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
Quarterly Data

Texas Pacific Land Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable and accrued expenses 3.45 2.41 1.85 1.95 2.69 2.71 2.85 2.72 3.71 3.83 1.48 2.36 2.59 2.21 2.01 2.19 2.64 2.78 3.88 3.21 3.75 4.94 2.38
Ad valorem and other taxes payable 0.67 0.43 0.33 0.93 0.74 0.63 0.48 0.92 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
Income taxes payable 0.19 0.07 2.91 0.41 0.40 0.51 2.35 0.36 1.00 2.96 5.83 3.81 1.02 0.54 2.64 0.71 0.45 0.36 2.70 0.88 0.84 1.58 1.67
Unearned revenue 0.57 0.46 0.54 0.55 0.57 0.62 0.71 0.51 0.56 0.67 0.54 0.50 0.57 0.69 0.86 0.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 4.88% 3.36% 5.63% 3.84% 4.39% 4.48% 6.39% 4.51% 5.26% 7.46% 7.85% 6.66% 4.18% 3.44% 5.51% 3.60% 3.09% 3.14% 6.58% 4.09% 4.58% 6.52% 4.05%
Deferred taxes payable 3.79 3.28 3.34 3.66 3.72 4.04 4.28 4.69 4.60 4.97 4.50 5.10 5.48 6.05 6.29 6.77 6.78 7.25 7.49 6.83 6.70 6.51 8.87
Unearned revenue, noncurrent 1.75 1.60 1.80 2.16 2.38 2.66 2.34 2.47 2.59 2.77 2.37 2.68 2.98 3.22 3.57 3.88 3.27 3.62 3.57 2.91 3.10 3.52 3.91
Accrued liabilities, noncurrent 0.08 0.07 0.09 0.12 0.15 0.18 0.20 0.24 0.56 0.41 0.30 0.27 0.96 0.96 0.90 0.87 0.50 0.57 0.60 0.56 0.66 0.75 0.73
Noncurrent liabilities 5.62% 4.95% 5.23% 5.95% 6.24% 6.88% 6.82% 7.40% 7.75% 8.15% 7.17% 8.04% 9.41% 10.23% 10.76% 11.52% 10.54% 11.43% 11.65% 10.29% 10.47% 10.78% 13.51%
Total liabilities 10.50% 8.31% 10.86% 9.79% 10.63% 11.36% 13.21% 11.91% 13.00% 15.62% 15.02% 14.70% 13.60% 13.67% 16.27% 15.12% 13.63% 14.57% 18.23% 14.38% 15.05% 17.30% 17.56%
Preferred stock, $0.01 par value; none outstanding 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
Common stock, $0.01 par value 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Treasury stock, at cost -13.82 -12.03 -12.07 -12.54 -12.40 -12.83 -11.39 -11.87 -8.80 -5.23 -1.71 -2.02 -1.61 -0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 1.39 1.21 1.05 1.26 1.15 1.06 0.81 0.95 0.66 0.44 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated other comprehensive income (loss) 0.15 0.14 0.14 0.16 0.23 0.25 0.26 0.29 -0.12 -0.13 -0.12 -0.13 -0.37 -0.42 -0.43 -0.47 -0.24 -0.26 -0.27 -0.24 -0.20 -0.23 -0.26
Retained earnings 101.75 102.36 100.00 101.32 100.39 100.16 97.10 98.71 95.24 89.30 86.61 87.43 88.38 87.13 84.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net proceeds from all sources 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 85.35 86.60 85.69 82.03 85.86 85.15 82.93 82.70
Total equity 89.50% 91.69% 89.14% 90.21% 89.37% 88.64% 86.79% 88.09% 87.00% 84.38% 84.98% 85.30% 86.40% 86.33% 83.73% 84.88% 86.37% 85.43% 81.77% 85.62% 84.95% 82.70% 82.44%
Total liabilities and equity 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 common-size balance sheet analysis reveals a long-term trend of deleveraging and a significant shift toward equity-based financing. Total liabilities have declined from a peak of 18.23% in March 2020 to 10.50% by September 2024, indicating a strengthening of the overall solvency position and a reduced reliance on external obligations.

Liability Structure and Trends
A consistent reduction in noncurrent liabilities is observed, falling from 13.51% in March 2019 to 5.62% in September 2024. This decline is primarily driven by a contraction in deferred taxes payable, which decreased from 8.87% to 3.79% over the same period. Current liabilities have remained relatively low, generally fluctuating between 3% and 8%, with no long-term upward trend, suggesting a stable management of short-term obligations.
Equity Composition and Growth
Total equity has experienced a general upward trajectory, increasing from 82.44% in March 2019 to 89.50% in September 2024. Retained earnings serve as the dominant component of equity, growing from 84.15% in March 2021 to 101.75% by December 2023. This growth indicates substantial internal capital accumulation.
Treasury Stock and Share Buybacks
A notable increase in the negative value of treasury stock is evident, evolving from 0% in early 2021 to -13.82% by September 2024. This pattern points to an aggressive share repurchase strategy, which has served to offset a portion of the increase in retained earnings and concentrate ownership.
Operational Obligations
Unearned revenue, both current and noncurrent, has shown a gradual decline. Noncurrent unearned revenue decreased from 3.91% in March 2019 to 1.75% in September 2024. Income taxes payable exhibit high volatility, peaking at 5.83% in March 2022 before normalizing to lower levels, reflecting the periodic nature of tax settlements.

In summary, the financial structure is characterized by a diminishing liability profile and a dominant equity position. The combination of rising retained earnings and expanding treasury stock suggests a corporate strategy focused on organic growth and returning value to shareholders through buybacks, while maintaining a very conservative debt posture.

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?