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.

Debt to Equity
since 2005

Microsoft Excel

Calculation

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

Microsoft Excel
Debt to equity = Total debt1 ÷ Total CVS Health shareholders’ equity1
Dec 31, 2024 0.88 = 66,270 ÷ 75,560
Dec 31, 2023 0.81 = 61,610 ÷ 76,461
Dec 31, 2022 0.74 = 52,254 ÷ 71,015
Dec 31, 2021 0.75 = 56,176 ÷ 75,075
Dec 31, 2020 0.93 = 64,647 ÷ 69,389
Dec 31, 2019 1.07 = 68,480 ÷ 63,864
Dec 31, 2018 1.26 = 73,429 ÷ 58,225
Dec 31, 2017 0.72 = 27,002 ÷ 37,691
Dec 31, 2016 0.75 = 27,531 ÷ 36,830
Dec 31, 2015 0.74 = 27,464 ÷ 37,196
Dec 31, 2014 0.34 = 12,955 ÷ 37,958
Dec 31, 2013 0.35 = 13,402 ÷ 37,938
Dec 31, 2012 0.26 = 9,828 ÷ 37,704
Dec 31, 2011 0.26 = 10,014 ÷ 38,051
Dec 31, 2010 0.27 = 10,057 ÷ 37,700
Dec 31, 2009 0.31 = 11,175 ÷ 35,768
Dec 31, 2008 0.34 = 11,755 ÷ 34,574
Dec 29, 2007 0.33 = 10,482 ÷ 31,322
Dec 30, 2006 0.51 = 5,057 ÷ 9,918
Dec 31, 2005 0.26 = 2,189 ÷ 8,331

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 evolution in capital structure, characterized by a transition from a conservative leverage profile to a period of aggressive debt acquisition, followed by a cyclical phase of deleveraging and recent renewed borrowing.

Conservative Leverage Phase (2005–2014)
During this interval, the debt-to-equity ratio remained consistently low, fluctuating within a narrow range between 0.26 and 0.35. While total debt increased from 2,189 million to 12,955 million, shareholders' equity expanded more substantially, rising from 8,331 million to 37,958 million. This indicates a capital structure heavily weighted toward equity, suggesting a period of stable, low-risk financing.
Aggressive Expansion and Peak Leverage (2015–2018)
A sharp shift in financing strategy occurred in 2015, as the debt-to-equity ratio climbed to 0.74. This upward trend culminated in 2018, when total debt reached a peak of 73,429 million, driving the debt-to-equity ratio to its highest point of 1.26. This period marks a transition where total debt exceeded total shareholders' equity, reflecting a significant increase in financial leverage.
Deleveraging and Recent Trends (2019–2024)
From 2019 through 2022, a consistent deleveraging trend is observed. Total debt was reduced from 68,480 million to 52,254 million, while shareholders' equity continued to grow, reaching 71,015 million by 2021. This resulted in the debt-to-equity ratio descending to 0.74 by 2022. However, this trend reversed in the final two years of the period; total debt rose to 66,270 million by December 31, 2024, bringing the debt-to-equity ratio back up to 0.88.

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Comparison to Competitors

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

Microsoft Excel
CVS Health Corp. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
Dec 31, 2024 0.88 0.30 0.76 0.00 0.50 0.83
Dec 31, 2023 0.81 0.38 0.64 0.00 0.47 0.70
Dec 31, 2022 0.74 0.46 0.66 0.00 0.46 0.74
Dec 31, 2021 0.75 0.50 0.64 0.00 0.51 0.64
Dec 31, 2020 0.93 0.57 0.60 0.00 0.49 0.66
Dec 31, 2019 1.07 0.58 0.63 0.00 0.51 0.71
Dec 31, 2018 1.26 0.64 0.67 0.00 0.51 0.71
Dec 31, 2017 0.72 0.90 0.75 0.00 0.66 0.66
Dec 31, 2016 0.75 1.07 0.63 0.00 0.60 0.86
Dec 31, 2015 0.74 0.42 0.69 0.00 0.68 0.95
Dec 31, 2014 0.34 0.36 0.62 0.00 0.61 0.54
Dec 31, 2013 0.35 0.26 0.59 0.00 0.57 0.52
Dec 31, 2012 0.26 0.77 0.63 0.00 0.62 0.54
Dec 31, 2011 0.26 0.63 0.42 0.00 0.62 0.41
Dec 31, 2010 0.27 0.85 0.38 0.00 0.65 0.43
Dec 31, 2009 0.31 0.72 0.34 0.00 0.57 0.47
Dec 31, 2008 0.34 0.65 0.41 0.00 0.60 0.62
Dec 29, 2007 0.33 0.69 0.39 0.00 0.55 0.55
Dec 30, 2006 0.51 0.88 0.29 0.00 0.84 0.36
Dec 31, 2005 0.26 0.46 0.27 0.00 0.23 0.40

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
CVS Health Corp. Health Care Equipment & Services
Dec 31, 2024 0.88 0.59
Dec 31, 2023 0.81 0.55
Dec 31, 2022 0.74 0.57
Dec 31, 2021 0.75 0.55
Dec 31, 2020 0.93 0.56
Dec 31, 2019 1.07 0.58
Dec 31, 2018 1.26 0.60
Dec 31, 2017 0.72 0.71
Dec 31, 2016 0.75 0.72
Dec 31, 2015 0.74 0.69
Dec 31, 2014 0.34 0.52
Dec 31, 2013 0.35 0.47
Dec 31, 2012 0.26 0.61
Dec 31, 2011 0.26 0.49
Dec 31, 2010 0.27 0.55
Dec 31, 2009 0.31 0.51
Dec 31, 2008 0.34 0.55
Dec 29, 2007 0.33 0.53
Dec 30, 2006 0.51 0.50
Dec 31, 2005 0.26 0.34

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., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
CVS Health Corp. Health Care
Dec 31, 2024 0.88 0.87
Dec 31, 2023 0.81 0.82
Dec 31, 2022 0.74 0.72
Dec 31, 2021 0.75 0.80
Dec 31, 2020 0.93 0.92
Dec 31, 2019 1.07 0.90
Dec 31, 2018 1.26 0.80
Dec 31, 2017 0.72 0.82
Dec 31, 2016 0.75 0.77
Dec 31, 2015 0.74 0.69
Dec 31, 2014 0.34 0.54
Dec 31, 2013 0.35 0.50
Dec 31, 2012 0.26 0.54
Dec 31, 2011 0.26 0.47
Dec 31, 2010 0.27 0.43
Dec 31, 2009 0.31 0.42
Dec 31, 2008 0.34 0.42
Dec 29, 2007 0.33 0.36
Dec 30, 2006 0.51 0.32
Dec 31, 2005 0.26 0.30

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).