CVS Health Corp., current enterprise value calculation

Current share price (P)	$56.83
No. shares of common stock outstanding	1,258,407,645
US$ in millions
Common equity (market value)¹	71,515)
Add: Preferred stock, par value $0.01; none issued or outstanding (per books)	—)
Add: Noncontrolling interests (per books)	175)
Total equity	71,690)
Add: Short-term debt (per books)	200)
Add: Current portion of long-term debt (per books)	2,772)
Add: Long-term debt, excluding current portion (per books)	58,638)
Total equity and debt	133,300)
Less: Cash and cash equivalents	8,196)
Less: Investments	3,259)
Enterprise value (EV)	121,845)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 56.83 × 1,258,407,645

CVS Health Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$76.05	$88.96	$104.79	$70.53	$72.00
No. shares of common stock outstanding¹	1,258,449,553	1,284,111,667	1,312,510,426	1,311,354,926	1,304,159,680
US$ in millions
Common equity (market value)³	95,705)	114,235)	137,538)	92,490)	93,899)
Add: Preferred stock, par value $0.01; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	175)	300)	306)	312)	306)
Total equity	95,880)	114,535)	137,844)	92,802)	94,205)
Add: Short-term debt (book value)	200)	—)	—)	—)	—)
Add: Current portion of long-term debt (book value)	2,772)	1,778)	4,205)	5,440)	3,781)
Add: Long-term debt, excluding current portion (book value)	58,638)	50,476)	51,971)	59,207)	64,699)
Total equity and debt	157,490)	166,789)	194,020)	157,449)	162,685)
Less: Cash and cash equivalents	8,196)	12,945)	9,408)	7,854)	5,683)
Less: Investments	3,259)	2,778)	3,117)	3,000)	2,373)
Enterprise value (EV)	146,035)	151,066)	181,495)	146,595)	154,629)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 76.05 × 1,258,449,553

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	CVS Health Corp. EV decreased from 2021 to 2022 and from 2022 to 2023.

CVS Health Corp. (NYSE:CVS)

Enterprise Value (EV)