Stock Analysis on Net
Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Analysis of Solvency Ratios
Quarterly Data

Beginner level

Solvency Ratios (Summary)

CVS Health Corp., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Debt Ratios
Debt to equity 1.05 1.10 1.07 1.10 1.16 1.25 1.26 1.72 1.83 1.68 0.72 0.74 0.78 0.81 0.75 0.74 0.82 0.76 0.74 0.73 0.35 0.35
Debt to equity (including operating lease liability) 1.35 1.42 1.39 1.43 1.50 1.60 1.26 1.72 1.83 1.68 0.72 0.74 0.78 0.81 0.75 0.74 0.82 0.76 0.74 0.73 0.35 0.35
Debt to capital 0.51 0.52 0.52 0.52 0.54 0.56 0.56 0.63 0.65 0.63 0.42 0.43 0.44 0.45 0.43 0.43 0.45 0.43 0.42 0.42 0.26 0.26
Debt to capital (including operating lease liability) 0.58 0.59 0.58 0.59 0.60 0.62 0.56 0.63 0.65 0.63 0.42 0.43 0.44 0.45 0.43 0.43 0.45 0.43 0.42 0.42 0.26 0.26
Debt to assets 0.30 0.31 0.31 0.31 0.33 0.34 0.37 0.48 0.49 0.48 0.28 0.28 0.29 0.30 0.29 0.28 0.31 0.30 0.29 0.29 0.18 0.17
Debt to assets (including operating lease liability) 0.39 0.40 0.40 0.41 0.42 0.43 0.37 0.48 0.49 0.48 0.28 0.28 0.29 0.30 0.29 0.28 0.31 0.30 0.29 0.29 0.18 0.17
Financial leverage 3.46 3.54 3.48 3.52 3.57 3.68 3.37 3.59 3.74 3.49 2.52 2.66 2.71 2.74 2.56 2.62 2.67 2.57 2.52 2.48 2.01 2.00

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

Solvency 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 Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CVS Health Corp.’s debt to equity ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 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 Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CVS Health Corp.’s debt to capital ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CVS Health Corp.’s debt to assets ratio deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CVS Health Corp.’s debt to assets ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CVS Health Corp.’s financial leverage ratio increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.

Debt to Equity

CVS Health Corp., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
 
Total CVS Health shareholders’ equity 68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025  37,196  37,174  37,127  36,990 
Solvency Ratio
Debt to equity1 1.05 1.10 1.07 1.10 1.16 1.25 1.26 1.72 1.83 1.68 0.72 0.74 0.78 0.81 0.75 0.74 0.82 0.76 0.74 0.73 0.35 0.35

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to equity = Total debt ÷ Total CVS Health shareholders’ equity
= 71,673 ÷ 68,022 = 1.05

Solvency 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 Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Equity (including Operating Lease Liability)

CVS Health Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
Current portion of operating lease liabilities 1,766  1,762  1,596  1,798  1,793  1,803  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term operating lease liabilities, excluding current portion 18,612  18,739  18,926  18,826  18,849  18,961  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 92,051  92,319  89,002  89,678  91,923  95,550  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
 
Total CVS Health shareholders’ equity 68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025  37,196  37,174  37,127  36,990 
Solvency Ratio
Debt to equity (including operating lease liability)1 1.35 1.42 1.39 1.43 1.50 1.60 1.26 1.72 1.83 1.68 0.72 0.74 0.78 0.81 0.75 0.74 0.82 0.76 0.74 0.73 0.35 0.35

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total CVS Health shareholders’ equity
= 92,051 ÷ 68,022 = 1.35

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CVS Health Corp.’s debt to equity ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Capital

CVS Health Corp., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
Total CVS Health shareholders’ equity 68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025  37,196  37,174  37,127  36,990 
Total capital 139,695  136,958  132,344  131,668  132,563  134,472  131,654  99,504  100,716  103,767  64,693  60,652  60,906  61,270  64,361  62,682  63,396  63,494  64,660  64,396  50,272  49,752 
Solvency Ratio
Debt to capital1 0.51 0.52 0.52 0.52 0.54 0.56 0.56 0.63 0.65 0.63 0.42 0.43 0.44 0.45 0.43 0.43 0.45 0.43 0.42 0.42 0.26 0.26

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 71,673 ÷ 139,695 = 0.51

Solvency 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 Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Capital (including Operating Lease Liability)

CVS Health Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
Current portion of operating lease liabilities 1,766  1,762  1,596  1,798  1,793  1,803  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term operating lease liabilities, excluding current portion 18,612  18,739  18,926  18,826  18,849  18,961  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 92,051  92,319  89,002  89,678  91,923  95,550  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
Total CVS Health shareholders’ equity 68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025  37,196  37,174  37,127  36,990 
Total capital (including operating lease liability) 160,073  157,459  152,866  152,292  153,205  155,236  131,654  99,504  100,716  103,767  64,693  60,652  60,906  61,270  64,361  62,682  63,396  63,494  64,660  64,396  50,272  49,752 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.58 0.59 0.58 0.59 0.60 0.62 0.56 0.63 0.65 0.63 0.42 0.43 0.44 0.45 0.43 0.43 0.45 0.43 0.42 0.42 0.26 0.26

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 92,051 ÷ 160,073 = 0.58

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CVS Health Corp.’s debt to capital ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Assets

CVS Health Corp., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
 
Total assets 235,495  230,639  222,449  220,113  218,904  219,768  196,456  131,506  133,290  135,139  95,131  92,853  92,525  92,670  94,462  94,156  92,748  92,634  93,657  92,362  74,668  73,930 
Solvency Ratio
Debt to assets1 0.30 0.31 0.31 0.31 0.33 0.34 0.37 0.48 0.49 0.48 0.28 0.28 0.29 0.30 0.29 0.28 0.31 0.30 0.29 0.29 0.18 0.17

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 71,673 ÷ 235,495 = 0.30

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CVS Health Corp.’s debt to assets ratio deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Debt to Assets (including Operating Lease Liability)

CVS Health Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt —  255  —  1,070  446  3,005  720  —  —  —  1,276  110  1,100  1,768  1,874  340  745  —  —  —  1,488  500 
Current portion of long-term debt 8,192  5,828  3,781  3,778  3,894  3,893  1,265  2,139  3,540  3,542  3,545  2,293  42  43  42  783  2,291  1,202  1,197  451  24  573 
Long-term debt, excluding current portion 63,481  65,735  64,699  64,206  66,941  67,888  71,444  60,747  61,569  61,552  22,181  23,386  25,622  25,622  25,615  25,610  25,600  26,267  26,267  26,771  11,633  11,689 
Total debt 71,673  71,818  68,480  69,054  71,281  74,786  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
Current portion of operating lease liabilities 1,766  1,762  1,596  1,798  1,793  1,803  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term operating lease liabilities, excluding current portion 18,612  18,739  18,926  18,826  18,849  18,961  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 92,051  92,319  89,002  89,678  91,923  95,550  73,429  62,886  65,109  65,094  27,002  25,789  26,764  27,433  27,531  26,733  28,636  27,469  27,464  27,222  13,145  12,762 
 
Total assets 235,495  230,639  222,449  220,113  218,904  219,768  196,456  131,506  133,290  135,139  95,131  92,853  92,525  92,670  94,462  94,156  92,748  92,634  93,657  92,362  74,668  73,930 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.39 0.40 0.40 0.41 0.42 0.43 0.37 0.48 0.49 0.48 0.28 0.28 0.29 0.30 0.29 0.28 0.31 0.30 0.29 0.29 0.18 0.17

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 92,051 ÷ 235,495 = 0.39

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CVS Health Corp.’s debt to assets ratio (including operating lease liability) deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Financial Leverage

CVS Health Corp., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Total assets 235,495  230,639  222,449  220,113  218,904  219,768  196,456  131,506  133,290  135,139  95,131  92,853  92,525  92,670  94,462  94,156  92,748  92,634  93,657  92,362  74,668  73,930 
Total CVS Health shareholders’ equity 68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025  37,196  37,174  37,127  36,990 
Solvency Ratio
Financial leverage1 3.46 3.54 3.48 3.52 3.57 3.68 3.37 3.59 3.74 3.49 2.52 2.66 2.71 2.74 2.56 2.62 2.67 2.57 2.52 2.48 2.01 2.00

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01).

1 Q2 2020 Calculation
Financial leverage = Total assets ÷ Total CVS Health shareholders’ equity
= 235,495 ÷ 68,022 = 3.46

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CVS Health Corp.’s financial leverage ratio increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.