Current Ratio
since 2005
Calculation
CVS Health Corp., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 0.81 | = | 68,645) | ÷ | 84,609) |
| Dec 31, 2023 | 0.86 | = | 67,858) | ÷ | 79,189) |
| Dec 31, 2022 | 0.94 | = | 65,682) | ÷ | 69,736) |
| Dec 31, 2021 | 0.88 | = | 60,008) | ÷ | 67,807) |
| Dec 31, 2020 | 0.91 | = | 56,369) | ÷ | 62,017) |
| Dec 31, 2019 | 0.94 | = | 50,302) | ÷ | 53,303) |
| Dec 31, 2018 | 1.03 | = | 45,243) | ÷ | 44,009) |
| Dec 31, 2017 | 1.02 | = | 31,229) | ÷ | 30,648) |
| Dec 31, 2016 | 1.18 | = | 31,042) | ÷ | 26,250) |
| Dec 31, 2015 | 1.31 | = | 30,378) | ÷ | 23,169) |
| Dec 31, 2014 | 1.37 | = | 25,983) | ÷ | 19,027) |
| Dec 31, 2013 | 1.64 | = | 25,325) | ÷ | 15,425) |
| Dec 31, 2012 | 1.44 | = | 19,852) | ÷ | 13,790) |
| Dec 31, 2011 | 1.56 | = | 18,594) | ÷ | 11,956) |
| Dec 31, 2010 | 1.60 | = | 17,706) | ÷ | 11,070) |
| Dec 31, 2009 | 1.43 | = | 17,537) | ÷ | 12,300) |
| Dec 31, 2008 | 1.23 | = | 16,526) | ÷ | 13,490) |
| Dec 29, 2007 | 1.31 | = | 14,149) | ÷ | 10,766) |
| Dec 30, 2006 | 1.48 | = | 10,392) | ÷ | 7,001) |
| Dec 31, 2005 | 1.83 | = | 8,393) | ÷ | 4,584) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial trajectory from 2005 to 2024 reveals a significant expansion in the scale of both current assets and current liabilities, accompanied by a long-term contraction in the current ratio, indicating a shift in short-term liquidity management.
- Balance Sheet Growth
- A substantial increase in the magnitude of short-term financial components is observed. Current assets grew from 8,393 million USD in 2005 to 68,645 million USD by 2024. During the same period, current liabilities expanded from 4,584 million USD to 84,609 million USD. The growth of liabilities eventually outpaced the growth of assets, particularly in the latter decade of the analysis.
- Liquidity Ratio Phases
- The current ratio progressed through three distinct phases. Between 2005 and 2013, the ratio remained healthy and above 1.20, despite some volatility, starting at a peak of 1.83. A period of steady decline followed from 2014 to 2017, during which the ratio compressed from 1.37 to 1.02, approaching a break-even point where current assets equaled current liabilities.
- Current Liquidity Position
- From 2019 through 2024, the current ratio consistently remained below 1.0, reaching a low of 0.81 by the end of 2024. This trend signifies a structural shift where current liabilities exceed current assets, suggesting a more aggressive working capital strategy or an increased reliance on continuous cash flow and short-term financing to meet immediate obligations.
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Comparison to Competitors
CVS Health Corp., current ratio, long-term trends, comparison to competitors
| CVS Health Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | 0.81 | 1.67 | 1.45 | 4.07 | 2.03 | 0.83 |
| Dec 31, 2023 | 0.86 | 1.64 | 1.44 | 4.76 | 2.39 | 0.79 |
| Dec 31, 2022 | 0.94 | 1.63 | 1.40 | 4.40 | 1.86 | 0.77 |
| Dec 31, 2021 | 0.88 | 1.85 | 1.47 | 5.08 | 2.65 | 0.79 |
| Dec 31, 2020 | 0.91 | 1.72 | 1.55 | 6.86 | 2.13 | 0.74 |
| Dec 31, 2019 | 0.94 | 1.44 | 1.65 | 4.53 | 2.59 | 0.69 |
| Dec 31, 2018 | 1.03 | 1.62 | 1.56 | 5.28 | 2.28 | 0.73 |
| Dec 31, 2017 | 1.02 | 2.26 | 1.55 | 3.99 | 1.75 | 0.73 |
| Dec 31, 2016 | 1.18 | 4.02 | 1.61 | 5.45 | 3.29 | 0.69 |
| Dec 31, 2015 | 1.31 | 1.54 | 1.62 | 4.46 | 3.36 | 0.74 |
| Dec 31, 2014 | 1.37 | 1.45 | 1.72 | 3.69 | 3.82 | 0.77 |
| Dec 31, 2013 | 1.64 | 2.02 | 1.82 | 5.07 | 4.57 | 0.73 |
| Dec 31, 2012 | 1.44 | 2.36 | 1.78 | 4.71 | 1.62 | 0.78 |
| Dec 31, 2011 | 1.56 | 1.54 | 1.71 | 4.57 | 1.93 | 0.85 |
| Dec 31, 2010 | 1.60 | 1.29 | 1.87 | 4.66 | 1.92 | 0.78 |
| Dec 31, 2009 | 1.43 | 1.79 | 1.91 | 4.18 | 2.37 | 0.82 |
| Dec 31, 2008 | 1.23 | 1.47 | 0.81 | 4.28 | 2.07 | 0.76 |
| Dec 29, 2007 | 1.31 | 1.54 | 0.91 | 4.63 | 3.09 | 0.84 |
| Dec 30, 2006 | 1.48 | 0.94 | 0.77 | 4.64 | 2.36 | 0.87 |
| Dec 31, 2005 | 1.83 | 1.54 | 1.75 | 3.60 | 2.20 | 0.64 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
CVS Health Corp., current ratio, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 0.81 | 1.15 |
| Dec 31, 2023 | 0.86 | 1.15 |
| Dec 31, 2022 | 0.94 | 1.13 |
| Dec 31, 2021 | 0.88 | 1.22 |
| Dec 31, 2020 | 0.91 | 1.19 |
| Dec 31, 2019 | 0.94 | 1.17 |
| Dec 31, 2018 | 1.03 | 1.21 |
| Dec 31, 2017 | 1.02 | 1.24 |
| Dec 31, 2016 | 1.18 | 1.43 |
| Dec 31, 2015 | 1.31 | 1.36 |
| Dec 31, 2014 | 1.37 | 1.43 |
| Dec 31, 2013 | 1.64 | 1.54 |
| Dec 31, 2012 | 1.44 | 1.47 |
| Dec 31, 2011 | 1.56 | 1.36 |
| Dec 31, 2010 | 1.60 | 1.29 |
| Dec 31, 2009 | 1.43 | 1.46 |
| Dec 31, 2008 | 1.23 | 1.04 |
| Dec 29, 2007 | 1.31 | 1.14 |
| Dec 30, 2006 | 1.48 | 0.99 |
| Dec 31, 2005 | 1.83 | 1.31 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
CVS Health Corp., current ratio, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 0.81 | 1.21 |
| Dec 31, 2023 | 0.86 | 1.23 |
| Dec 31, 2022 | 0.94 | 1.23 |
| Dec 31, 2021 | 0.88 | 1.31 |
| Dec 31, 2020 | 0.91 | 1.30 |
| Dec 31, 2019 | 0.94 | 1.48 |
| Dec 31, 2018 | 1.03 | 1.52 |
| Dec 31, 2017 | 1.02 | 1.55 |
| Dec 31, 2016 | 1.18 | 1.73 |
| Dec 31, 2015 | 1.31 | 1.70 |
| Dec 31, 2014 | 1.37 | 1.92 |
| Dec 31, 2013 | 1.64 | 1.96 |
| Dec 31, 2012 | 1.44 | 1.84 |
| Dec 31, 2011 | 1.56 | 1.94 |
| Dec 31, 2010 | 1.60 | 1.81 |
| Dec 31, 2009 | 1.43 | 1.78 |
| Dec 31, 2008 | 1.23 | 1.44 |
| Dec 29, 2007 | 1.31 | 1.53 |
| Dec 30, 2006 | 1.48 | 1.39 |
| Dec 31, 2005 | 1.83 | 1.63 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).