Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

CVS Health Corp., debt to equity, long-term trends, calculation

Microsoft Excel

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 data indicates notable fluctuations in the financial structure over the analyzed period. Total debt exhibits an overall upward trajectory, increasing markedly from 2,189 million US dollars in 2005 to 66,270 million US dollars by 2024. The most pronounced surge occurs between 2013 and 2014, where debt nearly doubles from approximately 13,402 million to 27,464 million US dollars, followed by another substantial jump to 73,429 million US dollars in 2017, before stabilizing somewhat but remaining elevated throughout the final years.

Shareholders’ equity shows a consistent growth pattern, rising from 8,331 million US dollars in 2005 to a peak of 76,461 million US dollars in 2023, with only minor declines afterward. The equity growth is relatively steady, reflecting sustained value increase despite some periods of slower growth, particularly noticeable from 2010 to 2013 and a significant jump from 2016 to 2019.

The debt to equity ratio reveals important dynamics in the balance sheet leverage. Initially, this ratio remains relatively low and stable from 2005 through 2012, fluctuating roughly between 0.26 and 0.35, which suggests a conservative approach to leverage. However, starting in 2013, the ratio increases significantly, peaking at 1.26 in 2017, indicating that debt levels exceed shareholders’ equity at this point. Following this peak, the ratio declines steadily into the low 0.7 range by 2021 before rising moderately again through 2024.

Total Debt
Displays a general upward trend with significant spikes around 2014 and 2017, reflecting periods of increased borrowing.
Shareholders’ Equity
Consistently increases over time, pointing to overall growth in company value with relatively stable equity financing.
Debt to Equity Ratio
Demonstrates a low and stable leverage phase until 2012, then a shift toward higher leverage peaking in 2017, followed by a moderate reduction, suggesting adjustments in capital structure.

In summary, the financial data suggests a strategic pivot around the early 2010s toward more leveraged financing, possibly reflecting acquisitions or capital-intensive investments, followed by efforts to moderate leverage in subsequent years. The sustained growth in shareholders’ equity indicates resilience and value creation ability despite rising debt levels. The balance between debt and equity highlights the company’s evolving approach to financial management and risk tolerance over the two decades.


Comparison to Competitors

CVS Health Corp., debt to equity, long-term trends, comparison to competitors

Microsoft Excel

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., debt to equity, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel

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)