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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- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net fixed asset turnover
- This ratio shows a consistent upward trend starting at 21.25 in December 2020 and increasing steadily to 29.3 by March 2025. This indicates improving efficiency in utilizing net fixed assets to generate revenue over the observed period.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The ratio initially measured at 8.04 in December 2020 exhibits continuous growth throughout the periods, reaching 13.19 by March 2025. This suggests that when incorporating operating leases and right-of-use assets, asset utilization efficiency is improving substantially over time.
- Total asset turnover
- Beginning at 1.16 in December 2020, total asset turnover increases gradually to 1.47 by March 2025. There is a slight dip observed around September to December 2022, but the overall trajectory is positive, reflecting enhanced ability to generate sales from total assets.
- Equity turnover
- The equity turnover ratio starts at 3.86 in December 2020 and experiences generally steady growth, reaching approximately 4.9 by March 2025. Notable increases occur from December 2021 onward, indicating more efficient use of shareholders' equity in supporting revenue generation.
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
- Revenues from customers
- The revenue figures exhibit a generally increasing trend over the periods analyzed. Starting from approximately 66,593 million USD in March 2020, revenues experienced minor fluctuations through 2020 but showed notable growth thereafter, reaching a peak near 93,955 million USD by December 2024. Some periods, such as March 2025, indicate a slight decline (94,068 million USD), but overall, the upward trajectory suggests a steady expansion in customer revenues. This growth pattern may be reflective of increased sales volume, pricing adjustments, or both.
- Property and equipment, net
- The net value of property and equipment remained relatively stable over the observed quarters with minor oscillations. Values hovered between approximately 12,121 million USD and 13,183 million USD. The lack of significant upward or downward movement suggests a consistent level of investment or depreciation in fixed assets, implying no large-scale expansion or divestiture of property and equipment assets during this timeframe.
- Net fixed asset turnover
- This ratio shows a clear and consistent increase across the periods with data available, moving from 21.25 in late 2020 to 29.3 by the end of 2024. The rising net fixed asset turnover ratio indicates improved efficiency in generating revenues from fixed assets. In other words, the company is generating more revenue per unit of invested property and equipment, reflecting enhanced operational utilization or more effective asset management over time.
- Overall Analysis
- The financial data reflects positive operational performance demonstrated by increasing revenues alongside stable net fixed assets and enhanced asset turnover ratios. The steady growth in revenues combined with stable fixed asset investment suggests the company may be leveraging its existing asset base more efficiently rather than relying chiefly on asset expansion to drive sales. This improvement in fixed asset turnover ratio highlights effective resource utilization and possibly successful strategic initiatives to maximize revenue generation from existing asset investments.
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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 reveals distinct trends in revenues, asset base, and operational efficiency over the observed periods.
- Revenues from customers
- Revenues exhibit a generally upward trajectory, starting from approximately $66.6 billion in the first quarter of 2020 and reaching around $94.1 billion by the first quarter of 2025. Despite minor fluctuations, the overall trend reflects steady growth. Noticeable increases occur especially from mid-2021 through the end of 2024, suggesting strengthened sales or expanded customer demand during this timeframe. A slight dip appears at the end of 2024 and into early 2025 but remains elevated compared to earlier years.
- Property and equipment, net (including operating lease, right-of-use asset)
- The net value of property and equipment shows a gradual decline over the same period. Starting near $32.8 billion in early 2020, the asset base decreases steadily to approximately $28.6 billion by the first quarter of 2025. This downward trend might indicate asset disposals, depreciation exceeding new investments, or strategic shifts resulting in lower fixed asset holdings. The reduction is consistent rather than abrupt, suggesting an ongoing process rather than isolated events.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- Net fixed asset turnover increases markedly from the start of available data toward the end of the series. Beginning at about 8.0 in late 2020, the ratio improves consistently, surpassing 13.0 by the first quarter of 2025. This ratio reflects higher revenue generation per unit of fixed asset, pointing to enhanced operational efficiency and potentially improved asset utilization over time. The rising turnover coupled with decreasing fixed asset values supports the interpretation of more effective use of existing assets to drive sales.
Total Asset Turnover
CVS Health Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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
- The revenue figures exhibit a generally upward trajectory over the observed quarterly periods. Starting from $66,593 million in the first quarter of 2020, revenues experienced moderate fluctuations early on but progressively increased, reaching a peak at $93,545 million by the end of 2024. There are instances of slight quarter-to-quarter declines, notable towards early 2024 and 2025, but the overall trend remains positive, indicating growing customer demand or successful market expansion over the period analyzed.
- Total assets
- Total assets remained relatively stable between 2020 and early 2023, fluctuating within a narrow range around $230 billion to $235 billion. From early 2023 onwards, a marked increase is observed, with total assets rising to approximately $255 billion by the first quarter of 2025. This increase suggests asset acquisition or accumulation, possibly due to investments, acquisitions, or changes in asset valuation, reflecting an expansion in the company’s resource base over the latter part of the analyzed period.
- Total asset turnover
- The total asset turnover ratio shows a clear and consistent upward trend. Beginning at approximately 1.16 in the last quarter of 2020, the ratio steadily increased each quarter, reaching 1.47 by the first quarter of 2025. This ratio improvement signifies enhanced efficiency in utilizing assets to generate revenue, indicating a positive operational performance. The rising turnover suggests that the company has been increasingly effective in leveraging its asset base to maximize sales, reflecting improved productivity or better asset management practices over time.
Equity Turnover
CVS Health Corp., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
- Revenues from customers
- Revenues displayed a consistent upward trend over the examined periods, starting at $66,593 million in March 2020 and generally increasing to peaked values near $93,000 million by December 2024 before a slight decline to approximately $94,068 million in March 2025. There was a steady growth pattern with occasional quarterly increases reflecting positive business expansion or improved market conditions. Notably, from mid-2022 onwards revenues exceeded $80,000 million each quarter, demonstrating sustained growth momentum.
- Total CVS Health shareholders’ equity
- Shareholders’ equity demonstrated moderate growth over the same timeframe. Beginning at $65,140 million in March 2020, equity increased steadily with slight fluctuations, reaching approximately $76,461 million by December 2023. Thereafter, it stabilized around the mid $74,000 to $76,000 million range through to March 2025. This pattern suggests continued accumulation of retained earnings or capital contributions, albeit with some periods of minor decline or consolidation.
- Equity turnover ratio
- Equity turnover, reported starting in September 2020, showed an overall increasing trend from 3.86 to approximately 4.9 by late 2024. This ratio measures how efficiently the company utilizes shareholders' equity to generate revenue. The rise indicates improved efficiency in turning equity into sales over the interval, with only marginal fluctuations. The highest ratios were observed during 2024, suggesting peak operational productivity relative to the equity base.
- Summary of observed trends
- The financial data points to consistent revenue growth alongside a relatively stable and gradually rising shareholders’ equity base. The upward trajectory in equity turnover ratio reflects enhanced operational efficiency and effective use of equity capital to generate revenue. Together, these metrics suggest a positive performance trend characterized by increased sales generation and sound equity management over the reported periods. Minor volatility in equity and revenue towards the end of the series may warrant monitoring but do not detract from the overall favorable trends observed.