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Expand Energy Corp. (NASDAQ:EXE)

This company has been moved to the archive! The financial data has not been updated since April 29, 2025.

Common-Size Balance Sheet: Assets

Expand Energy Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 1.14 7.51 0.84 8.22
Restricted cash 0.28 0.51 0.40 0.08
Accounts receivable, net 4.40 4.12 9.30 10.13
Derivative assets 0.30 4.43 0.22 0.05
Assets held for sale 0.00 0.00 5.29 0.00
Other current assets 1.05 1.57 1.39 0.63
Current assets 7.16% 18.15% 17.44% 19.10%
Property and equipment, net 87.05 70.24 72.32 79.95
Long-term derivative assets 0.00 0.51 0.30 0.00
Deferred income tax assets 2.11 6.49 8.73 0.00
Other long-term assets 3.67 4.61 1.20 0.94
Long-term assets 92.84% 81.85% 82.56% 80.90%
Total assets 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The asset composition of Expand Energy Corp. reveals a significant shift toward long-term capital investment, culminating in a highly concentrated asset base by the end of 2024. While the company maintained a relatively stable balance between current and long-term assets from 2021 through 2023, 2024 marked a pivot toward an aggressively asset-heavy structure, characterized by a sharp increase in fixed assets and a corresponding contraction in liquidity.

Liquidity and Current Asset Trends
Current assets experienced a substantial decline in 2024, falling to 7.16% of total assets from a previous range of 17.44% to 19.10%. This contraction was primarily driven by volatility in cash and cash equivalents, which fluctuated from 8.22% in 2021 to a low of 0.84% in 2022, rebounded to 7.51% in 2023, and dropped again to 1.14% in 2024. Additionally, net accounts receivable showed a consistent downward trend, decreasing from 10.13% in 2021 to 4.40% in 2024, suggesting a change in credit terms or an increase in the scale of the overall asset base relative to receivables.
Fixed Asset Concentration
Property and equipment, net, represents the dominant component of the balance sheet. After a period of slight decline from 79.95% in 2021 to 70.24% in 2023, this item surged to 87.05% of total assets in 2024. This trend indicates a significant reallocation of resources toward long-term infrastructure or capacity expansion, contributing to the overall rise in long-term assets, which reached 92.84% by the end of the analysis period.
Other Asset Variations
Deferred income tax assets appeared as a notable portion of the balance sheet in 2022 at 8.73% but declined steadily to 2.11% by 2024. Derivative assets exhibited a temporary spike in 2023, reaching 4.43% before returning to a marginal 0.30% in 2024. Assets held for sale were present only in 2022 at 5.29%, indicating a one-time divestiture activity during that fiscal year.

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