Common-Size Balance Sheet: Assets
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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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 analysis of the quarterly financial data reveals several notable trends in the composition of the company's assets over the observed periods.
- Liquidity and Current Assets
- Cash and cash equivalents as a percentage of total assets exhibited fluctuations throughout the timeline, peaking at 7.44% in September 2022 and reaching a low of 2.44% in March 2021. Generally, this metric remained within a moderate range, indicating varying levels of immediate liquidity available at different quarters.
- Short-term investments showed relative stability with small variations, maintaining values generally between 0.95% and 1.49%. This steadiness suggests a consistent allocation towards short-term investment instruments.
- Accounts receivable, net demonstrated a gradual upward trend from about 10% in early 2020 to over 15% by March 2025. This increase indicates a growing proportion of receivables relative to total assets, which may reflect higher sales on credit or changes in collection policies.
- Inventories remained relatively stable, fluctuating modestly around 7%, with a slight decline towards the later periods (around 6.8% in early 2025). This suggests a steady management of inventory levels relative to the asset base.
- Other current assets showed a reduction from around 2.7% in early 2020 to approximately 1.2%-2.3% levels in later quarters, indicating a decrease in miscellaneous current asset categories.
- Overall, current assets as a whole fluctuated but mostly remained in the band of approximately 24% to 29%, with a notable increase to near 29.56% in late 2022 before moderating thereafter.
- Long-Term Assets
- Long-term investments as a percentage of total assets increased steadily from approximately 7.3% in early 2020 to above 11% by 2025. This trend points toward a growing allocation of assets to longer-term investment vehicles.
- Property and equipment, net exhibited small fluctuations but remained stable around 5%, showing consistent investment and maintenance in fixed assets.
- The operating lease right-of-use assets displayed a gradual decline from about 8.96% in early 2020 down to approximately 6.14% by late 2024, indicating either lease term expirations, negotiations, or other adjustments reducing the recognized lease asset base.
- Goodwill maintained a dominant and relatively stable presence, representing roughly one-third to just over 36% of total assets. This highlights the significance of acquired intangible value within the company's asset structure.
- Intangible assets, net showed a decreasing trend, dropping from over 14% in 2020 to about 10.4% in early 2025. This decline may be due to amortization or impairment adjustments over time.
- Separate accounts assets declined notably from nearly 2% early on to as low as 0.75% by March 2025, reflecting a disposal or transfer of separate account assets.
- Other long-term assets remained relatively consistent near the 2% mark.
- Total long-term assets as a whole fluctuated slightly but trended downwards from about 75.5% in 2020 to around 71.4% by early 2025, indicating a small shift in asset allocation towards current assets.
- Additional Observations
- Assets held for sale only appear in late 2022 to early 2023 periods, peaking at 0.65% before decreasing, suggesting the company initiated divestments or sales processes for certain assets during this timeframe.
In summary, the company’s balance sheet over the quarters demonstrates a balanced mix between current and long-term assets, with an increasing emphasis on accounts receivable and long-term investments, a stable presence of goodwill, and a reduction in certain intangible assets. The data indicates changes in leasing commitments and asset disposals as well.