Stock Analysis on Net
Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

This company has been moved to the archive! The financial data has not been updated since May 1, 2025.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

CVS Health Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 6.28 5.97 6.50 5.38 4.83
Pharmacy claims and discounts payable 9.54 9.16 8.51 7.44 6.85
Health care costs payable 5.95 4.82 4.56 3.78 3.44
Accrued expenses and other current liabilities 8.22 9.42 8.87 9.43 8.02
Other insurance liabilities 0.47 0.46 0.50 0.56 0.67
Current portion of operating lease liabilities 0.69 0.70 0.74 0.71 0.71
Short-term debt 0.84 0.08 0.00 0.00 0.00
Current portion of long-term debt 1.43 1.11 0.78 1.80 2.36
Liabilities held for sale 0.00 0.00 0.10 0.00 0.00
Current liabilities 33.41% 31.71% 30.55% 29.10% 26.88%
Long-term operating lease liabilities 5.88 6.42 7.36 7.80 8.13
Long-term debt, excluding current portion 23.90 23.48 22.11 22.31 25.66
Deferred income taxes 1.50 1.73 1.70 2.69 2.94
Separate accounts liabilities 1.31 1.30 1.41 2.18 2.12
Other long-term insurance liabilities 1.94 2.19 2.68 2.75 3.04
Other long-term liabilities 2.14 2.49 2.95 0.82 1.02
Long-term liabilities 36.68% 37.60% 38.21% 38.55% 42.91%
Total liabilities 70.09% 69.31% 68.76% 67.65% 69.79%
Preferred stock, par value $0.01; none issued or outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.01, and capital surplus 19.61 19.62 21.11 20.33 20.16
Treasury stock, at cost -14.54 -13.55 -13.96 -12.09 -12.21
Retained earnings 24.82 24.67 24.60 23.56 21.52
Accumulated other comprehensive income (loss) -0.05 -0.12 -0.64 0.41 0.61
Total CVS Health shareholders’ equity 29.84% 30.62% 31.11% 32.22% 30.08%
Noncontrolling interests 0.07 0.07 0.13 0.13 0.14
Total shareholders’ equity 29.91% 30.69% 31.24% 32.35% 30.21%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The company's financing structure is characterized by a stable total liability ratio, which fluctuated minimally between 67.65% and 70.09% over the five-year period ending December 31, 2024. Despite this overall stability, there is a distinct migration of liability weight from long-term to short-term obligations.

Analysis of Current Liabilities
Current liabilities have risen steadily from 26.88% in 2020 to 33.41% in 2024. This upward trajectory is largely attributed to operational payables. Pharmacy claims and discounts payable increased from 6.85% to 9.54%, while health care costs payable grew from 3.44% to 5.95%. Additionally, accounts payable saw an increase from 4.83% to 6.28%. These shifts suggest an expansion of short-term operational liabilities relative to the total balance sheet.
Analysis of Long-term Liabilities
Long-term liabilities have decreased from 42.91% in 2020 to 36.68% in 2024. The most prominent decrease is observed in long-term operating lease liabilities, which dropped from 8.13% to 5.88%. Long-term debt, excluding the current portion, remained relatively consistent, ending 2024 at 23.90% compared to 25.66% in 2020. Other long-term insurance liabilities also trended downward, moving from 3.04% to 1.94%.
Analysis of Shareholders' Equity
Total shareholders' equity has remained nearly flat, ending at 29.91% in 2024 against 30.21% in 2020. There is a clear divergence within the equity components: retained earnings increased from 21.52% to 24.82%, reflecting accumulated earnings over the period. However, this growth is offset by an increase in treasury stock, which rose from 12.21% to 14.54% in absolute percentage terms, signifying a sustained share buyback program.

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