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
Quarterly Data

CVS Health Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 6.47 6.28 6.22 5.71 5.49 5.97 5.92 5.35 5.23 6.50 6.02 5.75 5.47 5.38 5.41 4.78 4.71 4.83 5.01 4.21 4.43
Pharmacy claims and discounts payable 10.09 9.54 9.47 9.58 8.92 9.16 8.55 8.16 8.38 8.51 8.29 7.99 7.98 7.44 7.62 7.45 7.09 6.85 6.75 6.60 6.70
Health care costs payable 5.91 5.95 6.04 5.50 5.75 4.82 4.99 4.80 4.55 4.56 4.48 4.52 4.41 3.78 3.78 3.64 3.60 3.44 3.26 3.13 3.29
Accrued expenses and other current liabilities 8.75 8.22 8.35 8.80 9.38 9.42 9.55 9.69 9.59 8.87 9.11 8.41 8.91 9.43 8.76 8.39 8.17 8.02 7.85 8.18 7.23
Other insurance liabilities 0.61 0.47 0.42 0.41 0.46 0.46 1.89 1.95 2.08 0.50 1.97 0.52 0.60 0.56 0.55 0.59 0.67 0.67 0.66 0.70 0.77
Current portion of operating lease liabilities 0.75 0.69 0.76 0.76 0.76 0.70 0.69 0.68 0.70 0.74 0.73 0.81 0.79 0.71 0.77 0.77 0.78 0.71 0.77 0.75 0.76
Short-term debt 0.49 0.84 0.32 0.00 1.09 0.08 0.00 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.00 0.11
Current portion of long-term debt 1.73 1.43 1.95 1.48 1.49 1.11 0.85 0.56 0.74 0.78 0.59 1.75 1.81 1.80 0.66 0.03 1.05 2.36 2.34 3.48 2.53
Liabilities held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.09 0.10 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 34.81% 33.41% 33.53% 32.23% 33.36% 31.71% 32.45% 31.67% 31.36% 30.55% 31.32% 29.73% 29.96% 29.10% 27.55% 25.66% 26.18% 26.88% 26.64% 27.05% 25.82%
Long-term operating lease liabilities, excluding current portion 5.71 5.88 6.04 6.15 6.30 6.42 6.54 6.64 6.92 7.36 7.43 7.60 7.64 7.80 7.86 8.01 8.10 8.13 7.94 7.90 8.12
Long-term debt, excluding current portion 23.10 23.90 23.70 24.81 23.10 23.48 23.79 24.56 23.59 22.11 21.99 22.06 22.36 22.31 24.20 25.65 25.81 25.66 26.43 26.96 28.50
Deferred income taxes 1.43 1.50 1.44 1.60 1.68 1.73 1.69 1.83 1.71 1.70 1.52 2.37 2.50 2.69 2.69 2.84 2.88 2.94 3.11 3.03 3.09
Separate accounts liabilities 0.75 1.31 1.32 1.26 1.31 1.30 1.27 1.31 1.35 1.41 1.44 1.80 2.01 2.18 2.17 2.11 2.04 2.12 2.06 1.97 1.97
Other long-term insurance liabilities 1.91 1.94 2.04 2.00 2.07 2.19 2.12 2.26 2.37 2.68 2.67 2.73 2.73 2.75 2.79 2.91 2.99 3.04 3.06 3.09 3.18
Other long-term liabilities 2.12 2.14 2.17 2.19 2.48 2.49 2.48 2.53 2.79 2.95 2.93 0.93 0.96 0.82 0.98 1.00 1.01 1.02 1.08 0.98 0.92
Long-term liabilities 35.02% 36.68% 36.72% 38.02% 36.95% 37.60% 37.90% 39.13% 38.73% 38.21% 37.97% 37.48% 38.20% 38.55% 40.68% 42.52% 42.83% 42.91% 43.69% 43.93% 45.79%
Total liabilities 69.83% 70.09% 70.25% 70.25% 70.31% 69.31% 70.35% 70.81% 70.09% 68.76% 69.29% 67.21% 68.16% 67.65% 68.23% 68.18% 69.01% 69.79% 70.33% 70.97% 71.61%
Preferred stock, par value $0.01; none issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.01, and capital surplus 19.50 19.61 19.61 19.55 19.70 19.62 19.43 19.45 20.18 21.11 20.78 20.79 20.47 20.33 20.07 20.33 20.35 20.16 19.92 19.65 20.02
Treasury stock, at cost -14.37 -14.54 -14.58 -14.62 -14.72 -13.55 -13.46 -13.57 -14.12 -13.96 -13.12 -13.21 -12.94 -12.09 -11.99 -12.22 -12.24 -12.21 -12.09 -11.99 -12.22
Retained earnings 24.95 24.82 24.58 24.87 24.77 24.67 24.01 23.54 24.13 24.60 23.60 25.50 24.26 23.56 23.10 23.07 22.30 21.52 21.18 20.71 20.14
Accumulated other comprehensive income (loss) 0.02 -0.05 0.08 -0.13 -0.14 -0.12 -0.40 -0.34 -0.37 -0.64 -0.70 -0.43 -0.08 0.41 0.46 0.51 0.45 0.61 0.54 0.52 0.30
Total CVS Health shareholders’ equity 30.10% 29.84% 29.69% 29.68% 29.62% 30.62% 29.58% 29.08% 29.83% 31.11% 30.57% 32.65% 31.70% 32.22% 31.64% 31.68% 30.86% 30.08% 29.54% 28.88% 28.24%
Noncontrolling interests 0.07 0.07 0.06 0.07 0.07 0.07 0.07 0.11 0.08 0.13 0.14 0.14 0.13 0.13 0.13 0.14 0.14 0.14 0.13 0.14 0.14
Total shareholders’ equity 30.17% 29.91% 29.75% 29.75% 29.69% 30.69% 29.65% 29.19% 29.91% 31.24% 30.71% 32.79% 31.84% 32.35% 31.77% 31.82% 30.99% 30.21% 29.67% 29.03% 28.39%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 balance sheet structure exhibits a gradual shift in the composition of liabilities, characterized by a transition from long-term obligations toward increased current liabilities. While total liabilities have remained relatively stable, fluctuating between 67% and 71% of total assets and equity over the analyzed period, the internal distribution of these obligations has evolved significantly.

Current Liabilities Composition
A consistent upward trend is observed in current liabilities, rising from 25.82% in March 2020 to 34.81% by March 2025. This growth is primarily driven by operational payables. Pharmacy claims and discounts payable increased from 6.70% to 10.09%, while health care costs payable nearly doubled from 3.29% to 5.91%. Accrued expenses and other current liabilities also showed an overall increase, peaking at 9.69% in June 2023 before stabilizing around 8.75% in March 2025.
Long-Term Liability Trends
Long-term liabilities have experienced a general contraction, decreasing from 45.79% in March 2020 to 35.02% in March 2025. A notable reduction is evident in long-term operating lease liabilities, which declined from 8.12% to 5.71%. Long-term debt, excluding the current portion, also trended downward from 28.50% to 23.10%, despite intermittent fluctuations. Other long-term insurance liabilities and separate accounts liabilities have similarly diminished as a percentage of the total balance sheet.
Shareholders' Equity Dynamics
Total shareholders' equity has remained relatively stable, oscillating between approximately 28% and 32%. Retained earnings demonstrate a steady growth pattern, increasing from 20.14% in March 2020 to 24.95% in March 2025, indicating consistent profit accumulation. This growth is partially offset by an increase in treasury stock, which moved from -12.22% to -14.37%, suggesting an active program of share repurchases.

The overall financial trajectory indicates a strategic pivot toward utilizing operational credit and short-term obligations over long-term debt. The simultaneous increase in retained earnings and treasury stock suggests a balanced approach between internal capital accumulation and returning value to shareholders, while the reduction in long-term lease and debt obligations reflects a deleveraging of the long-term capital structure.

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