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Stock Analysis on Net

EQT Corp. (NYSE:EQT)

This company has been moved to the archive! The financial data has not been updated since October 27, 2022.

Common-Size Balance Sheet: Assets

EQT Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 0.53 0.10 0.02 0.02 0.09
Accounts receivable, less provision for doubtful accounts 6.66 3.13 3.24 5.99 2.25
Derivative instruments, at fair value 2.51 2.91 4.32 2.32 0.82
Income tax receivable 0.00 0.00 1.59 0.63 0.05
Margin requirements with counterparties 0.68 0.46 0.07 0.00 0.00
Prepaid expenses and other current assets 0.20 0.12 0.09 0.54 0.20
Prepaid expenses and other 0.89% 0.57% 0.15% 0.54% 0.20%
Current assets of discontinued operations 0.00 0.00 0.00 0.00 0.53
Current assets 10.58% 6.71% 9.33% 9.51% 3.94%
Net property, plant and equipment 85.24 88.63 85.89 83.94 66.83
Contract asset 1.90 2.26 0.00 0.00 0.00
Intangible assets, net 0.00 0.00 0.14 0.37 0.40
Goodwill 0.00 0.00 0.00 0.00 1.59
Other assets 2.28 2.39 4.64 6.19 0.85
Noncurrent assets of discontinued operations 0.00 0.00 0.00 0.00 26.38
Noncurrent assets 89.42% 93.29% 90.67% 90.49% 96.06%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset structure reflects a highly capital-intensive business model with a significant concentration of value in long-term operational assets. A primary structural shift occurred between 2017 and 2018, characterized by the elimination of assets associated with discontinued operations, which transitioned the balance sheet toward a more streamlined focus on core operational properties.

Fixed Asset Concentration and Capital Intensity
Net property, plant, and equipment represents the dominant portion of the asset base, exhibiting a consistent upward trend from 66.83% of total assets in 2017 to a peak of 88.63% in 2020, before settling at 85.24% in 2021. This indicates a sustained strategic emphasis on expanding or maintaining physical infrastructure and production capacity.
Liquidity and Working Capital Dynamics
Current assets remain a small fraction of the total balance sheet, fluctuating between 3.94% and 10.58%. Cash and cash equivalents are consistently minimal, remaining below 1% throughout the period, which suggests a lean approach to liquidity management. Accounts receivable show volatility, increasing from 2.25% in 2017 to a high of 6.66% in 2021, indicating potential changes in credit terms or revenue collection cycles.
Strategic Asset Reorganization
A substantial reduction in asset diversification is evident following 2017, where assets from discontinued operations accounted for 26.91% of the total balance sheet (combined current and noncurrent). The complete removal of these items by 2018 reflects a significant divestiture or corporate restructuring to focus on primary business segments.
Risk Management and Hedging Activity
Derivative instruments, held at fair value, increased from 0.82% in 2017 to a peak of 4.32% in 2019, before stabilizing around 2.51% in 2021. This pattern suggests an active use of financial instruments to mitigate commodity price volatility or interest rate risks, with the highest intensity of hedging occurring in 2019.
Other Noncurrent Asset Trends
Intangible assets and goodwill declined sharply after 2017, with goodwill moving from 1.59% to 0% by 2018. Other assets saw a temporary spike to 6.19% in 2018 but trended downward to 2.28% by 2021, further indicating a consolidation of assets into core tangible property.

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