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 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 | Q1 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.15B | - | $1.16B | $1.19B | $1.10B | - | $1.13B | $1.03B | $1.06B |
| Cost of Revenue | $988.00M | $923.00M | - | $946.00M | $969.00M | $892.00M | - | $929.00M | $834.00M | $863.00M |
| Gross Profit | $229.00M | $225.00M | - | $216.00M | $220.00M | $210.00M | - | $197.00M | $192.00M | $202.00M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $225.00M | $219.00M | - | $220.00M | $229.00M | $213.00M | - | $224.00M | $196.00M | $222.00M |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $41.00M | $40.00M | - | $42.00M | $43.00M | $43.00M | - | $41.00M | $41.00M | $40.00M |
| Operating Income | $4.00M | $6.00M | - | ($4.00M) | ($9.00M) | ($3.00M) | - | ($27.00M) | ($4.00M) | ($20.00M) |
| Interest Expense | - | - | - | - | $9.00M | $9.00M | - | $10.00M | $14.00M | $14.00M |
| Income Tax | $1.00M | $3.00M | - | ($10.00M) | $13.00M | $4.00M | - | $3.00M | $6.00M | ($2.00M) |
| Net Income | ($4.00M) | ($2.00M) | - | ($4.00M) | ($31.00M) | ($16.00M) | - | ($35.00M) | $54.00M | ($33.00M) |
| EPS - Basic | ($0.03) | ($0.02) | - | ($0.03) | ($0.23) | ($0.11) | - | ($0.33) | $0.40 | ($0.30) |
| EPS - Diluted | ($0.03) | ($0.02) | - | ($0.03) | ($0.23) | ($0.11) | - | ($0.33) | $0.40 | ($0.30) |
Balance Sheet
| Line item | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 | Q1 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $87.00M | $117.00M | $183.00M | $187.00M | $230.00M | $211.00M | $290.00M | $355.00M | $414.00M | $205.00M |
| Accounts Receivable | $550.00M | $538.00M | $480.00M | $491.00M | $517.00M | $518.00M | $507.00M | $498.00M | $470.00M | $525.00M |
| Inventory | $587.00M | $630.00M | $583.00M | $552.00M | $557.00M | $555.00M | $530.00M | $521.00M | $484.00M | $572.00M |
| Accounts Payable | $446.00M | $507.00M | $442.00M | $428.00M | $427.00M | $416.00M | $405.00M | $416.00M | $429.00M | $466.00M |
| Current Assets | $1.38B | $1.42B | $1.35B | $1.35B | $1.42B | $1.42B | $1.43B | $1.50B | $1.48B | $1.46B |
| Total Assets | $3.40B | $3.47B | $3.41B | $3.42B | $3.41B | $3.44B | $3.50B | $3.51B | $3.53B | $3.49B |
| Current Liabilities | $733.00M | $762.00M | $698.00M | $714.00M | $709.00M | $682.00M | $691.00M | $731.00M | $720.00M | $800.00M |
| Long-term Debt | $983.00M | $995.00M | $1.01B | $1.03B | $1.04B | $1.05B | $1.07B | $1.08B | $1.09B | $1.30B |
| Total Liabilities | $1.87B | $1.92B | $1.88B | $1.90B | $1.89B | $1.88B | $1.92B | $1.99B | $2.00B | $2.28B |
| Stockholders' Equity | $1.50B | $1.53B | $1.51B | $1.50B | $1.50B | $1.52B | $1.54B | $1.42B | $1.28B | $1.20B |
| Retained Earnings | ($1.09B) | ($1.08B) | ($1.08B) | ($1.08B) | ($1.07B) | ($1.04B) | ($1.03B) | ($1.06B) | ($1.02B) | ($1.07B) |
Cash Flow
| Line item | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 | Q1 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | ($33.00M) | - | - | - | ($59.00M) | - | - | - | ($76.00M) |
| Investing Cash Flow | - | ($29.00M) | - | - | - | ($13.00M) | - | - | - | ($7.00M) |
| Financing Cash Flow | - | ($5.00M) | - | - | - | ($3.00M) | - | - | - | $159.00M |
| CapEx | - | $11.00M | - | - | - | $13.00M | - | - | - | $11.00M |
| Free Cash Flow | - | ($44.00M) | - | - | - | ($72.00M) | - | - | - | ($87.00M) |
Ratios
| Metric | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 | Q4 '20 | Q3 '20 | Q2 '20 | Q1 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 18.8% | 19.6% | - | 18.6% | 18.5% | 19.1% | - | 17.5% | 18.7% | 19.0% |
| Operating margin | 0.3% | 0.5% | - | -0.3% | -0.8% | -0.3% | - | -2.4% | -0.4% | -1.9% |
| EBITDA margin | 3.7% | 4.0% | - | 3.3% | 2.9% | 3.6% | - | 1.2% | 3.6% | 1.9% |
| Net margin | -0.3% | -0.2% | - | -0.3% | -2.6% | -1.5% | - | -3.1% | 5.3% | -3.1% |
| Free cash flow margin | - | -3.8% | - | - | - | -6.5% | - | - | - | -8.2% |
| FCF / Net income | - | 22.00 | - | - | - | 4.50 | - | - | - | 2.64 |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 18.5% | 19.1% | - | 18.9% | 19.3% | 19.3% | - | 19.9% | 19.1% | 20.8% |
| Effective tax rate | - | 300.0% | - | - | - | - | - | - | 10.0% | - |
| Return on assets | -0.1% | -0.1% | - | -0.1% | -0.9% | -0.5% | - | -1.0% | 1.5% | -0.9% |
| Return on equity | -0.3% | -0.1% | - | -0.3% | -2.1% | -1.1% | - | -2.5% | 4.2% | -2.7% |
| Return on invested capital | 0.1% | 0.1% | - | -0.1% | -0.3% | -0.1% | - | -0.9% | -0.2% | -0.6% |
| Liquidity | ||||||||||
| Current ratio | 1.88 | 1.86 | 1.94 | 1.89 | 2.00 | 2.09 | 2.07 | 2.05 | 2.06 | 1.82 |
| Quick ratio | 1.08 | 1.03 | 1.10 | 1.12 | 1.22 | 1.27 | 1.30 | 1.34 | 1.39 | 1.11 |
| Cash ratio | 0.12 | 0.15 | 0.26 | 0.26 | 0.32 | 0.31 | 0.42 | 0.49 | 0.57 | 0.26 |
| Leverage | ||||||||||
| Debt / Equity | 0.65 | 0.65 | 0.67 | 0.68 | 0.69 | 0.69 | 0.69 | 0.76 | 0.86 | 1.08 |
| Debt / Assets | 0.29 | 0.29 | 0.30 | 0.30 | 0.30 | 0.31 | 0.31 | 0.31 | 0.31 | 0.37 |
| Debt / EBITDA | 21.84 | 21.63 | - | 27.03 | 30.59 | 26.35 | - | 77.29 | 29.59 | 64.90 |
| Interest coverage | - | - | - | - | -1.0x | -0.3x | - | -2.7x | -0.3x | -1.4x |
| Equity multiplier | 2.26 | 2.27 | 2.26 | 2.28 | 2.27 | 2.26 | 2.27 | 2.48 | 2.76 | 2.90 |
| Liabilities / Assets | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.57 | 0.57 | 0.65 |
| Efficiency | ||||||||||
| Asset turnover | 0.36 | 0.33 | - | 0.34 | 0.35 | 0.32 | - | 0.32 | 0.29 | 0.31 |
| Inventory turnover | 1.68 | 1.47 | - | 1.71 | 1.74 | 1.61 | - | 1.78 | 1.72 | 1.51 |
| Days sales outstanding | 165d | 171d | - | 154d | 159d | 172d | - | 161d | 167d | 180d |
| Days inventory outstanding | 217d | 249d | - | 213d | 210d | 227d | - | 205d | 212d | 242d |
| Days payable outstanding | 165d | 200d | - | 165d | 161d | 170d | - | 163d | 188d | 197d |
| Cash conversion cycle | 217d | 220d | - | 202d | 208d | 228d | - | 203d | 191d | 225d |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.4% | 4.2% | - | 3.2% | 15.9% | 3.5% | - | 22.0% | 1.7% | 13.2% |
| Revenue CAGR (3y) | 6.4% | 6.9% | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 4.1% | 7.1% | - | 9.6% | 14.6% | 4.0% | - | 0.0% | 4.9% | 12.2% |
| Operating income growth (YoY) | - | - | - | 85.2% | -125.0% | 85.0% | - | 97.2% | - | -122.2% |
| Net income growth (YoY) | 87.1% | 87.5% | - | 88.6% | - | 51.5% | - | - | - | -153.8% |
| EPS growth (YoY) | 87.0% | 81.8% | - | 90.9% | - | 63.3% | - | - | - | -114.3% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | 38.9% | - | - | - | 17.2% | - | - | - | -141.7% |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 0.2% | 0.5% | -1.7% | 6.1% | 17.7% | 26.5% | 22.4% | -9.0% | -43.2% | -47.6% |
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%
Peer comparison
Same SIC group: Retail-Drug Stores and Proprietary Stores
Comparing COVETRUS against the 5 most active filers in the same SIC group.