Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2021
- Return on Equity (ROE) since 2021
- Price to Book Value (P/BV) since 2021
- Aggregate Accruals
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Expand Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Liabilities Trends
- The total liabilities as a percentage of total liabilities and stockholders’ equity decreased significantly from 48.49% in 2021 to 25.37% in 2023, before rising again to 37.03% in 2024. This decline and subsequent partial increase suggest a reduction in the company's leverage in the earlier years followed by a moderate rebound.
- Current liabilities showed a marked decrease from 22.23% in 2021 to 9.14% in 2023, then increased slightly to 11.2% in 2024. Major components such as accounts payable fluctuated but remained generally stable, with a slight dip from 3.9% in 2022 to 2.79% in 2024. Other current liabilities almost halved from 10.92% in 2021 to 5.89% in 2023, before a modest rise to 6.4% in 2024.
- Some current liabilities emerged or became significant only in 2024, such as current maturities of long-term debt (1.39%) and contract liabilities (1.02%). The occurrence of these items indicates an evolving liability structure, potentially reflecting new financing or contractual arrangements.
- Long-term debt, net excluding current maturities, trended downward from 20.69% in 2021 to 14.11% in 2023, then rose notably to 18.97% in 2024. This trend aligns with overall liabilities and may indicate a strategy of debt repayment followed by new borrowings or refinancing in 2024.
- Long-term liabilities decreased from 26.26% in 2021 to 16.23% in 2023, in line with total liabilities, but rebounded sharply to 25.83% in 2024, largely driven by the increase in long-term debt and the introduction of long-term contract liabilities (4.4%).
- Derivative liabilities experienced a substantial decline from 8.17% in 2021 to near negligible levels by 2023, with a slight uptick to 0.25% in 2024, suggesting reduced hedging activity or exposure over the period.
- Equity and Capital Structure
- Stockholders’ equity increased from 51.51% in 2021 to a peak of 74.63% in 2023, then decreased to 62.97% in 2024. This rise corresponds with a reduction in liabilities, indicating strengthened equity base during the middle years.
- Additional paid-in capital saw a decline from 44.01% in 2021 to 37.01% in 2022, followed by a recovery and growth to 49.07% by 2024, implying possible equity issuance or retained earnings reinvestment.
- Retained earnings increased substantially from 7.49% in 2021 to 34.6% in 2023, then decreased to 13.9% in 2024. This volatility signals fluctuating profitability or dividend policies impacting the accumulation of earnings.
- Other Observations
- Certain liabilities like accrued compensation and benefits, taxes payable, and accrued hedging costs generally declined over the period, indicating improved operational cost controls or changes in operational practices.
- The presence of current liabilities held for sale at 0.93% in 2022 only may point to specific asset divestitures or restructuring activities during that year.
- Asset retirement obligations decreased steadily from 3.17% in 2021 to 1.79% in 2024, reflecting possible asset disposals, changes in liability estimations, or diminished environmental obligations.