MorningStar Partners, L.P. (TXO) Balance Sheet
TXO balance sheet, 2025
December 31, 2025 · U.S. dollars$1.35B assets = $663.2M liabilities + $691.7M equity
Both columns are drawn to the same scale: what TXO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TXO financial health
Descriptive bands, not a rating. Fiscal 2025.
TXO balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $623.9M2020 | $1.35B2025 | +16.8%/yr | |
| Total liabilities | $320.7M2020 | $663.2M2025 | +15.6%/yr | |
| Shareholders’ equity | $303.3M2020 | $691.7M2025 | +17.9%/yr | |
| Cash & short-term investments | $21.9M2020 | $9.4M2025 | −15.6%/yr | |
| Total debt | $151.3M2020 | $291.1M2025 | +14.0%/yr | |
| Net cash (debt) | −$129.3M2020 | −$281.7M2025 | −$152.4M | |
| Working capital | $22.4M2020 | −$58.6M2025 | −$80.9M | |
| Book value per share | $10.112020 | $13.902025 | +6.6%/yr | |
| Current ratio | 2.182020 | 0.622025 | −1.56 | |
| Debt / equity | 0.502020 | 0.422025 | −0.08 | |
| Shares outstanding | 30.0M2020 | 49.8M2025 | +10.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TXO assets
TXO liabilities and equity
TXO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TXO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $9.4M | $7.3M | $4.5M | $9.2M | $7.5M | $21.9M |
| Cash & equivalents | $9.4M | $7.3M | $4.5M | $9.2M | $7.5M | $21.9M |
| Receivables | $52.4M | $39.7M | $32.2M | $52.3M | $34.1M | $16.1M |
| Inventory | $0 | $0 | $0 | $1.2M | $10.6M | $1 |
| Other current assets | $33.6M | $17.5M | $18.5M | $11.3M | $4.8M | $3.2M |
| Total current assets | $95.3M | $64.4M | $55.2M | $74.0M | $57.1M | $41.3M |
| Property, plant & equipment (net) | $2.44B | $951.4M | $629.3M | $836.4M | $760.3M | $573.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $15.0M | $11.1M | $14.2M | $15.4M | $8.9M |
| Total assets | $1.35B | $1.03B | $695.6M | $924.6M | $832.8M | $623.9M |
| Liabilities | ||||||
| Accounts payable | $28.0M | $18.2M | $8.6M | $14.7M | $4.0M | $3.7M |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred revenue | $70.0M | — | — | — | — | — |
| Total current liabilities | $153.9M | $66.3M | $39.1M | $147.5M | $35.3M | $18.9M |
| Long-term debt | $291.1M | $157.1M | $28.1M | $120.1M | $152.1M | $151.3M |
| Other long-term liabilities | $218.2M | $198.0M | $154.6M | $135.5M | $104.1M | $150.5M |
| Total liabilities | $663.2M | $421.4M | $221.8M | $403.1M | $291.5M | $320.7M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $691.7M | $609.4M | $473.8M | $315.5M | $301.0M | $269.0M |
| Total shareholders' equity | $691.7M | $609.4M | $473.8M | $521.5M | $541.4M | $303.3M |
| Key figures | ||||||
| Total debt | $291.1M | $157.1M | $28.1M | $120.1M | $152.1M | $151.3M |
| Net cash (debt) | −$281.7M | −$149.8M | −$23.6M | −$110.9M | −$144.6M | −$129.3M |
| Working capital | −$58.6M | −$1.9M | $16.1M | −$73.4M | $21.8M | $22.4M |
| Tangible book value | $691.7M | $609.4M | $473.8M | $521.5M | $541.4M | $303.3M |
| Book value per share | $13.90 | $16.87 | $15.65 | $17.38 | $18.05 | $10.11 |
| Shares outstanding | 49.8M | 36.1M | 30.3M | 30.0M | 30.0M | 30.0M |
| Current ratio | 0.62 | 0.97 | 1.41 | 0.50 | 1.62 | 2.18 |
| Quick ratio | 0.40 | 0.71 | 0.94 | 0.42 | 1.18 | 2.01 |
| Debt / equity | 0.42 | 0.26 | 0.06 | 0.23 | 0.28 | 0.50 |
| Equity / assets | 51.1% | 59.1% | 68.1% | 56.4% | 65.0% | 48.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $107.5M | $7.9M | $9.4M | $5.3M | $8.0M | $10.8M | $7.3M | $3.8M | $76.0M | $4.6M | $4.5M | $5.9M |
| Cash & equivalents | $107.5M | $7.9M | $9.4M | $5.3M | $8.0M | $10.8M | $7.3M | $3.8M | $76.0M | $4.6M | $4.5M | $5.9M |
| Receivables | $51.2M | $58.4M | $52.4M | $45.6M | $37.0M | $38.5M | $39.7M | $35.0M | $28.5M | $30.7M | $32.2M | $32.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M |
| Other current assets | $20.8M | $23.9M | $33.6M | $26.0M | $25.8M | $32.3M | $17.5M | $15.3M | $12.5M | $18.6M | $18.5M | $11.1M |
| Total current assets | $179.5M | $90.2M | $95.3M | $76.9M | $70.8M | $81.6M | $64.4M | $54.1M | $117.0M | $53.9M | $55.2M | $52.2M |
| Property, plant & equipment (net) | $1.06B | $2.45B | $1.24B | $1.28B | $958.4M | $935.7M | $951.4M | $945.3M | $647.6M | $623.8M | $629.3M | $839.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $15.6M | $0 | $18.9M | $14.7M | $17.6M | $16.1M | $15.0M | $16.7M | $9.9M | $10.5M | $11.1M | $9.3M |
| Total assets | $1.25B | $1.32B | $1.35B | $1.38B | $1.05B | $1.03B | $1.03B | $1.02B | $774.5M | $688.2M | $695.6M | $901.4M |
| Liabilities | ||||||||||||
| Accounts payable | $33.1M | $39.0M | $28.0M | $29.7M | $18.8M | $19.8M | $18.2M | $14.1M | $8.8M | $7.7M | $8.6M | $10.8M |
| Short-term debt | $70.0M | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $0 |
| Deferred revenue | — | $70.0M | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $170.6M | $210.0M | $153.9M | $160.6M | $72.7M | $82.0M | $66.3M | $53.1M | $35.8M | $39.7M | $39.1M | $60.7M |
| Long-term debt | $270.1M | $277.1M | $291.1M | $271.1M | $19.1M | $162.1M | $157.1M | $155.1M | $7.1M | $26.1M | $28.1M | $25.1M |
| Other long-term liabilities | $162.6M | $230.2M | $218.2M | $208.2M | $201.8M | $200.5M | $198.0M | $186.6M | $158.8M | $156.6M | $154.6M | $133.0M |
| Total liabilities | $603.4M | $717.3M | $663.2M | $639.9M | $293.7M | $444.6M | $421.4M | $394.8M | $201.7M | $222.5M | $221.8M | $218.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $604.5M | $691.7M | $736.2M | $753.0M | $588.7M | $609.4M | $621.4M | $572.8M | $465.7M | $473.8M | $682.7M |
| Total shareholders' equity | $648.1M | $604.5M | $691.7M | $736.2M | $753.0M | $588.7M | $609.4M | $621.4M | $572.8M | $465.7M | $473.8M | $682.7M |
| Key figures | ||||||||||||
| Total debt | $340.1M | $277.1M | $291.1M | $271.1M | $19.1M | $162.1M | $157.1M | $155.1M | $7.1M | $26.1M | $28.1M | $25.1M |
| Net cash (debt) | −$232.6M | −$269.2M | −$281.7M | −$265.8M | −$11.1M | −$151.3M | −$149.8M | −$151.3M | $68.9M | −$21.5M | −$23.6M | −$19.2M |
| Working capital | $8.9M | −$119.8M | −$58.6M | −$83.7M | −$2.0M | −$372,000 | −$1.9M | $988,000 | $81.2M | $14.2M | $16.1M | −$8.5M |
| Tangible book value | $648.1M | $604.5M | $691.7M | $736.2M | $753.0M | $588.7M | $609.4M | $621.4M | $572.8M | $465.7M | $473.8M | $682.7M |
| Book value per share | $11.43 | $10.97 | $13.90 | $13.19 | $15.62 | $14.08 | $15.64 | $15.60 | $18.06 | $14.82 | $15.36 | $21.82 |
| Shares outstanding | 56.7M | 55.1M | 49.8M | 55.8M | 48.2M | 41.8M | 39.0M | 39.8M | 31.7M | 31.4M | 30.8M | 31.3M |
| Current ratio | 1.05 | 0.43 | 0.62 | 0.48 | 0.97 | 1.00 | 0.97 | 1.02 | 3.26 | 1.36 | 1.41 | 0.86 |
| Quick ratio | 0.93 | 0.32 | 0.40 | 0.32 | 0.62 | 0.60 | 0.71 | 0.73 | 2.92 | 0.89 | 0.94 | 0.64 |
| Debt / equity | 0.52 | 0.46 | 0.42 | 0.37 | 0.03 | 0.28 | 0.26 | 0.25 | 0.01 | 0.06 | 0.06 | 0.04 |
| Equity / assets | 51.8% | 45.7% | 51.1% | 53.5% | 71.9% | 57.0% | 59.1% | 61.1% | 74.0% | 67.7% | 68.1% | 75.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
TXO financial position
At the end of fiscal 2025 (December 31, 2025), MorningStar Partners had total assets of $1.4 billion (up 31.4% from a year earlier), total liabilities of $663.2 million and shareholders' equity of $691.7 million. It held $9.4 million in cash and short-term investments against $291.1 million of debt, net debt of $281.7 million. Its current ratio was 0.62. In the latest quarter (ended June 30, 2026) total assets were $1.3 billion and equity $648.1 million.
Related: TXO income statement, TXO cash flow statement, TXO key metrics. See the TXO stock overview for the latest quote and news.
TXO balance sheet FAQ
What are MorningStar Partners's total assets?
MorningStar Partners reported total assets of $1.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.0 billion a year earlier.
How much debt does MorningStar Partners have?
MorningStar Partners had $291.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.42.
How much cash does MorningStar Partners have?
MorningStar Partners held $9.4 million in cash and short-term investments at the end of fiscal 2025; with $291.1 million of debt that is net debt of $281.7 million.
What is MorningStar Partners's book value?
MorningStar Partners's shareholders' equity (book value) was $691.7 million at the end of fiscal 2025, or $13.90 per share.
What is MorningStar Partners's current ratio?
MorningStar Partners had current assets of $95.3 million and current liabilities of $153.9 million, a current ratio of 0.62 (current liabilities exceed current assets).