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Long-term Debt and Solvency Analysis

Difficulty: Beginner

Solvency ratios also known as long-term debt ratios measure a company's ability to meet long-term obligations.


Ratios (Summary)

CVS Health Corp., debt and solvency ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Debt to equity
Debt to capital
Interest coverage

Source: Based on data from CVS Health Corp. Annual Reports

Ratio Description The company
Debt-to-equity ratio A solvency ratio calculated as total debt divided by total shareholders' equity. CVS Health Corp.'s debt-to-equity ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Debt-to-capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders' equity. CVS Health Corp.'s debt-to-capital ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CVS Health Corp.'s interest coverage ratio deteriorated from 2015 to 2016 and from 2016 to 2017.

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Debt to Equity

CVS Health Corp., debt to equity calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Short-term debt
Current portion of long-term debt
Long-term debt, excluding current portion
Total debt
Total CVS Health shareholders' equity
Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors
Walgreens Boots Alliance Inc.
Debt to Equity, Sector
Food & Drug Retailers
Debt to Equity, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Debt to equity = Total debt ÷ Total CVS Health shareholders' equity
= ÷ =

Ratio Description The company
Debt-to-equity ratio A solvency ratio calculated as total debt divided by total shareholders' equity. CVS Health Corp.'s debt-to-equity ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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Debt to Capital

CVS Health Corp., debt to capital calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Short-term debt
Current portion of long-term debt
Long-term debt, excluding current portion
Total debt
Total CVS Health shareholders' equity
Total capital
Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors
Walgreens Boots Alliance Inc.
Debt to Capital, Sector
Food & Drug Retailers
Debt to Capital, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio Description The company
Debt-to-capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders' equity. CVS Health Corp.'s debt-to-capital ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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Interest Coverage

CVS Health Corp., interest coverage calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Net income attributable to CVS Health
Add: Net income attributable to noncontrolling interest
Less: Income (loss) from discontinued operations, net of tax
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors
Walgreens Boots Alliance Inc.
Interest Coverage, Sector
Food & Drug Retailers
Interest Coverage, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CVS Health Corp.'s interest coverage ratio deteriorated from 2015 to 2016 and from 2016 to 2017.

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