabilities and income taxes payable suggest temporary changes in short-term obligations and tax positions, whereas the persistent decline in deferred taxes and noncurrent liabilities points toward structural balance sheet optimization.
- Increasing treasury stock levels and rising retained earnings imply active management of shareholder equity through buybacks and profit retention, respectively, contributing to equity enhancement.