Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

CVS Health Corp., solvency ratios (quarterly data)

Microsoft Excel
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
Debt Ratios
Debt to equity 0.88 0.87 0.89 0.87 0.81 0.83 0.88 0.82 0.74 0.74 0.73 0.76 0.75 0.79 0.81 0.87 0.93 0.97 1.05 1.10
Debt to equity (including operating lease liability) 1.10 1.10 1.12 1.11 1.04 1.08 1.13 1.07 1.00 1.01 0.99 1.03 1.01 1.06 1.09 1.16 1.23 1.27 1.35 1.42
Debt to capital 0.47 0.47 0.47 0.46 0.45 0.45 0.47 0.45 0.42 0.42 0.42 0.43 0.43 0.44 0.45 0.47 0.48 0.49 0.51 0.52
Debt to capital (including operating lease liability) 0.52 0.52 0.53 0.53 0.51 0.52 0.53 0.52 0.50 0.50 0.50 0.51 0.50 0.51 0.52 0.54 0.55 0.56 0.58 0.59
Debt to assets 0.26 0.26 0.26 0.26 0.25 0.25 0.26 0.24 0.23 0.23 0.24 0.24 0.24 0.25 0.26 0.27 0.28 0.29 0.30 0.31
Debt to assets (including operating lease liability) 0.33 0.33 0.33 0.33 0.32 0.32 0.33 0.32 0.31 0.31 0.32 0.33 0.33 0.33 0.34 0.36 0.37 0.37 0.39 0.40
Financial leverage 3.35 3.37 3.37 3.38 3.27 3.38 3.44 3.35 3.21 3.27 3.06 3.15 3.10 3.16 3.16 3.24 3.32 3.38 3.46 3.54
Coverage Ratios
Interest coverage 3.08 3.33 4.41 4.55 5.20 5.59 2.71 3.43 3.46 2.75 5.49 5.27 5.16 4.92 4.60 4.52 4.36

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. CVS Health Corp. debt to equity ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CVS Health Corp. debt to equity ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. CVS Health Corp. debt to capital ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CVS Health Corp. debt to capital ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CVS Health Corp. debt to assets ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024 not reaching Q2 2024 level.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CVS Health Corp. debt to assets ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CVS Health Corp. financial leverage ratio decreased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CVS Health Corp. interest coverage ratio deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Debt to Equity

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

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
 
Total CVS Health shareholders’ equity 75,560 74,944 74,930 73,968 76,461 74,337 72,726 71,382 71,015 70,683 75,184 73,830 75,075 74,308 73,244 70,850 69,389 68,807 68,022 65,140
Solvency Ratio
Debt to equity1 0.88 0.87 0.89 0.87 0.81 0.83 0.88 0.82 0.74 0.74 0.73 0.76 0.75 0.79 0.81 0.87 0.93 0.97 1.05 1.10
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.30 0.38 0.38 0.38 0.38 0.41 0.45 0.46 0.46 0.46 0.46 0.48 0.50 0.53 0.55 0.55 0.57 0.59 0.64 0.60
Cigna Group 0.78 0.78 0.77 0.80 0.67 0.68 0.72 0.73 0.69 0.70 0.73 0.72 0.71 0.72 0.68 0.66 0.65 0.75 0.77 0.81
Elevance Health Inc. 0.76 0.62 0.66 0.65 0.64 0.65 0.66 0.68 0.66 0.66 0.66 0.65 0.64 0.64 0.66 0.69 0.60 0.61 0.62 0.68
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.50 0.49 0.49 0.49 0.47 0.55 0.51 0.44 0.46 0.48 0.49 0.50 0.51 0.60 0.60 0.57 0.49 0.49 0.51 0.52
UnitedHealth Group Inc. 0.83 0.83 0.84 0.85 0.70 0.75 0.80 0.87 0.74 0.65 0.71 0.65 0.64 0.67 0.70 0.70 0.66 0.67 0.72 0.91

Based on: 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 Q4 2024 Calculation
Debt to equity = Total debt ÷ Total CVS Health shareholders’ equity
= 66,270 ÷ 75,560 = 0.88

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. CVS Health Corp. debt to equity ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.

Debt to Equity (including Operating Lease Liability)

CVS Health Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
Current portion of operating lease liabilities 1,751 1,912 1,911 1,906 1,741 1,741 1,706 1,679 1,678 1,687 1,854 1,849 1,646 1,809 1,791 1,786 1,638 1,789 1,766 1,762
Long-term operating lease liabilities, excluding current portion 14,899 15,258 15,537 15,742 16,034 16,441 16,609 16,571 16,800 17,174 17,502 17,786 18,177 18,456 18,509 18,587 18,757 18,489 18,612 18,739
Total debt (including operating lease liability) 82,920 82,704 83,822 81,792 79,385 80,096 82,136 76,478 70,732 71,072 74,172 75,915 75,999 78,658 79,654 82,317 85,042 87,273 92,051 92,319
 
Total CVS Health shareholders’ equity 75,560 74,944 74,930 73,968 76,461 74,337 72,726 71,382 71,015 70,683 75,184 73,830 75,075 74,308 73,244 70,850 69,389 68,807 68,022 65,140
Solvency Ratio
Debt to equity (including operating lease liability)1 1.10 1.10 1.12 1.11 1.04 1.08 1.13 1.07 1.00 1.01 0.99 1.03 1.01 1.06 1.09 1.16 1.23 1.27 1.35 1.42

Based on: 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 Q4 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total CVS Health shareholders’ equity
= 82,920 ÷ 75,560 = 1.10

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. CVS Health Corp. debt to equity ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Debt to Capital

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

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
Total CVS Health shareholders’ equity 75,560 74,944 74,930 73,968 76,461 74,337 72,726 71,382 71,015 70,683 75,184 73,830 75,075 74,308 73,244 70,850 69,389 68,807 68,022 65,140
Total capital 141,830 140,478 141,304 138,112 138,071 136,251 136,547 129,610 123,269 122,894 130,000 130,110 131,251 132,701 132,598 132,794 134,036 135,802 139,695 136,958
Solvency Ratio
Debt to capital1 0.47 0.47 0.47 0.46 0.45 0.45 0.47 0.45 0.42 0.42 0.42 0.43 0.43 0.44 0.45 0.47 0.48 0.49 0.51 0.52
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.23 0.27 0.27 0.27 0.28 0.29 0.31 0.31 0.31 0.32 0.31 0.33 0.34 0.35 0.35 0.35 0.36 0.37 0.39 0.38
Cigna Group 0.44 0.44 0.44 0.44 0.40 0.41 0.42 0.42 0.41 0.41 0.42 0.42 0.42 0.42 0.40 0.40 0.40 0.43 0.44 0.45
Elevance Health Inc. 0.43 0.38 0.40 0.39 0.39 0.39 0.40 0.41 0.40 0.40 0.40 0.39 0.39 0.39 0.40 0.41 0.38 0.38 0.38 0.41
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.33 0.33 0.33 0.33 0.32 0.35 0.34 0.31 0.31 0.32 0.33 0.34 0.34 0.37 0.37 0.36 0.33 0.33 0.34 0.34
UnitedHealth Group Inc. 0.45 0.45 0.46 0.46 0.41 0.43 0.44 0.46 0.43 0.39 0.41 0.39 0.39 0.40 0.41 0.41 0.40 0.40 0.42 0.48

Based on: 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 Q4 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 66,270 ÷ 141,830 = 0.47

2 Click competitor name to see calculations.

Solvency 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. debt to capital ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.

Debt to Capital (including Operating Lease Liability)

CVS Health Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
Current portion of operating lease liabilities 1,751 1,912 1,911 1,906 1,741 1,741 1,706 1,679 1,678 1,687 1,854 1,849 1,646 1,809 1,791 1,786 1,638 1,789 1,766 1,762
Long-term operating lease liabilities, excluding current portion 14,899 15,258 15,537 15,742 16,034 16,441 16,609 16,571 16,800 17,174 17,502 17,786 18,177 18,456 18,509 18,587 18,757 18,489 18,612 18,739
Total debt (including operating lease liability) 82,920 82,704 83,822 81,792 79,385 80,096 82,136 76,478 70,732 71,072 74,172 75,915 75,999 78,658 79,654 82,317 85,042 87,273 92,051 92,319
Total CVS Health shareholders’ equity 75,560 74,944 74,930 73,968 76,461 74,337 72,726 71,382 71,015 70,683 75,184 73,830 75,075 74,308 73,244 70,850 69,389 68,807 68,022 65,140
Total capital (including operating lease liability) 158,480 157,648 158,752 155,760 155,846 154,433 154,862 147,860 141,747 141,755 149,356 149,745 151,074 152,966 152,898 153,167 154,431 156,080 160,073 157,459
Solvency Ratio
Debt to capital (including operating lease liability)1 0.52 0.52 0.53 0.53 0.51 0.52 0.53 0.52 0.50 0.50 0.50 0.51 0.50 0.51 0.52 0.54 0.55 0.56 0.58 0.59

Based on: 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 Q4 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 82,920 ÷ 158,480 = 0.52

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. CVS Health Corp. debt to capital ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Debt to Assets

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

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
 
Total assets 253,215 252,427 252,481 249,743 249,728 251,306 250,071 239,330 228,275 231,212 230,279 232,873 232,999 234,891 231,164 229,606 230,715 232,898 235,495 230,639
Solvency Ratio
Debt to assets1 0.26 0.26 0.26 0.26 0.25 0.25 0.26 0.24 0.23 0.23 0.24 0.24 0.24 0.25 0.26 0.27 0.28 0.29 0.30 0.31
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.17 0.20 0.20 0.20 0.20 0.22 0.23 0.23 0.23 0.23 0.23 0.23 0.24 0.25 0.25 0.25 0.26 0.27 0.29 0.27
Cigna Group 0.21 0.21 0.21 0.21 0.20 0.21 0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.21 0.21 0.21 0.22 0.23 0.24
Elevance Health Inc. 0.27 0.23 0.25 0.24 0.23 0.22 0.23 0.23 0.23 0.23 0.23 0.23 0.24 0.23 0.24 0.24 0.23 0.24 0.24 0.26
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.28 0.28 0.28 0.28 0.27 0.30 0.29 0.26 0.27 0.27 0.28 0.28 0.28 0.31 0.31 0.31 0.27 0.28 0.28 0.29
UnitedHealth Group Inc. 0.26 0.26 0.26 0.26 0.23 0.22 0.23 0.25 0.23 0.20 0.22 0.21 0.22 0.22 0.23 0.23 0.22 0.23 0.24 0.27

Based on: 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 Q4 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 66,270 ÷ 253,215 = 0.26

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. CVS Health Corp. debt to assets ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024 not reaching Q2 2024 level.

Debt to Assets (including Operating Lease Liability)

CVS Health Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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)
Short-term debt 2,119 800 2,719 200 1,000 252 255
Current portion of long-term debt 3,624 4,910 3,731 3,731 2,772 2,132 1,402 1,778 1,778 1,363 4,019 4,217 4,205 1,561 60 2,422 5,440 5,443 8,192 5,828
Long-term debt, excluding current portion 60,527 59,824 62,643 57,694 58,638 59,782 61,419 56,450 50,476 50,848 50,797 52,063 51,971 56,832 59,294 59,270 59,207 61,552 63,481 65,735
Total debt 66,270 65,534 66,374 64,144 61,610 61,914 63,821 58,228 52,254 52,211 54,816 56,280 56,176 58,393 59,354 61,944 64,647 66,995 71,673 71,818
Current portion of operating lease liabilities 1,751 1,912 1,911 1,906 1,741 1,741 1,706 1,679 1,678 1,687 1,854 1,849 1,646 1,809 1,791 1,786 1,638 1,789 1,766 1,762
Long-term operating lease liabilities, excluding current portion 14,899 15,258 15,537 15,742 16,034 16,441 16,609 16,571 16,800 17,174 17,502 17,786 18,177 18,456 18,509 18,587 18,757 18,489 18,612 18,739
Total debt (including operating lease liability) 82,920 82,704 83,822 81,792 79,385 80,096 82,136 76,478 70,732 71,072 74,172 75,915 75,999 78,658 79,654 82,317 85,042 87,273 92,051 92,319
 
Total assets 253,215 252,427 252,481 249,743 249,728 251,306 250,071 239,330 228,275 231,212 230,279 232,873 232,999 234,891 231,164 229,606 230,715 232,898 235,495 230,639
Solvency Ratio
Debt to assets (including operating lease liability)1 0.33 0.33 0.33 0.33 0.32 0.32 0.33 0.32 0.31 0.31 0.32 0.33 0.33 0.33 0.34 0.36 0.37 0.37 0.39 0.40

Based on: 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 Q4 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 82,920 ÷ 253,215 = 0.33

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. CVS Health Corp. debt to assets ratio (including operating lease liability) improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Financial Leverage

CVS Health Corp., financial leverage calculation (quarterly data)

Microsoft Excel
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)
Total assets 253,215 252,427 252,481 249,743 249,728 251,306 250,071 239,330 228,275 231,212 230,279 232,873 232,999 234,891 231,164 229,606 230,715 232,898 235,495 230,639
Total CVS Health shareholders’ equity 75,560 74,944 74,930 73,968 76,461 74,337 72,726 71,382 71,015 70,683 75,184 73,830 75,075 74,308 73,244 70,850 69,389 68,807 68,022 65,140
Solvency Ratio
Financial leverage1 3.35 3.37 3.37 3.38 3.27 3.38 3.44 3.35 3.21 3.27 3.06 3.15 3.10 3.16 3.16 3.24 3.32 3.38 3.46 3.54
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 1.71 1.87 1.86 1.87 1.90 1.92 1.97 1.99 2.03 2.04 2.03 2.09 2.10 2.14 2.17 2.17 2.21 2.20 2.25 2.21
Cigna Group 3.80 3.74 3.76 3.72 3.30 3.28 3.30 3.33 3.21 3.20 3.33 3.31 3.29 3.25 3.17 3.16 3.09 3.33 3.37 3.43
Elevance Health Inc. 2.83 2.66 2.68 2.76 2.77 2.88 2.86 2.92 2.83 2.86 2.82 2.79 2.70 2.74 2.75 2.83 2.61 2.55 2.55 2.60
Intuitive Surgical Inc. 1.14 1.14 1.13 1.13 1.16 1.17 1.17 1.16 1.17 1.15 1.14 1.13 1.14 1.13 1.13 1.14 1.15 1.15 1.16 1.16
Medtronic PLC 1.79 1.75 1.75 1.77 1.77 1.83 1.80 1.71 1.73 1.75 1.76 1.78 1.81 1.92 1.91 1.87 1.79 1.79 1.80 1.81
UnitedHealth Group Inc. 3.22 3.17 3.20 3.28 3.08 3.34 3.40 3.49 3.16 3.26 3.16 3.04 2.96 3.03 3.05 3.09 3.01 2.93 3.03 3.32

Based on: 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 Q4 2024 Calculation
Financial leverage = Total assets ÷ Total CVS Health shareholders’ equity
= 253,215 ÷ 75,560 = 3.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. CVS Health Corp. financial leverage ratio decreased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Interest Coverage

CVS Health Corp., interest coverage calculation (quarterly data)

Microsoft Excel
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)
Net income (loss) attributable to CVS Health 1,644 87 1,770 1,113 2,046 2,261 1,901 2,136 2,302 (3,416) 2,951 2,312 1,306 1,598 2,783 2,223 973 1,224 2,975 2,007
Add: Net income attributable to noncontrolling interest (21) (16) (2) 11 1 4 13 6 (2) 7 10 1 (10) (11) 8 1 2 (5) 11 5
Less: Loss from discontinued operations, net of tax (9)
Add: Income tax expense 503 34 569 456 658 754 656 737 809 (1,047) 1,068 633 274 558 944 746 241 587 974 767
Add: Interest expense 758 752 732 716 690 693 686 589 552 566 583 586 608 602 636 657 678 731 765 733
Earnings before interest and tax (EBIT) 2,884 857 3,069 2,296 3,395 3,712 3,256 3,468 3,661 (3,890) 4,612 3,532 2,178 2,747 4,371 3,627 1,903 2,537 4,725 3,512
Solvency Ratio
Interest coverage1 3.08 3.33 4.41 4.55 5.20 5.59 2.71 3.43 3.46 2.75 5.49 5.27 5.16 4.92 4.60 4.52 4.36
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 13.55 12.65 11.74 11.46 11.46 10.79 11.34 13.06 15.89 18.41 20.07 18.10 16.41 16.38 14.28 12.77 10.10
Elevance Health Inc. 7.67 8.52 9.07 8.70 8.49 8.87 9.76 9.95 10.13 10.75 10.71 11.01 10.93 10.04 8.03 9.09 8.96
Medtronic PLC 7.73 8.87 8.97 9.90 9.43 10.15 11.02 10.88 10.98 10.95 10.18 5.65 5.21 3.68 4.02 6.60 4.71 4.12 3.84 3.76
UnitedHealth Group Inc. 6.14 6.39 6.79 7.53 9.97 10.21 10.99 12.25 13.59 14.66 14.45 14.26 14.44 13.46 13.03 14.88 13.47

Based on: 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 Q4 2024 Calculation
Interest coverage = (EBITQ4 2024 + EBITQ3 2024 + EBITQ2 2024 + EBITQ1 2024) ÷ (Interest expenseQ4 2024 + Interest expenseQ3 2024 + Interest expenseQ2 2024 + Interest expenseQ1 2024)
= (2,884 + 857 + 3,069 + 2,296) ÷ (758 + 752 + 732 + 716) = 3.08

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. CVS Health Corp. interest coverage ratio deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.