Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Elevance Health Inc., 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 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.