Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
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- Enterprise Value to FCFF (EV/FCFF)
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- Capital Asset Pricing Model (CAPM)
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Chevron Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 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 composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Overall, total liabilities remained relatively stable as a percentage of total liabilities and equity, fluctuating between approximately 38% and 42% throughout the period. Stockholders’ equity demonstrated a slight decline over the five years, decreasing from 58.37% in 2021 to 59.31% in 2025.
- Short-Term Debt
- Short-term debt experienced significant volatility. It increased substantially from 0.11% in 2021 to a peak of 1.71% in 2024 before decreasing to 0.30% in 2025. This suggests a strategic use of short-term financing, potentially linked to specific operational or investment needs, followed by a reduction.
- Current Liabilities
- Current liabilities generally increased from 11.18% in 2021 to 15.01% in 2024, indicating a growing proportion of short-term obligations. However, a decrease to 10.30% was observed in 2025, potentially reflecting improved working capital management or debt repayment. Accounts payable contributed significantly to this category, rising from 6.87% to 8.59% before falling to 5.95% in 2025.
- Long-Term Debt
- Long-term debt, excluding amounts due within one year, decreased from 12.99% in 2021 to 7.76% in 2023, suggesting a focus on debt reduction. It remained relatively stable between 7.76% and 7.84% in 2023 and 2024, then increased to 12.28% in 2025, potentially indicating new long-term financing activities.
- Noncurrent Liabilities
- Noncurrent liabilities showed a decrease from 30.39% in 2021 to 24.55% in 2022, followed by a slight recovery to 25.78% in 2023, and then a further decrease to 25.38% in 2024. A rise to 30.38% in 2025 was observed. This category is influenced by deferred credits, noncurrent income taxes, and employee benefit plans.
- Stockholders’ Equity Components
- Retained earnings constituted the largest portion of stockholders’ equity, consistently exceeding 69% throughout the period. It increased from 69.11% in 2021 to a peak of 80.12% in 2024, before decreasing to 63.38% in 2025. This suggests significant profitability driving earnings retention, followed by potential dividend payouts or other distributions. Treasury stock exhibited a substantial increase as a percentage of equity, moving from -17.31% in 2021 to -28.82% in 2024, before decreasing to -16.03% in 2025, indicating increased share repurchase activity. Capital in excess of par value also increased, from 7.21% to 10.46% over the period.
- Noncontrolling Interests
- Noncontrolling interests remained relatively stable between 0.31% and 0.33% from 2021 to 2024, then increased to 1.77% in 2025, suggesting a change in the company’s ownership structure or consolidation of subsidiaries.
In summary, the liability structure demonstrated dynamic adjustments, particularly in short-term debt and current liabilities. Stockholders’ equity experienced a moderate decline, influenced by changes in retained earnings and treasury stock activity. The increase in noncontrolling interests in 2025 warrants further investigation.