Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

CVS Health Corp. (NYSE:CVS)

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Analysis of Investments

Advanced level

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

CVS Health Corp., adjustment to net income (loss) attributable to CVS Health

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net income (loss) attributable to CVS Health (as reported)
Add: Net unrealized investment gains (losses)
Net income (loss) attributable to CVS Health (adjusted)

Based on: 10-K (filing date: 2021-02-16), 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-09).


Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

CVS Health Corp., adjusted profitability ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2021-02-16), 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-09).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. CVS Health Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. CVS Health Corp.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. CVS Health Corp.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020.

CVS Health Corp., Profitability Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to CVS Health
Revenues from customers
Profitability Ratio
Net profit margin1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to CVS Health
Revenues from customers
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2021-02-16), 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-09).

2020 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to CVS Health ÷ Revenues from customers
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to CVS Health ÷ Revenues from customers
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. CVS Health Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to CVS Health
Total CVS Health shareholders’ equity
Profitability Ratio
ROE1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to CVS Health
Total CVS Health shareholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2021-02-16), 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-09).

2020 Calculations

1 ROE = 100 × Net income (loss) attributable to CVS Health ÷ Total CVS Health shareholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to CVS Health ÷ Total CVS Health shareholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. CVS Health Corp.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to CVS Health
Total assets
Profitability Ratio
ROA1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to CVS Health
Total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2021-02-16), 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-09).

2020 Calculations

1 ROA = 100 × Net income (loss) attributable to CVS Health ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to CVS Health ÷ Total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. CVS Health Corp.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020.