CVET · Covetrus, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|
| Revenue | $4.58B | $4.34B | $3.98B |
| Cost of Revenue | $3.72B | $3.54B | $3.23B |
| Gross Profit | $858.00M | $798.00M | $749.00M |
| R&D | - | - | - |
| SG&A | $881.00M | $867.00M | $808.00M |
| Total Operating Expenses | - | - | - |
| D&A | $171.00M | $166.00M | $155.00M |
| Operating Income | ($23.00M) | ($69.00M) | ($997.00M) |
| Interest Expense | $32.00M | $47.00M | $56.00M |
| Income Tax | $0 | ($7.00M) | ($7.00M) |
| Net Income | ($54.00M) | ($19.00M) | ($1.02B) |
| EPS - Basic | ($0.39) | ($0.22) | ($9.50) |
| EPS - Diluted | ($0.39) | ($0.22) | ($9.50) |
Balance Sheet
| Line item | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|
| Cash & Equivalents | $183.00M | $290.00M | $130.00M |
| Accounts Receivable | $480.00M | $507.00M | $426.00M |
| Inventory | $583.00M | $530.00M | $636.00M |
| Accounts Payable | $442.00M | $405.00M | $520.00M |
| Current Assets | $1.35B | $1.43B | $1.34B |
| Total Assets | $3.41B | $3.50B | $2.22B |
| Current Liabilities | $698.00M | $691.00M | $829.00M |
| Long-term Debt | $1.01B | $1.07B | $1.13B |
| Total Liabilities | $1.88B | $1.92B | $2.10B |
| Stockholders' Equity | $1.51B | $1.54B | $1.12B |
| Retained Earnings | ($1.08B) | ($1.03B) | ($1.04B) |
Cash Flow
| Line item | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|
| Operating Cash Flow | $102.00M | $53.00M | $103.00M |
| Investing Cash Flow | ($140.00M) | ($5.00M) | ($65.00M) |
| Financing Cash Flow | ($66.00M) | $104.00M | $66.00M |
| CapEx | $60.00M | $58.00M | $39.00M |
| Free Cash Flow | $42.00M | ($5.00M) | $64.00M |
Ratios
| Metric | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|
| Profitability | |||
| Gross margin | 18.8% | 18.4% | 18.8% |
| Operating margin | -0.5% | -1.6% | -25.1% |
| EBITDA margin | 3.2% | 2.2% | -21.2% |
| Net margin | -1.2% | -0.4% | -25.6% |
| Free cash flow margin | 0.9% | -0.1% | 1.6% |
| FCF / Net income | -0.78 | 0.26 | -0.06 |
| R&D / Revenue | - | - | - |
| SG&A / Revenue | 19.3% | 20.0% | 20.3% |
| Effective tax rate | - | - | - |
| Return on assets | -1.6% | -0.5% | -46.0% |
| Return on equity | -3.6% | -1.2% | -91.0% |
| Return on invested capital | -0.7% | -2.1% | -35.1% |
| Liquidity | |||
| Current ratio | 1.94 | 2.07 | 1.62 |
| Quick ratio | 1.10 | 1.30 | 0.85 |
| Cash ratio | 0.26 | 0.42 | 0.16 |
| Leverage | |||
| Debt / Equity | 0.67 | 0.69 | 1.00 |
| Debt / Assets | 0.30 | 0.31 | 0.51 |
| Debt / EBITDA | 6.85 | 11.01 | - |
| Interest coverage | -0.7x | -1.5x | -17.8x |
| Equity multiplier | 2.26 | 2.27 | 1.98 |
| Liabilities / Assets | 0.55 | 0.55 | 0.94 |
| Efficiency | |||
| Asset turnover | 1.34 | 1.24 | 1.79 |
| Inventory turnover | 6.38 | 6.68 | 5.07 |
| Days sales outstanding | 38d | 43d | 39d |
| Days inventory outstanding | 57d | 55d | 72d |
| Days payable outstanding | 43d | 42d | 59d |
| Cash conversion cycle | 52d | 56d | 52d |
| Valuation | |||
| P / E | - | - | - |
| P / B | - | - | - |
| P / S | - | - | - |
| EV / EBITDA | - | - | - |
| Growth | |||
| Revenue growth (YoY) | 5.4% | 9.1% | - |
| Revenue CAGR (3y) | - | - | - |
| Revenue CAGR (5y) | - | - | - |
| Gross profit growth (YoY) | 7.5% | 6.5% | - |
| Operating income growth (YoY) | 66.7% | 93.1% | - |
| Net income growth (YoY) | -184.2% | 98.1% | - |
| EPS growth (YoY) | -77.3% | 97.7% | - |
| EPS CAGR (3y) | - | - | - |
| EPS CAGR (5y) | - | - | - |
| FCF growth (YoY) | - | - | - |
| FCF CAGR (5y) | - | - | - |
| Book value growth (YoY) | -1.7% | 37.2% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Business segments
$4.59B totalNorth America Segment$2.72B · 59.2%
Europe Segment$1.41B · 30.7%
Asia Pacificand Emerging Markets$461.00M · 10.0%
Product / service
$2.81B totalSupply Chain$2.23B · 79.3%
Prescription Management$503.00M · 17.9%
Software Solutions$79.00M · 2.8%
Stability scores
Altman Z′
FY 2021 · bankruptcy risk
1.53
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2021 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Drug Stores and Proprietary Stores
Comparing COVETRUS against the 5 most active filers in the same SIC group.