Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Market Value Added (MVA)

Microsoft Excel

Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

CVS Health Corp., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Fair value of debt1 58,651 47,653 64,157 75,940 74,306
Operating lease liability 17,775 18,478 19,823 20,395 20,522
Market value of common equity 95,705 114,235 137,538 92,490 93,899
Preferred stock, par value $0.01; none issued or outstanding
Noncontrolling interests 175 300 306 312 306
Less: Investments 26,278 23,891 26,142 23,812 19,687
Market (fair) value of CVS Health 146,028 156,775 195,682 165,325 169,346
Less: Invested capital2 134,844 123,703 130,882 136,669 140,079
MVA 11,184 33,072 64,800 28,656 29,267

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA CVS Health Corp. market (fair) value less invested capital. CVS Health Corp. MVA decreased from 2021 to 2022 and from 2022 to 2023.

MVA Spread Ratio

CVS Health Corp., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 11,184 33,072 64,800 28,656 29,267
Invested capital2 134,844 123,703 130,882 136,669 140,079
Performance Ratio
MVA spread ratio3 8.29% 26.73% 49.51% 20.97% 20.89%
Benchmarks
MVA Spread Ratio, Competitors4
Abbott Laboratories 257.59% 230.60% 266.78% 300.18% 202.12%
Cigna Group 49.48% 36.39% 21.75% 20.67% 16.09%
Elevance Health Inc. 105.04% 108.24% 115.84% 72.12% 79.88%
Humana Inc. 86.56% 156.66% 122.92% 163.20% 196.12%
Intuitive Surgical Inc. 1,699.53% 1,400.02% 2,002.36% 1,853.43% 1,771.30%
Medtronic PLC 88.43% 93.80% 163.10% 107.64% 113.36%
UnitedHealth Group Inc. 192.81% 214.27% 265.59% 189.93% 187.47%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 11,184 ÷ 134,844 = 8.29%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. CVS Health Corp. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

MVA Margin

CVS Health Corp., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 11,184 33,072 64,800 28,656 29,267
Revenues from customers 356,623 321,629 290,912 267,908 255,765
Performance Ratio
MVA margin2 3.14% 10.28% 22.27% 10.70% 11.44%
Benchmarks
MVA Margin, Competitors3
Abbott Laboratories 383.09% 323.76% 384.46% 523.78% 368.47%
Cigna Group 21.87% 17.38% 11.43% 12.17% 9.91%
Elevance Health Inc. 43.12% 46.51% 54.14% 33.92% 42.99%
Humana Inc. 24.85% 49.25% 45.49% 46.87% 57.53%
Intuitive Surgical Inc. 1,695.34% 1,209.45% 1,575.51% 1,900.32% 1,312.48%
Medtronic PLC 199.61% 205.92% 391.27% 264.99% 269.43%
UnitedHealth Group Inc. 95.85% 109.81% 130.39% 96.88% 91.49%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenues from customers
= 100 × 11,184 ÷ 356,623 = 3.14%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. CVS Health Corp. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.