Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

$24.99

Common-Size Balance Sheet: Assets
Quarterly Data

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CVS Health Corp., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents
Short-term investments
Accounts receivable, net
Inventories
Assets held for sale
Other current assets
Current assets
Long-term investments
Property and equipment, net
Operating lease right-of-use assets
Goodwill
Intangible assets, net
Separate accounts assets
Other assets
Long-term assets
Total assets

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.