CVS Health Corp., adjustment to net income attributable to CVS Health

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to CVS Health (as reported)	8,344)	4,149)	7,910)	7,179)	6,634)
Add: Net unrealized investment gains (losses)	1,090)	(2,279)	(436)	440)	677)
Net income attributable to CVS Health (adjusted)	9,434)	1,870)	7,474)	7,619)	7,311)

Download chart

CVS Health Corp., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	2.34%	1.29%	2.72%	2.68%	2.59%
Adjusted net profit margin	2.65%	0.58%	2.57%	2.84%	2.86%
Return on Equity (ROE)
Reported ROE	10.91%	5.84%	10.54%	10.35%	10.39%
Adjusted ROE	12.34%	2.63%	9.96%	10.98%	11.45%
Return on Assets (ROA)
Reported ROA	3.34%	1.82%	3.39%	3.11%	2.98%
Adjusted ROA	3.78%	0.82%	3.21%	3.30%	3.29%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	CVS Health Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	CVS Health Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	CVS Health Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to CVS Health	8,344)	4,149)	7,910)	7,179)	6,634)
Revenues from customers	356,623)	321,629)	290,912)	267,908)	255,765)
Profitability Ratio
Net profit margin¹	2.34%	1.29%	2.72%	2.68%	2.59%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to CVS Health	9,434)	1,870)	7,474)	7,619)	7,311)
Revenues from customers	356,623)	321,629)	290,912)	267,908)	255,765)
Profitability Ratio
Adjusted net profit margin²	2.65%	0.58%	2.57%	2.84%	2.86%

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to CVS Health ÷ Revenues from customers
= 100 × 8,344 ÷ 356,623 = 2.34%

² Adjusted net profit margin = 100 × Adjusted net income attributable to CVS Health ÷ Revenues from customers
= 100 × 9,434 ÷ 356,623 = 2.65%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	CVS Health Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to CVS Health	8,344)	4,149)	7,910)	7,179)	6,634)
Total CVS Health shareholders’ equity	76,461)	71,015)	75,075)	69,389)	63,864)
Profitability Ratio
ROE¹	10.91%	5.84%	10.54%	10.35%	10.39%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to CVS Health	9,434)	1,870)	7,474)	7,619)	7,311)
Total CVS Health shareholders’ equity	76,461)	71,015)	75,075)	69,389)	63,864)
Profitability Ratio
Adjusted ROE²	12.34%	2.63%	9.96%	10.98%	11.45%

2023 Calculations

¹ ROE = 100 × Net income attributable to CVS Health ÷ Total CVS Health shareholders’ equity
= 100 × 8,344 ÷ 76,461 = 10.91%

² Adjusted ROE = 100 × Adjusted net income attributable to CVS Health ÷ Total CVS Health shareholders’ equity
= 100 × 9,434 ÷ 76,461 = 12.34%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	CVS Health Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to CVS Health	8,344)	4,149)	7,910)	7,179)	6,634)
Total assets	249,728)	228,275)	232,999)	230,715)	222,449)
Profitability Ratio
ROA¹	3.34%	1.82%	3.39%	3.11%	2.98%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to CVS Health	9,434)	1,870)	7,474)	7,619)	7,311)
Total assets	249,728)	228,275)	232,999)	230,715)	222,449)
Profitability Ratio
Adjusted ROA²	3.78%	0.82%	3.21%	3.30%	3.29%

2023 Calculations

¹ ROA = 100 × Net income attributable to CVS Health ÷ Total assets
= 100 × 8,344 ÷ 249,728 = 3.34%

² Adjusted ROA = 100 × Adjusted net income attributable to CVS Health ÷ Total assets
= 100 × 9,434 ÷ 249,728 = 3.78%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	CVS Health Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

CVS Health Corp. (NYSE:CVS)

Analysis of Investments