Stock Analysis on Net
Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

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).

Current Liabilities Trends
Current liabilities as a percentage of total liabilities and shareholders' equity increased steadily from 26.88% in 2020 to 33.41% in 2024. Within this category, notable rises include pharmacy claims and discounts payable, which grew from 6.85% to 9.54%, and health care costs payable, which rose from 3.44% to 5.95%. Accounts payable also increased moderately from 4.83% to 6.28%. Meanwhile, accrued expenses and other current liabilities fluctuated, peaking near 9.43% in 2021 before declining to 8.22% in 2024. Short-term debt appeared only from 2023 onward, increasing from 0.08% to 0.84%. The current portion of long-term debt showed variability but generally trended downward from 2.36% to 1.43%. Other current liabilities such as other insurance liabilities and current operating lease liabilities remained relatively stable at low levels.
Long-term Liabilities Trends
Long-term liabilities decreased moderately from 42.91% in 2020 to 36.68% in 2024. This decline was driven largely by reductions in long-term operating lease liabilities, which contracted from 8.13% to 5.88%, and deferred income taxes, which dropped from 2.94% to 1.5%. Other long-term insurance liabilities also declined from 3.04% to 1.94%. Long-term debt, excluding the current portion, remained relatively stable though slightly lower, decreasing marginally from 25.66% to 23.9%. Other long-term liabilities showed a transient increase in 2022 at 2.95% before declining to 2.14% in 2024.
Overall Liability Structure
Total liabilities as a portion of total liabilities and shareholders' equity hovered around high levels, fluctuating between 67.65% and 70.09%, showing a slight upward trend toward the end of the period. This indicates a steady reliance on liabilities for financing, with an increasing share of current liabilities relative to long-term liabilities.
Shareholders' Equity Trends
Total shareholders' equity declined gradually from 32.35% in 2021 to 29.91% in 2024, following a peak after 2020. Retained earnings increased from 21.52% to 24.82%, suggesting profitable operations or accumulated earnings growth. Conversely, common stock and capital surplus percentages increased slightly initially but then dipped to around 19.61%. Treasury stock steadily increased in magnitude (more negative), moving from -12.21% to -14.54%, which reflects ongoing stock repurchases or reductions in outstanding shares. Accumulated other comprehensive income moved from a positive 0.61% to slight negative values, indicating minor fluctuations in unrealized gains or losses. Noncontrolling interests remained negligible throughout the period.
Key Insights
The data indicate an increasing proportion of current liabilities, especially in pharmacy claims and discounts payable as well as health care costs, implying rising short-term obligations potentially linked with business activity or claims processing. The decline in long-term liabilities, particularly operating lease liabilities, may reflect changes in lease arrangements or asset management strategies. The slight reduction in shareholders' equity relative to total financing, coupled with increased treasury stock, might indicate capital management policies favoring share repurchases. Overall, the firm maintains a stable balance between liabilities and equity but shows a trend toward increased short-term liabilities and modest decreases in equity proportion.