Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Elevance Health Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Medical claims payable 14.06 13.47 14.79 15.18 13.87
Other policyholder liabilities 2.99 3.60 5.14 5.77 5.66
Unearned income 1.23 1.29 1.29 1.08 1.18
Accounts payable and accrued expenses 6.03 5.93 6.34 5.46 5.10
Short-term borrowings 0.12 0.31 0.21 0.26 0.28
Current portion of long-term debt 0.90 1.41 1.51 1.46 1.64
Other current liabilities 8.44 8.58 9.08 9.42 8.05
Liabilities held for sale 0.00 0.13 0.00 0.00 0.00
Current liabilities 33.78% 34.72% 38.37% 38.63% 35.79%
Long-term debt, less current portion 25.35 25.00 21.34 21.75 21.71
Reserves for future policy benefits 0.12 0.16 0.71 0.72 0.82
Deferred tax liabilities, net 1.74 1.84 1.81 1.98 2.88
Other noncurrent liabilities 2.78 2.85 1.60 1.52 1.73
Noncurrent liabilities 29.99% 29.84% 25.46% 25.96% 27.14%
Total liabilities 63.76% 64.56% 63.82% 64.59% 62.93%
Preferred stock, without par value; shares issued and outstanding: none 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.01 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 7.36 7.62 8.14 8.84 9.39
Retained earnings 29.13 28.70 29.15 28.92 27.79
Accumulated other comprehensive loss -0.37 -0.98 -1.21 -2.44 -0.18
Shareholders’ equity 36.12% 35.35% 36.08% 35.33% 37.00%
Noncontrolling interests 0.12 0.09 0.09 0.08 0.07
Total equity 36.24% 35.44% 36.18% 35.41% 37.07%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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 consistently represented a significant portion of the company’s funding, averaging approximately 64% of the total liabilities and equity structure throughout the period. Stockholders’ equity accounted for the remaining portion, fluctuating around 36%.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity demonstrated a fluctuating pattern. An initial increase from 35.79% in 2021 to 38.63% in 2022 was followed by a slight decrease to 38.37% in 2023. A more pronounced decline occurred in 2024 (34.72%) and 2025 (33.78%), suggesting improved short-term liquidity management or a shift in financing strategies. Within current liabilities, ‘Other current liabilities’ consistently represented a substantial component, increasing from 8.05% to 9.42% between 2021 and 2022, before stabilizing around 8.5% in subsequent years. A minor component, ‘Liabilities held for sale’, appeared in 2024 at 0.13% and was absent in other years.
Long-Term Liabilities
Noncurrent liabilities showed a general upward trend, increasing from 27.14% in 2021 to 29.99% in 2025. This increase was primarily driven by ‘Long-term debt, less current portion’, which rose from 21.71% to 25.35% over the same period. ‘Other noncurrent liabilities’ also contributed to this trend, increasing from 1.73% to 2.78%. ‘Reserves for future policy benefits’ decreased significantly from 0.82% in 2021 to 0.12% in 2025, potentially indicating changes in actuarial estimates or benefit plan designs.
Stockholders’ Equity
Total stockholders’ equity experienced fluctuations. It decreased from 37.07% in 2021 to 35.41% in 2022, then increased to 36.18% in 2023 before slightly decreasing to 35.44% in 2024 and recovering to 36.24% in 2025. Within equity, ‘Retained earnings’ remained the largest component, consistently representing approximately 28-29% of the total. ‘Additional paid-in capital’ decreased steadily from 9.39% in 2021 to 7.36% in 2025, potentially due to share repurchases or other capital allocation decisions. ‘Accumulated other comprehensive loss’ was negative throughout the period, and its magnitude increased from -0.18% to -2.44% between 2021 and 2022, before diminishing to -0.37% in 2025.
Specific Liability Accounts
‘Medical claims payable’ remained relatively stable, fluctuating between 13.87% and 15.18% throughout the period. ‘Unearned income’ exhibited minimal variation, consistently around 1.1-1.3%. ‘Accounts payable and accrued expenses’ showed an increasing trend from 5.10% in 2021 to 6.34% in 2023, followed by a slight decrease to 6.03% in 2025. ‘Short-term borrowings’ and ‘Current portion of long-term debt’ were relatively small percentages of the total, with minor fluctuations observed.

In summary, the company’s balance sheet structure demonstrated a reliance on liabilities for funding, with a gradual increase in long-term debt. Stockholders’ equity remained a significant component, but experienced some volatility. Changes in specific liability and equity accounts suggest ongoing adjustments to financing, risk management, and capital allocation strategies.

AI Ask an analyst for more