CVS Health Corp., current enterprise value calculation

Current share price (P)	$65.92
No. shares of common stock outstanding	1,260,795,063
US$ in millions
Common equity (market value)¹	83,112)
Add: Preferred stock, par value $0.01; none issued or outstanding (per books)	—)
Add: Noncontrolling interests (per books)	170)
Total equity	83,282)
Add: Short-term debt (per books)	2,119)
Add: Current portion of long-term debt (per books)	3,624)
Add: Long-term debt, excluding current portion (per books)	60,527)
Total equity and debt	149,552)
Less: Cash and cash equivalents	8,586)
Less: Investments	2,407)
Enterprise value (EV)	138,559)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 65.92 × 1,260,795,063

CVS Health Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$63.22	$76.05	$88.96	$104.79	$70.53
No. shares of common stock outstanding¹	1,260,795,063	1,258,449,553	1,284,111,667	1,312,510,426	1,311,354,926
US$ in millions
Common equity (market value)³	79,707)	95,705)	114,235)	137,538)	92,490)
Add: Preferred stock, par value $0.01; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	170)	175)	300)	306)	312)
Total equity	79,877)	95,880)	114,535)	137,844)	92,802)
Add: Short-term debt (book value)	2,119)	200)	—)	—)	—)
Add: Current portion of long-term debt (book value)	3,624)	2,772)	1,778)	4,205)	5,440)
Add: Long-term debt, excluding current portion (book value)	60,527)	58,638)	50,476)	51,971)	59,207)
Total equity and debt	146,147)	157,490)	166,789)	194,020)	157,449)
Less: Cash and cash equivalents	8,586)	8,196)	12,945)	9,408)	7,854)
Less: Investments	2,407)	3,259)	2,778)	3,117)	3,000)
Enterprise value (EV)	135,154)	146,035)	151,066)	181,495)	146,595)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 63.22 × 1,260,795,063

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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 2022 to 2023 and from 2023 to 2024.

CVS Health Corp. (NYSE:CVS)

Enterprise Value (EV)