The company maintains a fortress balance sheet with a 0.01 debt-to-equity ratio and $247.6 million in cash as of 2026Q1, supporting long-term financial stability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 435.08M | 319.32M | 503.37M | 862.46M | 633.4M | 526.51M | 332.53M | 366.64M | 181.59M | 98.56M | 55.97M | 48.94M | 31.77M | 20.85M | 19.91M | 26.18M | 9.45M | 9.85M | 11.89M | 31.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Short-Term Investments | 247.57M | 144.81M | 369.83M | 725.17M | 510.83M | 428.24M | 281.05M | 303.64M | 119.65M | 79.58M | 49.42M | 45.01M | 26.81M | 13.24M | 8.42M | 13.03M | 7.15M | 8.15M | 9.65M | 10.15M | 8.52M | 9.63M | 5.94M | 4.51M | 3.35M | 2.59M | 1.61M | 1.87M | 2.6M | 1.91M | 1.79M |
| Cash Only | 247.57M | 144.81M | 369.83M | 725.17M | 510.83M | 428.24M | 281.05M | 303.64M | 119.65M | 79.58M | 49.42M | 45.01M | 26.81M | 13.24M | 8.42M | 13.03M | 7.15M | 8.15M | 9.65M | 10.15M | 8.52M | 226.98K | 342.94K | 163.25K | 147.75K | 85.06K | 263.83K | 222.54K | 147.38K | 112.59K | 144.9K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.4M | 5.6M | 4.35M | 3.2M | 2.5M | 1.35M | 1.65M | 2.45M | 1.8M | 1.65M |
| Accounts Receivable | 181.05M | 164.91M | 126.67M | 128.97M | 103.98M | 95.22M | 48.22M | 62.99M | 48.75M | 17.77M | 6.65M | 3.93M | 4.14M | 7.61M | 11.07M | 13.15M | 2.16M | 1.63M | 18.83M | 21.17M | 21.96M | 20.2M | 22.25M | 10.5M | 11.92M | 11.42M | 8.59M | 8.39M | 11.01M | 9.31M | 5.07M |
| Days Sales Outstanding | 63.96 | 75.41 | 65.5 | 74.53 | 56.87 | 77.07 | 58.17 | 46.88 | 59.27 | 49.02 | 40.49 | 18.05 | 27.39 | 63 | 124.01 | 143.59 | 39.38 | 45.47 | 356.15 | 499.55 | 356.8 | 478.5 | 278.71 | 385.11 | 477.11 | 310.42 | 402.11 | 517.1 | 383.34 | 259.82 | 215.56 |
| Inventory | 0 | 0 | 0 | 0 | 109.7M | 109.07M | 108.54M | 107.08M | 10.49M | 1.11M | 1.11M | 1.11M | 1.13M | 1.13M | 1.13M | 1.13M | 57.89K | 0 | 982.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 1.22K | 1.35K | 1.22K | 1.32K | 278.49 | 469.41 | 9.4K | 11.35K | 20.81K | 25.21K | 24.88K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.46M | 9.61M | 6.86M | 8.32M | -95.93M | -106.02M | -106.56M | -107.08M | -6.69M | -1.11M | -1.11M | -1.11M | -1.13M | -1.13M | -1.13M | -1.13M | 73.26K | 73.25K | 79.99K | 82.37K | -30.48M | -30.05M | -28.34M | -15.01M | -15.27M | -14.16M | -10.21M | -10.31M | -13.6M | -11.22M | -6.86M |
| Total Non-Current Assets | 1.32B | 1.3B | 744.65M | 293.93M | 244.03M | 237.55M | 239.1M | 231.54M | 103.48M | 21.48M | 6.49M | 1.5M | 1.33M | 1.5M | 1.27M | 1.26M | 15.54M | 16.93M | 18.9M | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 180.16M | 178.22M | 556.14M | 138.06M | 133.03M | 125.94M | 127.39M | 120.48M | 89.11M | 19.52M | 1.17M | 260.9K | 89.11K | 81.13K | 66.1K | 48.17K | 1.2M | 1.2M | 1.24M | 1.19M | 1.89M | 1.93M | 1.6M | 2.32M | 2.57M | 2.66M | 4.11M | 4.72M | 4.55M | 4.61M | 6.2M |
| Fixed Asset Turnover | 2.30x | 4.48x | 1.27x | 4.57x | 5.02x | 3.58x | 2.38x | 4.07x | 3.37x | 6.78x | 51.29x | 304.39x | 619.50x | 543.67x | 492.98x | 693.78x | 16.71x | 10.87x | 15.56x | 12.97x | 11.86x | 7.98x | 18.22x | 4.29x | 3.54x | 5.05x | 1.90x | 1.26x | 2.30x | 2.84x | 1.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 32.26M | 32.85M | 35.19M | 21.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.89B | 1.07B | 432.4M | 46.61M | 45.02M | 44.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.1B | 23.74M | -279.08M | 88.24M | 65.97M | 67.22M | 111.72M | 111.06M | 14.38M | -5.03M | 1.44M | 1.24M | 1.24M | 1.42M | 1.21M | 1.21M | 14.34M | 15.73M | 17.66M | 0 | -1.89M | -1.93M | -1.6M | -2.32M | -2.57M | -2.66M | -4.11M | -4.72M | -4.55M | -4.61M | -6.2M |
| Total Assets | 1.75B | 1.62B | 1.25B | 1.16B | 877.43M | 764.06M | 571.63M | 598.18M | 285.07M | 127.46M | 62.45M | 50.44M | 33.1M | 22.36M | 21.19M | 27.43M | 24.99M | 26.79M | 30.79M | 32.66M | 32.47M | 32.3M | 31.15M | 18.32M | 18.74M | 17.63M | 15.33M | 15.88M | 18.86M | 16.67M | 13.71M |
| Asset Turnover | 0.53x | 0.49x | 0.57x | 0.55x | 0.76x | 0.59x | 0.53x | 0.82x | 1.05x | 1.04x | 0.96x | 1.57x | 1.67x | 1.97x | 1.54x | 1.22x | 0.80x | 0.49x | 0.63x | 0.47x | 0.69x | 0.48x | 0.94x | 0.54x | 0.49x | 0.76x | 0.51x | 0.37x | 0.56x | 0.78x | 0.63x |
| Asset Growth % | 95.96% | 30.07% | 7.92% | 31.79% | 14.84% | 33.66% | -4.44% | 109.83% | 123.66% | 104.09% | 23.83% | 52.36% | 48.06% | 5.52% | -22.77% | 9.78% | -6.71% | -12.98% | -5.73% | 0.58% | 0.5% | 3.71% | 70.01% | -2.21% | 6.28% | 15% | -3.45% | -15.8% | 13.09% | 21.61% | -1.38% |
| Total Current Liabilities | 102.92M | 72.6M | 60.4M | 63.06M | 56.81M | 67.54M | 39.55M | 24.46M | 12.11M | 6.46M | 3.06M | 1.67M | 1.39M | 1.38M | 1.42M | 2.56M | 6.25M | 6.51M | 6.57M | 7.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 48.49M | 26.96M | 22.5M | 23.44M | 17.91M | 13.32M | 19.19M | 10.51M | 5.61M | 827K | 868.81K | 828.67K | 862.36K | 1.08M | 1.08M | 976.2K | 753.33K | 786.85K | 1.14M | 653.73K | 365.37K | 562.86K | 31.43K | 10.12K | 7.54K | 51.71K | 80.65K | 9.06K | 93.07K | 70.03K |
| Days Payables Outstanding | 538.95 | - | 138.03 | 169.96 | 260.13 | 221.64 | 149.19 | 235.76 | 278.84 | 2.36K | 6.97K | 8.85K | 15.33K | 19.33K | 23.78K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 63.05M | 0 | 20.64M | 25.01M | 21.71M | 20.45M | 22.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 834.12K | 755.2K | 767.23K | 438.37K | 413.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 80.76M | 23.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -834.12K | 4.28M | 4.73M | 5.14M | 5.96M | -925.31K | -420.19K | -606.28K | -271.52K | -165.74K | -28.06K | -155.33K | -108.03K | -374.23K | -160.23K | -196.2K |
| Current Ratio | 4.23x | 4.40x | 8.33x | 13.68x | 11.15x | 7.80x | 8.41x | 14.99x | 14.99x | 15.26x | 18.32x | 29.29x | 22.78x | 15.16x | 13.97x | 10.24x | 1.51x | 1.51x | 1.81x | 4.14x | - | - | - | - | - | - | - | - | - | - | - |
| Quick Ratio | 4.23x | 4.40x | 8.33x | 13.68x | 9.22x | 6.18x | 5.66x | 10.61x | 14.13x | 15.09x | 17.96x | 28.62x | 21.97x | 14.34x | 13.19x | 9.80x | 1.50x | 1.51x | 1.66x | 4.14x | - | - | - | - | - | - | - | - | - | - | - |
| Cash Conversion Cycle | -474.99 | - | - | - | 1.01K | 1.21K | 1.12K | 1.13K | 58.92 | -1.84K | 2.47K | 2.52K | 5.51K | 5.95K | 1.23K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 92.58M | 91.77M | 55.16M | 50.14M | 47.73M | 44.81M | 46.9M | 61.58M | 28.27M | 8.48M | 11.78M | 3.08M | 4.99M | 3.05M | 4.17M | 4.33M | 436.34K | 571.7K | 692K | 171K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 15.84M | 16.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 32.68M | 16.18M | 453K | 1.17M | 1.96M | 1.45M | 2.03M | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 171.14M | 69.9M | 47.4M | 42.37M | 41.15M | 38.95M | 38.73M | 40.83M | 14.9M | 114K | 0 | 163.21K | 293.14K | 1.67M | 2.27M | 2.95M | 0 | 0 | 0 | 5.96M | 6.41M | 6.81M | 7.84M | 4.06M | 4.59M | 4.4M | 3.91M | 4.02M | 4.84M | 4.29M | 3.39M |
| Other Non-Current Liabilities | 76.74M | -51.66M | 504K | 274K | 131K | 611K | 2.15M | 0 | 0 | 0 | 0 | 333.24K | 754.26K | 0 | 873.58K | 539.97K | 436.34K | 571.7K | 692K | -6.21M | -6.82M | -7.22M | -7.84M | -4.06M | -4.59M | -4.4M | -3.91M | -4.02M | -4.84M | -4.29M | -3.39M |
| Total Liabilities | 195.51M | 164.37M | 115.56M | 113.2M | 104.54M | 112.35M | 86.45M | 86.04M | 40.38M | 48.27M | 14.83M | 4.75M | 6.38M | 4.43M | 5.59M | 6.89M | 6.69M | 7.08M | 7.26M | 7.77M | 8.03M | 7.69M | 8.44M | 4.33M | 4.75M | 4.43M | 4.06M | 4.13M | 5.21M | 4.45M | 3.58M |
| Total Debt | 15.84M | 32.35M | 453K | 1.17M | 1.96M | 1.45M | 2.03M | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -231.73M | -112.46M | -369.38M | -724M | -508.88M | -426.8M | -279.02M | -300.28M | -119.65M | -79.58M | -49.42M | -45.01M | -26.81M | -13.24M | -8.42M | -13.03M | -7.15M | -8.15M | -9.65M | -10.15M | -8.52M | -9.63M | -342.94K | -163.25K | -147.75K | -85.06K | -263.83K | -222.54K | -147.38K | -112.59K | -144.9K |
| Debt / Equity | 0.01x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.02x | 0.05x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.34x | -0.17x | -0.65x | -1.45x | -0.88x | -1.13x | -1.20x | -0.73x | -0.40x | -0.61x | -0.82x | -0.60x | -0.52x | -0.33x | -0.29x | -0.42x | -0.44x | -0.81x | -0.62x | -0.88x | -0.52x | -0.79x | -0.01x | -0.02x | -0.02x | -0.01x | -0.05x | -0.05x | -0.02x | -0.01x | -0.02x |
| Interest Coverage | 632.46x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 34.22x | - | 7.87x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.56B | 1.46B | 1.13B | 1.04B | 772.89M | 651.71M | 485.18M | 512.14M | 244.69M | 105.1M | 47.62M | 45.69M | 26.72M | 17.93M | 15.6M | 20.55M | 18.3M | 19.7M | 23.52M | 24.89M | 24.44M | 24.61M | 22.71M | 13.99M | 13.98M | 13.2M | 11.27M | 11.75M | 13.64M | 12.22M | 10.1M |
| Equity Growth % | 94.67% | 28.83% | 8.56% | 34.97% | 18.59% | 34.32% | -5.26% | 109.3% | 132.82% | 120.68% | 4.24% | 70.99% | 49.03% | 14.96% | -24.1% | 12.27% | -7.11% | -16.24% | -5.48% | 1.84% | -0.71% | 8.41% | 62.29% | 0.06% | 5.95% | 17.12% | -4.07% | -13.89% | 11.62% | 21% | -1.94% |
| Book Value per Share | 22.55 | 21.14 | 16.40 | 15.08 | 11.11 | 9.34 | 6.95 | 7.34 | 3.49 | 1.49 | 0.66 | 0.62 | 0.35 | 0.23 | 0.58 | 0.08 | 0.07 | 0.07 | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 |
| Total Shareholders' Equity | 1.56B | 1.46B | 1.13B | 1.04B | 772.89M | 651.71M | 485.18M | 512.14M | 244.69M | 79.19M | 47.62M | 45.69M | 26.72M | 17.93M | 15.6M | 20.55M | 18.3M | 19.7M | 23.52M | 24.89M | 24.44M | 24.61M | 22.71M | 13.99M | 13.98M | 13.2M | 11.27M | 11.75M | 13.64M | 12.22M | 10.13M |
| Common Stock | 691K | 691K | 231K | 78K | 78K | 78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 1.68B | 1.6B | 1.28B | 1.17B | 866.14M | 668.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | -151.24M | -168.84M | -145M | -104.14M | -15.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.79M | 4.15M | 3.58M | 1.83M | 2.52M | -1.01M | -2.69M | -1.46M | -1.08M | -804K | -959.56K | -1.25M | -1.35M | -622.01K | -953.97K | -834.31K | -515.72K | -488.35K | -629.08K | -257.84K | -336.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory seismic disposal constraints
According to recent balance sheet data, TPL has grown its total assets from $1.2 billion in 2024Q4 to $1.8 billion by 2026Q1, reflecting a consistent expansion of the company's resource footprint and infrastructure holdings that underpins its long-term value proposition as a perpetual Permian Basin landlord.
The steady increase in total assets suggests that the company is successfully reinvesting its high-margin cash flows into strategic land and water infrastructure. This trajectory indicates a strengthening balance sheet that supports the company's unique business model without relying on external financing.
As reported in financial statements, TPL maintains a current ratio of 4.23 as of 2026Q1, which, while lower than the historical peaks observed in 2024, continues to provide a substantial liquidity cushion against operational volatility or potential regulatory-driven disruptions in the Permian water disposal market.
The company's ability to maintain such high liquidity ratios without significant debt obligations highlights a conservative financial posture. This liquidity buffer appears sufficient to navigate cyclical commodity price downturns while providing the flexibility to pursue opportunistic land acquisitions or shareholder return programs.
Based on TPL's reported figures, equity has expanded to $1.6 billion in 2026Q1, primarily driven by the consistent accumulation of retained earnings which reached $1.7 billion, signaling a self-funding business model that prioritizes internal capital generation over dilutive equity issuance or debt-funded expansion strategies.
The growth in retained earnings underscores the high profitability of the royalty and water services segments. Investors should monitor whether this equity base continues to grow at a rate that outpaces potential share repurchases, as this would indicate sustained value creation for shareholders.
Analysis of the balance sheet reveals that net PPE has fluctuated significantly, rising from $141.1 million in 2024Q2 to $180.2 million in 2026Q1, which may indicate an increasing capital intensity associated with the expansion of the company's water services and disposal infrastructure assets.
While the royalty business remains asset-light, the growth of the water segment introduces a layer of operational complexity and capital expenditure that could eventually weigh on margins. This shift warrants further investigation to ensure that the returns on these infrastructure investments remain commensurate with the company's historical performance.
Quick answers to the most common questions about buying TPL stock.
As of 2025, Texas Pacific Land Corporation (TPL) had total assets of $1.62B including $319.3M in current assets.
Texas Pacific Land Corporation (TPL) carries total debt of $32.4M, offset by $144.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Texas Pacific Land Corporation (TPL) has total shareholders' equity (book value) of $1.46B ($21.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Texas Pacific Land Corporation (TPL) reported a current ratio of 4.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.