Stock Analysis on Net
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Stock Analysis on Net

Humana Inc. (NYSE:HUM)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Benefits payable 21.76 21.52 18.69 23.29 20.65
Trade accounts payable and accrued expenses 13.96 12.17 10.17 11.48 12.91
Book overdraft 0.75 0.69 0.73 0.92 0.77
Unearned revenues 0.57 0.66 0.57 0.91 0.85
Short-term debt 3.07 4.86 4.40 1.72 2.40
Current liabilities 40.10% 39.90% 34.56% 38.30% 37.59%
Long-term debt 21.70 20.98 23.76 17.33 17.08
Other long-term liabilities 3.53 3.42 5.37 5.11 3.92
Long-term liabilities 25.23% 24.40% 29.14% 22.44% 21.01%
Total liabilities 65.33% 64.30% 63.70% 60.74% 58.60%
Preferred stock, $1 par; none issued 0.00 0.00 0.00 0.00 0.00
Common stock, $0.16 2/3 par 0.07 0.08 0.07 0.09 0.11
Capital in excess of par value 7.11 7.54 6.95 7.74 9.70
Retained earnings 58.51 59.21 52.04 58.67 60.13
Accumulated other comprehensive income (loss) -2.12 -3.03 0.09 1.12 0.54
Treasury stock, at cost -29.02 -28.23 -22.91 -28.36 -29.08
Stockholders’ equity 34.55% 35.56% 36.25% 39.26% 41.40%
Noncontrolling interests 0.12 0.14 0.05 0.00 0.00
Total equity 34.67% 35.70% 36.30% 39.26% 41.40%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

An analysis of the capital structure reveals a progressive shift toward a greater reliance on liabilities to finance total assets. Total liabilities increased from 58.60% of total liabilities and equity in 2019 to 65.33% by the end of 2023, while total equity experienced a corresponding decline from 41.40% to 34.67% over the same five-year period.

Liability Composition and Trends
Current liabilities rose from 37.59% to 40.10% of the total balance sheet. A primary driver of this increase is benefits payable, which consistently represented a substantial portion of the total, fluctuating between a low of 18.69% in 2021 and a high of 23.29% in 2020. Trade accounts payable and accrued expenses remained relatively stable, ending the period at 13.96%. Long-term liabilities followed an upward trajectory, increasing from 21.01% in 2019 to 25.23% in 2023, primarily due to the expansion of long-term debt, which grew from 17.08% to 21.70%.
Equity Dynamics and Shareholder Returns
The overall reduction in total equity is significantly impacted by treasury stock, which maintained a substantial negative balance throughout the period, ranging from -22.91% in 2021 to -29.02% in 2023. This indicates a persistent and aggressive strategy of share repurchases. Retained earnings as a percentage of total liabilities and equity decreased from 60.13% in 2019 to 58.51% in 2023, noting a significant dip to 52.04% in 2021 before recovering.
Other Comprehensive Income and Minor Components
Accumulated other comprehensive income exhibited a negative trend, transitioning from a positive 0.54% in 2019 to a negative 2.12% by 2023, reflecting a shift toward unrealized losses. Capital in excess of par value also saw a gradual decline from 9.70% to 7.11%, while common stock remained a negligible component of the total structure, ending at 0.07% in 2023.

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