A Business at a Glance
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CVS HEALTH Corp
CVS
$137.0B
Mkt Cap
$107.74
+0.80%
CVS HEALTH Corp (CVS) has a current P/E ratio of 77.5, 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 5.6%. This is below average and may indicate limited pricing power.
CVS HEALTH Corp (CVS) has a market capitalization of $137.2B. It is classified as a large-cap stock.
Yes, CVS HEALTH Corp (CVS) pays a dividend with a trailing twelve-month yield of 2.48%.
Based on historical P/E analysis, CVS HEALTH Corp (CVS) appears expensive. The current P/E of 77.5 is 547% above its historical median of 12.0. The estimated fair value CAGR (P/E method) is 0.6%.
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 is an integrated health solutions company operating through four segments: Health Care Benefits (Aetna), Health Services, Pharmacy & Consumer Wellness, and Corporate/Other. The Health Care Benefits segment serves approximately 37 million people through diversified insurance products including commercial medical, Medicare Advantage, Medicare Part D, Medicare Supplement, Medicaid, and CHIP, distributed via employer groups, government-sponsored plans, and individual channels; it operates a nationwide provider network of approximately 2.0 million participating providers and generates revenue through both fully-insured and administrative services contract models. Health Services comprises primary care clinics (over 1,000 walk-in and primary care medical clinics) and pharmacy benefits management (Caremark), serving approximately 87 million plan members with specialty pharmacy solutions and transitioning toward cost-based pricing models. Pharmacy & Consumer Wellness operates approximately 9,000 retail pharmacy locations, generating revenue through retail pharmacy services, front-store merchandise, and consumer health products. The company's integrated model creates competitive advantages by enabling cross-segment collaboration—leveraging health benefits data to inform care delivery, using pharmacy insights to optimize medical management, and deploying technology platforms across all segments to improve member engagement and reduce overall healthcare costs. Geographic footprint spans all 50 states and Washington, D.C., with international operations in select markets.
【Margin recovery trajectory continuing】 Management expects continued progress toward target margins across the Health Care Benefits segment in 2026, supported by disciplined pricing and plan design in Medicare Advantage, repricing opportunities in group business, and the benefit of exiting the individual exchange business. The Health Services segment is anticipated to deliver improvement driven by operational enhancements at Oak Street Health and ongoing transition of Caremark contracts to cost-based pricing models, though near-term growth will be modestly impacted by client contract dynamics. Pharmacy & Consumer Wellness is expected to maintain momentum from 2025 performance, with the business trajectory improving relative to historical long-term expectations despite ongoing reimbursement pressures. Enterprise-wide, management remains focused on simplifying healthcare experiences, reducing friction, and delivering affordability while maintaining disciplined capital allocation and working toward normalized leverage ratios.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $7.30–$7.50 | FY2026 |
| Total revenues | at least $405 billion | FY2026 |
| Cash flow from operations | at least $9.5 billion | FY2026 |
| Health Care Benefits adjusted operating income | approximately $4 billion–$4.34 billion | FY2026 |
| Enterprise adjusted operating income | $15.53 billion–$15.87 billion | FY2026 |
Adjusted EPS (FY2026): “Our strong first quarter performance gave us the confidence to increase our full year 2026 adjusted EPS guidance to a range of $7.30-$7.50, up from the previous range of $7.00-$7.20.”
Total revenues (FY2026): “We now expect our full year total revenues to be at least $405 billion.”
Cash flow from operations (FY2026): “We are also updating our outlook for full year cash flow from operations to at least $9.5 billion, reflecting improved underlying performance primarily related to working capital.”
Health Care Benefits adjusted operating income (FY2026): “In our Health Care Benefits segment, we now expect full year adjusted operating income to be in a range of approximately $4 billion-$4.34 billion, an increase of $420 million relative to our prior guidance, reflecting the favorable prior year development that we experienced in the first quarter.”
Enterprise adjusted operating income (FY2026): “In aggregate, we now expect full year enterprise adjusted operating income to be in the range of $15.53 billion-$15.87 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 407.9B | 402.1B | 372.8B | 357.8B | 322.5B | 292.1B |
| Net Income | 2.9B | 1.8B | 4.6B | 8.3B | 4.3B | 8.0B |
| EPS | $2.30 | $1.39 | $3.66 | $6.47 | $3.26 | $6.02 |
| Free Cash Flow | 7.4B | 7.8B | 6.3B | 10.4B | 13.4B | 15.7B |
| ROIC | 3.9% | 2.7% | 4.6% | 8.2% | 4.8% | 7.7% |
| Gross Margin | - | 13.8% | 13.8% | 15.2% | 16.9% | 17.8% |
| Debt/Equity | 0.81 | 1.06 | 1.10 | 1.04 | 0.99 | 1.01 |
| Dividends/Share | $2.67 | $2.66 | $2.66 | $2.42 | $2.20 | $2.00 |
| Operating Income | 6.0B | 4.7B | 8.5B | 13.7B | 8.0B | 13.3B |
| Operating Margin | 1.5% | 1.2% | 2.3% | 3.8% | 2.5% | 4.6% |
| ROE | 3.8% | 2.3% | 6.1% | 11.3% | 5.9% | 11.1% |
| Shares Outstanding | 1,273M | 1,272M | 1,261M | 1,290M | 1,322M | 1,329M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 139.4B | 153.3B | 177.5B | 184.8B | 194.6B | 256.8B | 268.7B | 292.1B | 322.5B | 357.8B | 372.8B | 402.1B | 407.9B |
| Gross Margin | 18.2% | 17.3% | 16.3% | 15.4% | 16.2% | 17.7% | 18.3% | 17.8% | 16.9% | 15.2% | 13.8% | 13.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 16.6B | 17.1B | 20.6B | 21.8B | 34.1B | 86.1B | 90.8B | 103.0B | 117.6B | 126.9B | 158.0B | 176.2B | 176.2B |
| EBIT | 8.8B | 9.5B | 10.4B | 9.5B | 4.0B | 12.0B | 13.9B | 13.3B | 8.0B | 13.7B | 8.5B | 4.7B | 6.0B |
| Op. Margin | 6.3% | 6.2% | 5.8% | 5.2% | 2.1% | 4.7% | 5.2% | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% | 1.5% |
| Net Income | 4.6B | 5.2B | 5.3B | 6.6B | -594M | 6.6B | 7.2B | 8.0B | 4.3B | 8.3B | 4.6B | 1.8B | 2.9B |
| Net Margin | 3.3% | 3.4% | 3.0% | 3.6% | -0.3% | 2.6% | 2.7% | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% | 0.7% |
| Non-Recurring | 0 | 0 | 0 | 405M | 6.1B | -205M | 269M | 431M | 475M | 507M | 1.2B | 5.5B | 5.5B |
| Returns on Capital | |||||||||||||
| ROIC | 11.1% | 10.4% | 10.4% | 12.3% | 2.6% | 6.5% | 7.7% | 7.7% | 4.8% | 8.2% | 4.6% | 2.7% | 3.9% |
| ROE | 12.2% | 13.9% | 14.4% | 17.8% | -1.2% | 10.9% | 10.8% | 11.1% | 5.9% | 11.3% | 6.1% | 2.3% | 3.8% |
| ROA | 6.4% | 6.3% | 5.7% | 7.0% | -0.4% | 3.2% | 3.2% | 3.5% | 1.9% | 3.5% | 1.8% | 0.7% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.1B | 8.5B | 10.1B | 8.0B | 8.9B | 12.8B | 15.9B | 18.3B | 16.2B | 13.4B | 9.1B | 10.6B | 10.3B |
| Free Cash Flow | 6.0B | 6.2B | 7.9B | 6.1B | 6.8B | 10.4B | 13.4B | 15.7B | 13.4B | 10.4B | 6.3B | 7.8B | 7.4B |
| Owner Earnings | 6.0B | 6.2B | 7.4B | 5.3B | 5.9B | 8.0B | 11.0B | 13.3B | 11.5B | 8.5B | 4.0B | 5.5B | 5.1B |
| CapEx | 2.1B | 2.4B | 2.2B | 1.9B | 2.0B | 2.5B | 2.4B | 2.5B | 2.7B | 3.0B | 2.8B | 2.8B | 2.9B |
| Maint. CapEx | 1.9B | 2.1B | 2.5B | 2.5B | 2.7B | 4.4B | 4.4B | 4.5B | 4.2B | 4.4B | 4.6B | 4.6B | 4.6B |
| Growth CapEx | 205M | 275M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.9B | 2.1B | 2.5B | 2.5B | 2.7B | 4.4B | 4.4B | 4.5B | 4.2B | 4.4B | 4.6B | 4.6B | 4.6B |
| CapEx/OCF | 26.3% | 28.1% | 21.9% | 24.0% | 23.0% | 19.1% | 15.4% | 13.8% | 16.9% | 22.6% | 30.5% | 26.6% | 28.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.3B | 1.6B | 1.8B | 2.0B | 2.0B | 2.6B | 2.6B | 2.6B | 2.9B | 3.1B | 3.4B | 3.4B | 3.4B |
| Dividend Yield | 1.9% | 1.9% | 2.4% | 3.4% | 3.5% | 4.0% | 3.7% | 2.8% | 2.5% | 3.6% | 4.5% | 4.0% | 2.5% |
| Share Buybacks | 4.0B | 5.0B | 4.5B | 4.4B | 0 | 0 | 0 | 0 | 3.5B | 2.0B | 3.0B | 0 | 0 |
| Buyback Yield | 4.8% | 6.1% | 6.9% | 7.6% | N/A | N/A | N/A | N/A | 3.2% | 2.2% | 5.7% | N/A | 0.0% |
| Stock-Based Comp | 165M | 230M | 222M | 234M | 280M | 453M | 400M | 484M | 447M | 588M | 540M | 535M | 675M |
| Debt Repayment | 3.1B | 2.9B | 5.9B | 0 | 5.5B | 8.3B | 15.6B | 10.3B | 4.2B | 3.2B | 4.8B | 3.6B | 3.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 10.4B | 24.9B | 24.1B | 25.5B | 67.1B | 80.9B | 74.2B | 63.5B | 55.0B | 67.9B | 71.9B | 69.4B | 51.3B |
| Cash & Equiv. | 2.5B | 2.5B | 3.4B | 1.7B | 4.1B | 5.7B | 7.9B | 9.4B | 12.9B | 8.2B | 8.6B | 8.5B | 11.8B |
| Long-Term Debt | 11.6B | 26.3B | 25.6B | 22.2B | 71.4B | 64.7B | 59.2B | 52.0B | 50.5B | 58.6B | 60.5B | 60.5B | 60.5B |
| Debt/Equity | 0.34 | 0.74 | 0.75 | 0.72 | 1.27 | 1.39 | 1.23 | 1.01 | 0.99 | 1.04 | 1.10 | 1.06 | 0.81 |
| Interest Coverage | 14.3 | 11.0 | 9.6 | 9.0 | 1.5 | 3.9 | 4.8 | 5.3 | 3.5 | 5.2 | 2.9 | 1.5 | 102.9 |
| Equity | 38.0B | 37.2B | 36.8B | 37.7B | 58.2B | 63.9B | 69.4B | 75.1B | 71.5B | 76.5B | 75.6B | 75.2B | 77.5B |
| Total Assets | 74.2B | 92.4B | 94.5B | 95.1B | 196.5B | 222.4B | 230.7B | 233.0B | 228.3B | 249.7B | 253.2B | 253.5B | 253.0B |
| Total Liabilities | 36.2B | 55.2B | 57.6B | 57.4B | 137.9B | 158.3B | 161.0B | 157.6B | 156.5B | 173.1B | 177.5B | 178.2B | 175.3B |
| Intangibles | 9.8B | 13.9B | 13.5B | 13.6B | 36.5B | 33.1B | 31.1B | 29.0B | 24.8B | 29.2B | 27.3B | 25.5B | 25.1B |
| Retained Earnings | 31.8B | 35.5B | 39.0B | 43.6B | 40.9B | 45.1B | 49.6B | 54.9B | 56.4B | 61.6B | 62.8B | 61.2B | 63.3B |
| Working Capital | 7.0B | 6.0B | 4.8B | 581M | 1.2B | -3.0B | -5.6B | -7.8B | -3.8B | -11.3B | -16.0B | -14.0B | -11.6B |
| Current Assets | 26.0B | 29.2B | 31.0B | 31.2B | 45.2B | 50.3B | 56.4B | 60.0B | 65.6B | 67.9B | 68.6B | 74.7B | 74.8B |
| Current Liabilities | 19.0B | 23.2B | 26.3B | 30.6B | 44.0B | 53.3B | 62.0B | 67.8B | 69.4B | 79.2B | 84.6B | 88.7B | 86.4B |
| Per Share Data | |||||||||||||
| EPS | 3.96 | 4.63 | 4.90 | 6.44 | -0.57 | 5.08 | 5.46 | 6.02 | 3.26 | 6.47 | 3.66 | 1.39 | 2.30 |
| Owner EPS | 5.15 | 5.50 | 6.86 | 5.15 | 5.63 | 6.14 | 8.38 | 10.00 | 8.70 | 6.57 | 3.15 | 4.32 | 4.00 |
| Book Value | 32.37 | 32.88 | 33.94 | 36.66 | 55.87 | 48.90 | 52.77 | 56.49 | 54.05 | 59.29 | 59.94 | 59.13 | 60.85 |
| Cash Flow/Share | 6.94 | 7.55 | 9.35 | 7.79 | 8.51 | 9.84 | 12.07 | 13.74 | 12.23 | 10.41 | 7.22 | 8.36 | 5.89 |
| Dividends/Share | 1.10 | 1.40 | 1.70 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.20 | 2.42 | 2.66 | 2.66 | 2.67 |
| Shares Out. | 1.2B | 1.1B | 1.1B | 1.0B | 1.0B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B |
| Valuation | |||||||||||||
| P/E Ratio | 18.0 | 15.6 | 12.1 | 8.7 | N/A | 12.0 | 10.5 | 14.9 | 25.2 | 11.1 | 11.6 | 56.8 | 46.8 |
| P/FCF | 13.9 | 13.3 | 8.1 | 9.5 | 7.9 | 7.6 | 5.6 | 7.5 | 8.1 | 8.9 | 8.4 | 12.9 | 18.5 |
| EV/EBIT | 10.7 | 11.3 | 8.5 | 8.7 | 30.0 | 12.0 | 9.7 | 12.6 | 18.2 | 10.4 | 12.8 | 33.1 | 31.6 |
| Price/Book | 2.2 | 2.2 | 1.7 | 1.5 | 0.9 | 1.2 | 1.1 | 1.6 | 1.5 | 1.2 | 0.7 | 1.3 | 1.8 |
| Price/Sales | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 | 0.3 |
| FCF Yield | 7.2% | 7.5% | 12.3% | 10.5% | 12.7% | 13.1% | 17.8% | 13.3% | 12.4% | 11.2% | 11.9% | 7.8% | 5.4% |
| Market Cap | 83.6B | 81.9B | 64.3B | 57.7B | 53.7B | 79.4B | 75.5B | 118.2B | 108.5B | 93.0B | 53.3B | 100.4B | 137.2B |
| Avg. Price | 56.38 | 74.35 | 69.27 | 59.02 | 55.40 | 49.35 | 53.44 | 70.54 | 87.22 | 66.96 | 59.12 | 66.44 | 107.74 |
| Year-End Price | 71.32 | 72.42 | 59.21 | 56.14 | 51.53 | 60.82 | 57.43 | 88.89 | 82.04 | 72.10 | 42.32 | 78.96 | 107.74 |
CVS HEALTH Corp passes 2 of 9 quality checks, indicating weak fundamentals.
CVS HEALTH Corp trades at 77.5x 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 17.6x vs a median of 8.1x. The company's 5-year average ROIC is 5.6% with a gross margin of 15.5%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is -7.2%.
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.
Based on recent SEC filings and earnings disclosures, Management expects continued progress toward target margins across the Health Care Benefits segment in 2026, supported by disciplined pricing and plan design in Medicare Advantage, repricing opportunities in group business, and the benefit of exiting the individual exchange business. The Health Services segment is anticipated to deliver improvement driven by operational enhancements at Oak Street Health and ongoing transition of Caremark contracts to cost-based pricing models, though near-term growth will be modestly impacted by client contract dynamics. Pharmacy & Consumer Wellness is expected to maintain momentum from 2025 performance, with the business trajectory improving relative to historical long-term expectations despite ongoing reimbursement pressures. Enterprise-wide, management remains focused on simplifying healthcare experiences, reducing friction, and delivering affordability while maintaining disciplined capital allocation and working toward normalized leverage ratios.
Based on recent SEC filings and earnings calls, CVS HEALTH Corp (CVS) has provided the following forward guidance: Adjusted EPS: $7.30–$7.50 (FY2026); Total revenues: at least $405 billion (FY2026); Cash flow from operations: at least $9.5 billion (FY2026); Health Care Benefits adjusted operating income: approximately $4 billion–$4.34 billion (FY2026); Enterprise adjusted operating income: $15.53 billion–$15.87 billion (FY2026).
No recent press releases.