CVS Health (CVS) Financials

$63.73 +0.95 (+1.51%)

As of 05/20/2025 03:58 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	4,614	8,344	4,311	8,001	7,179	6,634	-594	6,622	5,317	5,237
Consolidated Net Income / (Loss)	4,586	8,368	4,327	7,989	7,192	6,631	-596	6,623	5,319	5,239
Net Income / (Loss) Continuing Operations	4,586	8,368	4,327	7,989	7,201	6,631	-596	6,631	5,320	5,230
Total Pre-Tax Income	6,148	11,173	5,836	10,537	9,770	8,997	1,406	8,268	8,637	8,616
Total Operating Income	8,516	13,743	7,954	13,310	13,911	11,987	4,021	9,538	10,386	9,475
Total Gross Profit	166,522	140,678	125,575	52,120	49,046	45,528	31,538	28,528	31,013	26,528
Total Revenue	372,809	357,776	322,467	292,111	268,706	256,776	194,579	184,786	177,546	153,290
Operating Revenue	372,809	357,776	322,467	292,111	268,706	256,776	194,579	184,786	177,546	153,290
Total Cost of Revenue	206,287	217,098	196,892	239,991	219,660	211,248	163,041	156,258	146,533	126,762
Operating Cost of Revenue	206,287	217,098	196,892	239,991	219,660	211,248	163,041	156,258	146,533	126,762
Total Operating Expenses	158,006	126,935	117,621	38,810	35,135	33,541	27,517	18,990	20,627	17,053
Selling, General & Admin Expense	41,606	39,832	38,212	37,021	35,135	33,310	-	18,809	18,448	-
Other Operating Expenses / (Income)	115,121	86,247	71,073	-	-	-	21,368	-	2,179	17,053
Impairment Charge	0.00	349	2,533	1,789	0.00	231	6,149	181	0.00	-
Restructuring Charge	1,179	507	0.00	0.00	-	-	-	-	-	-
Other Special Charges / (Income)	100	0.00	5,803	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-2,368	-2,570	-2,118	-2,773	-4,141	-2,990	-2,615	-1,270	-1,749	-859
Interest Expense	2,467	2,658	2,287	2,955	4,347	3,114	2,619	1,062	1,721	838
Other Income / (Expense), net	99	88	169	182	206	124	4.00	-208	-28	-21
Income Tax Expense	1,562	2,805	1,509	2,548	2,569	2,366	2,002	1,637	3,317	3,386
Net Income / (Loss) Attributable to Noncontrolling Interest	-28	24	16	-12	13	-3.00	-2.00	1.00	2.00	2.00
Basic Earnings per Share	$3.67	$6.49	$3.29	$6.07	$5.48	$5.10	($0.57)	$6.47	$4.93	$4.66
Weighted Average Basic Shares Outstanding	1.26B	1.29B	1.31B	1.32B	1.31B	1.30B	1.04B	1.02B	1.07B	1.12B
Diluted Earnings per Share	$3.66	$6.47	$3.26	$6.02	$5.46	$5.08	($0.57)	$6.44	$4.90	$4.63
Weighted Average Diluted Shares Outstanding	1.26B	1.29B	1.32B	1.33B	1.31B	1.31B	1.04B	1.02B	1.08B	1.13B
Weighted Average Basic & Diluted Shares Outstanding	1.26B	1.26B	1.28B	1.31B	1.31B	1.30B	1.04B	1.02B	1.08B	1.12B
Cash Dividends to Common per Share	$2.66	$2.42	$2.20	$2.00	$2.00	$2.00	$2.00	$2.00	$1.70	$1.40

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,779	1,644	87	1,770	1,113	2,046	2,261	1,901	2,136	2,334	-3,406
Consolidated Net Income / (Loss)	1,782	1,623	71	1,768	1,124	2,047	2,265	1,914	2,142	2,332	-3,399
Net Income / (Loss) Continuing Operations	1,782	1,623	71	1,768	1,124	2,047	2,265	1,914	2,142	2,332	-3,399
Total Pre-Tax Income	2,617	2,126	105	2,337	1,580	2,705	3,019	2,570	2,879	3,150	-4,444
Total Operating Income	3,374	2,368	832	3,045	2,271	3,373	3,690	3,234	3,446	3,659	-3,919
Total Gross Profit	43,531	70,245	42,480	41,236	12,561	56,842	35,076	35,385	13,375	84,932	13,393
Total Revenue	94,588	97,710	95,428	91,234	88,437	93,813	89,764	88,921	85,278	83,846	81,159
Operating Revenue	94,588	97,710	95,428	91,234	88,437	93,813	89,764	88,921	85,278	83,846	81,159
Total Cost of Revenue	51,057	27,465	52,948	49,998	75,876	36,971	54,688	53,536	71,903	-1,086	67,766
Operating Cost of Revenue	51,057	27,465	52,948	49,998	75,876	36,971	54,688	53,536	71,903	-1,086	67,766
Total Operating Expenses	40,157	67,877	41,648	38,191	10,290	53,469	31,386	32,151	9,929	81,273	17,312
Selling, General & Admin Expense	11,022	10,421	10,557	10,338	10,290	10,503	9,876	9,873	9,580	10,089	9,612
Other Operating Expenses / (Income)	29,135	-	29,922	27,853	-	-	21,499	21,782	-	-	-
Total Other Income / (Expense), net	-757	-242	-727	-708	-691	-668	-671	-664	-567	-509	-525
Interest Expense	785	267	752	732	716	690	693	686	589	552	566
Other Income / (Expense), net	28	25	25	24	25	22	22	22	22	43	41
Income Tax Expense	835	503	34	569	456	658	754	656	737	818	-1,045
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	-21	-16	-2.00	11	1.00	4.00	13	6.00	-2.00	7.00
Basic Earnings per Share	$1.41	$1.31	$0.07	$1.41	$0.88	$1.59	$1.76	$1.48	$1.66	$1.78	($2.59)
Weighted Average Basic Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.26B	1.29B	1.29B	1.28B	1.28B	1.31B	1.32B
Diluted Earnings per Share	$1.41	$1.30	$0.07	$1.41	$0.88	$1.59	$1.75	$1.48	$1.65	$1.79	($2.59)
Weighted Average Diluted Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.27B	1.29B	1.29B	1.29B	1.29B	1.32B	1.32B
Weighted Average Basic & Diluted Shares Outstanding	1.27B	1.26B	1.26B	1.26B	1.26B	1.26B	1.29B	1.28B	1.28B	1.28B	1.31B

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	359	-4,780	614	1,648	2,635	1,855	2,399	-1,621	912	-22
Net Cash From Operating Activities	9,107	13,426	16,177	18,265	15,865	12,848	8,865	8,007	10,141	8,539
Net Cash From Continuing Operating Activities	9,107	13,426	16,177	18,265	15,865	12,848	8,865	8,007	7,942	8,539
Net Income / (Loss) Continuing Operations	4,586	8,368	4,327	7,989	7,192	6,631	-596	6,623	5,319	5,239
Consolidated Net Income / (Loss)	4,586	8,368	4,327	7,989	7,192	6,631	-596	6,623	5,319	5,239
Depreciation Expense	4,597	4,366	4,224	4,486	4,441	4,371	2,718	2,479	2,475	2,092
Non-Cash Adjustments To Reconcile Net Income	387	1,353	2,837	2,335	1,643	1,001	6,768	655	-1,199	216
Changes in Operating Assets and Liabilities, net	-463	-661	4,789	3,455	2,589	845	-25	-1,750	1,347	992
Net Cash From Investing Activities	-7,613	-20,889	-5,047	-5,261	-5,534	-3,339	-43,285	-2,877	-2,470	-13,420
Net Cash From Continuing Investing Activities	-7,613	-20,889	-5,047	-5,261	-5,534	-3,339	-43,285	-2,877	-2,470	-13,420
Purchase of Property, Plant & Equipment	-2,781	-3,031	-2,727	-2,520	-2,437	-2,457	-2,037	-1,918	-2,224	-2,367
Acquisitions	-95	-16,612	-139	-146	-866	-444	-42,226	-1,181	-524	-11,475
Purchase of Investments	-15,191	-9,043	-7,746	-9,963	-9,639	-7,534	-692	-137	-80	-267
Divestitures	0.00	0.00	-1,249	0.00	840	0.00	832	0.00	0.00	-
Sale and/or Maturity of Investments	10,353	7,729	6,729	7,246	6,467	7,049	817	326	321	654
Other Investing Activities, net	101	68	85	122	101	47	21	33	37	-
Net Cash From Financing Activities	-1,135	2,683	-10,516	-11,356	-7,696	-7,654	36,819	-6,751	-6,761	4,879
Net Cash From Continuing Financing Activities	-1,135	2,683	-10,516	-11,356	-7,696	-7,654	36,819	-6,751	-6,761	4,879
Repayment of Debt	-2,828	-8,167	-4,290	-10,099	-15,199	-8,860	-6,078	-599	-4,074	-3,590
Repurchase of Common Equity	-3,023	-2,012	-3,500	0.00	0.00	-	-	-4,361	-4,461	-5,001
Payment of Dividends	-3,373	-3,132	-2,907	-2,625	-2,624	-2,603	-2,038	-2,049	-1,879	-1,576
Issuance of Debt	7,913	15,898	0.00	987	9,958	3,736	44,344	0.00	3,455	14,805
Other Financing Activities, net	176	96	181	381	169	73	591	258	198	241
Cash Interest Paid	2,909	2,418	2,239	2,469	2,904	2,954	2,803	-1,072	1,140	629
Cash Income Taxes Paid	1,703	3,524	4,116	3,195	2,929	2,717	2,383	-2,909	3,060	3,274

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	1,462	1,744	-5,680	2,713	1,582	-4,850	-752	-828	1,650	-4,258	5,100
Net Cash From Operating Activities	4,556	1,860	-745	3,089	4,903	-2,636	2,716	5,908	7,438	-1,952	9,123
Net Cash From Continuing Operating Activities	4,556	1,860	-1,086	3,430	4,903	-2,636	2,803	5,821	7,438	-1,952	9,123
Net Income / (Loss) Continuing Operations	1,782	1,623	71	1,768	1,124	2,047	2,265	1,914	2,142	2,332	-3,399
Consolidated Net Income / (Loss)	1,782	1,623	71	1,768	1,124	2,047	2,265	1,914	2,142	2,332	-3,399
Depreciation Expense	1,154	1,147	1,161	1,151	1,138	1,134	1,127	1,104	1,001	1,043	1,050
Non-Cash Adjustments To Reconcile Net Income	362	-856	973	133	137	740	306	204	103	200	2,626
Changes in Operating Assets and Liabilities, net	1,258	-54	-3,291	378	2,504	-6,557	-895	2,599	4,192	-5,527	8,846
Net Cash From Investing Activities	-762	-547	-3,347	-1,625	-2,094	-1,242	-771	-10,362	-8,514	-119	-805
Net Cash From Continuing Investing Activities	-762	-547	-3,347	-1,625	-2,094	-1,242	-771	-10,362	-8,514	-119	-805
Purchase of Property, Plant & Equipment	-743	-768	-670	-638	-705	-911	-545	-591	-984	-688	-580
Acquisitions	-20	-10	-12	-48	-25	-120	-18	-9,380	-7,094	-8.00	-6.00
Purchase of Investments	-3,552	-2,514	-5,896	-3,236	-3,545	-2,418	-2,126	-2,141	-2,358	-1,307	-1,429
Sale and/or Maturity of Investments	3,534	2,719	3,216	2,265	2,153	2,182	1,907	1,749	1,891	1,194	1,175
Other Investing Activities, net	19	26	15	32	28	25	11	1.00	31	11	20
Net Cash From Financing Activities	-2,332	431	-1,588	1,249	-1,227	-972	-2,697	3,626	2,726	-2,187	-3,218
Net Cash From Continuing Financing Activities	-2,332	431	-1,588	1,249	-1,227	-972	-2,697	3,626	2,726	-2,187	-3,218
Repayment of Debt	-1,625	-1,700	-1,061	-16	-51	-223	-1,036	-6,418	-490	24	-2,646
Repurchase of Common Equity	0.00	-	1.00	3.00	-3,027	1.00	3.00	2.00	-2,018	-1,500	-
Payment of Dividends	-840	-838	-837	-858	-840	-779	-779	-795	-779	-719	-726
Other Financing Activities, net	133	15	109	-120	172	29	115	-110	62	8.00	154
Cash Interest Paid	1,012	518	999	349	1,043	369	918	358	773	303	786
Cash Income Taxes Paid	138	274	700	666	63	908	837	1,704	75	1,046	1,183

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	255,585	253,215	252,427	252,481	249,743	249,728	251,306	250,071	239,330	228,275	231,212
Total Current Assets	73,191	68,645	67,343	69,952	67,473	67,858	70,143	67,756	68,706	65,633	68,341
Cash & Equivalents	10,076	8,586	6,875	12,507	9,801	8,196	13,043	13,807	14,618	12,945	17,197
Short-Term Investments	2,578	2,407	2,805	3,755	3,288	3,259	3,145	3,080	3,102	2,778	2,792
Accounts Receivable	39,625	36,469	36,179	32,385	32,217	35,227	32,927	29,546	28,331	27,276	26,317
Inventories, net	17,385	18,107	17,649	16,068	16,346	18,025	17,954	17,291	18,263	19,090	18,058
Other Current Assets	3,527	3,076	3,835	5,237	5,821	3,151	3,074	3,412	3,767	2,636	2,479
Plant, Property, & Equipment, net	12,856	12,993	12,728	13,032	13,037	13,183	13,022	13,001	12,872	0.00	12,626
Total Noncurrent Assets	169,538	171,577	172,356	169,497	169,233	168,687	168,141	169,314	157,752	162,642	150,245
Long-Term Investments	28,906	28,934	28,939	25,028	24,074	23,019	21,667	22,114	21,612	21,096	20,565
Goodwill	91,203	91,272	91,272	91,272	91,272	91,272	91,261	91,260	84,057	78,150	78,086
Intangible Assets	26,570	27,323	27,817	28,311	28,770	29,234	29,624	30,118	26,368	24,803	25,157
Other Noncurrent Operating Assets	22,859	24,048	24,328	24,886	25,117	25,162	25,589	25,822	25,715	38,593	26,437
Total Liabilities & Shareholders' Equity	255,585	253,215	252,427	252,481	249,743	249,728	251,306	250,071	239,330	228,275	231,212
Total Liabilities	178,475	177,485	177,321	177,370	175,593	173,092	176,796	177,069	167,750	156,506	160,201
Total Current Liabilities	88,961	84,609	84,627	81,386	83,319	79,189	81,553	79,206	75,054	69,421	72,409
Short-Term Debt	5,670	5,743	5,710	3,731	6,450	2,972	2,132	2,402	1,778	1,778	1,363
Accounts Payable	16,534	15,892	15,713	14,416	13,717	14,897	14,874	13,367	12,527	14,838	13,925
Accrued Expenses	22,369	20,810	20,174	21,163	22,350	23,515	22,571	22,831	21,515	18,745	19,423
Other Current Liabilities	44,388	42,164	43,030	42,076	40,802	37,805	41,976	40,398	39,021	33,832	37,402
Total Noncurrent Liabilities	89,514	92,876	92,694	95,984	92,274	93,903	95,243	97,863	92,696	87,085	87,792
Long-Term Debt	59,040	60,527	59,824	62,643	57,694	58,638	59,782	61,419	56,450	50,476	50,848
Capital Lease Obligations	14,594	14,899	15,258	15,537	-	16,034	16,441	16,609	16,571	16,800	17,174
Noncurrent Deferred & Payable Income Tax Liabilities	3,664	3,806	3,632	4,052	4,184	4,311	4,250	4,588	4,095	4,016	3,508
Other Noncurrent Operating Liabilities	12,216	13,644	13,980	13,752	30,396	14,920	14,770	15,247	15,580	15,793	16,262
Total Equity & Noncontrolling Interests	77,110	75,730	75,106	75,111	74,150	76,636	74,510	73,002	71,580	71,769	71,011
Total Preferred & Common Equity	76,929	75,560	74,944	74,930	73,968	76,461	74,337	72,726	71,382	71,469	70,683
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	76,929	75,560	74,944	74,930	73,968	76,461	74,337	72,726	71,382	71,469	70,683
Common Stock	49,837	49,661	49,510	49,371	49,209	48,992	48,829	48,649	48,306	48,193	48,047
Retained Earnings	63,768	62,837	62,038	62,797	61,873	61,604	60,343	58,868	57,753	56,398	54,571
Treasury Stock	-36,735	-36,818	-36,813	-36,919	-36,773	-33,838	-33,831	-33,933	-33,802	-31,858	-30,326
Accumulated Other Comprehensive Income / (Loss)	59	-120	209	-319	-341	-297	-1,004	-858	-875	-1,264	-1,609
Noncontrolling Interest	181	170	162	181	182	175	173	276	198	300	328

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.96%	4.15%	6.31%	2.60%	3.70%	11.89%	10.60%	10.27%	11.00%	9.45%	9.98%
EBITDA Growth	32.67%	-21.84%	-58.30%	-3.21%	-23.16%	-4.55%	271.11%	-24.75%	-3.60%	36.63%	-166.64%
EBIT Growth	48.17%	-29.51%	-76.91%	-5.74%	-33.79%	-8.29%	195.72%	-30.90%	-3.32%	55.29%	-224.69%
NOPAT Growth	42.21%	-29.18%	-79.68%	-4.36%	-36.99%	-5.77%	200.92%	-29.91%	-7.84%	40.44%	-221.13%
Net Income Growth	58.54%	-20.71%	-96.87%	-7.63%	-47.53%	-12.22%	166.64%	-37.02%	-9.04%	68.13%	-314.18%
EPS Growth	60.23%	-18.24%	-96.00%	-4.73%	-46.67%	-11.17%	167.57%	-35.37%	-6.78%	72.12%	-315.83%
Operating Cash Flow Growth	-7.08%	170.56%	-127.43%	-47.72%	-34.08%	-35.04%	-70.23%	8.54%	108.76%	-148.74%	65.24%
Free Cash Flow Firm Growth	-260.48%	133.32%	87.45%	511.97%	-30.19%	-202.66%	-279.58%	101.27%	224.48%	47.75%	-143.34%
Invested Capital Growth	13.57%	-2.37%	1.97%	1.50%	-5.16%	15.95%	16.60%	2.07%	-6.68%	-9.51%	0.86%
Revenue Q/Q Growth	-3.20%	2.39%	4.60%	3.16%	-5.73%	4.51%	0.95%	4.27%	1.71%	3.31%	0.65%
EBITDA Q/Q Growth	28.70%	75.42%	-52.18%	22.89%	-24.18%	-6.41%	10.99%	-2.44%	-5.82%	267.79%	-148.81%
EBIT Q/Q Growth	42.16%	179.23%	-72.08%	33.67%	-32.37%	-8.54%	14.00%	-6.11%	-6.32%	195.46%	-182.30%
NOPAT Q/Q Growth	27.09%	221.33%	-75.58%	42.59%	-36.71%	-7.80%	14.94%	-6.06%	-5.35%	198.74%	-179.83%
Net Income Q/Q Growth	9.80%	2,185.92%	-95.98%	57.30%	-45.09%	-9.62%	18.34%	-10.64%	-8.15%	168.61%	-211.85%
EPS Q/Q Growth	8.46%	1,757.14%	-95.04%	60.23%	-44.65%	-9.14%	18.24%	-10.30%	-7.82%	169.11%	-213.10%
Operating Cash Flow Q/Q Growth	144.95%	349.66%	-124.12%	-37.00%	286.00%	-197.05%	-54.03%	-20.57%	481.05%	-121.40%	67.61%
Free Cash Flow Firm Q/Q Growth	-346.15%	372.02%	-388.92%	-91.70%	151.11%	-2.41%	-14,193.14%	-99.05%	-24.84%	478.67%	52.93%
Invested Capital Q/Q Growth	-1.81%	-0.26%	1.34%	14.44%	-15.59%	4.17%	0.87%	6.92%	3.20%	4.75%	-11.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.02%	71.89%	44.52%	45.20%	14.20%	60.59%	39.08%	39.79%	15.68%	101.30%	16.50%
EBITDA Margin	4.82%	3.62%	2.11%	4.63%	3.88%	4.83%	5.39%	4.90%	5.24%	5.66%	-3.48%
Operating Margin	3.57%	2.42%	0.87%	3.34%	2.57%	3.60%	4.11%	3.64%	4.04%	4.36%	-4.83%
EBIT Margin	3.60%	2.45%	0.90%	3.36%	2.60%	3.62%	4.14%	3.66%	4.07%	4.42%	-4.78%
Profit (Net Income) Margin	1.88%	1.66%	0.07%	1.94%	1.27%	2.18%	2.52%	2.15%	2.51%	2.78%	-4.19%
Tax Burden Percent	68.09%	76.34%	67.62%	75.65%	71.14%	75.67%	75.02%	74.47%	74.40%	74.03%	76.49%
Interest Burden Percent	76.93%	88.84%	12.25%	76.15%	68.82%	79.68%	81.33%	78.93%	83.02%	85.09%	114.60%
Effective Tax Rate	31.91%	23.66%	32.38%	24.35%	28.86%	24.33%	24.98%	25.53%	25.60%	25.97%	0.00%
Return on Invested Capital (ROIC)	8.52%	5.83%	1.87%	7.98%	6.35%	8.73%	10.04%	8.14%	9.01%	9.58%	-10.85%
ROIC Less NNEP Spread (ROIC-NNEP)	6.93%	5.39%	0.68%	6.67%	4.76%	7.37%	8.56%	6.86%	7.89%	8.51%	-13.43%
Return on Net Nonoperating Assets (RNNOA)	2.97%	2.99%	0.38%	3.68%	2.03%	3.71%	4.01%	3.57%	4.07%	4.07%	-4.69%
Return on Equity (ROE)	11.49%	8.81%	2.25%	11.66%	8.37%	12.44%	14.05%	11.71%	13.08%	13.65%	-15.53%
Cash Return on Invested Capital (CROIC)	-6.21%	7.76%	4.15%	6.56%	14.30%	-5.55%	-5.54%	2.04%	12.03%	15.41%	4.37%
Operating Return on Assets (OROA)	5.39%	3.63%	1.32%	4.86%	3.83%	5.42%	5.96%	5.17%	5.70%	6.17%	-6.46%
Return on Assets (ROA)	2.83%	2.46%	0.11%	2.80%	1.88%	3.27%	3.64%	3.04%	3.52%	3.89%	-5.66%
Return on Common Equity (ROCE)	11.46%	8.79%	2.25%	11.63%	8.35%	12.40%	14.00%	11.66%	13.03%	13.59%	-15.47%
Return on Equity Simple (ROE_SIMPLE)	6.82%	0.00%	6.69%	9.61%	9.94%	0.00%	11.64%	4.11%	5.76%	0.00%	4.78%
Net Operating Profit after Tax (NOPAT)	2,297	1,808	563	2,304	1,616	2,553	2,768	2,409	2,564	2,709	-2,743
NOPAT Margin	2.43%	1.85%	0.59%	2.53%	1.83%	2.72%	3.08%	2.71%	3.01%	3.23%	-3.38%
Net Nonoperating Expense Percent (NNEP)	1.59%	0.44%	1.19%	1.31%	1.58%	1.35%	1.48%	1.28%	1.12%	1.07%	2.58%
Return On Investment Capital (ROIC_SIMPLE)	1.47%	1.15%	-	-	-	1.65%	-	-	-	1.92%	-
Cost of Revenue to Revenue	53.98%	28.11%	55.48%	54.80%	85.80%	39.41%	60.92%	60.21%	84.32%	-1.30%	83.50%
SG&A Expenses to Revenue	11.65%	10.67%	11.06%	11.33%	11.64%	11.20%	11.00%	11.10%	11.23%	12.03%	11.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.45%	69.47%	43.64%	41.86%	11.64%	57.00%	34.97%	36.16%	11.64%	96.93%	21.33%
Earnings before Interest and Taxes (EBIT)	3,402	2,393	857	3,069	2,296	3,395	3,712	3,256	3,468	3,702	-3,878
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,556	3,540	2,018	4,220	3,434	4,529	4,839	4,360	4,469	4,745	-2,828
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	0.74	1.04	0.98	1.36	1.26	1.15	1.16	1.27	1.57	1.66
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	0.00
Price to Revenue (P/Rev)	0.22	0.15	0.21	0.20	0.28	0.27	0.25	0.25	0.27	0.35	0.37
Price to Earnings (P/E)	16.01	12.09	15.60	10.20	13.73	11.54	9.89	28.53	22.07	26.08	34.68
Dividend Yield	3.97%	6.00%	4.18%	4.35%	3.17%	3.23%	3.56%	3.50%	3.21%	2.57%	2.41%
Earnings Yield	6.25%	8.27%	6.41%	9.81%	7.28%	8.66%	10.11%	3.51%	4.53%	3.83%	2.88%
Enterprise Value to Invested Capital (EV/IC)	1.07	0.83	1.03	0.99	1.26	1.17	1.10	1.11	1.18	1.40	1.48
Enterprise Value to Revenue (EV/Rev)	0.32	0.26	0.33	0.31	0.35	0.39	0.36	0.37	0.38	0.45	0.46
Enterprise Value to EBITDA (EV/EBITDA)	8.54	7.36	8.49	6.70	7.44	7.67	6.84	11.75	10.34	11.74	13.20
Enterprise Value to EBIT (EV/EBIT)	12.60	11.28	12.54	9.15	10.09	10.10	8.91	19.29	15.74	17.85	21.48
Enterprise Value to NOPAT (EV/NOPAT)	17.45	15.30	17.00	12.34	13.65	13.57	12.06	27.35	22.28	24.58	28.46
Enterprise Value to Operating Cash Flow (EV/OCF)	13.98	10.67	26.15	14.14	11.72	10.40	8.93	6.16	6.28	8.96	6.60
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.58	25.00	15.14	8.59	0.00	0.00	54.76	9.48	8.65	34.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.07	1.08	1.09	0.87	1.01	1.05	1.10	1.05	0.96	0.98
Long-Term Debt to Equity	0.95	1.00	1.00	1.04	0.78	0.97	1.02	1.07	1.02	0.94	0.96
Financial Leverage	0.43	0.55	0.55	0.55	0.43	0.50	0.47	0.52	0.52	0.48	0.35
Leverage Ratio	3.34	3.30	3.37	3.39	3.36	3.22	3.32	3.23	3.24	3.13	3.20
Compound Leverage Factor	2.57	2.93	0.41	2.58	2.31	2.57	2.70	2.55	2.69	2.67	3.67
Debt to Total Capital	50.70%	51.73%	51.82%	52.17%	46.38%	50.33%	51.26%	52.42%	51.10%	49.04%	49.42%
Short-Term Debt to Total Capital	3.63%	3.66%	3.66%	2.38%	4.66%	1.93%	1.39%	1.57%	1.21%	1.26%	0.97%
Long-Term Debt to Total Capital	47.08%	48.07%	48.16%	49.79%	41.72%	48.40%	49.86%	50.86%	49.88%	47.77%	48.45%
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%	0.00%
Noncontrolling Interests to Total Capital	0.12%	0.11%	0.10%	0.12%	0.13%	0.11%	0.11%	0.18%	0.14%	0.21%	0.23%
Common Equity to Total Capital	49.18%	48.16%	48.07%	47.72%	53.49%	49.56%	48.63%	47.40%	48.77%	50.75%	50.35%
Debt to EBITDA	5.53	6.14	5.69	4.81	3.74	4.27	4.26	7.48	6.14	5.59	6.27
Net Debt to EBITDA	2.63	3.12	2.97	2.39	1.57	2.37	2.20	3.86	2.91	2.61	2.60
Long-Term Debt to EBITDA	5.14	5.71	5.29	4.59	3.36	4.10	4.14	7.26	6.00	5.45	6.14
Debt to NOPAT	11.30	12.78	11.39	8.86	6.86	7.54	7.50	17.42	13.23	11.71	13.51
Net Debt to NOPAT	5.38	6.49	5.95	4.39	2.88	4.19	3.88	8.97	6.27	5.47	5.61
Long-Term Debt to NOPAT	10.49	11.87	10.59	8.45	6.17	7.25	7.30	16.90	12.91	11.41	13.24
Altman Z-Score	2.09	1.96	2.00	2.02	2.09	2.10	2.00	1.96	2.06	2.22	2.06
Noncontrolling Interest Sharing Ratio	0.24%	0.23%	0.22%	0.31%	0.26%	0.32%	0.34%	0.40%	0.35%	0.41%	0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	0.81	0.80	0.86	0.81	0.86	0.86	0.86	0.92	0.95	0.94
Quick Ratio	0.59	0.56	0.54	0.60	0.54	0.59	0.60	0.59	0.61	0.62	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11,426	4,642	-1,706	591	7,120	-13,929	-13,602	97	10,198	13,569	-3,583
Operating Cash Flow to CapEx	613.19%	242.19%	-111.19%	484.17%	695.46%	-289.35%	498.35%	999.66%	755.89%	-283.72%	1,572.93%
Free Cash Flow to Firm to Interest Expense	-14.55	17.38	-2.27	0.81	9.94	-20.19	-19.63	0.14	17.31	24.58	-6.33
Operating Cash Flow to Interest Expense	5.80	6.97	-0.99	4.22	6.85	-3.82	3.92	8.61	12.63	-3.54	16.12
Operating Cash Flow Less CapEx to Interest Expense	4.86	4.09	-1.88	3.35	5.86	-5.14	3.13	7.75	10.96	-4.78	15.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.50	1.48	1.46	1.45	1.48	1.50	1.44	1.41	1.40	1.40	1.35
Accounts Receivable Turnover	10.55	10.40	10.68	11.73	11.92	11.45	11.74	11.95	12.08	12.47	12.22
Inventory Turnover	12.41	11.42	16.97	18.21	17.76	11.70	13.89	15.18	15.18	10.69	14.71
Fixed Asset Turnover	29.27	28.48	28.65	27.91	27.86	0.00	27.12	26.33	25.74	0.00	24.82
Accounts Payable Turnover	13.84	13.40	19.75	21.87	23.42	14.60	17.37	19.79	21.88	14.38	19.60
Days Sales Outstanding (DSO)	34.60	35.10	34.19	31.11	30.62	31.88	31.09	30.55	30.21	29.26	29.87
Days Inventory Outstanding (DIO)	29.42	31.97	21.51	20.04	20.55	31.20	26.28	24.04	24.05	34.16	24.81
Days Payable Outstanding (DPO)	26.38	27.24	18.48	16.69	15.58	25.00	21.01	18.45	16.68	25.38	18.62
Cash Conversion Cycle (CCC)	37.63	39.82	37.22	34.46	35.58	38.09	36.35	36.14	37.58	38.04	36.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	114,854	116,972	117,279	115,732	101,131	119,806	115,010	114,019	106,635	103,324	98,640
Invested Capital Turnover	3.51	3.15	3.18	3.16	3.47	3.21	3.26	3.01	3.00	2.97	3.21
Increase / (Decrease) in Invested Capital	13,723	-2,834	2,269	1,713	-5,504	16,482	16,370	2,312	-7,634	-10,860	840
Enterprise Value (EV)	122,472	97,193	120,565	114,117	127,687	139,654	126,017	126,295	125,999	144,961	146,168
Market Capitalization	84,547	55,781	78,230	73,315	100,524	96,309	85,344	84,590	90,334	112,426	117,009
Book Value per Share	$61.02	$60.04	$59.57	$59.69	$58.70	$59.42	$57.88	$56.73	$55.59	$54.39	$53.84
Tangible Book Value per Share	($32.40)	($34.20)	($35.09)	($35.57)	($36.57)	($34.23)	($36.24)	($37.95)	($30.40)	($23.96)	($24.80)
Total Capital	156,414	156,899	155,898	157,022	138,294	154,280	152,865	153,432	146,379	140,823	140,396
Total Debt	79,304	81,169	80,792	81,911	64,144	77,644	78,355	80,430	74,799	69,054	69,385
Total Long-Term Debt	73,634	75,426	75,082	78,180	57,694	74,672	76,223	78,028	73,021	67,276	68,022
Net Debt	37,744	41,242	42,173	40,621	26,981	43,170	40,500	41,429	35,467	32,235	28,831
Capital Expenditures (CapEx)	743	768	670	638	705	911	545	591	984	688	580
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-22,754	-21,214	-21,254	-23,965	-22,485	-19,814	-25,466	-25,935	-22,290	-17,733	-22,694
Debt-free Net Working Capital (DFNWC)	-10,100	-10,221	-11,574	-7,703	-9,396	-8,359	-9,278	-9,048	-4,570	-2,010	-2,705
Net Working Capital (NWC)	-15,770	-15,964	-17,284	-11,434	-15,846	-11,331	-11,410	-11,450	-6,348	-3,788	-4,068
Net Nonoperating Expense (NNE)	515	185	492	536	492	506	503	495	422	377	656
Net Nonoperating Obligations (NNO)	37,744	41,242	42,173	40,621	26,981	43,170	40,500	41,017	35,055	31,555	27,629
Total Depreciation and Amortization (D&A)	1,154	1,147	1,161	1,151	1,138	1,134	1,127	1,104	1,001	1,043	1,050
Debt-free, Cash-free Net Working Capital to Revenue	-6.00%	-5.69%	-5.76%	-6.60%	-6.23%	-5.54%	-7.32%	-7.65%	-6.74%	-5.50%	-7.20%
Debt-free Net Working Capital to Revenue	-2.67%	-2.74%	-3.14%	-2.12%	-2.60%	-2.34%	-2.67%	-2.67%	-1.38%	-0.62%	-0.86%
Net Working Capital to Revenue	-4.16%	-4.28%	-4.69%	-3.15%	-4.39%	-3.17%	-3.28%	-3.38%	-1.92%	-1.17%	-1.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$1.31	$0.07	$1.41	$0.88	$1.59	$1.76	$1.48	$1.66	$1.78	($2.60)
Adjusted Weighted Average Basic Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.26B	1.29B	1.29B	1.28B	1.28B	1.31B	1.32B
Adjusted Diluted Earnings per Share	$1.41	$1.30	$0.07	$1.41	$0.88	$1.59	$1.75	$1.48	$1.65	$1.79	($2.60)
Adjusted Weighted Average Diluted Shares Outstanding	1.26B	1.26B	1.26B	1.26B	1.27B	1.29B	1.29B	1.29B	1.29B	1.32B	1.32B
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.27B	1.26B	1.26B	1.26B	1.26B	1.26B	1.29B	1.28B	1.28B	1.28B	1.31B
Normalized Net Operating Profit after Tax (NOPAT)	2,297	1,808	1,353	2,304	1,616	2,553	2,777	2,778	2,824	2,791	2,647
Normalized NOPAT Margin	2.43%	1.85%	1.42%	2.53%	1.83%	2.72%	3.09%	3.12%	3.31%	3.33%	3.26%
Pre Tax Income Margin	2.77%	2.18%	0.11%	2.56%	1.79%	2.88%	3.36%	2.89%	3.38%	3.76%	-5.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.33	8.96	1.14	4.19	3.21	4.92	5.36	4.75	5.89	6.71	-6.85
NOPAT to Interest Expense	2.93	6.77	0.75	3.15	2.26	3.70	3.99	3.51	4.35	4.91	-4.85
EBIT Less CapEx to Interest Expense	3.39	6.09	0.25	3.32	2.22	3.60	4.57	3.88	4.22	5.46	-7.88
NOPAT Less CapEx to Interest Expense	1.98	3.89	-0.14	2.28	1.27	2.38	3.21	2.65	2.68	3.66	-5.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.32%	73.55%	66.15%	45.20%	43.44%	37.43%	35.50%	101.00%	72.05%	67.18%	84.21%
Augmented Payout Ratio	64.24%	139.47%	126.47%	87.12%	84.54%	61.47%	76.10%	218.64%	157.56%	148.07%	143.35%

Frequently Asked Questions About CVS Health's Financials

When does CVS Health's financial year end?

According to the most recent income statement we have on file, CVS Health's fiscal year ends in December. Their fiscal 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. Find out what analysts predict for CVS Health in the coming months.

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 5/21/2025 by MarketBeat.com Staff

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