A Business at a Glance
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CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health,” the “Company,” “we,” “our” or “us”), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, we had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. We serve an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 402.1B | 402.1B | 372.8B | 357.8B | 322.5B | 292.1B |
| Net Income | 1.8B | 1.8B | 4.6B | 8.3B | 4.3B | 7.9B |
| EPS | $1.39 | $1.39 | $3.66 | $6.47 | $3.26 | $5.95 |
| Free Cash Flow | 7.8B | 7.8B | 6.3B | 10.4B | 13.4B | 15.7B |
| ROIC | 2.6% | 2.7% | 4.3% | 7.1% | 4.7% | 7.0% |
| Gross Margin | 13.8% | 13.8% | 13.8% | 15.2% | 16.9% | 17.8% |
| Debt/Equity | 1.06 | 1.06 | 1.10 | 1.04 | 0.99 | 1.07 |
| Dividends/Share | $2.67 | $2.66 | $2.66 | $2.42 | $2.20 | $2.00 |
| Operating Income | 4.7B | 4.7B | 8.5B | 13.7B | 8.0B | 13.2B |
| Operating Margin | 1.2% | 1.2% | 2.3% | 3.8% | 2.5% | 4.5% |
| ROE | 2.4% | 2.3% | 6.1% | 10.9% | 6.0% | 10.5% |
| Shares Outstanding | 1,272M | 1,272M | 1,261M | 1,290M | 1,322M | 1,329M |
CVS HEALTH Corp passes 2 of 9 quality checks, indicating weak fundamentals.
CVS HEALTH Corp trades at 56.2x trailing earnings, compared to its 15-year median P/E of 12.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.7x vs a median of 8.1x. The company's 5-year average ROIC is 5.2% with a gross margin of 15.5%. Total shareholder yield (dividends) is 3.4%. At current prices, the estimated annualized return to fair value is -6.2%.
CVS HEALTH Corp (CVS) has a current P/E ratio of 56.2, compared to its historical median P/E of 12.0. The stock is currently considered Expensive based on its historical valuation range.
CVS HEALTH Corp (CVS) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
CVS HEALTH Corp (CVS) has a market capitalization of $99.3B. It is classified as a large-cap stock.
Yes, CVS HEALTH Corp (CVS) pays a dividend with a trailing twelve-month yield of 3.42%.
Based on historical P/E analysis, CVS HEALTH Corp (CVS) appears expensive. The current P/E of 56.2 is 369% above its historical median of 12.0. The estimated fair value CAGR (P/E method) is 1.8%.
CVS HEALTH Corp (CVS) operates in the Retail-Drug Stores And Proprietary Stores industry, within the Consumer Cyclical sector.
CVS HEALTH Corp (CVS) reported annual revenue of $402.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
CVS HEALTH Corp (CVS) has a net profit margin of 0.4%. This is a modest margin.
CVS HEALTH Corp (CVS) generated $7.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CVS HEALTH Corp (CVS) has a debt-to-equity ratio of 1.06. This indicates moderate leverage.
CVS HEALTH Corp (CVS) reported earnings per share (EPS) of $1.39 in its most recent fiscal year.
CVS HEALTH Corp (CVS) has a return on equity (ROE) of 2.3%. This indicates moderate shareholder returns.
CVS HEALTH Corp (CVS) has a 5-year average gross margin of 15.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for CVS HEALTH Corp (CVS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CVS HEALTH Corp (CVS) has a book value per share of $59.13, based on its most recent annual SEC filing.