Stock Analysis on Net
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: Liabilities and Stockholders’ Equity

EQT Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current portion of debt 4.42 0.85 0.09 3.40 0.04
Accounts payable 6.20 3.89 4.23 5.11 2.46
Derivative instruments, at fair value 11.17 3.32 1.66 1.62 0.47
Accrued interest payable 0.41 0.51 0.19 0.21 0.14
Accrued taxes other than income 0.40 0.25 0.31 0.37 0.21
Current portion of long-term capacity contracts 0.27 0.28 0.18 0.00 0.00
Accrued incentive compensation 0.24 0.19 0.10 0.23 0.25
Current portion of lease liabilities 0.13 0.14 0.15 0.00 0.00
Accrued severance 0.02 0.01 0.06 0.04 0.14
Income tax payable 0.00 0.13 0.00 0.00 0.00
Other accrued liabilities 0.26 0.16 0.17 0.39 0.19
Other current liabilities 1.72% 1.67% 1.17% 1.23% 0.93%
Current liabilities of discontinued operations 0.00 0.00 0.00 0.00 0.27
Current liabilities 23.51% 9.73% 7.16% 11.37% 4.17%
Credit facility borrowings 0.00 1.66 1.56 3.86 4.39
Term Loan Facility borrowings 0.00 0.00 5.31 0.00 0.00
Senior notes 20.53 24.13 20.62 18.74 15.50
Note payable to EQM Midstream Partners, LP 0.44 0.55 0.56 0.53 0.39
Deferred income taxes 4.34 7.57 7.90 8.80 6.40
Other liabilities and credits 4.69 5.22 4.77 3.82 2.55
Noncurrent liabilities of discontinued operations 0.00 0.00 0.00 0.00 4.23
Noncurrent liabilities 30.00% 39.13% 40.72% 35.75% 33.45%
Total liabilities 53.51% 48.86% 47.88% 47.12% 37.63%
Common stock, no par value 47.06 45.50 41.57 37.78 31.80
Treasury stock, shares at cost -0.08 -0.16 -0.17 -0.24 -0.22
Retained earnings (accumulated deficit) -0.54 5.79 10.76 15.37 13.54
Accumulated other comprehensive loss -0.02 -0.03 -0.03 -0.03 -0.01
Common shareholders’ equity 46.42% 51.10% 52.12% 52.88% 45.12%
Noncontrolling interest in consolidated subsidiaries 0.08 0.04 0.00 0.00 17.26
Total equity 46.49% 51.14% 52.12% 52.88% 62.37%
Total liabilities and equity 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).

A significant shift in the capital structure is observed between 2017 and 2021, characterized by a steady increase in total liabilities and a corresponding decline in total equity. Total liabilities rose from 37.63% of total liabilities and equity in 2017 to 53.51% by 2021. Concurrently, total equity decreased from 62.37% to 46.49% over the same period, indicating a transition toward a more leveraged financial position.

Current Liability Trends
Current liabilities experienced a substantial increase, particularly in 2021, where they reached 23.51% of the total balance sheet compared to 9.73% in 2020. This spike was largely driven by derivative instruments at fair value, which escalated from 3.32% in 2020 to 11.17% in 2021. Additionally, the current portion of debt rose to 4.42% in 2021, suggesting higher short-term repayment obligations.
Noncurrent Liability Dynamics
Noncurrent liabilities peaked in 2019 at 40.72% before trending downward to 30.00% by 2021. Senior notes remained the most significant component of long-term debt, peaking at 24.13% in 2020 before settling at 20.53% in 2021. Deferred income taxes, once a significant liability at 8.80% in 2018, decreased to 4.34% by 2021.
Equity Composition and Erosion
The composition of equity shifted markedly. Common stock increased its share from 31.80% in 2017 to 47.06% in 2021, indicating substantial capital infusions. However, this was offset by a continuous decline in retained earnings, which fell from 13.54% in 2017 to an accumulated deficit of -0.54% by the end of 2021. Furthermore, noncontrolling interests, which represented 17.26% of the balance sheet in 2017, were virtually eliminated by 2021.
Overall Solvency Profile
The trend indicates a diminishing equity cushion and an increasing reliance on debt. The transition of retained earnings into a deficit, combined with the surge in current liabilities—specifically derivatives—suggests heightened financial volatility and a shift in the risk profile of the organization's obligations.

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