Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Elevance Health Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Elevance Health Inc., 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), 10-K (reporting date: 2020-12-31).
- Medical claims payable
- This liability increased from 13.11% at the end of 2020 to a peak of 15.18% at the end of 2022, before declining to 13.47% by the end of 2024, indicating some volatility but an overall return near starting levels.
- Other policyholder liabilities
- These liabilities showed a gradual increase from 5.3% in 2020 to 5.77% in 2022, followed by a notable decline to 3.6% by 2024, suggesting a reduction in this liability component during the latter periods.
- Unearned income
- Unearned income decreased initially from 1.45% to 1.08% between 2020 and 2022 but then rose slightly to 1.29% by 2023 and remained stable through 2024.
- Accounts payable and accrued expenses
- This category declined from 6.34% in 2020 to a low of 5.1% in 2021, rose moderately to 6.34% in 2023, and slightly declined again to 5.93% by 2024, indicating some fluctuations without a clear trend.
- Short-term borrowings
- After being nonexistent or unreported in 2020, short-term borrowings appeared at 0.28% in 2021 and fluctuated marginally around this level through 2024, indicating a small and relatively stable use of short-term debt.
- Current portion of long-term debt
- This liability category roughly doubled from 0.81% in 2020 to 1.64% in 2021, then stabilized near 1.4–1.5% in the following years.
- Other current liabilities
- Other current liabilities steadily increased from 6.99% in 2020 to a peak of 9.42% in 2022, followed by a slight decline to 8.58% by 2024, indicating a rising but slightly tapering current obligations.
- Liabilities held for sale
- This category was negligible or unreported through 2023 but appeared at 0.13% at the end of 2024, suggesting a new component of liabilities classified for sale.
- Current liabilities
- The overall proportion of current liabilities increased from 34% in 2020 to nearly 38.63% in 2022, then decreased back to 34.72% by 2024, reflecting variability but roughly consistent net current liability levels over the five-year span.
- Long-term debt, less current portion
- Long-term debt remained relatively stable around 21–22% from 2020 to 2023 but rose to 25% in 2024, indicating an increased reliance on longer-term borrowing in the final reported year.
- Reserves for future policy benefits
- These reserves showed a steady decrease from 0.92% in 2020 to a minimal 0.16% in 2024, implying a significant reduction in this liability over the period.
- Deferred tax liabilities, net
- After rising from 2.33% in 2020 to 2.88% in 2021, deferred tax liabilities declined to around 1.8% in subsequent years, showing a downward trend following an early peak.
- Other noncurrent liabilities
- Other noncurrent liabilities declined from 2.1% in 2020 to 1.52% in 2022 but then increased again to 2.85% by 2024, indicating a rebound towards higher noncurrent obligations late in the period.
- Noncurrent liabilities
- This category decreased modestly from 27.67% in 2020 to 25.46% in 2023, followed by a rise to 29.84% in 2024, demonstrating fluctuating longer-term liabilities with a peak in the final year.
- Total liabilities
- Total liabilities gradually increased from 61.67% in 2020 to a peak of 64.59% in 2022, fluctuated slightly thereafter, and ended near 64.56% in 2024, reflecting a generally rising portion of liabilities relative to equity.
- Additional paid-in capital
- This equity component showed a consistent decline from 10.67% in 2020 to 7.62% in 2024, suggesting a reduction in capital contributions or shifts in equity structure.
- Retained earnings
- Retained earnings demonstrated a gradual increase from 27.48% in 2020 to 29.15% in 2023, with a slight decrease to 28.7% in 2024, indicating steady accumulation of earnings over the period.
- Accumulated other comprehensive income (loss)
- This item moved from a small positive balance of 0.17% in 2020 to a negative position peaking at -2.44% in 2022, followed by some recovery to -0.98% by 2024, revealing fluctuations in unrealized gains and losses impacting equity.
- Shareholders’ equity
- Equity as a proportion of total liabilities and equity decreased from 38.33% in 2020 to a low of 35.33% in 2022, with a slight recovery to 35.35% in 2024. This suggests modest erosion in equity relative to liabilities over the period.
- Noncontrolling interests
- Noncontrolling interests, though minimal, increased slightly from 0.07% in 2021 to 0.09% in 2024, indicating a small growth in minority equity holdings.
- Total equity
- Total equity decreased from 38.33% in 2020 to 35.41% in 2022 before marginally rising to 35.44% in 2024, reflecting a subtle decline with some stabilization towards the end of the period.
- Total liabilities and equity
- Maintained at 100% for all years, ensuring consistency in the balance sheet structure.