Common-Size Balance Sheet: Assets
Quarterly Data
CVS Health Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The asset composition of the balance sheet reveals a heavy concentration in non-current assets, which consistently represent between 70% and 76% of total assets. A significant portion of the total asset base is comprised of intangible assets and goodwill, reflecting a capital structure heavily influenced by acquisitions and intellectual property.
- Liquidity and Current Asset Trends
- Current assets generally fluctuated between 24% and 29% of total assets. A notable upward trend is observed in net accounts receivable, which increased from 9.99% in March 2020 to 15.50% by March 2025. This suggests a growing proportion of total assets is tied up in credit extended to customers or third-party payers. Cash and cash equivalents exhibited volatility, peaking at 7.44% in September 2022 before retreating to 3.94% by March 2025. Inventories remained relatively stable, though a slight contraction occurred, moving from 7.36% at the start of the period to 6.80% at the end.
- Intangible Assets and Goodwill
- Goodwill remains the most dominant asset component, maintaining a range between 33% and 36% of total assets throughout the analyzed period. In contrast, net intangible assets demonstrated a consistent downward trajectory, declining from 14.19% in March 2020 to 10.40% in March 2025. This divergence suggests that while the valuation of goodwill has remained stable or slightly increased, other identifiable intangible assets are being amortized without proportional replacement through new acquisitions.
- Non-Current Asset Shifts
- A gradual decline is evident in operating lease right-of-use assets, which fell from 8.96% in March 2020 to 6.14% in March 2025, indicating a reduction in the relative weight of leased obligations. Simultaneously, long-term investments showed a general increase, rising from 7.30% to 11.31% over the same period. Property and equipment, net, remained remarkably stable, hovering around 5% of total assets, suggesting that physical capital expansion has occurred in lockstep with overall asset growth.
- Overall Asset Mix Evolution
- The long-term structural shift in the balance sheet is characterized by a transition away from lease-based assets and identifiable intangibles toward an increase in accounts receivable and long-term investments. The total asset base continues to be dominated by non-physical assets, with goodwill and intangibles collectively representing nearly 46% of the total balance sheet as of March 2025.
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