CVS Health (CVS) Financials

$66.65 +1.62 (+2.49%)

As of 03:59 PM Eastern

Annual Income Statements for CVS Health

This table shows CVS Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	5,237	5,317	6,622	-594	6,634	7,179	8,001	4,311	8,344	4,614
Consolidated Net Income / (Loss)	5,239	5,319	6,623	-596	6,631	7,192	7,989	4,327	8,368	4,586
Net Income / (Loss) Continuing Operations	5,230	5,320	6,631	-596	6,631	7,201	7,989	4,327	8,368	4,586
Total Pre-Tax Income	8,616	8,637	8,268	1,406	8,997	9,770	10,537	5,836	11,173	6,148
Total Operating Income	9,475	10,386	9,538	4,021	11,987	13,911	13,310	7,954	13,743	8,516
Total Gross Profit	26,528	31,013	28,528	31,538	45,528	49,046	52,120	125,575	140,678	166,522
Total Revenue	153,290	177,546	184,786	194,579	256,776	268,706	292,111	322,467	357,776	372,809
Operating Revenue	153,290	177,546	184,786	194,579	256,776	268,706	292,111	322,467	357,776	372,809
Total Cost of Revenue	126,762	146,533	156,258	163,041	211,248	219,660	239,991	196,892	217,098	206,287
Operating Cost of Revenue	126,762	146,533	156,258	163,041	211,248	219,660	239,991	196,892	217,098	206,287
Total Operating Expenses	17,053	20,627	18,990	27,517	33,541	35,135	38,810	117,621	126,935	158,006
Selling, General & Admin Expense	-	18,448	18,809	-	33,310	35,135	37,021	38,212	39,832	41,606
Other Operating Expenses / (Income)	17,053	2,179	-	21,368	-	-	-	71,073	86,247	115,121
Impairment Charge	-	0.00	181	6,149	231	0.00	1,789	2,533	349	0.00
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	507	1,179
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	5,803	0.00	100
Total Other Income / (Expense), net	-859	-1,749	-1,270	-2,615	-2,990	-4,141	-2,773	-2,118	-2,570	-2,368
Interest Expense	838	1,721	1,062	2,619	3,114	4,347	2,955	2,287	2,658	2,467
Other Income / (Expense), net	-21	-28	-208	4.00	124	206	182	169	88	99
Income Tax Expense	3,386	3,317	1,637	2,002	2,366	2,569	2,548	1,509	2,805	1,562
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	2.00	1.00	-2.00	-3.00	13	-12	16	24	-28
Basic Earnings per Share	$4.66	$4.93	$6.47	($0.57)	$5.10	$5.48	$6.07	$3.29	$6.49	$3.67
Weighted Average Basic Shares Outstanding	1.12B	1.07B	1.02B	1.04B	1.30B	1.31B	1.32B	1.31B	1.29B	1.26B
Diluted Earnings per Share	$4.63	$4.90	$6.44	($0.57)	$5.08	$5.46	$6.02	$3.26	$6.47	$3.66
Weighted Average Diluted Shares Outstanding	1.13B	1.08B	1.02B	1.04B	1.31B	1.31B	1.33B	1.32B	1.29B	1.26B
Weighted Average Basic & Diluted Shares Outstanding	1.12B	1.08B	1.02B	1.04B	1.30B	1.31B	1.31B	1.28B	1.26B	1.26B
Cash Dividends to Common per Share	$1.40	$1.70	$2.00	$2.00	$2.00	$2.00	$2.00	$2.20	$2.42	$2.66

This table shows CVS Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-3,406	2,334	2,136	1,901	2,261	2,046	1,113	1,770	87	1,644
Consolidated Net Income / (Loss)	-3,399	2,332	2,142	1,914	2,265	2,047	1,124	1,768	71	1,623
Net Income / (Loss) Continuing Operations	-3,399	2,332	2,142	1,914	2,265	2,047	1,124	1,768	71	1,623
Total Pre-Tax Income	-4,444	3,150	2,879	2,570	3,019	2,705	1,580	2,337	105	2,126
Total Operating Income	-3,919	3,659	3,446	3,234	3,690	3,373	2,271	3,045	832	2,368
Total Gross Profit	13,393	84,932	13,375	35,385	35,076	56,842	12,561	41,236	42,480	70,245
Total Revenue	81,159	83,846	85,278	88,921	89,764	93,813	88,437	91,234	95,428	97,710
Operating Revenue	81,159	83,846	85,278	88,921	89,764	93,813	88,437	91,234	95,428	97,710
Total Cost of Revenue	67,766	-1,086	71,903	53,536	54,688	36,971	75,876	49,998	52,948	27,465
Operating Cost of Revenue	67,766	-1,086	71,903	53,536	54,688	36,971	75,876	49,998	52,948	27,465
Total Operating Expenses	17,312	81,273	9,929	32,151	31,386	53,469	10,290	38,191	41,648	67,877
Selling, General & Admin Expense	9,612	10,089	9,580	9,873	9,876	10,503	10,290	10,338	10,557	10,421
Total Other Income / (Expense), net	-525	-509	-567	-664	-671	-668	-691	-708	-727	-242
Interest Expense	566	552	589	686	693	690	716	732	752	267
Other Income / (Expense), net	41	43	22	22	22	22	25	24	25	25
Income Tax Expense	-1,045	818	737	656	754	658	456	569	34	503
Net Income / (Loss) Attributable to Noncontrolling Interest	7.00	-2.00	6.00	13	4.00	1.00	11	-2.00	-16	-21
Basic Earnings per Share	($2.59)	$1.78	$1.66	$1.48	$1.76	$1.59	$0.88	$1.41	$0.07	$1.31
Weighted Average Basic Shares Outstanding	1.32B	1.31B	1.28B	1.28B	1.29B	1.29B	1.26B	1.26B	1.26B	1.26B
Diluted Earnings per Share	($2.59)	$1.79	$1.65	$1.48	$1.75	$1.59	$0.88	$1.41	$0.07	$1.30
Weighted Average Diluted Shares Outstanding	1.32B	1.32B	1.29B	1.29B	1.29B	1.29B	1.27B	1.26B	1.26B	1.26B
Weighted Average Basic & Diluted Shares Outstanding	1.31B	1.28B	1.28B	1.28B	1.29B	1.26B	1.26B	1.26B	1.26B	1.26B

This table details how cash moves in and out of CVS Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-22	912	-1,621	2,399	1,855	2,635	1,648	614	-4,780	359
Net Cash From Operating Activities	8,539	10,141	8,007	8,865	12,848	15,865	18,265	16,177	13,426	9,107
Net Cash From Continuing Operating Activities	8,539	7,942	8,007	8,865	12,848	15,865	18,265	16,177	13,426	9,107
Net Income / (Loss) Continuing Operations	5,239	5,319	6,623	-596	6,631	7,192	7,989	4,327	8,368	4,586
Consolidated Net Income / (Loss)	5,239	5,319	6,623	-596	6,631	7,192	7,989	4,327	8,368	4,586
Depreciation Expense	2,092	2,475	2,479	2,718	4,371	4,441	4,486	4,224	4,366	4,597
Non-Cash Adjustments To Reconcile Net Income	216	-1,199	655	6,768	1,001	1,643	2,335	2,837	1,353	387
Changes in Operating Assets and Liabilities, net	992	1,347	-1,750	-25	845	2,589	3,455	4,789	-661	-463
Net Cash From Investing Activities	-13,420	-2,470	-2,877	-43,285	-3,339	-5,534	-5,261	-5,047	-20,889	-7,613
Net Cash From Continuing Investing Activities	-13,420	-2,470	-2,877	-43,285	-3,339	-5,534	-5,261	-5,047	-20,889	-7,613
Purchase of Property, Plant & Equipment	-2,367	-2,224	-1,918	-2,037	-2,457	-2,437	-2,520	-2,727	-3,031	-2,781
Acquisitions	-11,475	-524	-1,181	-42,226	-444	-866	-146	-139	-16,612	-95
Purchase of Investments	-267	-80	-137	-692	-7,534	-9,639	-9,963	-7,746	-9,043	-15,191
Divestitures	-	0.00	0.00	832	0.00	840	0.00	-1,249	0.00	0.00
Sale and/or Maturity of Investments	654	321	326	817	7,049	6,467	7,246	6,729	7,729	10,353
Other Investing Activities, net	-	37	33	21	47	101	122	85	68	101
Net Cash From Financing Activities	4,879	-6,761	-6,751	36,819	-7,654	-7,696	-11,356	-10,516	2,683	-1,135
Net Cash From Continuing Financing Activities	4,879	-6,761	-6,751	36,819	-7,654	-7,696	-11,356	-10,516	2,683	-1,135
Repayment of Debt	-3,590	-4,074	-599	-6,078	-8,860	-15,199	-10,099	-4,290	-8,167	-2,828
Repurchase of Common Equity	-5,001	-4,461	-4,361	-	-	0.00	0.00	-3,500	-2,012	-3,023
Payment of Dividends	-1,576	-1,879	-2,049	-2,038	-2,603	-2,624	-2,625	-2,907	-3,132	-3,373
Issuance of Debt	14,805	3,455	0.00	44,344	3,736	9,958	987	0.00	15,898	7,913
Other Financing Activities, net	241	198	258	591	73	169	381	181	96	176
Cash Interest Paid	629	1,140	-1,072	2,803	2,954	2,904	2,469	2,239	2,418	2,909
Cash Income Taxes Paid	3,274	3,060	-2,909	2,383	2,717	2,929	3,195	4,116	3,524	1,703

This table details how cash moves in and out of CVS Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	5,100	-4,258	1,650	-828	-752	-4,850	1,582	2,713	-5,680	1,744
Net Cash From Operating Activities	9,123	-1,952	7,438	5,908	2,716	-2,636	4,903	3,089	-745	1,860
Net Cash From Continuing Operating Activities	9,123	-1,952	7,438	5,821	2,803	-2,636	4,903	3,430	-1,086	1,860
Net Income / (Loss) Continuing Operations	-3,399	2,332	2,142	1,914	2,265	2,047	1,124	1,768	71	1,623
Consolidated Net Income / (Loss)	-3,399	2,332	2,142	1,914	2,265	2,047	1,124	1,768	71	1,623
Depreciation Expense	1,050	1,043	1,001	1,104	1,127	1,134	1,138	1,151	1,161	1,147
Non-Cash Adjustments To Reconcile Net Income	2,626	200	103	204	306	740	137	133	973	-856
Changes in Operating Assets and Liabilities, net	8,846	-5,527	4,192	2,599	-895	-6,557	2,504	378	-3,291	-54
Net Cash From Investing Activities	-805	-119	-8,514	-10,362	-771	-1,242	-2,094	-1,625	-3,347	-547
Net Cash From Continuing Investing Activities	-805	-119	-8,514	-10,362	-771	-1,242	-2,094	-1,625	-3,347	-547
Purchase of Property, Plant & Equipment	-580	-688	-984	-591	-545	-911	-705	-638	-670	-768
Acquisitions	-6.00	-8.00	-7,094	-9,380	-18	-120	-25	-48	-12	-10
Purchase of Investments	-1,429	-1,307	-2,358	-2,141	-2,126	-2,418	-3,545	-3,236	-5,896	-2,514
Sale and/or Maturity of Investments	1,175	1,194	1,891	1,749	1,907	2,182	2,153	2,265	3,216	2,719
Other Investing Activities, net	20	11	31	1.00	11	25	28	32	15	26
Net Cash From Financing Activities	-3,218	-2,187	2,726	3,626	-2,697	-972	-1,227	1,249	-1,588	431
Net Cash From Continuing Financing Activities	-3,218	-2,187	2,726	3,626	-2,697	-972	-1,227	1,249	-1,588	431
Repayment of Debt	-2,646	24	-490	-6,418	-1,036	-223	-51	-16	-1,061	-1,700
Payment of Dividends	-726	-719	-779	-795	-779	-779	-840	-858	-837	-838
Issuance of Debt	-	-	5,951	10,947	-1,000	-	2,519	2,240	200	2,954
Other Financing Activities, net	154	8.00	62	-110	115	29	172	-120	109	15
Cash Interest Paid	786	303	773	358	918	369	1,043	349	999	518
Cash Income Taxes Paid	1,183	1,046	75	1,704	837	908	63	666	700	274

This table presents CVS Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	92,437	94,462	95,131	196,456	222,449	230,715	232,999	228,275	249,728	253,215
Total Current Assets	29,158	31,042	31,229	45,243	50,302	56,369	60,008	65,633	67,858	68,645
Cash & Equivalents	2,459	3,371	1,696	4,059	5,683	7,854	9,408	12,945	8,196	8,586
Short-Term Investments	88	87	111	2,522	2,373	3,000	3,117	2,778	3,259	2,407
Accounts Receivable	11,888	12,164	13,181	17,631	19,617	21,742	24,431	27,276	35,227	36,469
Inventories, net	14,001	14,760	15,296	16,450	17,516	18,496	17,760	19,090	18,025	18,107
Other Current Assets	722	660	945	4,581	5,113	5,277	5,292	2,636	3,151	3,076
Plant, Property, & Equipment, net	9,855	10,175	10,292	11,349	12,044	12,606	12,896	0.00	13,183	12,993
Total Noncurrent Assets	53,424	53,245	53,610	139,864	160,103	161,740	160,095	162,642	168,687	171,577
Long-Term Investments	-	-	112	15,732	17,314	20,812	23,025	21,096	23,019	28,934
Goodwill	38,106	38,249	38,451	78,678	79,749	79,552	79,121	78,150	91,272	91,272
Intangible Assets	13,878	13,511	13,630	36,524	33,121	31,142	29,026	24,803	29,234	27,323
Other Noncurrent Operating Assets	1,440	1,485	1,417	8,930	29,919	30,234	28,923	38,593	25,162	24,048
Total Liabilities & Shareholders' Equity	92,437	94,462	95,131	196,456	222,449	230,715	232,999	228,275	249,728	253,215
Total Liabilities	55,195	57,628	57,436	137,913	158,279	161,014	157,618	156,506	173,092	177,485
Total Current Liabilities	23,169	26,250	30,648	44,009	53,303	62,017	67,807	69,421	79,189	84,609
Short-Term Debt	1,197	1,916	4,821	1,985	3,781	5,440	4,205	1,778	2,972	5,743
Accounts Payable	7,490	7,946	8,863	8,925	10,492	11,138	12,544	14,838	14,897	15,892
Accrued Expenses	6,829	6,937	6,581	10,711	12,133	14,243	17,670	18,745	23,515	20,810
Other Current Liabilities	7,653	9,451	10,383	22,388	26,897	31,196	33,388	33,832	37,805	42,164
Total Noncurrent Liabilities	32,026	31,378	26,788	93,904	104,976	98,997	89,811	87,085	93,903	92,876
Long-Term Debt	26,267	25,615	22,181	71,444	64,699	59,207	51,971	50,476	58,638	60,527
Capital Lease Obligations	-	-	-	-	-	18,757	18,177	16,800	16,034	14,899
Noncurrent Deferred & Payable Income Tax Liabilities	4,217	4,214	2,996	7,677	7,294	6,794	6,270	4,016	4,311	3,806
Other Noncurrent Operating Liabilities	1,542	1,549	1,611	14,783	32,983	14,239	13,393	15,793	14,920	13,644
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	37,203	36,834	37,695	58,543	64,170	69,701	75,381	71,769	76,636	75,730
Total Preferred & Common Equity	37,196	36,830	37,691	58,225	63,864	69,389	75,075	71,469	76,461	75,560
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	37,196	36,830	37,691	58,225	63,864	69,389	75,075	71,469	76,461	75,560
Common Stock	30,965	31,635	32,096	45,440	45,972	46,513	47,377	48,193	48,992	49,661
Retained Earnings	35,506	38,983	43,556	40,911	45,108	49,640	54,906	56,398	61,604	62,837
Treasury Stock	-28,886	-33,452	-37,796	-28,228	-28,235	-28,178	-28,173	-31,858	-33,838	-36,818
Accumulated Other Comprehensive Income / (Loss)	-358	-305	-165	102	1,019	1,414	965	-1,264	-297	-120
Noncontrolling Interest	7.00	4.00	4.00	318	306	312	306	300	175	170

This table presents CVS Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	231,212	228,275	239,330	250,071	251,306	249,728	249,743	252,481	252,427	253,215
Total Current Assets	68,341	65,633	68,706	67,756	70,143	67,858	67,473	69,952	67,343	68,645
Cash & Equivalents	17,197	12,945	14,618	13,807	13,043	8,196	9,801	12,507	6,875	8,586
Short-Term Investments	2,792	2,778	3,102	3,080	3,145	3,259	3,288	3,755	2,805	2,407
Accounts Receivable	26,317	27,276	28,331	29,546	32,927	35,227	32,217	32,385	36,179	36,469
Inventories, net	18,058	19,090	18,263	17,291	17,954	18,025	16,346	16,068	17,649	18,107
Other Current Assets	2,479	2,636	3,767	3,412	3,074	3,151	5,821	5,237	3,835	3,076
Plant, Property, & Equipment, net	12,626	0.00	12,872	13,001	13,022	13,183	13,037	13,032	12,728	12,993
Total Noncurrent Assets	150,245	162,642	157,752	169,314	168,141	168,687	169,233	169,497	172,356	171,577
Long-Term Investments	20,565	21,096	21,612	22,114	21,667	23,019	24,074	25,028	28,939	28,934
Goodwill	78,086	78,150	84,057	91,260	91,261	91,272	91,272	91,272	91,272	91,272
Intangible Assets	25,157	24,803	26,368	30,118	29,624	29,234	28,770	28,311	27,817	27,323
Other Noncurrent Operating Assets	26,437	38,593	25,715	25,822	25,589	25,162	25,117	24,886	24,328	24,048
Total Liabilities & Shareholders' Equity	231,212	228,275	239,330	250,071	251,306	249,728	249,743	252,481	252,427	253,215
Total Liabilities	160,201	156,506	167,750	177,069	176,796	173,092	175,593	177,370	177,321	177,485
Total Current Liabilities	72,409	69,421	75,054	79,206	81,553	79,189	83,319	81,386	84,627	84,609
Short-Term Debt	1,363	1,778	1,778	2,402	2,132	2,972	6,450	3,731	5,710	5,743
Accounts Payable	13,925	14,838	12,527	13,367	14,874	14,897	13,717	14,416	15,713	15,892
Accrued Expenses	19,423	18,745	21,515	22,831	22,571	23,515	22,350	21,163	20,174	20,810
Other Current Liabilities	37,402	33,832	39,021	40,398	41,976	37,805	40,802	42,076	43,030	42,164
Total Noncurrent Liabilities	87,792	87,085	92,696	97,863	95,243	93,903	92,274	95,984	92,694	92,876
Long-Term Debt	50,848	50,476	56,450	61,419	59,782	58,638	57,694	62,643	59,824	60,527
Capital Lease Obligations	17,174	16,800	16,571	16,609	16,441	16,034	-	15,537	15,258	14,899
Noncurrent Deferred & Payable Income Tax Liabilities	3,508	4,016	4,095	4,588	4,250	4,311	4,184	4,052	3,632	3,806
Other Noncurrent Operating Liabilities	16,262	15,793	15,580	15,247	14,770	14,920	30,396	13,752	13,980	13,644
Commitments & Contingencies	-	0.00	-	-	-	0.00	-	-	-	0.00
Total Equity & Noncontrolling Interests	71,011	71,769	71,580	73,002	74,510	76,636	74,150	75,111	75,106	75,730
Total Preferred & Common Equity	70,683	71,469	71,382	72,726	74,337	76,461	73,968	74,930	74,944	75,560
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	70,683	71,469	71,382	72,726	74,337	76,461	73,968	74,930	74,944	75,560
Common Stock	48,047	48,193	48,306	48,649	48,829	48,992	49,209	49,371	49,510	49,661
Retained Earnings	54,571	56,398	57,753	58,868	60,343	61,604	61,873	62,797	62,038	62,837
Treasury Stock	-30,326	-31,858	-33,802	-33,933	-33,831	-33,838	-36,773	-36,919	-36,813	-36,818
Accumulated Other Comprehensive Income / (Loss)	-1,609	-1,264	-875	-858	-1,004	-297	-341	-319	209	-120
Noncontrolling Interest	328	300	198	276	173	175	182	181	162	170

This table displays calculated financial ratios and metrics derived from CVS Health's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.99%	15.82%	4.08%	5.30%	31.96%	4.65%	8.71%	10.39%	10.95%	4.20%
EBITDA Growth	7.60%	11.15%	-7.98%	-42.90%	144.43%	12.60%	-3.13%	-31.32%	47.38%	-27.39%
EBIT Growth	7.44%	9.56%	-9.92%	-56.86%	200.89%	16.56%	-4.43%	-39.79%	70.27%	-37.71%
NOPAT Growth	8.04%	11.23%	19.57%	-122.28%	618.32%	16.06%	-1.58%	-41.56%	74.53%	-38.28%
Net Income Growth	12.81%	1.53%	24.52%	-109.00%	1,212.58%	8.46%	11.08%	-45.84%	93.39%	-45.20%
EPS Growth	16.92%	5.83%	31.43%	-108.85%	991.23%	7.48%	10.26%	-45.85%	98.47%	-43.43%
Operating Cash Flow Growth	4.94%	18.76%	-21.04%	10.72%	44.93%	23.48%	15.13%	-11.43%	-17.01%	-32.17%
Free Cash Flow Firm Growth	-294.53%	194.79%	-24.46%	-940.79%	123.08%	-134.83%	544.11%	-3.40%	-136.93%	248.43%
Invested Capital Growth	28.59%	-2.01%	3.07%	74.68%	-2.17%	13.20%	-5.97%	-9.51%	15.95%	-2.37%
Revenue Q/Q Growth	2.74%	2.81%	1.32%	3.19%	5.10%	1.00%	2.47%	2.30%	2.87%	1.06%
EBITDA Q/Q Growth	4.54%	2.30%	0.91%	-23.86%	18.12%	-2.36%	-1.33%	11.49%	-1.17%	-6.96%
EBIT Q/Q Growth	4.51%	2.39%	1.22%	-36.34%	22.68%	-3.36%	-1.41%	19.37%	-2.17%	-10.42%
NOPAT Q/Q Growth	5.14%	3.10%	31.90%	-135.60%	36.95%	-2.86%	-0.63%	14.82%	-1.49%	-10.41%
Net Income Q/Q Growth	3.52%	4.07%	31.33%	-119.15%	48.48%	-9.66%	5.44%	27.94%	-3.29%	-8.46%
EPS Q/Q Growth	4.28%	5.15%	33.61%	-118.94%	51.19%	-9.75%	5.24%	29.88%	-3.00%	-7.34%
Operating Cash Flow Q/Q Growth	3.33%	-13.46%	-21.99%	41.84%	1.22%	6.25%	2.46%	-26.91%	-4.85%	97.51%
Free Cash Flow Firm Q/Q Growth	-35.27%	6.66%	-28.89%	-1,058.49%	118.18%	-111.95%	7.34%	290.07%	-4.52%	90.52%
Invested Capital Q/Q Growth	1.25%	0.80%	8.06%	89.67%	-14.82%	16.99%	16.75%	4.75%	4.17%	-0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.31%	17.47%	15.44%	16.21%	17.73%	18.25%	17.84%	38.94%	39.32%	44.67%
EBITDA Margin	7.53%	7.23%	6.39%	3.47%	6.42%	6.91%	6.15%	3.83%	5.09%	3.54%
Operating Margin	6.18%	5.85%	5.16%	2.07%	4.67%	5.18%	4.56%	2.47%	3.84%	2.28%
EBIT Margin	6.17%	5.83%	5.05%	2.07%	4.72%	5.25%	4.62%	2.52%	3.87%	2.31%
Profit (Net Income) Margin	3.42%	3.00%	3.58%	-0.31%	2.58%	2.68%	2.73%	1.34%	2.34%	1.23%
Tax Burden Percent	60.81%	61.58%	80.10%	-42.39%	73.70%	73.61%	75.82%	74.14%	74.89%	74.59%
Interest Burden Percent	91.14%	83.38%	88.62%	34.93%	74.29%	69.21%	78.10%	71.85%	80.78%	71.36%
Effective Tax Rate	39.30%	38.40%	19.80%	142.39%	26.30%	26.29%	24.18%	25.86%	25.11%	25.41%
Return on Invested Capital (ROIC)	10.41%	10.40%	12.37%	-1.98%	8.14%	8.97%	8.57%	5.42%	9.23%	5.37%
ROIC Less NNEP Spread (ROIC-NNEP)	7.51%	5.99%	8.19%	0.93%	3.47%	2.51%	3.92%	0.96%	4.07%	1.18%
Return on Net Nonoperating Assets (RNNOA)	3.52%	3.96%	5.40%	0.74%	2.66%	1.78%	2.45%	0.46%	2.05%	0.65%
Return on Equity (ROE)	13.93%	14.36%	17.77%	-1.24%	10.81%	10.74%	11.01%	5.88%	11.28%	6.02%
Cash Return on Invested Capital (CROIC)	-14.61%	12.43%	9.34%	-56.35%	10.34%	-3.42%	14.72%	15.41%	-5.55%	7.76%
Operating Return on Assets (OROA)	11.35%	11.08%	9.84%	2.76%	5.78%	6.23%	5.82%	3.52%	5.79%	3.43%
Return on Assets (ROA)	6.29%	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.88%	3.50%	1.82%
Return on Common Equity (ROCE)	13.92%	14.35%	17.77%	-1.23%	10.75%	10.70%	10.97%	5.86%	11.24%	6.01%
Return on Equity Simple (ROE_SIMPLE)	14.08%	14.44%	17.57%	-1.02%	10.38%	10.36%	10.64%	6.05%	10.94%	6.07%
Net Operating Profit after Tax (NOPAT)	5,751	6,397	7,650	-1,704	8,835	10,253	10,091	5,897	10,293	6,352
NOPAT Margin	3.75%	3.60%	4.14%	-0.88%	3.44%	3.82%	3.45%	1.83%	2.88%	1.70%
Net Nonoperating Expense Percent (NNEP)	2.90%	4.40%	4.18%	-2.91%	4.68%	6.45%	4.64%	4.46%	5.15%	4.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.19%	6.67%	4.05%
Cost of Revenue to Revenue	82.69%	82.53%	84.56%	83.79%	82.27%	81.75%	82.16%	61.06%	60.68%	55.33%
SG&A Expenses to Revenue	0.00%	10.39%	10.18%	0.00%	12.97%	13.08%	12.67%	11.85%	11.13%	11.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.12%	11.62%	10.28%	14.14%	13.06%	13.08%	13.29%	36.48%	35.48%	42.38%
Earnings before Interest and Taxes (EBIT)	9,454	10,358	9,330	4,025	12,111	14,117	13,492	8,123	13,831	8,615
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11,546	12,833	11,809	6,743	16,482	18,558	17,978	12,347	18,197	13,212
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.28	1.82	1.59	0.96	1.32	1.16	1.67	1.57	1.26	0.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.55	0.38	0.32	0.29	0.33	0.30	0.43	0.35	0.27	0.15
Price to Earnings (P/E)	16.17	12.60	9.06	0.00	12.66	11.17	15.65	26.08	11.54	12.09
Dividend Yield	1.83%	2.71%	3.38%	3.63%	3.10%	3.27%	2.11%	2.57%	3.23%	6.00%
Earnings Yield	6.18%	7.93%	11.04%	0.00%	7.90%	8.96%	6.39%	3.83%	8.66%	8.27%
Enterprise Value to Invested Capital (EV/IC)	1.76	1.50	1.36	0.98	1.19	1.09	1.44	1.40	1.17	0.83
Enterprise Value to Revenue (EV/Rev)	0.72	0.51	0.46	0.55	0.50	0.49	0.56	0.45	0.39	0.26
Enterprise Value to EBITDA (EV/EBITDA)	9.50	7.10	7.21	15.95	7.73	7.12	9.14	11.74	7.67	7.36
Enterprise Value to EBIT (EV/EBIT)	11.60	8.79	9.12	26.72	10.52	9.37	12.18	17.85	10.10	11.28
Enterprise Value to NOPAT (EV/NOPAT)	19.06	14.24	11.12	0.00	14.42	12.90	16.28	24.58	13.57	15.30
Enterprise Value to Operating Cash Flow (EV/OCF)	12.84	8.98	10.63	12.13	9.92	8.33	9.00	8.96	10.40	10.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.91	14.72	0.00	11.36	0.00	9.47	8.65	0.00	10.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.74	0.75	0.72	1.25	1.07	1.20	0.99	0.96	1.01	1.07
Long-Term Debt to Equity	0.71	0.70	0.59	1.22	1.01	1.12	0.93	0.94	0.97	1.00
Financial Leverage	0.47	0.66	0.66	0.79	0.77	0.71	0.62	0.48	0.50	0.55
Leverage Ratio	2.22	2.52	2.54	3.03	3.41	3.39	3.20	3.13	3.22	3.30
Compound Leverage Factor	2.02	2.10	2.25	1.06	2.54	2.34	2.50	2.25	2.60	2.36
Debt to Total Capital	42.44%	42.77%	41.74%	55.64%	51.62%	54.48%	49.66%	49.04%	50.33%	51.73%
Short-Term Debt to Total Capital	1.85%	2.98%	7.45%	1.50%	2.85%	3.55%	2.81%	1.26%	1.93%	3.66%
Long-Term Debt to Total Capital	40.59%	39.80%	34.28%	54.14%	48.77%	50.92%	46.85%	47.77%	48.40%	48.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.01%	0.01%	0.24%	0.23%	0.20%	0.20%	0.21%	0.11%	0.11%
Common Equity to Total Capital	57.48%	57.22%	58.26%	44.12%	48.14%	45.32%	50.14%	50.75%	49.56%	48.16%
Debt to EBITDA	2.38	2.15	2.29	10.89	4.15	4.49	4.14	5.59	4.27	6.14
Net Debt to EBITDA	2.16	1.88	2.12	7.58	2.62	2.79	2.16	2.61	2.37	3.12
Long-Term Debt to EBITDA	2.28	2.00	1.88	10.60	3.93	4.20	3.90	5.45	4.10	5.71
Debt to NOPAT	4.78	4.30	3.53	-43.08	7.75	8.13	7.37	11.71	7.54	12.78
Net Debt to NOPAT	4.33	3.76	3.28	-29.99	4.88	5.05	3.85	5.47	4.19	6.49
Long-Term Debt to NOPAT	4.57	4.00	2.90	-41.92	7.32	7.60	6.95	11.41	7.25	11.87
Altman Z-Score	3.53	3.58	3.54	1.60	1.92	1.94	2.21	2.29	2.24	2.04
Noncontrolling Interest Sharing Ratio	0.07%	0.07%	0.01%	0.33%	0.51%	0.46%	0.43%	0.41%	0.32%	0.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	1.18	1.02	1.03	0.94	0.91	0.89	0.95	0.86	0.81
Quick Ratio	0.62	0.60	0.49	0.55	0.52	0.53	0.55	0.62	0.59	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,070	7,649	5,779	-48,585	11,214	-3,906	17,346	16,757	-6,189	9,186
Operating Cash Flow to CapEx	366.17%	455.98%	417.47%	435.20%	522.91%	651.01%	724.80%	593.22%	442.96%	327.47%
Free Cash Flow to Firm to Interest Expense	-9.63	4.44	5.44	-18.55	3.60	-0.90	5.87	7.33	-2.33	3.72
Operating Cash Flow to Interest Expense	10.19	5.89	7.54	3.38	4.13	3.65	6.18	7.07	5.05	3.69
Operating Cash Flow Less CapEx to Interest Expense	7.41	4.60	5.73	2.61	3.34	3.09	5.33	5.88	3.91	2.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.84	1.90	1.95	1.33	1.23	1.19	1.26	1.40	1.50	1.48
Accounts Receivable Turnover	14.21	14.76	14.58	12.63	13.79	12.99	12.65	12.47	11.45	10.40
Inventory Turnover	9.78	10.19	10.40	10.27	12.44	12.20	13.24	10.69	11.70	11.42
Fixed Asset Turnover	16.40	17.73	18.06	17.98	21.95	21.80	22.91	0.00	0.00	28.48
Accounts Payable Turnover	18.06	18.99	18.59	18.33	21.76	20.31	20.27	14.38	14.60	13.40
Days Sales Outstanding (DSO)	25.69	24.72	25.03	28.90	26.47	28.09	28.85	29.26	31.88	35.10
Days Inventory Outstanding (DIO)	37.33	35.82	35.10	35.53	29.34	29.92	27.57	34.16	31.20	31.97
Days Payable Outstanding (DPO)	20.21	19.22	19.63	19.91	16.77	17.97	18.01	25.38	25.00	27.24
Cash Conversion Cycle (CCC)	42.81	41.32	40.50	44.52	39.04	40.04	38.41	38.04	38.09	39.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	62,159	60,907	62,778	109,659	107,280	121,439	114,184	103,324	119,806	116,972
Invested Capital Turnover	2.77	2.89	2.99	2.26	2.37	2.35	2.48	2.97	3.21	3.15
Increase / (Decrease) in Invested Capital	13,821	-1,252	1,871	46,881	-2,379	14,159	-7,255	-10,860	16,482	-2,834
Enterprise Value (EV)	109,650	91,095	85,084	107,529	127,411	132,214	164,315	144,961	139,654	97,193
Market Capitalization	84,687	67,018	59,997	56,095	83,995	80,164	125,206	112,426	96,309	55,781
Book Value per Share	$33.59	$34.54	$37.21	$57.15	$49.09	$53.01	$56.87	$54.39	$59.42	$60.04
Tangible Book Value per Share	($13.35)	($14.00)	($14.21)	($55.93)	($37.67)	($31.56)	($25.05)	($23.96)	($34.23)	($34.20)
Total Capital	64,706	64,365	64,697	131,972	132,650	153,105	149,734	140,823	154,280	156,899
Total Debt	27,464	27,531	27,002	73,429	68,480	83,404	74,353	69,054	77,644	81,169
Total Long-Term Debt	26,267	25,615	22,181	71,444	64,699	77,964	70,148	67,276	74,672	75,426
Net Debt	24,917	24,073	25,083	51,116	43,110	51,738	38,803	32,235	43,170	41,242
Capital Expenditures (CapEx)	2,332	2,224	1,918	2,037	2,457	2,437	2,520	2,727	3,031	2,781
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,639	3,250	3,595	-3,362	-7,276	-11,062	-16,119	-17,733	-19,814	-21,214
Debt-free Net Working Capital (DFNWC)	7,186	6,708	5,402	3,219	780	-208	-3,594	-2,010	-8,359	-10,221
Net Working Capital (NWC)	5,989	4,792	581	1,234	-3,001	-5,648	-7,799	-3,788	-11,331	-15,964
Net Nonoperating Expense (NNE)	512	1,078	1,027	-1,108	2,204	3,061	2,102	1,570	1,925	1,766
Net Nonoperating Obligations (NNO)	24,917	24,073	25,083	51,116	43,110	51,738	38,803	31,555	43,170	41,242
Total Depreciation and Amortization (D&A)	2,092	2,475	2,479	2,718	4,371	4,441	4,486	4,224	4,366	4,597
Debt-free, Cash-free Net Working Capital to Revenue	3.03%	1.83%	1.95%	-1.73%	-2.83%	-4.12%	-5.52%	-5.50%	-5.54%	-5.69%
Debt-free Net Working Capital to Revenue	4.69%	3.78%	2.92%	1.65%	0.30%	-0.08%	-1.23%	-0.62%	-2.34%	-2.74%
Net Working Capital to Revenue	3.91%	2.70%	0.31%	0.63%	-1.17%	-2.10%	-2.67%	-1.17%	-3.17%	-4.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.57)	$5.10	$5.48	$6.00	$3.16	$6.49	$3.67
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	1.04B	1.30B	1.31B	1.32B	1.31B	1.29B	1.26B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.57)	$5.08	$5.46	$5.95	$3.14	$6.47	$3.66
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	1.04B	1.31B	1.31B	1.33B	1.32B	1.29B	1.26B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	1.30B	1.30B	1.31B	1.31B	1.28B	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	5,751	6,397	7,795	7,119	9,005	10,253	11,448	12,078	10,934	7,306
Normalized NOPAT Margin	3.75%	3.60%	4.22%	3.66%	3.51%	3.82%	3.92%	3.75%	3.06%	1.96%
Pre Tax Income Margin	5.62%	4.86%	4.47%	0.72%	3.50%	3.64%	3.61%	1.81%	3.12%	1.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.28	6.02	8.79	1.54	3.89	3.25	4.57	3.55	5.20	3.49
NOPAT to Interest Expense	6.86	3.72	7.20	-0.65	2.84	2.36	3.42	2.58	3.87	2.57
EBIT Less CapEx to Interest Expense	8.50	4.73	6.98	0.76	3.10	2.69	3.71	2.36	4.06	2.36
NOPAT Less CapEx to Interest Expense	4.08	2.42	5.40	-1.43	2.05	1.80	2.56	1.39	2.73	1.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.08%	35.33%	30.94%	-341.95%	39.26%	36.49%	32.86%	67.18%	37.43%	73.55%
Augmented Payout Ratio	125.54%	119.20%	96.78%	-341.95%	39.26%	36.49%	32.86%	148.07%	61.47%	139.47%

This table displays calculated financial ratios and metrics derived from CVS Health's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.98%	9.45%	11.00%	10.27%	10.60%	11.89%	3.70%	2.60%	6.31%	4.15%
EBITDA Growth	-166.64%	36.63%	-3.60%	-24.75%	271.11%	-4.55%	-23.16%	-3.21%	-58.30%	-21.84%
EBIT Growth	-224.69%	55.29%	-3.32%	-30.90%	195.72%	-8.29%	-33.79%	-5.74%	-76.91%	-29.51%
NOPAT Growth	-221.13%	40.44%	-7.84%	-29.91%	200.92%	-5.77%	-36.99%	-4.36%	-79.68%	-29.18%
Net Income Growth	-314.18%	68.13%	-9.04%	-37.02%	166.64%	-12.22%	-47.53%	-7.63%	-96.87%	-20.71%
EPS Growth	-315.83%	72.12%	-6.78%	-35.37%	167.57%	-11.17%	-46.67%	-4.73%	-96.00%	-18.24%
Operating Cash Flow Growth	65.24%	-148.74%	108.76%	8.54%	-70.23%	-35.04%	-34.08%	-47.72%	-127.43%	170.56%
Free Cash Flow Firm Growth	-143.34%	47.75%	224.48%	101.27%	-279.58%	-202.66%	-30.19%	511.97%	87.45%	133.32%
Invested Capital Growth	0.86%	-9.51%	-6.68%	2.07%	16.60%	15.95%	-5.16%	1.50%	1.97%	-2.37%
Revenue Q/Q Growth	0.65%	3.31%	1.71%	4.27%	0.95%	4.51%	-5.73%	3.16%	4.60%	2.39%
EBITDA Q/Q Growth	-148.81%	267.79%	-5.82%	-2.44%	10.99%	-6.41%	-24.18%	22.89%	-52.18%	75.42%
EBIT Q/Q Growth	-182.30%	195.46%	-6.32%	-6.11%	14.00%	-8.54%	-32.37%	33.67%	-72.08%	179.23%
NOPAT Q/Q Growth	-179.83%	198.74%	-5.35%	-6.06%	14.94%	-7.80%	-36.71%	42.59%	-75.58%	221.33%
Net Income Q/Q Growth	-211.85%	168.61%	-8.15%	-10.64%	18.34%	-9.62%	-45.09%	57.30%	-95.98%	2,185.92%
EPS Q/Q Growth	-213.10%	169.11%	-7.82%	-10.30%	18.24%	-9.14%	-44.65%	60.23%	-95.04%	1,757.14%
Operating Cash Flow Q/Q Growth	67.61%	-121.40%	481.05%	-20.57%	-54.03%	-197.05%	286.00%	-37.00%	-124.12%	349.66%
Free Cash Flow Firm Q/Q Growth	52.93%	478.67%	-24.84%	-99.05%	-14,193.14%	-2.41%	151.11%	-91.70%	-388.92%	372.02%
Invested Capital Q/Q Growth	-11.70%	4.75%	3.20%	6.92%	0.87%	4.17%	-15.59%	14.44%	1.34%	-0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.50%	101.30%	15.68%	39.79%	39.08%	60.59%	14.20%	45.20%	44.52%	71.89%
EBITDA Margin	-3.48%	5.66%	5.24%	4.90%	5.39%	4.83%	3.88%	4.63%	2.11%	3.62%
Operating Margin	-4.83%	4.36%	4.04%	3.64%	4.11%	3.60%	2.57%	3.34%	0.87%	2.42%
EBIT Margin	-4.78%	4.42%	4.07%	3.66%	4.14%	3.62%	2.60%	3.36%	0.90%	2.45%
Profit (Net Income) Margin	-4.19%	2.78%	2.51%	2.15%	2.52%	2.18%	1.27%	1.94%	0.07%	1.66%
Tax Burden Percent	76.49%	74.03%	74.40%	74.47%	75.02%	75.67%	71.14%	75.65%	67.62%	76.34%
Interest Burden Percent	114.60%	85.09%	83.02%	78.93%	81.33%	79.68%	68.82%	76.15%	12.25%	88.84%
Effective Tax Rate	0.00%	25.97%	25.60%	25.53%	24.98%	24.33%	28.86%	24.35%	32.38%	23.66%
Return on Invested Capital (ROIC)	-10.85%	9.58%	9.01%	8.14%	10.04%	8.73%	6.35%	7.98%	1.87%	5.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.43%	8.51%	7.89%	6.86%	8.56%	7.37%	4.76%	6.67%	0.68%	5.39%
Return on Net Nonoperating Assets (RNNOA)	-4.69%	4.07%	4.07%	3.57%	4.01%	3.71%	2.03%	3.68%	0.38%	2.99%
Return on Equity (ROE)	-15.53%	13.65%	13.08%	11.71%	14.05%	12.44%	8.37%	11.66%	2.25%	8.81%
Cash Return on Invested Capital (CROIC)	4.37%	15.41%	12.03%	2.04%	-5.54%	-5.55%	14.30%	6.56%	4.15%	7.76%
Operating Return on Assets (OROA)	-6.46%	6.17%	5.70%	5.17%	5.96%	5.42%	3.83%	4.86%	1.32%	3.63%
Return on Assets (ROA)	-5.66%	3.89%	3.52%	3.04%	3.64%	3.27%	1.88%	2.80%	0.11%	2.46%
Return on Common Equity (ROCE)	-15.47%	13.59%	13.03%	11.66%	14.00%	12.40%	8.35%	11.63%	2.25%	8.79%
Return on Equity Simple (ROE_SIMPLE)	4.78%	0.00%	5.76%	4.11%	11.64%	0.00%	9.94%	9.61%	6.69%	0.00%
Net Operating Profit after Tax (NOPAT)	-2,743	2,709	2,564	2,409	2,768	2,553	1,616	2,304	563	1,808
NOPAT Margin	-3.38%	3.23%	3.01%	2.71%	3.08%	2.72%	1.83%	2.53%	0.59%	1.85%
Net Nonoperating Expense Percent (NNEP)	2.58%	1.07%	1.12%	1.28%	1.48%	1.35%	1.58%	1.31%	1.19%	0.44%
Return On Investment Capital (ROIC_SIMPLE)	-	1.92%	-	-	-	1.65%	-	-	-	1.15%
Cost of Revenue to Revenue	83.50%	-1.30%	84.32%	60.21%	60.92%	39.41%	85.80%	54.80%	55.48%	28.11%
SG&A Expenses to Revenue	11.84%	12.03%	11.23%	11.10%	11.00%	11.20%	11.64%	11.33%	11.06%	10.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.33%	96.93%	11.64%	36.16%	34.97%	57.00%	11.64%	41.86%	43.64%	69.47%
Earnings before Interest and Taxes (EBIT)	-3,878	3,702	3,468	3,256	3,712	3,395	2,296	3,069	857	2,393
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2,828	4,745	4,469	4,360	4,839	4,529	3,434	4,220	2,018	3,540
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.66	1.57	1.27	1.16	1.15	1.26	1.36	0.98	1.04	0.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.37	0.35	0.27	0.25	0.25	0.27	0.28	0.20	0.21	0.15
Price to Earnings (P/E)	34.68	26.08	22.07	28.53	9.89	11.54	13.73	10.20	15.60	12.09
Dividend Yield	2.41%	2.57%	3.21%	3.50%	3.56%	3.23%	3.17%	4.35%	4.18%	6.00%
Earnings Yield	2.88%	3.83%	4.53%	3.51%	10.11%	8.66%	7.28%	9.81%	6.41%	8.27%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.40	1.18	1.11	1.10	1.17	1.26	0.99	1.03	0.83
Enterprise Value to Revenue (EV/Rev)	0.46	0.45	0.38	0.37	0.36	0.39	0.35	0.31	0.33	0.26
Enterprise Value to EBITDA (EV/EBITDA)	13.20	11.74	10.34	11.75	6.84	7.67	7.44	6.70	8.49	7.36
Enterprise Value to EBIT (EV/EBIT)	21.48	17.85	15.74	19.29	8.91	10.10	10.09	9.15	12.54	11.28
Enterprise Value to NOPAT (EV/NOPAT)	28.46	24.58	22.28	27.35	12.06	13.57	13.65	12.34	17.00	15.30
Enterprise Value to Operating Cash Flow (EV/OCF)	6.60	8.96	6.28	6.16	8.93	10.40	11.72	14.14	26.15	10.67
Enterprise Value to Free Cash Flow (EV/FCFF)	34.02	8.65	9.48	54.76	0.00	0.00	8.59	15.14	25.00	10.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	0.96	1.05	1.10	1.05	1.01	0.87	1.09	1.08	1.07
Long-Term Debt to Equity	0.96	0.94	1.02	1.07	1.02	0.97	0.78	1.04	1.00	1.00
Financial Leverage	0.35	0.48	0.52	0.52	0.47	0.50	0.43	0.55	0.55	0.55
Leverage Ratio	3.20	3.13	3.24	3.23	3.32	3.22	3.36	3.39	3.37	3.30
Compound Leverage Factor	3.67	2.67	2.69	2.55	2.70	2.57	2.31	2.58	0.41	2.93
Debt to Total Capital	49.42%	49.04%	51.10%	52.42%	51.26%	50.33%	46.38%	52.17%	51.82%	51.73%
Short-Term Debt to Total Capital	0.97%	1.26%	1.21%	1.57%	1.39%	1.93%	4.66%	2.38%	3.66%	3.66%
Long-Term Debt to Total Capital	48.45%	47.77%	49.88%	50.86%	49.86%	48.40%	41.72%	49.79%	48.16%	48.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.23%	0.21%	0.14%	0.18%	0.11%	0.11%	0.13%	0.12%	0.10%	0.11%
Common Equity to Total Capital	50.35%	50.75%	48.77%	47.40%	48.63%	49.56%	53.49%	47.72%	48.07%	48.16%
Debt to EBITDA	6.27	5.59	6.14	7.48	4.26	4.27	3.74	4.81	5.69	6.14
Net Debt to EBITDA	2.60	2.61	2.91	3.86	2.20	2.37	1.57	2.39	2.97	3.12
Long-Term Debt to EBITDA	6.14	5.45	6.00	7.26	4.14	4.10	3.36	4.59	5.29	5.71
Debt to NOPAT	13.51	11.71	13.23	17.42	7.50	7.54	6.86	8.86	11.39	12.78
Net Debt to NOPAT	5.61	5.47	6.27	8.97	3.88	4.19	2.88	4.39	5.95	6.49
Long-Term Debt to NOPAT	13.24	11.41	12.91	16.90	7.30	7.25	6.17	8.45	10.59	11.87
Altman Z-Score	2.06	2.22	2.06	1.96	2.00	2.10	2.09	2.02	2.00	1.96
Noncontrolling Interest Sharing Ratio	0.44%	0.41%	0.35%	0.40%	0.34%	0.32%	0.26%	0.31%	0.22%	0.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.95	0.92	0.86	0.86	0.86	0.81	0.86	0.80	0.81
Quick Ratio	0.64	0.62	0.61	0.59	0.60	0.59	0.54	0.60	0.54	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,583	13,569	10,198	97	-13,602	-13,929	7,120	591	-1,706	4,642
Operating Cash Flow to CapEx	1,572.93%	-283.72%	755.89%	999.66%	498.35%	-289.35%	695.46%	484.17%	-111.19%	242.19%
Free Cash Flow to Firm to Interest Expense	-6.33	24.58	17.31	0.14	-19.63	-20.19	9.94	0.81	-2.27	17.38
Operating Cash Flow to Interest Expense	16.12	-3.54	12.63	8.61	3.92	-3.82	6.85	4.22	-0.99	6.97
Operating Cash Flow Less CapEx to Interest Expense	15.09	-4.78	10.96	7.75	3.13	-5.14	5.86	3.35	-1.88	4.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.35	1.40	1.40	1.41	1.44	1.50	1.48	1.45	1.46	1.48
Accounts Receivable Turnover	12.22	12.47	12.08	11.95	11.74	11.45	11.92	11.73	10.68	10.40
Inventory Turnover	14.71	10.69	15.18	15.18	13.89	11.70	17.76	18.21	16.97	11.42
Fixed Asset Turnover	24.82	0.00	25.74	26.33	27.12	0.00	27.86	27.91	28.65	28.48
Accounts Payable Turnover	19.60	14.38	21.88	19.79	17.37	14.60	23.42	21.87	19.75	13.40
Days Sales Outstanding (DSO)	29.87	29.26	30.21	30.55	31.09	31.88	30.62	31.11	34.19	35.10
Days Inventory Outstanding (DIO)	24.81	34.16	24.05	24.04	26.28	31.20	20.55	20.04	21.51	31.97
Days Payable Outstanding (DPO)	18.62	25.38	16.68	18.45	21.01	25.00	15.58	16.69	18.48	27.24
Cash Conversion Cycle (CCC)	36.06	38.04	37.58	36.14	36.35	38.09	35.58	34.46	37.22	39.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	98,640	103,324	106,635	114,019	115,010	119,806	101,131	115,732	117,279	116,972
Invested Capital Turnover	3.21	2.97	3.00	3.01	3.26	3.21	3.47	3.16	3.18	3.15
Increase / (Decrease) in Invested Capital	840	-10,860	-7,634	2,312	16,370	16,482	-5,504	1,713	2,269	-2,834
Enterprise Value (EV)	146,168	144,961	125,999	126,295	126,017	139,654	127,687	114,117	120,565	97,193
Market Capitalization	117,009	112,426	90,334	84,590	85,344	96,309	100,524	73,315	78,230	55,781
Book Value per Share	$53.84	$54.39	$55.59	$56.73	$57.88	$59.42	$58.70	$59.69	$59.57	$60.04
Tangible Book Value per Share	($24.80)	($23.96)	($30.40)	($37.95)	($36.24)	($34.23)	($36.57)	($35.57)	($35.09)	($34.20)
Total Capital	140,396	140,823	146,379	153,432	152,865	154,280	138,294	157,022	155,898	156,899
Total Debt	69,385	69,054	74,799	80,430	78,355	77,644	64,144	81,911	80,792	81,169
Total Long-Term Debt	68,022	67,276	73,021	78,028	76,223	74,672	57,694	78,180	75,082	75,426
Net Debt	28,831	32,235	35,467	41,429	40,500	43,170	26,981	40,621	42,173	41,242
Capital Expenditures (CapEx)	580	688	984	591	545	911	705	638	670	768
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-22,694	-17,733	-22,290	-25,935	-25,466	-19,814	-22,485	-23,965	-21,254	-21,214
Debt-free Net Working Capital (DFNWC)	-2,705	-2,010	-4,570	-9,048	-9,278	-8,359	-9,396	-7,703	-11,574	-10,221
Net Working Capital (NWC)	-4,068	-3,788	-6,348	-11,450	-11,410	-11,331	-15,846	-11,434	-17,284	-15,964
Net Nonoperating Expense (NNE)	656	377	422	495	503	506	492	536	492	185
Net Nonoperating Obligations (NNO)	27,629	31,555	35,055	41,017	40,500	43,170	26,981	40,621	42,173	41,242
Total Depreciation and Amortization (D&A)	1,050	1,043	1,001	1,104	1,127	1,134	1,138	1,151	1,161	1,147
Debt-free, Cash-free Net Working Capital to Revenue	-7.20%	-5.50%	-6.74%	-7.65%	-7.32%	-5.54%	-6.23%	-6.60%	-5.76%	-5.69%
Debt-free Net Working Capital to Revenue	-0.86%	-0.62%	-1.38%	-2.67%	-2.67%	-2.34%	-2.60%	-2.12%	-3.14%	-2.74%
Net Working Capital to Revenue	-1.29%	-1.17%	-1.92%	-3.38%	-3.28%	-3.17%	-4.39%	-3.15%	-4.69%	-4.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.60)	$1.78	$1.66	$1.48	$1.76	$1.59	$0.88	$1.41	$0.07	$1.31
Adjusted Weighted Average Basic Shares Outstanding	1.32B	1.31B	1.28B	1.28B	1.29B	1.29B	1.26B	1.26B	1.26B	1.26B
Adjusted Diluted Earnings per Share	($2.60)	$1.79	$1.65	$1.48	$1.75	$1.59	$0.88	$1.41	$0.07	$1.30
Adjusted Weighted Average Diluted Shares Outstanding	1.32B	1.32B	1.29B	1.29B	1.29B	1.29B	1.27B	1.26B	1.26B	1.26B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.31B	1.28B	1.28B	1.28B	1.29B	1.26B	1.26B	1.26B	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	2,647	2,791	2,824	2,778	2,777	2,553	1,616	2,304	1,353	1,808
Normalized NOPAT Margin	3.26%	3.33%	3.31%	3.12%	3.09%	2.72%	1.83%	2.53%	1.42%	1.85%
Pre Tax Income Margin	-5.48%	3.76%	3.38%	2.89%	3.36%	2.88%	1.79%	2.56%	0.11%	2.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.85	6.71	5.89	4.75	5.36	4.92	3.21	4.19	1.14	8.96
NOPAT to Interest Expense	-4.85	4.91	4.35	3.51	3.99	3.70	2.26	3.15	0.75	6.77
EBIT Less CapEx to Interest Expense	-7.88	5.46	4.22	3.88	4.57	3.60	2.22	3.32	0.25	6.09
NOPAT Less CapEx to Interest Expense	-5.87	3.66	2.68	2.65	3.21	2.38	1.27	2.28	-0.14	3.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	84.21%	67.18%	72.05%	101.00%	35.50%	37.43%	43.44%	45.20%	66.15%	73.55%
Augmented Payout Ratio	143.35%	148.07%	157.56%	218.64%	76.10%	61.47%	84.54%	87.12%	126.47%	139.47%

Frequently Asked Questions About CVS Health's Financials

When does CVS Health's fiscal year end?

According to the most recent income statement we have on file, CVS Health's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CVS Health's net income changed over the last 9 years?

CVS Health's net income appears to be on an upward trend, with a most recent value of $4.59 billion in 2024, falling from $5.24 billion in 2015. The previous period was $8.37 billion in 2023.

What is CVS Health's operating income?

CVS Health's total operating income in 2024 was $8.52 billion, based on the following breakdown:

Total Gross Profit: $166.52 billion
Total Operating Expenses: $158.01 billion

How has CVS Health revenue changed over the last 9 years?

Over the last 9 years, CVS Health's total revenue changed from $153.29 billion in 2015 to $372.81 billion in 2024, a change of 143.2%.

How much debt does CVS Health have?

CVS Health's total liabilities were at $177.49 billion at the end of 2024, a 2.5% increase from 2023, and a 221.6% increase since 2015.

How much cash does CVS Health have?

In the past 9 years, CVS Health's cash and equivalents has ranged from $1.70 billion in 2017 to $12.95 billion in 2022, and is currently $8.59 billion as of their latest financial filing in 2024.

How has CVS Health's book value per share changed over the last 9 years?

Over the last 9 years, CVS Health's book value per share changed from 33.59 in 2015 to 60.04 in 2024, a change of 78.8%.

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This page (NYSE:CVS) was last updated on 4/30/2025 by MarketBeat.com Staff

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CVS Health (CVS) Financials

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CVS Health (CVS) Financials

Annual Income Statements for CVS Health

Quarterly Income Statements for CVS Health

Annual Cash Flow Statements for CVS Health

Quarterly Cash Flow Statements for CVS Health

Annual Balance Sheets for CVS Health

Quarterly Balance Sheets for CVS Health

Annual Metrics and Ratios for CVS Health

Quarterly Metrics and Ratios for CVS Health

Frequently Asked Questions About CVS Health's Financials

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