Analysis of Reportable Segments
CVS Health Corp. operates in 3 segments: Health Care Benefits; Health Services; and Pharmacy & Consumer Wellness.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Segment Profit Margin
CVS Health Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Health Care Benefits | |||||
| Health Services | |||||
| Pharmacy & Consumer Wellness |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Care Benefits | Health Care Benefits segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Health Services | Health Services segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Pharmacy & Consumer Wellness | Pharmacy & Consumer Wellness segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Health Care Benefits
CVS Health Corp.; Health Care Benefits; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Care Benefits | Health Care Benefits segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Health Services
CVS Health Corp.; Health Services; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Services | Health Services segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Pharmacy & Consumer Wellness
CVS Health Corp.; Pharmacy & Consumer Wellness; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Pharmacy & Consumer Wellness | Pharmacy & Consumer Wellness segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Revenues
CVS Health Corp., revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Health Care Benefits | |||||
| Health Services | |||||
| Pharmacy & Consumer Wellness | |||||
| Corporate/Other | |||||
| Intersegment eliminations | |||||
| Consolidated total |
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).
Adjusted operating income (loss)
CVS Health Corp., adjusted operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Health Care Benefits | |||||
| Health Services | |||||
| Pharmacy & Consumer Wellness | |||||
| Corporate/Other | |||||
| Consolidated total |
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).