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Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 1.44 1.75 0.82 1.34
2013 1.64 1.71 0.64 1.33
2014 1.37 1.71 0.62 1.23
2015 1.31 1.7 0.7 1.24
2016 1.18 1.52 0.75 1.15
Quick Ratios
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 0.57 0.45 0.63 0.55
2013 0.84 0.41 0.45 0.57
2014 0.64 0.43 0.46 0.51
2015 0.62 0.44 0.58 0.55
2016 0.6 0.57 0.62 0.60
DSO
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 18.56 13.83 14.38 15.59
2013 21.89 13.96 16.66 17.50
2014 24.12 13.43 18.09 18.55
2015 25.69 13.28 22.78 20.58
2016 24.73 15.33 25.08 21.71
TIE Ratio
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 12.98 0.31 4.58 5.96
2013 15.79 1.25 6.41 7.82
2014 14.67 1.7 6.49 7.62
2015 11.28 2.11 9.13 7.51
2016 9.77 1.7 7.7 6.39
PM on Sale %
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 3.15 -1.41 1.42 1.05
2013 3.62 0.47 1.8 1.96
2014 3.33 0.98 2.02 2.11
2015 3.42 7.95 2.47 4.61
2016 3 0.54 3.42 2.32
BEP %
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 9.6 -0.53 3.77 4.28
2013 10.52 0.11 5.66 5.43
2014 10.34 3.6 5.76 6.57
2015 9.21 4.82 7.26 7.10
2016 9.14 2.47 8.56 6.72
ROA %
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 5.93 -4.86 3.55 1.54
2013 6.68 1.64 3.3 3.87
2014 6.37 3.57 3.74 4.56
2015 6.24 26.76 4.63 12.54
2016 5.64 1.65 6.47 4.59
ROE %
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 10.21 15.36 10.13 11.9
2013 12.14 -4.68 8.16 5.21
2014 12.24 -10.91 9.58 3.64
2015 13.94 -205.11 13.23 -59.31
2016 14.33 51.97 20.2 28.83
P/E Ratio
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 16.01 -3.23 29.51 14.10
2013 19.14 13.67 31.08 21.30
2014 24.32 31.38 31.95 29.22
2015 21.07 3.84 24.42 16.44
2016 16.07 49.69 12.76 26.17
Price/cash flow
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 9.28 5.57 8.44 7.76
2013 15.16 1.87 12.13 9.72
2014 13.84 9.14 14.14 12.37
2015 13.09 12.47 12.54 12.70
2016 8.46 8.29 8.83 8.53
M/B
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 1.58 -0.54 1.89 0.98
2013 2.23 -0.58 2.49 1.38
2014 2.89 -3.05 3.07 0.97
2015 2.89 133 3.41 46.43
2016 2.27 14.21 2.57 6.35
BVPS
Years CVS Health Corp. Rite Aid Corp. Express ScriptIndustry Avg.
2012 30.63 -2.88 28.58 18.78
2013 32.15 -2.72 28.23 19.22
2014 33.3 -2.18 27.62 19.58
2015 33.78 0.06 25.67 19.84
2016 34.71 0.55 26.81 20.69
= ROE
= 5.69%
= 8.57%
= 10.14%
= 14.38%
= 21.10%
CVS Health Corporation
Pro Forma Income Statement
12/31/2016 Pro Forma 2017 With AFN
Sales 177,526,000.00 109.67% 194,692,764.20 194,692,764.20
Cost of Goods 148,669,000.00 83.74% 124,502,729.52 124,502,729.52
Gross Profit 28,857,000.00 70,190,034.68 70,190,034.68
S&A & Depr.&Amort. Exp. 18,519,000.00 10.43% 20,309,787.30 20,309,787.30
Income after Operating Exp. 10,338,000.00 49,880,247.38 49,880,247.38
Non-Opertating Income 20,000.00 0.01% 25,115.37 25,115.37
Other Gains or Losses 643,000.00 - -
Interest Exp. 1,078,000.00 0.61% 1,051,241.86 1,051,241.86
Pretax Income 8,637,000.00 48,854,120.88 48,854,120.88
Income tax 3,317,000.00 1.87% 3,637,753.90 3,637,753.90
Minority Interest - 0.00% 0 -
Investment Gains/Losses - 0.00% 0 -
Other Income/changes - 0.00% 0 -
Income from cont. operations 5,320,000.00 45,216,366.98 45,216,366.98
Extras and Discontinued Operation 1,000.00 0 -
Net Income 5,319,000.00 45,216,366.98 45,216,366.98
27.90% Dividends=(1+g)*2017 Dividend $2.17 $2.17
NI- All Dividends 45,216,364.81 45,216,364.81