CVS Health Corp., current enterprise value calculation

Current share price (P)	$69.45
No. shares of common stock outstanding	1,265,019,429
US$ in millions
Common equity (market value)¹	87,856)
Add: Preferred stock, par value $0.01; none issued or outstanding (per books)	—)
Add: Noncontrolling interests (per books)	170)
Total equity	88,026)
Add: Short-term debt (per books)	2,119)
Add: Current portion of long-term debt (per books)	3,624)
Add: Long-term debt, excluding current portion (per books)	60,527)
Total equity and debt	154,296)
Less: Cash and cash equivalents	8,586)
Less: Investments	2,407)
Enterprise value (EV)	143,303)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 69.45 × 1,265,019,429

CVS Health Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$63.22	$76.05	$88.96	$104.79	$70.53
No. shares of common stock outstanding¹	1,260,795,063	1,258,449,553	1,284,111,667	1,312,510,426	1,311,354,926
US$ in millions
Common equity (market value)³	79,707)	95,705)	114,235)	137,538)	92,490)
Add: Preferred stock, par value $0.01; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	170)	175)	300)	306)	312)
Total equity	79,877)	95,880)	114,535)	137,844)	92,802)
Add: Short-term debt (book value)	2,119)	200)	—)	—)	—)
Add: Current portion of long-term debt (book value)	3,624)	2,772)	1,778)	4,205)	5,440)
Add: Long-term debt, excluding current portion (book value)	60,527)	58,638)	50,476)	51,971)	59,207)
Total equity and debt	146,147)	157,490)	166,789)	194,020)	157,449)
Less: Cash and cash equivalents	8,586)	8,196)	12,945)	9,408)	7,854)
Less: Investments	2,407)	3,259)	2,778)	3,117)	3,000)
Enterprise value (EV)	135,154)	146,035)	151,066)	181,495)	146,595)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of CVS Health Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 63.22 × 1,260,795,063

The financial data demonstrates notable fluctuations in equity and enterprise value over the five-year period.

Common Equity (Market Value): Common equity experienced a significant increase from 2020 to 2021, rising from $92,490 million to $137,538 million. However, starting in 2022, there was a reversal in this trend with a decline each subsequent year, reaching $79,707 million by 2024. This indicates a peak in market value of common equity in 2021, followed by a sustained downward trend.
Total Equity: Total equity closely mirrored the pattern of common equity, increasing sharply between 2020 and 2021 from $92,802 million to $137,844 million. Following this peak, total equity decreased over the next three years, falling to $79,877 million at the end of 2024. The similarity in movement suggests a consistent relationship between common equity and total equity levels.
Total Equity and Debt: The combined total of equity and debt rose substantially from $157,449 million in 2020 to $194,020 million in 2021, which marks the highest point during the period. Thereafter, a decline is observed each year, with the value decreasing to $146,147 million in 2024. This pattern indicates a period of deleveraging or reduction in combined capital after 2021.
Enterprise Value (EV): The enterprise value followed a similar trajectory as total equity and debt, increasing from $146,595 million in 2020 to a peak of $181,495 million in 2021. From 2022 onward, enterprise value progressively decreased, ending at $135,154 million in 2024. This decline suggests a reduction in market capitalization or debt levels affecting the overall valuation of the company post-2021.

Overall, the data reveals a pronounced growth in equity and enterprise value metrics in the year 2021, followed by a consistent decline from 2022 through 2024. These trends may reflect broader market conditions, changes in company performance, capital structure adjustments, or investor sentiment shifts affecting valuation and capital balances during the latter years.

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CVS Health Corp. (NYSE:CVS)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)