Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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CVS Health Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 analysis of the quarterly financial data reveals several notable trends in the composition of liabilities and shareholders’ equity over the observed periods.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and shareholders’ equity generally increased from around 25.82% in March 2020 to a peak of 34.81% in March 2025. Key components such as accounts payable and pharmacy claims and discounts payable both showed upward trends, with pharmacy claims and discounts payable rising from 6.7% to over 10% by March 2025, indicating growing obligations in that area. Health care costs payable also increased, moving from 3.29% to approximately 5.91%, highlighting higher healthcare-related current obligations.
- Accrued Expenses and Other Current Liabilities
- This category remained relatively stable but experienced mild fluctuations, increasing from 7.23% in March 2020 to a peak around 9.69% in mid-2023, then slightly declining to 8.75% by March 2025. This suggests somewhat stable but slightly elevated operational liabilities over time.
- Long-term Liabilities
- The long-term liabilities portion decreased from 45.79% in March 2020 to 35.02% in March 2025, reflecting a general decline in long-term obligations relative to total capital. Notably, both long-term operating lease liabilities and long-term debt (excluding current portions) showed decreasing trends. Long-term operating lease liabilities fell steadily from over 8% to approximately 5.71%, while long-term debt showed some variation but ultimately declined from 28.5% to 23.1%. These trends signal possible reductions or repayments of long-term commitments or shifts in the financing structure.
- Deferred Income Taxes and Other Long-term Liabilities
- Deferred income taxes decreased notably from around 3.09% to below 1.5%, suggesting changes in tax obligations or deferred tax assets/liabilities management. Other long-term insurance liabilities and other long-term liabilities showed modest downward trends, decreasing their relative share within the capital structure, indicating reduced long-term contingent liabilities.
- Shareholders' Equity
- Total shareholders’ equity as a percentage of total liabilities and shareholders’ equity increased from approximately 28.39% in March 2020 to around 30.17% in March 2025. Retained earnings were a primary driver, increasing from 20.14% to near 24.95%, demonstrating accumulating profits and reinvestments within the company. Conversely, treasury stock at cost also increased in negative magnitude from about -12.22% to -14.37%, which may indicate increased share repurchases or retirements impacting equity.
- Accumulated Other Comprehensive Income (Loss)
- This metric fluctuated notably over the period, turning negative after 2021 and remaining close to zero or negative with some minor positive variation towards the end. The range oscillated between -0.7% and 0.3%, reflecting variability in gains or losses not realized through net income, such as foreign currency adjustments or pension-related remeasurements.
- Overall Capital Structure
- The proportion of total liabilities and shareholders’ equity remained constant at 100%, naturally. However, the shifting proportions indicate a gradual increase in current liabilities with a corresponding decline in long-term liabilities and a stable to slightly increasing shareholders’ equity percentage. This pattern suggests a strategic shift toward more short-term financing or higher operational liabilities coupled with a moderate strengthening of equity.
In summary, the company shows an increasing reliance on current liabilities, particularly in pharmacy claims and health care costs, while long-term debt and leases are being reduced as a percentage of the capital structure. Shareholders’ equity strengthens moderately driven by retained earnings despite a growing treasury stock impact. The data suggest ongoing adjustments in the company’s financing mix with a focus on managing both short-term and long-term obligations prudently.