Stock Analysis on Net
Stock Analysis on Net

EQT Corp. (NYSE:EQT)

$22.49

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

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current portion of debt
Accounts payable
Derivative instruments, at fair value
Accrued interest payable
Accrued taxes other than income
Current portion of long-term capacity contracts
Accrued incentive compensation
Current portion of lease liabilities
Accrued severance
Income tax payable
Other accrued liabilities
Other current liabilities
Current liabilities of discontinued operations
Current liabilities
Credit facility borrowings
Term Loan Facility borrowings
Senior notes
Note payable to EQM Midstream Partners, LP
Deferred income taxes
Other liabilities and credits
Noncurrent liabilities of discontinued operations
Noncurrent liabilities
Total liabilities
Common stock, no par value
Treasury stock, shares at cost
Retained earnings (accumulated deficit)
Accumulated other comprehensive loss
Common shareholders’ equity
Noncontrolling interest in consolidated subsidiaries
Total equity
Total liabilities and equity

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).

Current Liabilities Trends
The proportion of current liabilities relative to total liabilities and equity showed considerable fluctuation over the five-year period. It increased notably from 4.17% in 2017 to 11.37% in 2018, then decreased to 7.16% in 2019. Following this, it rose again to 9.73% in 2020 and escalated sharply to 23.51% in 2021. Within current liabilities, the current portion of debt increased from near negligible levels in 2017 to 4.42% in 2021, indicating growing short-term debt obligations. Accounts payable displayed variability, peaking at 6.2% in 2021 after some fluctuations. Derivative instruments at fair value showed a marked upward trend, increasing from 0.47% in 2017 to a significant 11.17% in 2021, which could suggest increased hedging or trading activities associated with liabilities. Other current liabilities and accrued incentive compensation also exhibited modest growth.
Noncurrent Liabilities and Debt Structure
Noncurrent liabilities increased from 33.45% in 2017 to a peak of 40.72% in 2019, before declining to 30% in 2021. This reduction was accompanied by a drop in deferred income taxes from 8.8% in 2018 to 4.34% in 2021. Senior notes, a major component of noncurrent debt, increased steadily from 15.5% in 2017 to 24.13% in 2020 before decreasing to 20.53% in 2021. Term Loan Facility borrowings were present only in 2019 at 5.31%. Credit facility borrowings decreased over time and were not recorded in 2021. The note payable to EQM Midstream Partners, LP remained relatively stable but declined slightly in 2021. The increasing other liabilities and credits up to 5.22% in 2020, followed by a slight decline, reflects some variability in long-term obligations outside traditional debt.
Equity Composition and Changes
Total equity as a percentage of total liabilities and equity decreased from 62.37% in 2017 to 46.49% in 2021, showing a diminishing equity base relative to overall capitalization. Common stock rose steadily from 31.8% to 47.06%, suggesting equity issuances or market valuation changes. Treasury stock was a minor negative factor but lessened in magnitude over time. Retained earnings showed a downward trend, dropping sharply from 15.37% in 2018 to a negative balance (-0.54%) in 2021, indicating accumulated losses or significant dividend payments exceeding earnings. Accumulated other comprehensive loss remained small and stable. The reduction in equity proportion combined with increases in liabilities indicates a shift towards higher leverage over the period.
Overall Capital Structure and Leverage
The total liabilities portion of the capital structure increased from 37.63% in 2017 to 53.51% in 2021, reflecting a clear increase in leverage. This was driven primarily by increases in current liabilities—especially the current portion of debt and derivative instruments—as well as senior notes and other liabilities. At the same time, total equity decreased relative to total capitalization. The noncontrolling interest was minor and fairly stable in the periods it was recorded. The growth in derivative instruments at fair value within liabilities might indicate higher exposure to commodity price, interest rate, or currency risks mitigated via derivatives.
Additional Observations
Some liabilities related to discontinued operations were reported only in early years and then discontinued, pointing to business divestitures or restructuring. The presence of lease liabilities appeared from 2019 onwards at marginal levels relative to total capitalization. Overall, the company exhibited increasing leverage through rising liabilities and reduced retained earnings, with significant volatility in the composition of current liabilities, particularly related to derivative instruments and accounts payable.