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Covetrus (CVET)
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Covetrus Income Statement 2021-2011 | CVET
Brief overview of revenue and earnings at Covetrus
The conclusions below are based on five years of reported results. Revenue reported by Covetrus was 3.4 billion dollars at the beginning of the period and 4.6 billion dollars at the end. The five-year change reached +36.4%, while CAGR stood at 6.4%. Revenue advanced gradually over the five-year period.
Gross profit changed from 620 million dollars to 858 million dollars (+38.4%). Comparing the endpoints gives gross margins of 18.5% and 18.8%. The relationship between gross profit and revenue changed only slightly.
EBITDA was $187 million at the beginning and $148 million at the end of the period (−20.7%). EBITDA underperformed the top-line trend. Comparing the endpoints gives EBITDA margins of 5.6% and 3.2%. The business retained less EBITDA from each unit of revenue.
The final result was $70.3 million initially and −$54 million in the final year. The move from profit to loss indicates a material deterioration in final efficiency.
What the figures show
The results contain several connected negative signals. The constructive conclusion rests on a larger revenue base and a stable gross margin. The weaker side of the profile includes a narrow EBITDA buffer, lower net income and pressure on operating profitability. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Covetrus
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
2.48 B | 4.02 B | 1.32 B | - | - | - | - | - | - | - | - |
Shares |
137 M | 118 M | 107 M | 71 M | 71 M | - | - | - | - | - | - |
Historical Prices |
18.1 | 34.1 | 12.3 | - | - | - | - | - | - | - | - |
Net Income |
-54 M | -19 M | -980 M | 101 M | 64 M | 70.3 M | 60.3 M | - | - | - | - |
Revenue |
4.58 B | 4.34 B | 3.98 B | 3.78 B | 3.58 B | 3.35 B | 2.98 B | - | - | - | - |
Cost of Revenue |
3.72 B | 3.54 B | 3.23 B | 3.09 B | 2.93 B | - | - | - | - | - | - |
Gross Profit |
858 M | 798 M | 749 M | 684 M | 652 M | 620 M | 530 M | - | - | - | - |
Operating Income |
-23 M | -69 M | -997 M | 137 M | 135 M | - | - | - | - | - | - |
Interest Expense |
32 M | 46 M | 54 M | 3 M | 2 M | - | - | - | - | - | - |
EBITDA |
148 M | 98 M | -843 M | 201 M | 194 M | 187 M | 162 M | - | - | - | - |
Operating Expenses |
- | 867 M | 808 M | 538 M | 517 M | 489 M | 418 M | - | - | - | - |
General and Administrative Expenses |
881 M | 867 M | 808 M | 547 M | 517 M | 489 M | 418 M | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Covetrus
| 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
- | - | 140 M | 138 M | 138 M | 137 M | 137 M | 136 M | 136 M | 116 M | 112 M | 112 M | 112 M | 112 M | 112 M | 94.8 M | - | 71 M | 71 M | 71.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
- | - | -4 M | -2 M | - | -4 M | -31 M | -16 M | -4 M | -35 M | 54 M | -33 M | -37 M | -906 M | -10 M | -13 M | 33 M | 16 M | 29 M | 23 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
- | - | 1.22 B | 1.15 B | - | 1.16 B | 1.19 B | 1.1 B | 1.12 B | 1.13 B | 1.03 B | 1.06 B | 1.01 B | 1.02 B | 1.01 B | 941 M | 903 M | 923 M | 1 B | 947 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
- | - | 988 M | 923 M | - | 946 M | 969 M | 892 M | - | 929 M | 834 M | 863 M | - | 821 M | 809 M | 761 M | - | 757 M | 822 M | 771 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | 229 M | 225 M | - | 216 M | 220 M | 210 M | 206 M | 197 M | 192 M | 202 M | 188 M | 197 M | 200 M | 180 M | 159 M | 166 M | 183 M | 176 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
- | - | 4 M | 6 M | - | -4 M | -9 M | -3 M | -19 M | -27 M | -4 M | -20 M | -25 M | -958 M | -5 M | -9 M | 33 M | 34 M | 38 M | 32 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | 2 M | - | -2 M | 9 M | 9 M | - | 10 M | 14 M | 14 M | - | 16 M | 15 M | 12 M | - | - | 1 M | 1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
- | - | 45 M | 46 M | - | 38 M | 34 M | 40 M | -19 M | 14 M | 37 M | 20 M | -25 M | -917 M | 36 M | 26 M | 33 M | 50 M | 54 M | 48 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
- | - | 225 M | 219 M | - | 220 M | 229 M | 213 M | - | 224 M | 196 M | 222 M | - | 216 M | 205 M | 189 M | - | 132 M | 139 M | 143 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Covetrus (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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