Net Profit Margin
since 2005
Calculation
CVS Health Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss) attributable to CVS Health1 | ÷ | Revenues from customers1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.24% | = | 100 | × | 4,614) | ÷ | 370,656) |
| Dec 31, 2023 | 2.34% | = | 100 | × | 8,344) | ÷ | 356,623) |
| Dec 31, 2022 | 1.29% | = | 100 | × | 4,149) | ÷ | 321,629) |
| Dec 31, 2021 | 2.72% | = | 100 | × | 7,910) | ÷ | 290,912) |
| Dec 31, 2020 | 2.68% | = | 100 | × | 7,179) | ÷ | 267,908) |
| Dec 31, 2019 | 2.59% | = | 100 | × | 6,634) | ÷ | 255,765) |
| Dec 31, 2018 | -0.31% | = | 100 | × | (594) | ÷ | 193,919) |
| Dec 31, 2017 | 3.58% | = | 100 | × | 6,622) | ÷ | 184,765) |
| Dec 31, 2016 | 3.00% | = | 100 | × | 5,317) | ÷ | 177,526) |
| Dec 31, 2015 | 3.42% | = | 100 | × | 5,237) | ÷ | 153,290) |
| Dec 31, 2014 | 3.33% | = | 100 | × | 4,644) | ÷ | 139,367) |
| Dec 31, 2013 | 3.62% | = | 100 | × | 4,592) | ÷ | 126,761) |
| Dec 31, 2012 | 3.15% | = | 100 | × | 3,877) | ÷ | 123,133) |
| Dec 31, 2011 | 3.23% | = | 100 | × | 3,461) | ÷ | 107,100) |
| Dec 31, 2010 | 3.55% | = | 100 | × | 3,427) | ÷ | 96,413) |
| Dec 31, 2009 | 3.74% | = | 100 | × | 3,696) | ÷ | 98,729) |
| Dec 31, 2008 | 3.67% | = | 100 | × | 3,212) | ÷ | 87,472) |
| Dec 29, 2007 | 3.45% | = | 100 | × | 2,637) | ÷ | 76,330) |
| Dec 30, 2006 | 3.12% | = | 100 | × | 1,369) | ÷ | 43,814) |
| Dec 31, 2005 | 3.31% | = | 100 | × | 1,225) | ÷ | 37,006) |
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
Between 2005 and 2024, a substantial expansion in revenue scale was observed, with total revenues increasing from 37.01 billion to 370.66 billion. Despite this growth, the net profit margin remained consistently low, characteristic of high-volume, low-margin operations, and exhibited a general downward trend in the latter part of the period.
- Historical Margin Stability (2005–2017)
- For the first twelve years of the analyzed period, net profit margins remained relatively stable, fluctuating within a narrow band between 3.00% and 3.74%. The margin peaked at 3.74% in 2009, suggesting a period of consistent operational efficiency and predictable profitability relative to revenue growth.
- Profitability Anomaly (2018)
- A severe contraction occurred in 2018, where the net profit margin dropped to -0.31%, resulting in a net loss of 594 million. This represents the only instance of negative profitability in the twenty-year span and serves as a significant outlier compared to the historical trend.
- Recent Margin Compression and Volatility (2019–2024)
- Following the 2018 decline, profit margins recovered but failed to return to the 3% baseline established in previous years. The period from 2019 to 2024 was marked by increased volatility and a general compression of margins, reaching a low of 1.24% in 2024. Although net income reached a historical high of 8.34 billion in 2023, the corresponding net profit margin of 2.34% indicates that profit growth has not kept pace with the aggressive expansion of the revenue base.
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Comparison to Competitors
CVS Health Corp., net profit margin, 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 | 1.24% | 31.95% | 3.41% | 27.81% | 11.36% | 3.65% |
| Dec 31, 2023 | 2.34% | 14.27% | 3.52% | 25.24% | 12.03% | 6.09% |
| Dec 31, 2022 | 1.29% | 15.88% | 3.87% | 21.25% | 15.90% | 6.25% |
| Dec 31, 2021 | 2.72% | 16.42% | 4.46% | 29.85% | 11.97% | 6.06% |
| Dec 31, 2020 | 2.68% | 12.99% | 3.78% | 24.33% | 16.56% | 6.03% |
| Dec 31, 2019 | 2.59% | 11.56% | 4.66% | 30.80% | 15.16% | 5.76% |
| Dec 31, 2018 | -0.31% | 7.74% | 4.11% | 30.29% | 10.36% | 5.33% |
| Dec 31, 2017 | 3.58% | 1.74% | 4.31% | 21.09% | 13.56% | 5.28% |
| Dec 31, 2016 | 3.00% | 6.71% | 2.93% | 27.21% | 12.27% | 3.81% |
| Dec 31, 2015 | 3.42% | 21.68% | 3.27% | 24.69% | 13.20% | 3.72% |
| Dec 31, 2014 | 3.33% | 11.28% | 3.52% | 19.65% | 18.02% | 4.33% |
| Dec 31, 2013 | 3.62% | 11.79% | 3.55% | 29.62% | 20.90% | 4.62% |
| Dec 31, 2012 | 3.15% | 14.95% | 4.37% | 30.14% | 22.35% | 5.03% |
| Dec 31, 2011 | 3.23% | 12.17% | 4.42% | 28.17% | 19.43% | 5.08% |
| Dec 31, 2010 | 3.55% | 13.15% | 4.99% | 27.02% | 19.59% | 4.95% |
| Dec 31, 2009 | 3.74% | 18.68% | 7.80% | 22.11% | 14.86% | 4.42% |
| Dec 31, 2008 | 3.67% | 16.53% | 4.04% | 23.35% | 16.51% | 3.70% |
| Dec 29, 2007 | 3.45% | 13.92% | 5.56% | 24.06% | 22.78% | 6.26% |
| Dec 30, 2006 | 3.12% | 7.64% | 5.52% | 19.33% | 22.55% | 5.89% |
| Dec 31, 2005 | 3.31% | 15.10% | 5.53% | 41.41% | 17.94% | 7.36% |
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., net profit margin, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 1.24% | 6.09% |
| Dec 31, 2023 | 2.34% | 6.43% |
| Dec 31, 2022 | 1.29% | 7.05% |
| Dec 31, 2021 | 2.72% | 7.14% |
| Dec 31, 2020 | 2.68% | 6.82% |
| Dec 31, 2019 | 2.59% | 6.91% |
| Dec 31, 2018 | -0.31% | 5.87% |
| Dec 31, 2017 | 3.58% | 5.60% |
| Dec 31, 2016 | 3.00% | 4.73% |
| Dec 31, 2015 | 3.42% | 5.78% |
| Dec 31, 2014 | 3.33% | 5.76% |
| Dec 31, 2013 | 3.62% | 6.37% |
| Dec 31, 2012 | 3.15% | 8.05% |
| Dec 31, 2011 | 3.23% | 7.40% |
| Dec 31, 2010 | 3.55% | 7.67% |
| Dec 31, 2009 | 3.74% | 8.63% |
| Dec 31, 2008 | 3.67% | 6.88% |
| Dec 29, 2007 | 3.45% | 8.40% |
| Dec 30, 2006 | 3.12% | 7.20% |
| Dec 31, 2005 | 3.31% | 9.04% |
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., net profit margin, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.24% | 8.84% |
| Dec 31, 2023 | 2.34% | 11.49% |
| Dec 31, 2022 | 1.29% | 14.65% |
| Dec 31, 2021 | 2.72% | 15.24% |
| Dec 31, 2020 | 2.68% | 10.27% |
| Dec 31, 2019 | 2.59% | 14.56% |
| Dec 31, 2018 | -0.31% | 12.61% |
| Dec 31, 2017 | 3.58% | 9.26% |
| Dec 31, 2016 | 3.00% | 12.80% |
| Dec 31, 2015 | 3.42% | 13.94% |
| Dec 31, 2014 | 3.33% | 14.40% |
| Dec 31, 2013 | 3.62% | 15.04% |
| Dec 31, 2012 | 3.15% | 13.92% |
| Dec 31, 2011 | 3.23% | 12.06% |
| Dec 31, 2010 | 3.55% | 11.90% |
| Dec 31, 2009 | 3.74% | 17.77% |
| Dec 31, 2008 | 3.67% | 13.00% |
| Dec 29, 2007 | 3.45% | 12.52% |
| Dec 30, 2006 | 3.12% | 15.30% |
| Dec 31, 2005 | 3.31% | 14.61% |
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).