Total Asset Turnover
since 2005
Calculation
CVS Health Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues from customers1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1.46 | = | 370,656) | ÷ | 253,215) |
| Dec 31, 2023 | 1.43 | = | 356,623) | ÷ | 249,728) |
| Dec 31, 2022 | 1.41 | = | 321,629) | ÷ | 228,275) |
| Dec 31, 2021 | 1.25 | = | 290,912) | ÷ | 232,999) |
| Dec 31, 2020 | 1.16 | = | 267,908) | ÷ | 230,715) |
| Dec 31, 2019 | 1.15 | = | 255,765) | ÷ | 222,449) |
| Dec 31, 2018 | 0.99 | = | 193,919) | ÷ | 196,456) |
| Dec 31, 2017 | 1.94 | = | 184,765) | ÷ | 95,131) |
| Dec 31, 2016 | 1.88 | = | 177,526) | ÷ | 94,462) |
| Dec 31, 2015 | 1.64 | = | 153,290) | ÷ | 93,657) |
| Dec 31, 2014 | 1.88 | = | 139,367) | ÷ | 74,252) |
| Dec 31, 2013 | 1.77 | = | 126,761) | ÷ | 71,526) |
| Dec 31, 2012 | 1.87 | = | 123,133) | ÷ | 65,912) |
| Dec 31, 2011 | 1.66 | = | 107,100) | ÷ | 64,543) |
| Dec 31, 2010 | 1.55 | = | 96,413) | ÷ | 62,169) |
| Dec 31, 2009 | 1.60 | = | 98,729) | ÷ | 61,641) |
| Dec 31, 2008 | 1.43 | = | 87,472) | ÷ | 60,960) |
| Dec 29, 2007 | 1.39 | = | 76,330) | ÷ | 54,722) |
| Dec 30, 2006 | 2.13 | = | 43,814) | ÷ | 20,570) |
| Dec 31, 2005 | 2.42 | = | 37,006) | ÷ | 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 total asset turnover ratio exhibits a multi-phase trajectory between 2005 and 2024, characterized by an initial period of volatility, a decade of relative stability and efficiency growth, a sharp structural decline in 2018, and a subsequent gradual recovery.
- Initial Volatility and Stabilization (2005–2017)
- A significant reduction in asset efficiency occurred between 2005 and 2007, with the turnover ratio falling from 2.42 to 1.39. This was followed by a sustained period of improvement and stabilization, where the ratio generally trended upward, peaking at 1.94 in 2017. During this interval, revenue growth consistently outpaced asset expansion, enhancing the company's ability to generate sales per dollar of assets.
- Structural Shift and Asset Expansion (2018)
- A precipitous drop in total asset turnover is observed in 2018, where the ratio fell to 0.99, the lowest point in the analyzed period. This decline corresponds with a massive expansion of the balance sheet, as total assets more than doubled from approximately 95.1 billion US dollars in 2017 to 196.5 billion US dollars in 2018. While revenues increased during this time, the scale of asset acquisition significantly outstripped immediate revenue gains, leading to a sharp decrease in asset utilization efficiency.
- Recovery and Efficiency Optimization (2019–2024)
- Following the 2018 low, a consistent upward trend in the turnover ratio is evident, rising from 1.15 in 2019 to 1.46 by the end of 2024. This progression indicates a period of operational optimization where the company successfully leveraged its expanded asset base to drive higher revenue growth. The steady increase suggests an improving ability to integrate large-scale assets and convert them into top-line growth.
- Long-term Revenue and Asset Correlation
- Over the full 20-year horizon, revenues grew from 37.0 billion US dollars to 370.7 billion US dollars, while total assets grew from 15.3 billion US dollars to 253.2 billion US dollars. The transition from a high-turnover, low-asset model in 2005 to a lower-turnover, high-asset model in 2024 reflects a fundamental change in the company's capital intensity and operational scale.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
CVS Health Corp., total asset turnover, 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 | 1.46 | 0.52 | 1.50 | 0.45 | 0.36 | 1.32 |
| Dec 31, 2023 | 1.43 | 0.55 | 1.56 | 0.46 | 0.34 | 1.34 |
| Dec 31, 2022 | 1.41 | 0.59 | 1.51 | 0.48 | 0.35 | 1.31 |
| Dec 31, 2021 | 1.25 | 0.57 | 1.41 | 0.42 | 0.32 | 1.34 |
| Dec 31, 2020 | 1.16 | 0.48 | 1.39 | 0.39 | 0.32 | 1.30 |
| Dec 31, 2019 | 1.15 | 0.47 | 1.33 | 0.46 | 0.34 | 1.38 |
| Dec 31, 2018 | 0.99 | 0.46 | 1.28 | 0.47 | 0.33 | 1.48 |
| Dec 31, 2017 | 1.94 | 0.36 | 1.26 | 0.54 | 0.30 | 1.44 |
| Dec 31, 2016 | 1.88 | 0.40 | 1.29 | 0.42 | 0.29 | 1.50 |
| Dec 31, 2015 | 1.64 | 0.49 | 1.27 | 0.49 | 0.19 | 1.40 |
| Dec 31, 2014 | 1.88 | 0.49 | 1.18 | 0.54 | 0.45 | 1.50 |
| Dec 31, 2013 | 1.77 | 0.51 | 1.18 | 0.57 | 0.48 | 1.49 |
| Dec 31, 2012 | 1.87 | 0.59 | 1.03 | 0.54 | 0.49 | 1.36 |
| Dec 31, 2011 | 1.66 | 0.64 | 1.15 | 0.57 | 0.52 | 1.49 |
| Dec 31, 2010 | 1.55 | 0.59 | 1.15 | 0.59 | 0.56 | 1.48 |
| Dec 31, 2009 | 1.60 | 0.59 | 1.17 | 0.58 | 0.62 | 1.47 |
| Dec 31, 2008 | 1.43 | 0.70 | 1.27 | 0.59 | 0.61 | 1.44 |
| Dec 29, 2007 | 1.39 | 0.65 | 1.15 | 0.58 | 0.63 | 1.46 |
| Dec 30, 2006 | 2.13 | 0.62 | 1.08 | 0.55 | 0.57 | 1.46 |
| Dec 31, 2005 | 2.42 | 0.77 | 0.87 | 0.45 | 0.61 | 1.08 |
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., total asset turnover, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2024 | 1.46 | 1.08 |
| Dec 31, 2023 | 1.43 | 1.10 |
| Dec 31, 2022 | 1.41 | 1.06 |
| Dec 31, 2021 | 1.25 | 1.02 |
| Dec 31, 2020 | 1.16 | 0.97 |
| Dec 31, 2019 | 1.15 | 0.98 |
| Dec 31, 2018 | 0.99 | 0.98 |
| Dec 31, 2017 | 1.94 | 0.89 |
| Dec 31, 2016 | 1.88 | 0.92 |
| Dec 31, 2015 | 1.64 | 0.85 |
| Dec 31, 2014 | 1.88 | 1.05 |
| Dec 31, 2013 | 1.77 | 1.04 |
| Dec 31, 2012 | 1.87 | 0.94 |
| Dec 31, 2011 | 1.66 | 1.02 |
| Dec 31, 2010 | 1.55 | 1.00 |
| Dec 31, 2009 | 1.60 | 1.03 |
| Dec 31, 2008 | 1.43 | 1.09 |
| Dec 29, 2007 | 1.39 | 1.06 |
| Dec 30, 2006 | 2.13 | 1.03 |
| Dec 31, 2005 | 2.42 | 0.88 |
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., total asset turnover, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 1.46 | 0.65 |
| Dec 31, 2023 | 1.43 | 0.63 |
| Dec 31, 2022 | 1.41 | 0.66 |
| Dec 31, 2021 | 1.25 | 0.62 |
| Dec 31, 2020 | 1.16 | 0.57 |
| Dec 31, 2019 | 1.15 | 0.57 |
| Dec 31, 2018 | 0.99 | 0.63 |
| Dec 31, 2017 | 1.94 | 0.56 |
| Dec 31, 2016 | 1.88 | 0.57 |
| Dec 31, 2015 | 1.64 | 0.55 |
| Dec 31, 2014 | 1.88 | 0.60 |
| Dec 31, 2013 | 1.77 | 0.58 |
| Dec 31, 2012 | 1.87 | 0.58 |
| Dec 31, 2011 | 1.66 | 0.61 |
| Dec 31, 2010 | 1.55 | 0.61 |
| Dec 31, 2009 | 1.60 | 0.55 |
| Dec 31, 2008 | 1.43 | 0.73 |
| Dec 29, 2007 | 1.39 | 0.71 |
| Dec 30, 2006 | 2.13 | 0.69 |
| Dec 31, 2005 | 2.42 | 0.66 |
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).