Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

CVS Health Corp., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 27.05 24.98 22.56 21.25 21.24
Net fixed asset turnover (including operating lease, right-of-use asset) 11.72 10.46 9.09 8.04 7.77
Total asset turnover 1.43 1.41 1.25 1.16 1.15
Equity turnover 4.66 4.53 3.87 3.86 4.00

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. CVS Health Corp. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). CVS Health Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. CVS Health Corp. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. CVS Health Corp. equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover

CVS Health Corp., net fixed asset turnover 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)
Revenues from customers 356,623 321,629 290,912 267,908 255,765
Property and equipment, net 13,183 12,873 12,896 12,606 12,044
Long-term Activity Ratio
Net fixed asset turnover1 27.05 24.98 22.56 21.25 21.24
Benchmarks
Net Fixed Asset Turnover, Competitors2
Abbott Laboratories 3.95 4.76 4.81 3.83 3.97
Cigna Group 52.53 47.53 46.73 37.85 34.45
Elevance Health Inc. 39.05 36.07 34.94 34.69 32.92
Humana Inc. 34.75 28.71 26.97 32.05 32.93
Intuitive Surgical Inc. 2.01 2.62 3.04 2.76 3.52
Medtronic PLC 5.61 5.85 5.77 5.99 6.54
UnitedHealth Group Inc. 32.10 31.81 31.81 29.64 27.60
Net Fixed Asset Turnover, Sector
Health Care Equipment & Services 23.14 22.49 21.55 20.28 19.95
Net Fixed Asset Turnover, Industry
Health Care 10.13 10.62 10.44 9.62 9.73

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 2023 Calculation
Net fixed asset turnover = Revenues from customers ÷ Property and equipment, net
= 356,623 ÷ 13,183 = 27.05

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. CVS Health Corp. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

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, 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)
Revenues from customers 356,623 321,629 290,912 267,908 255,765
 
Property and equipment, net 13,183 12,873 12,896 12,606 12,044
Operating lease right-of-use assets 17,252 17,872 19,122 20,729 20,860
Property and equipment, net (including operating lease, right-of-use asset) 30,435 30,745 32,018 33,335 32,904
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 11.72 10.46 9.09 8.04 7.77
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Abbott Laboratories 3.56 4.25 4.26 3.42 3.56
Cigna Group 47.75 43.23 41.37 33.46 30.72
Elevance Health Inc. 34.43 31.64 30.12 29.26 27.82
Humana Inc. 29.75 24.76 22.09 27.07 27.22
Intuitive Surgical Inc. 1.97 2.53 2.93 2.66 3.32
Medtronic PLC 4.72 5.06 4.84 5.02 6.54
UnitedHealth Group Inc. 22.48 21.54 21.54 19.55 18.97
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Health Care Equipment & Services 15.74 14.87 13.78 12.53 12.33
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 8.26 8.57 8.28 7.55 7.63

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 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues from customers ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 356,623 ÷ 30,435 = 11.72

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). CVS Health Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

CVS Health Corp., total asset turnover 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)
Revenues from customers 356,623 321,629 290,912 267,908 255,765
Total assets 249,728 228,275 232,999 230,715 222,449
Long-term Activity Ratio
Total asset turnover1 1.43 1.41 1.25 1.16 1.15
Benchmarks
Total Asset Turnover, Competitors2
Abbott Laboratories 0.55 0.59 0.57 0.48 0.47
Cigna Group 1.27 1.25 1.11 1.02 0.98
Elevance Health Inc. 1.56 1.51 1.41 1.39 1.33
Humana Inc. 2.24 2.15 1.87 2.17 2.21
Intuitive Surgical Inc. 0.46 0.48 0.42 0.39 0.46
Medtronic PLC 0.34 0.35 0.32 0.32 0.34
UnitedHealth Group Inc. 1.34 1.31 1.34 1.30 1.38
Total Asset Turnover, Sector
Health Care Equipment & Services 1.26 1.22 1.13 1.08 1.07
Total Asset Turnover, Industry
Health Care 0.80 0.81 0.76 0.70 0.71

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 2023 Calculation
Total asset turnover = Revenues from customers ÷ Total assets
= 356,623 ÷ 249,728 = 1.43

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. CVS Health Corp. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Equity Turnover

CVS Health Corp., equity turnover 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)
Revenues from customers 356,623 321,629 290,912 267,908 255,765
Total CVS Health shareholders’ equity 76,461 71,015 75,075 69,389 63,864
Long-term Activity Ratio
Equity turnover1 4.66 4.53 3.87 3.86 4.00
Benchmarks
Equity Turnover, Competitors2
Abbott Laboratories 1.04 1.19 1.20 1.06 1.03
Cigna Group 4.20 4.00 3.66 3.16 3.36
Elevance Health Inc. 4.33 4.29 3.80 3.64 3.25
Humana Inc. 6.48 6.04 5.15 5.54 5.35
Intuitive Surgical Inc. 0.54 0.56 0.48 0.45 0.54
Medtronic PLC 0.61 0.60 0.59 0.57 0.61
UnitedHealth Group Inc. 4.14 4.14 3.98 3.90 4.17
Equity Turnover, Sector
Health Care Equipment & Services 3.43 3.34 3.03 2.91 2.94
Equity Turnover, Industry
Health Care 2.23 2.17 2.10 2.07 2.07

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 2023 Calculation
Equity turnover = Revenues from customers ÷ Total CVS Health shareholders’ equity
= 356,623 ÷ 76,461 = 4.66

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. CVS Health Corp. equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023.