CVS Health Corporation (CVS) Margin Analysis

CVS Health Corporation

CVS (NYSE)

(%)

Models
CVS Health Corporation Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Apr 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	402,067	402,067	372,809	357,776	322,467
Revenue Growth Rate	0%	7.85%	4.2%	10.95%	10.39%
Cost of Revenue	346,705	346,705	321,408	303,345	267,965
Gross Profit	55,362	55,362	51,401	54,431	54,502
Gross Margin	13.77%	13.77%	13.79%	15.21%	16.9%
Operating Income	4,660	10,385	8,516	13,743	7,954
Operating Margin	1.16%	2.58%	2.28%	3.84%	2.47%
Net Income	1,768	1,768	4,614	8,344	4,311
Net Margin	0.44%	0.44%	1.24%	2.33%	1.34%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Apr 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	402,067	402,067	372,809	357,776	322,467
Cash from Operating Activities	10,639	10,639	9,107	13,426	16,177
Cash from Operating Activities Margin	2.65%	2.65%	2.44%	3.75%	5.02%
Free Cash Flow	7,807	7,807	6,326	10,395	13,450
Free Cash Flow Margin	1.94%	1.94%	1.7%	2.9%	4.17%
Depreciation and Amortization	1,147	0	4,597	4,366	4,224
Depreciation and Amortization Margin	0.285%	0%	1.23%	1.22%	1.31%
Capital Expenditure	-2,832	-2,832	-2,781	-3,031	-2,727
Capital Expenditure Margin	-0.704%	-0.704%	-0.746%	-0.847%	-0.846%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 16.9}, {"l": "2023", "x": "2023-12-31", "y": 15.21}, {"l": "2024", "x": "2024-12-31", "y": 13.79}, {"l": "2025", "x": "2025-12-31", "y": 13.77}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 2.47}, {"l": "2023", "x": "2023-12-31", "y": 3.84}, {"l": "2024", "x": "2024-12-31", "y": 2.28}, {"l": "2025", "x": "2025-12-31", "y": 2.58}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 1.34}, {"l": "2023", "x": "2023-12-31", "y": 2.33}, {"l": "2024", "x": "2024-12-31", "y": 1.24}, {"l": "2025", "x": "2025-12-31", "y": 0.44}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 4.17}, {"l": "2023", "x": "2023-12-31", "y": 2.91}, {"l": "2024", "x": "2024-12-31", "y": 1.7}, {"l": "2025", "x": "2025-12-31", "y": 1.94}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	105,693	102,871	98,915	94,588	97,710	95,428
Revenue Growth Rate	2.74%	4%	4.58%	-3.19%	2.39%
Cost of Revenue	92,126	89,065	85,322	80,192	84,811	82,870
Gross Profit	13,567	13,806	13,593	14,396	12,899	12,558
Gross Margin	12.84%	13.42%	13.74%	15.22%	13.2%	13.16%
Operating Income	2,112	-3,207	2,381	3,374	2,368	832
Operating Margin	2%	-3.12%	2.41%	3.57%	2.42%	0.872%
Net Income	2,943	-3,975	1,021	1,779	1,644	87
Net Margin	2.78%	-3.86%	1.03%	1.88%	1.68%	0.091%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	105,693	102,871	98,915	94,588	97,710	95,428
Cash from Operating Activities	3,390	796	1,897	4,556	1,860	-745
Cash from Operating Activities Margin	3.21%	0.774%	1.92%	4.82%	1.9%	-0.781%
Free Cash Flow	2,606	98	1,290	3,813	1,092	-1,415
Free Cash Flow Margin	2.47%	0.095%	1.3%	4.03%	1.12%	-1.48%
Depreciation and Amortization	1,147	-2,325	1,171	1,154	1,147	1,161
Depreciation and Amortization Margin	1.08%	-2.26%	1.18%	1.22%	1.17%	1.22%
Capital Expenditure	-784	-698	-607	-743	-768	-670
Capital Expenditure Margin	-0.742%	-0.679%	-0.614%	-0.786%	-0.786%	-0.702%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 13.16}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 13.2}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 15.22}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 13.74}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 13.42}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 12.84}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 0.872}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 2.42}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 3.57}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 2.41}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -3.12}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 2}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 0.091}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 1.68}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 1.88}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 1.03}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -3.86}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 2.78}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -1.48}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 1.12}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 4.03}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 1.3}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 0.095}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 2.47}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}