CVS HEALTH Corp

10-K & 10-Q Filings

CVS Health Corporation is a leading health solutions company based in the United States. It serves more than 35 million people through traditional, voluntary, and consumer-directed health insurance products and related services. The company's business strategy is to build a world of health around every consumer it serves by making it easier and more affordable to live a healthier life. CVS Health has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness, and Corporate/Other. The company's website is cvshealth.com, and its ticker symbol is CVS. During the year ended December 31, 2023, CVS Health completed the acquisitions of Signify Health and Oak Street Health to enhance its ability to execute on its care delivery strategy. The company realigned its segments to reflect how its Chief Operating Decision Maker reviews information and manages the business, forming a new Health Services segment and a new Pharmacy & Consumer Wellness segment. The Health Care Benefits segment operates as one of the nation's leading diversified health care benefits providers, serving an estimated more than 35 million people. The segment offers a broad range of traditional, voluntary, and consumer-directed health insurance products and related services, including medical, pharmacy, dental, and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs, and Medicaid health care management services. The Health Services segment delivers health care services in the Company’s medical clinics, virtually, and in the home, as well as provider enablement solutions. The Pharmacy & Consumer Wellness segment includes retail and long-term care pharmacy operations and related pharmacy services, as well as retail front store operations. CVS Health markets its products and services to a range of customers, including employer groups, individuals, college students, part-time and hourly workers, health plans, providers, governmental units, government-sponsored plans, labor groups, and expatriates. The company's pricing for its products and services varies depending on the type of contract and regulatory requirements. The health care benefits industry is highly competitive, with a large number of for-profit and not-for-profit competitors, competitors' marketing and pricing, and a proliferation of competing products. The company believes that it differentiates itself from its competitors through perceived overall quality, quality of service, comprehensiveness of coverage, cost, product design, financial stability, ratings, breadth and quality of provider networks, ability to offer different provider network options, providers available in such networks, and quality of member support and care management programs.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$107100.00
123133.00
126761.00
139367.00
153290.00
177526.00
184765.00
194579.00
256776.00
268706.00
292111.00
322467.00
357776.00
85278.00
88437.00
10.57%3.70%Cost of Revenue (-)
$86539.00
100627.00
102978.00
114000.00
126762.00
148669.00
156220.00
163041.00
158719.00
163981.00
175803.00
196892.00
217098.00
51455.00
48073.00
7.97%-6.57%Gross Profit (+)
$20561.00
22506.00
23783.00
25367.00
26528.00
28857.00
28545.00
31538.00
98057.00
104725.00
116308.00
125575.00
140678.00
33823.00
40364.00
17.38%19.34%Non-recurring Operating Expenses (-)
$
6149.00
431.00
8336.00
349.00
349.00
Operating Expenses (-)
$14231.00
15278.00
15746.00
16568.00
17074.00
18519.00
19028.00
27517.00
86070.00
90814.00
103115.00
117829.00
126935.00
30377.00
38093.00
20.00%25.40%Costs & Expenses (Total) (-)
$100770.00
115905.00
118724.00
130568.00
143836.00
167188.00
175248.00
190558.00
244789.00
254795.00
278918.00
314721.00
344033.00
81832.00
86166.00
10.77%5.30%Operating Income/Loss (+)
$6330.00
7228.00
8037.00
8799.00
9454.00
10338.00
9517.00
4021.00
11987.00
13911.00
13193.00
7746.00
13743.00
3446.00
2271.00
6.67%-34.10%Non-operating Income/Expense (+)
$
-348.00
-521.00
-643.00
-208.00
4.00
45.00
-1234.00
-270.00
169.00
88.00
22.00
25.00
13.64%Interest Expense (-)
$
2619.00
3035.00
2907.00
2503.00
2287.00
2658.00
589.00
716.00
21.56%Earnings before Tax (+)
$5746.00
6323.00
7528.00
7678.00
8616.00
8637.00
8268.00
1406.00
8997.00
9770.00
10420.00
5628.00
11173.00
2879.00
1580.00
5.70%-45.12%Tax Expense (-)
$2258.00
2441.00
2928.00
3033.00
3386.00
3317.00
1637.00
2002.00
2366.00
2569.00
2522.00
1463.00
2805.00
737.00
456.00
1.82%-38.13%Income/Loss (Continuing Operations) (+)
$3488.00
3882.00
4600.00
4645.00
5230.00
5320.00
6631.00
-596.00
6631.00
7201.00
7898.00
4165.00
8368.00
2142.00
1124.00
7.56%-47.53%Income/Loss (Discontinued Operations) (+)
$-31.00
-7.00
-8.00
-1.00
9.00
-1.00
-8.00
-9.00
Profit/Loss (+)
$3457.00
3875.00
4592.00
4644.00
5239.00
5319.00
6623.00
-596.00
6631.00
7192.00
7898.00
4165.00
8368.00
2142.00
1124.00
7.64%-47.53%Net Income/Loss (NCI) (-)
$-4.00
-2.00
2.00
2.00
1.00
-2.00
-3.00
13.00
-12.00
16.00
24.00
6.00
11.00
83.33%Net Income/Loss (+)
$3461.00
3877.00
4592.00
4644.00
5237.00
5317.00
6622.00
-594.00
6634.00
7179.00
7910.00
4149.00
8344.00
2136.00
1113.00
7.61%-47.89%Net Income/Loss (Common) (+)
$3461.00
3877.00
4592.00
4644.00
5237.00
5317.00
6622.00
-594.00
6634.00
7179.00
7910.00
4149.00
8344.00
2136.00
1113.00
7.61%-47.89%EPS (Basic)
$2.59
3.05
3.77
3.98
4.66
4.93
6.47
-0.57
5.10
5.48
6.00
3.16
6.49
1.66
0.88
7.96%-46.99%EPS (Diluted)
$2.57
3.03
3.74
3.96
4.63
4.90
6.44
-0.57
5.08
5.46
5.95
3.14
6.47
1.65
0.88
8.00%-46.67%Weighted Avg Shares (Basic)
1338.00
1271.00
1217.00
1161.00
1118.00
1073.00
1020.00
1044.00
1301.00
1309.00
1319.00
1312.00
1285.00
1283.00
1260.00
-0.34%-1.79%Weighted Avg Shares (Diluted)
1347.00
1280.00
1226.00
1169.00
1126.00
1079.00
1024.00
1044.00
1305.00
1314.00
1329.00
1323.00
1290.00
1291.00
1267.00
-0.36%-1.86%Cash
$1413.00
1375.00
4089.00
2481.00
2459.00
3371.00
1696.00
4059.00
5683.00
7854.00
9408.00
12945.00
8196.00
14618.00
9801.00
15.78%-32.95%Short-term Investments
$5.00
5.00
88.00
34.00
88.00
87.00
111.00
2522.00
2373.00
3000.00
3117.00
2778.00
3259.00
3102.00
3288.00
71.60%6.00%Receivables
$6047.00
6473.00
8729.00
9687.00
11888.00
12164.00
13181.00
17631.00
19617.00
21742.00
24431.00
27276.00
35227.00
28331.00
32217.00
15.82%13.72%Inventory
$10046.00
10759.00
11045.00
11930.00
14001.00
14760.00
15296.00
16450.00
17516.00
18496.00
17760.00
19090.00
18025.00
18263.00
16346.00
4.99%-10.50%Other Assets (Current)
$1083.00
1240.00
1374.00
1851.00
1942.00
660.00
945.00
4581.00
5113.00
5277.00
5292.00
3593.00
3151.00
4392.00
5821.00
9.31%32.54%Assets (Current)
$18594.00
19852.00
25325.00
25983.00
30378.00
31042.00
31229.00
45243.00
50302.00
56369.00
60008.00
65682.00
67858.00
68706.00
67473.00
11.39%-1.79%Securities & Long-term Investments
$
15732.00
17314.00
20812.00
23025.00
21096.00
23019.00
21612.00
24074.00
11.39%Property, Plant & Equipment (Net)
$8467.00
8632.00
8615.00
8843.00
9855.00
10175.00
10292.00
11349.00
20860.00
33335.00
32018.00
30745.00
30435.00
30532.00
30082.00
11.25%-1.47%Goodwill & Intangibles
$36327.00
36148.00
36071.00
37916.00
51984.00
51760.00
52081.00
115202.00
112870.00
110694.00
108147.00
102904.00
120506.00
110425.00
120042.00
10.51%8.71%Other Assets
$1155.00
1280.00
1515.00
1510.00
1440.00
1485.00
1529.00
8930.00
21103.00
9505.00
9801.00
7848.00
7910.00
8055.00
8072.00
17.39%0.21%Assets (Non-current)
$45949.00
46060.00
46201.00
48269.00
63279.00
63420.00
63902.00
151213.00
172147.00
174346.00
172991.00
162593.00
181870.00
170624.00
182270.00
12.15%6.83%Assets (Total)
$64543.00
65912.00
71526.00
74252.00
93657.00
94462.00
95131.00
196456.00
222449.00
230715.00
232999.00
228275.00
249728.00
239330.00
249743.00
11.94%4.35%Accounts Payable
$7663.00
9121.00
10316.00
12363.00
14319.00
14883.00
15472.00
19636.00
22625.00
25381.00
30214.00
33583.00
37086.00
34042.00
36067.00
14.04%5.95%Debt (Current)
$806.00
695.00
561.00
1260.00
1197.00
1916.00
4821.00
1985.00
5377.00
5440.00
4205.00
1778.00
2972.00
1778.00
6450.00
11.49%262.77%Other Liabilities (Current)
$3487.00
3974.00
4548.00
5404.00
7653.00
9451.00
10355.00
22388.00
25301.00
31196.00
33388.00
34375.00
39131.00
39234.00
40802.00
22.32%4.00%Liabilities (Current)
$11956.00
13790.00
15425.00
19027.00
23169.00
26250.00
30648.00
44009.00
53303.00
62017.00
67807.00
69736.00
79189.00
75054.00
83319.00
17.06%11.01%Debt (Non-current)
$9208.00
9133.00
12841.00
11695.00
26267.00
25615.00
22181.00
71444.00
83625.00
59207.00
51971.00
50476.00
58638.00
56450.00
57694.00
16.68%2.20%Other Liabilities
$5298.00
5285.00
5322.00
5567.00
6979.00
5763.00
4607.00
22460.00
21351.00
39790.00
37840.00
36748.00
35265.00
36246.00
34580.00
17.11%-4.60%Liabilities (Non-current)
$14506.00
14418.00
18163.00
17262.00
33246.00
31378.00
26788.00
93904.00
104976.00
98997.00
89811.00
87224.00
93903.00
92696.00
92274.00
16.84%-0.46%Liabilities (Total)
$26462.00
28208.00
33588.00
36289.00
56415.00
57628.00
57436.00
137913.00
158279.00
161014.00
157618.00
156960.00
173092.00
167750.00
175593.00
16.94%4.68%Treasury Stock
$11953.00
16270.00
20169.00
24078.00
28886.00
33452.00
37765.00
28228.00
28235.00
28178.00
28173.00
31858.00
33838.00
33802.00
36773.00
9.06%8.79%Retained Earnings
$22090.00
25049.00
28493.00
31849.00
35506.00
38983.00
43556.00
40911.00
45108.00
49640.00
54906.00
56145.00
61604.00
57753.00
61873.00
8.92%7.13%AOCI
$-172.00
-181.00
-149.00
-217.00
-358.00
-305.00
-165.00
102.00
1019.00
1414.00
965.00
-1465.00
-297.00
-875.00
-341.00
61.03%Shareholder's Equity
$38051.00
37704.00
37938.00
37963.00
37203.00
36834.00
37695.00
58543.00
64170.00
69701.00
75381.00
71315.00
76636.00
71580.00
74150.00
6.01%3.59%Liabilities & Equity
$64543.00
65912.00
71526.00
74252.00
93657.00
94462.00
95131.00
196456.00
222449.00
230715.00
232999.00
228275.00
249728.00
239330.00
249743.00
11.94%4.35%Net Income/Loss
$3457.00
3875.00
4592.00
4644.00
5239.00
5319.00
6623.00
-596.00
6631.00
7192.00
7898.00
4165.00
8368.00
2142.00
1124.00
7.64%-47.53%Depreciation & Amortization
$1568.00
1753.00
1870.00
1931.00
2092.00
2475.00
2479.00
2718.00
4371.00
4441.00
4512.00
4247.00
4366.00
1001.00
1138.00
8.91%13.69%Increase/Decrease in Working Capital
$-703.00
-867.00
734.00
-934.00
-1117.00
-1257.00
1750.00
112.00
-1499.00
-3159.00
-3948.00
-7003.00
-15.00
-4037.00
-2721.00
32.60%Share-based Compensation
$135.00
132.00
141.00
165.00
230.00
222.00
234.00
280.00
453.00
400.00
484.00
447.00
588.00
103.00
137.00
13.05%33.01%Adjustments to Reconcile Net Income
$2399.00
2796.00
1191.00
3493.00
3173.00
4750.00
1384.00
9461.00
6217.00
8673.00
10367.00
12012.00
5058.00
5296.00
3779.00
6.41%-28.64%Net Cash (Operating)
$5856.00
6671.00
5783.00
8137.00
8412.00
10069.00
8007.00
8865.00
12848.00
15865.00
18265.00
16177.00
13426.00
7438.00
4903.00
7.16%-34.08%Capital Expenditure
$3059.00
2378.00
2345.00
4564.00
13807.00
2765.00
3172.00
43431.00
2901.00
2463.00
2666.00
4115.00
19643.00
8078.00
730.00
16.76%-90.96%Net Cash (Investing)
$-2410.00
-1849.00
-1835.00
-4045.00
-13420.00
-2470.00
-2932.00
-43285.00
-3339.00
-5534.00
-5261.00
-5047.00
-20889.00
-8514.00
-2094.00
75.41%Increase/Decrease in Debt
$4035.00
2897.00
3274.00
-932.00
11218.00
-614.00
-598.00
38265.00
-5320.00
-5673.00
-9267.00
-4211.00
7932.00
5589.00
2501.00
5.79%-55.25%Increase/Decrease in Equity
$-3001.00
-4330.00
-3976.00
-4001.00
-5001.00
-4461.00
-4361.00
242.00
210.00
264.00
549.00
-2949.00
-1735.00
-1922.00
-2824.00
-46.93%Interest Expenses
$647.00
581.00
534.00
647.00
629.00
1140.00
1072.00
2803.00
2954.00
2904.00
2469.00
2239.00
2418.00
773.00
1043.00
11.61%34.93%Dividends Paid
$674.00
829.00
1097.00
1288.00
1576.00
1840.00
2049.00
2038.00
2603.00
2624.00
2625.00
2907.00
3132.00
779.00
840.00
13.66%7.83%Net Cash (Financing)
$-3460.00
-4860.00
-1237.00
-5694.00
5006.00
-6689.00
-6751.00
36819.00
-7850.00
-8155.00
-11356.00
-10516.00
2683.00
2726.00
-1227.00
-145.01%Cash Taxes Paid
$2406.00
2282.00
3211.00
2931.00
3274.00
3060.00
2909.00
2383.00
2717.00
2929.00
3195.00
4116.00
3524.00
75.00
63.00
3.23%-16.00%Effect of Exchange Rate
$
3.00
-6.00
-20.00
2.00
1.00
-4.00
Increase/Decrease in Cash
$-14.00
-38.00
2714.00
-1608.00
-22.00
912.00
-1675.00
2395.00
1659.00
2176.00
1648.00
614.00
-4780.00
1650.00
1582.00
-4.12%Cash (Beginning)
$1427.00
1413.00
1375.00
4089.00
2481.00
2459.00
3371.00
1900.00
4295.00
5954.00
11043.00
12691.00
13305.00
13305.00
8525.00
20.45%-35.93%Cash (Ending)
$1413.00
1375.00
4089.00
2481.00
2459.00
3371.00
1696.00
4295.00
5954.00
8130.00
12691.00
13305.00
8525.00
14955.00
10107.00
16.16%-32.42%NOPAT
$3679.46
4619.38
4608.89
5440.07
5861.57
6675.35
6168.55
-2794.11
8367.05
9740.55
9147.74
2081.01
9408.41
3356.23
2180.45
8.14%-35.03%Gross Margin %
19.20%
18.28%
18.76%
18.20%
17.31%
16.26%
15.45%
16.21%
38.19%
38.97%
39.82%
38.94%
39.32%
39.66%
45.64%
Operating Margin %
5.91%
5.87%
6.34%
6.31%
6.17%
5.82%
5.15%
2.07%
4.67%
5.18%
4.52%
2.40%
3.84%
4.04%
2.57%
NOPAT Margin %
3.44%
3.75%
3.64%
3.90%
3.82%
3.76%
3.34%
-1.44%
3.26%
3.62%
3.13%
0.65%
2.63%
3.94%
2.47%
Net Margin %
3.23%
3.15%
3.62%
3.33%
3.42%
3.00%
3.58%
-0.31%
2.58%
2.67%
2.71%
1.29%
2.33%
2.50%
1.26%
Tax Rate %
41.87%
36.09%
42.65%
38.17%
38.00%
35.43%
35.18%
169.49%
30.20%
29.98%
30.66%
73.13%
31.54%
2.61%
3.99%
ROA
5.70%
7.01%
6.44%
7.33%
6.26%
7.07%
6.48%
-1.42%
3.76%
4.22%
3.93%
0.91%
3.77%
1.40%
0.87%
ROE
9.67%
12.25%
12.15%
14.33%
15.76%
18.12%
16.36%
-4.77%
13.04%
13.97%
12.14%
2.92%
12.28%
4.69%
2.94%
ROIC
6.96%
8.84%
8.24%
9.75%
8.14%
9.19%
8.58%
-2.09%
5.92%
6.44%
6.32%
1.46%
6.04%
2.36%
1.44%
Asset Turnover
1.66
1.87
1.77
1.88
1.64
1.88
1.94
0.99
1.15
1.16
1.25
1.41
1.43
0.36
0.35
Inventory Turnover
8.61
9.35
9.32
9.56
9.05
10.07
10.21
9.91
9.06
8.87
9.90
10.31
12.04
2.82
2.94
Equity Multiplier
1.70
1.75
1.89
1.96
2.52
2.56
2.52
3.36
3.47
3.31
3.09
3.20
3.26
3.34
3.37
Current Ratio
1.56
1.44
1.64
1.37
1.31
1.18
1.02
1.03
0.94
0.91
0.88
0.94
0.86
0.92
0.81
Quick Ratio
0.62
0.57
0.84
0.64
0.62
0.60
0.49
0.55
0.52
0.53
0.55
0.62
0.59
0.61
0.54
Debt/Equity Ratio
0.26
0.26
0.35
0.34
0.74
0.75
0.72
1.25
1.39
0.93
0.75
0.73
0.80
0.81
0.87
Interest Coverage Ratio
9.78
12.44
15.05
13.60
15.03
9.07
8.88
1.43
4.06
4.79
5.34
3.46
5.68
4.46
2.18
Working Capital/Sales
0.08
0.06
0.09
0.06
0.07
0.06
0.05
0.04
0.03
0.03
0.02
0.03
0.01
0.02
0.01
Dividend Payout Ratio %
18.32%
17.95%
23.80%
23.68%
26.89%
27.56%
33.22%
72.94%
31.11%
26.94%
28.70%
139.69%
33.29%
23.21%
38.52%
Total Payout
$287.00
2843.00
2333.00
6868.00
-4012.00
8055.00
8080.00
-33666.00
10667.00
10937.00
13812.00
12306.00
-647.00
-2115.00
2206.00
204.30%Payout Ratio %
7.80%
61.55%
50.62%
126.25%
-68.45%
120.67%
130.99%
-1204.89%
127.49%
112.28%
150.99%
591.35%
-6.88%
-63.02%
101.17%