CVS Caremark Corp. (CVS) | Debt and Solvency

Ratios (Summary)

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CVS Caremark Corp., debt and solvency ratios

Source: Based on data from CVS Caremark Corp. Annual Reports

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	CVS Caremark Corp.'s debt-to-equity ratio improved from 2008 to 2009 and from 2009 to 2010.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	CVS Caremark Corp.'s debt-to-capital ratio improved from 2008 to 2009 and from 2009 to 2010.
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	CVS Caremark Corp.'s interest coverage ratio improved from 2008 to 2009 but then slightly deteriorated from 2009 to 2010 not reaching 2008 level.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 29, 2007	Dec 30, 2006
	Selected Financial Data (USD $ in millions)
	Short-term debt
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Shareholders’ equity
	Debt to Equity, Comparison to Industry
	CVS Caremark Corp.¹
	Industry, Consumer Services

Source: Based on data from CVS Caremark Corp. Annual Reports

2010 Calculations

¹ Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	CVS Caremark Corp.'s debt-to-equity ratio improved from 2008 to 2009 and from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 29, 2007	Dec 30, 2006
	Selected Financial Data (USD $ in millions)
	Short-term debt
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Shareholders’ equity
	Total capital
	Debt to Capital, Comparison to Industry
	CVS Caremark Corp.¹
	Industry, Consumer Services

Source: Based on data from CVS Caremark Corp. Annual Reports

2010 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	CVS Caremark Corp.'s debt-to-capital ratio improved from 2008 to 2009 and from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 29, 2007	Dec 30, 2006
	Selected Financial Data (USD $ in millions)
	Net income attributable to CVS Caremark
	Add: Net loss attributable to noncontrolling interest
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)
	Interest Coverage, Comparison to Industry
	CVS Caremark Corp.¹
	Industry, Consumer Services

Source: Based on data from CVS Caremark Corp. Annual Reports

2010 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	CVS Caremark Corp.'s interest coverage ratio improved from 2008 to 2009 but then slightly deteriorated from 2009 to 2010 not reaching 2008 level.