Return on Assets (ROA)
since 2005
Calculation
CVS Health Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss) attributable to CVS Health1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 1.82% | = | 100 | × | 4,614) | ÷ | 253,215) |
| Dec 31, 2023 | 3.34% | = | 100 | × | 8,344) | ÷ | 249,728) |
| Dec 31, 2022 | 1.82% | = | 100 | × | 4,149) | ÷ | 228,275) |
| Dec 31, 2021 | 3.39% | = | 100 | × | 7,910) | ÷ | 232,999) |
| Dec 31, 2020 | 3.11% | = | 100 | × | 7,179) | ÷ | 230,715) |
| Dec 31, 2019 | 2.98% | = | 100 | × | 6,634) | ÷ | 222,449) |
| Dec 31, 2018 | -0.30% | = | 100 | × | (594) | ÷ | 196,456) |
| Dec 31, 2017 | 6.96% | = | 100 | × | 6,622) | ÷ | 95,131) |
| Dec 31, 2016 | 5.63% | = | 100 | × | 5,317) | ÷ | 94,462) |
| Dec 31, 2015 | 5.59% | = | 100 | × | 5,237) | ÷ | 93,657) |
| Dec 31, 2014 | 6.25% | = | 100 | × | 4,644) | ÷ | 74,252) |
| Dec 31, 2013 | 6.42% | = | 100 | × | 4,592) | ÷ | 71,526) |
| Dec 31, 2012 | 5.88% | = | 100 | × | 3,877) | ÷ | 65,912) |
| Dec 31, 2011 | 5.36% | = | 100 | × | 3,461) | ÷ | 64,543) |
| Dec 31, 2010 | 5.51% | = | 100 | × | 3,427) | ÷ | 62,169) |
| Dec 31, 2009 | 6.00% | = | 100 | × | 3,696) | ÷ | 61,641) |
| Dec 31, 2008 | 5.27% | = | 100 | × | 3,212) | ÷ | 60,960) |
| Dec 29, 2007 | 4.82% | = | 100 | × | 2,637) | ÷ | 54,722) |
| Dec 30, 2006 | 6.65% | = | 100 | × | 1,369) | ÷ | 20,570) |
| Dec 31, 2005 | 8.01% | = | 100 | × | 1,225) | ÷ | 15,283) |
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 performance from 2005 to 2024 reveals a significant structural shift in asset utilization and profitability. For the first twelve years of the period, Return on Assets (ROA) remained relatively stable, generally fluctuating between 4.82% and 8.01%, indicating a consistent ability to generate profit relative to the asset base.
- Asset Base Expansion
- Total assets experienced an exponential increase over the analyzed period, rising from US$ 15,283 million in 2005 to US$ 253,215 million by 2024. A pivotal expansion occurred between 2017 and 2018, where assets more than doubled from US$ 95,131 million to US$ 196,456 million, marking a fundamental change in the scale of the balance sheet.
- Profitability and ROA Inflection
- Net income grew steadily from 2005 until 2017, reaching US$ 6,622 million. However, 2018 represented a critical inflection point characterized by a net loss of US$ 594 million, which drove the ROA to a negative -0.30%. This period signifies the most substantial decline in operational efficiency within the observed timeframe.
- Post-2018 Efficiency Trends
- Following the 2018 contraction, profitability returned to positive territory, but ROA failed to recover to its historical pre-2018 levels. Between 2019 and 2024, ROA remained compressed, oscillating between 1.82% and 3.39%. Even as net income reached a peak of US$ 8,344 million in 2023, the expanded asset base resulted in a lower overall percentage return compared to the earlier, leaner operational phase.
- Recent Performance Volatility
- The final two years of the period show renewed volatility in profitability. The ROA decreased from 3.34% in 2023 to 1.82% in 2024, corresponding with a decline in net income from US$ 8,344 million to US$ 4,614 million, while total assets continued to climb to US$ 253,215 million.
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Comparison to Competitors
CVS Health Corp., ROA, 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 | 1.82% | 16.46% | 5.12% | 12.39% | 4.09% | 4.83% |
| Dec 31, 2023 | 3.34% | 7.82% | 5.50% | 11.64% | 4.13% | 8.18% |
| Dec 31, 2022 | 1.82% | 9.31% | 5.86% | 10.19% | 5.54% | 8.19% |
| Dec 31, 2021 | 3.39% | 9.40% | 6.26% | 12.58% | 3.87% | 8.15% |
| Dec 31, 2020 | 3.11% | 6.20% | 5.28% | 9.50% | 5.28% | 7.81% |
| Dec 31, 2019 | 2.98% | 5.43% | 6.21% | 14.17% | 5.16% | 7.96% |
| Dec 31, 2018 | -0.30% | 3.53% | 5.24% | 14.37% | 3.40% | 7.87% |
| Dec 31, 2017 | 6.96% | 0.63% | 5.45% | 11.46% | 4.04% | 7.59% |
| Dec 31, 2016 | 5.63% | 2.66% | 3.79% | 11.34% | 3.55% | 5.71% |
| Dec 31, 2015 | 5.59% | 10.72% | 4.15% | 12.00% | 2.51% | 5.22% |
| Dec 31, 2014 | 6.25% | 5.53% | 4.14% | 10.58% | 8.08% | 6.50% |
| Dec 31, 2013 | 6.42% | 6.00% | 4.18% | 16.99% | 9.95% | 6.87% |
| Dec 31, 2012 | 5.88% | 8.87% | 4.50% | 16.18% | 10.93% | 6.83% |
| Dec 31, 2011 | 5.36% | 7.84% | 5.09% | 16.16% | 10.18% | 7.57% |
| Dec 31, 2010 | 5.51% | 7.78% | 5.75% | 15.97% | 11.03% | 7.35% |
| Dec 31, 2009 | 6.00% | 10.96% | 9.10% | 12.85% | 9.17% | 6.47% |
| Dec 31, 2008 | 5.27% | 11.51% | 5.15% | 13.86% | 10.05% | 5.33% |
| Dec 29, 2007 | 4.82% | 9.08% | 6.43% | 13.90% | 14.36% | 9.14% |
| Dec 30, 2006 | 6.65% | 4.75% | 5.98% | 10.72% | 12.95% | 8.61% |
| Dec 31, 2005 | 8.01% | 11.57% | 4.79% | 18.77% | 10.86% | 7.98% |
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., ROA, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 1.82% | 6.57% |
| Dec 31, 2023 | 3.34% | 7.05% |
| Dec 31, 2022 | 1.82% | 7.49% |
| Dec 31, 2021 | 3.39% | 7.28% |
| Dec 31, 2020 | 3.11% | 6.62% |
| Dec 31, 2019 | 2.98% | 6.77% |
| Dec 31, 2018 | -0.30% | 5.72% |
| Dec 31, 2017 | 6.96% | 5.00% |
| Dec 31, 2016 | 5.63% | 4.37% |
| Dec 31, 2015 | 5.59% | 4.93% |
| Dec 31, 2014 | 6.25% | 6.03% |
| Dec 31, 2013 | 6.42% | 6.64% |
| Dec 31, 2012 | 5.88% | 7.54% |
| Dec 31, 2011 | 5.36% | 7.54% |
| Dec 31, 2010 | 5.51% | 7.69% |
| Dec 31, 2009 | 6.00% | 8.84% |
| Dec 31, 2008 | 5.27% | 7.51% |
| Dec 29, 2007 | 4.82% | 8.92% |
| Dec 30, 2006 | 6.65% | 7.40% |
| Dec 31, 2005 | 8.01% | 7.94% |
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., ROA, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.82% | 5.73% |
| Dec 31, 2023 | 3.34% | 7.19% |
| Dec 31, 2022 | 1.82% | 9.66% |
| Dec 31, 2021 | 3.39% | 9.46% |
| Dec 31, 2020 | 3.11% | 5.81% |
| Dec 31, 2019 | 2.98% | 8.32% |
| Dec 31, 2018 | -0.30% | 7.90% |
| Dec 31, 2017 | 6.96% | 5.19% |
| Dec 31, 2016 | 5.63% | 7.31% |
| Dec 31, 2015 | 5.59% | 7.71% |
| Dec 31, 2014 | 6.25% | 8.59% |
| Dec 31, 2013 | 6.42% | 8.76% |
| Dec 31, 2012 | 5.88% | 8.09% |
| Dec 31, 2011 | 5.36% | 7.36% |
| Dec 31, 2010 | 5.51% | 7.24% |
| Dec 31, 2009 | 6.00% | 9.73% |
| Dec 31, 2008 | 5.27% | 9.50% |
| Dec 29, 2007 | 4.82% | 8.88% |
| Dec 30, 2006 | 6.65% | 10.52% |
| Dec 31, 2005 | 8.01% | 9.67% |
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).