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

CVS Health Corp., debt and solvency ratios (quarterly data)

		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	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013
	Debt to equity
	Debt to capital

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 Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 not reaching Q1 2018 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 Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 not reaching Q1 2018 level.

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

		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	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 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

Q3 2018 Calculations

¹ Debt to equity = Total debt ÷ Total CVS Health shareholders’ equity
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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 Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 not reaching Q1 2018 level.

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

		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	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 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

Q3 2018 Calculations

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

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 Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 not reaching Q1 2018 level.

	CVS Health Corp.	Other companies (not purchased previously)
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Long-term Trends
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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

CVS Health Corp. (CVS)

Long-term Debt and Solvency Analysis
Quarterly Data