Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
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Long-term Activity Ratios (Summary)
CVS Health Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a consistent upward trend from March 2021 through March 2025. Starting at 21.42, the ratio steadily increases each quarter, reaching 29.3 by the end of the period. This indicates an improving efficiency in generating revenue from the company's fixed assets over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When considering operating leases and right-of-use assets, the net fixed asset turnover ratio begins at a lower base of 8.15 in March 2021 but similarly exhibits steady growth throughout the period. By March 2025, this adjusted ratio reaches 13.19, reflecting enhanced utilization of leased assets contributing positively to operational efficiency.
- Total Asset Turnover
- Total asset turnover shows gradual improvement, beginning at 1.18 and increasing to 1.47 over the observed quarters. There are slight fluctuations between quarters, particularly in 2023, but the overall progression suggests more effective use of total assets to generate sales revenue.
- Equity Turnover
- The equity turnover ratio increases moderately from 3.81 to a peak of approximately 4.91 by late 2024, before stabilizing close to that level through early 2025. This improvement indicates enhanced efficiency in using shareholders' equity to produce revenue, with the growth generally steady despite minor quarter-to-quarter variations.
Net Fixed Asset Turnover
CVS Health Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues from customers | |||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Revenues from customersQ1 2025
+ Revenues from customersQ4 2024
+ Revenues from customersQ3 2024
+ Revenues from customersQ2 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues from customers show a steady upward trajectory from March 31, 2021, to December 31, 2025. Starting at approximately $68.8 billion in early 2021, revenues consistently increased, reaching a peak above $96 billion by late 2024. Notable quarterly growth periods are observed in mid to late 2023 and from late 2023 through early 2025. Despite minor fluctuations, the overall trend indicates increasing customer-generated revenue over the period.
- Property and Equipment, Net
- The net value of property and equipment remains relatively stable throughout the period, fluctuating slightly between roughly $12.6 billion and $13.2 billion. There is no significant upward or downward trend, indicating steady investment and depreciation cycles. The values appear to slightly decline towards the end of 2024 but recover again in 2025, maintaining an overall consistent asset base.
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover demonstrates a persistent upward trend, rising from 21.42 in early 2021 to around 29.3 by the first quarter of 2025. This trend suggests increasing efficiency in utilizing fixed assets to generate revenues, as the company is producing more revenue per dollar of fixed assets over time. The steady improvement in this ratio indicates effective asset management and operational performance gains.
- Summary of Insights
- The data reveal a positive correlation between revenue growth and improved fixed asset turnover, highlighting enhanced operational efficiency. Despite stable investment levels in property and equipment, the company effectively leverages existing assets to support expanding revenues. The consistent revenue increase underscores strong market demand or service expansion. Overall, the company’s asset utilization efficiency appears to be improving concurrently with revenue growth, which is a favorable indicator of operational effectiveness.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
CVS Health Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Revenues from customersQ1 2025
+ Revenues from customersQ4 2024
+ Revenues from customersQ3 2024
+ Revenues from customersQ2 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
The quarterly financial data indicate a general upward trend in customer revenues over the presented periods. Revenues increased steadily from approximately $68.8 billion in the first quarter of 2021 to a peak near $96.9 billion by the fourth quarter of 2024, followed by a slight decrease in early 2025. This growth trajectory suggests ongoing business expansion or improved sales performance throughout the timeframe, with occasional minor fluctuations.
In contrast, the net value of property and equipment, inclusive of operating lease right-of-use assets, shows a gradual decline across the same periods. Beginning near $33.2 billion in early 2021, this asset base consistently diminished over the quarters, reaching roughly $28.6 billion by the first quarter of 2025. This pattern may imply asset disposals, depreciation outpacing new capital investment, or shifts in asset utilization strategy.
Net fixed asset turnover, which measures revenue relative to net fixed assets, exhibits a continuous upward trend from 8.15 times in the first quarter of 2021 to 13.19 times by the first quarter of 2025. The consistent increase in this ratio suggests enhanced efficiency in the use of fixed assets to generate revenues. The rising turnover ratio, combined with a declining asset base and growing revenues, indicates improved asset productivity or strategic asset management enabling the company to generate higher sales per unit of fixed asset investment.
- Revenues from customers
- Steady increase over the examined quarters, rising from $68.8 billion to nearly $97 billion, with minor fluctuations towards the end of the period.
- Property and equipment, net
- Gradual decrease from $33.2 billion to $28.6 billion, suggesting depreciation, asset sales, or reduced capital expenditure.
- Net fixed asset turnover
- Consistent improvement from 8.15x to 13.19x, reflecting greater efficiency and effective asset utilization in revenue generation.
Overall, the data reflects a company that is growing its revenue base while managing to optimize or reduce its fixed asset holdings, resulting in improved asset turnover and operational efficiency.
Total Asset Turnover
CVS Health Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues from customers | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (Revenues from customersQ1 2025
+ Revenues from customersQ4 2024
+ Revenues from customersQ3 2024
+ Revenues from customersQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues from Customers
- Revenues demonstrated an overall upward trajectory from the first quarter of 2021 through the end of 2024, with values increasing from 68,800 million USD to a peak of 94,878 million USD by September 2024. There was a consistent pattern of quarterly growth, interrupted by a slight dip in early 2024, followed by recovery and renewed growth towards the end of the year. Specifically, the revenues experienced a mild decline from December 2023 to March 2024, but rebounded from March 2024 onwards, culminating in the highest recorded revenue in the final quarter of 2024 before slightly retreating in the first quarter of 2025.
- Total Assets
- Total assets showed relative stability with minor fluctuations over the observed time frame. Starting at 229,606 million USD in the first quarter of 2021, the asset base remained largely in the range of approximately 230,000 to 255,000 million USD through to the first quarter of 2025. The asset base saw a moderate increase towards late 2022 and into 2023, peaking around the fourth quarter of 2024 at approximately 253,215 million USD and further rising to 255,585 million USD in early 2025, indicating modest expansion or investment activity.
- Total Asset Turnover
- Total asset turnover, which measures the efficiency of using assets to generate revenue, showed a consistent improvement trend. Beginning at a ratio of 1.18 in the first quarter of 2021, the ratio steadily increased, reaching 1.47 by the first quarter of 2025. This progression indicates increasing efficiency in asset utilization. There were minor fluctuations, notably slight decreases during mid-2023, followed by recovery and continued growth, peaking at 1.47 at the start of 2025. The continuous improvement in asset turnover suggests enhanced operational performance or more effective asset management over time.
- Summary Insights
- The financial data reveals solid growth in revenue accompanied by steady asset base levels and improving efficiency in asset utilization. The company's ability to increase revenues while maintaining stable asset levels and simultaneously enhancing asset turnover indicates effective management and potentially improved profitability prospects. Temporary dips in revenues in early 2024 were countered by subsequent rebounds, underscoring resilience in revenue generation. The upward trend in total asset turnover suggests that the company has become more proficient in leveraging its assets to support revenue growth.
Equity Turnover
CVS Health Corp., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenues from customers | |||||||||||||||||||||||
| Total CVS Health shareholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q1 2025 Calculation
Equity turnover
= (Revenues from customersQ1 2025
+ Revenues from customersQ4 2024
+ Revenues from customersQ3 2024
+ Revenues from customersQ2 2024)
÷ Total CVS Health shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company's performance metrics, particularly focusing on revenues, shareholders’ equity, and equity turnover ratios over the examined periods.
- Revenues from Customers
- Revenues have shown a general upward trend from the first quarter of 2021 through the first quarter of 2025. Starting at approximately $68,800 million in March 2021, revenues increased steadily to reach a peak around $96,955 million in December 2024. There is a slight dip observed in the most recent quarter ending March 2025, with revenues decreasing to approximately $94,068 million. Despite this minor decline, the overall trajectory indicates consistent growth, with occasional quarterly fluctuations likely due to seasonal or market variations.
- Total CVS Health Shareholders' Equity
- Shareholders’ equity exhibited modest fluctuations throughout the period analyzed. Beginning at about $70,850 million in March 2021, equity rose slightly to peak near $75,075 million by December 2021. Subsequently, some volatility appears with a decrease reaching around $70,683 million in September 2022 followed by a recovery period. From late 2022 through the end of 2024, equity values show moderate growth and stabilization, reaching approximately $75,560 million by December 2024 and further increasing to $76,929 million in March 2025. This pattern suggests a relatively stable capital base with prudent equity management amid varying market conditions.
- Equity Turnover Ratio
- The equity turnover ratio has displayed a consistent upward movement across all quarters. Starting from a ratio of 3.81 in March 2021, it increased steadily to surpass 4.9 by December 2024 and slightly decreased to 4.90 in the most recent quarter. This rising ratio indicates an improved efficiency in utilizing shareholders’ equity to generate revenues, reflecting enhanced operational performance and possibly more effective asset management. The incremental increases over time highlight a trend toward maximizing equity utilization.
In summary, the company’s financial condition over the given periods demonstrates solid revenue growth, stable and cautiously managed equity, and increasing efficiency in equity use as evidenced by the rising equity turnover ratio. The minor recent revenue dip and slight equity fluctuations do not significantly detract from the overall positive trends observed.