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CVS Health Corporation

CVS Healthcare Healthcare Plans

CVS Health Corporation’s revenue for fiscal 2025 (year ended December 2025) was $402.1 billion, up 7.85% from fiscal 2024.

Revenue
+7.26%
EPS
+187.7%
Free cash flow
+338.3%
Total debt
−7.64%

Quarter to June 2026, against a year earlier

88.68 1.57 −1.74%
Market cap
$113.2B
P/E
23.2×
Fwd P/E
13.1×
Dividend yield
3.00%
F-score
7/9
Altman Z
2.26
Beneish M
−2.64
Dividend safety
43/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Health Services
  • Health Care Benefits
  • Pharmacy & Consumer Wellness

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 323.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 113,200.00
Revenue ttm 415,086.00
Net income ttm 4,885.00
Free cash flow ttm 11,758.00
Net debt Q 47,452.00
Valuation
P/E 23.15
Forward P/E 13.10
Price / sales 0.27
Forward P/S Powerpack
Price / FCF 9.65
Price / book 1.42
Financial health
Current ratio Q 0.87 (below 1: weak)
Debt / equity Q 0.77
Interest coverage Q 6.21
Growth
Revenue growth Q +7.26% (above 0%: growing)
Operating income growth Q +97.52% (above 0%: growing)
EPS, this year +19.26% (at or above 15%: strong)
EPS, next year A +5.90%
Revenue, next year A +3.93%
EPS, past 5 yrs −23.94% (below 0%: weak)
EPS, next 5 yrs A +12.86%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 0.5×; over the ten years it ranged from 0.3× in 2024 to 0.9× in 2016.
P/E against its own 10 years 78.49%
10-year low 10-year high
P/S against its own 10 years 25.55%
10-year low 10-year high
P/B against its own 10 years 48.27%
10-year low 10-year high
EV/Sales against its own 10 years 18.80%
10-year low 10-year high
EV/FCF against its own 10 years 44.35%
10-year low 10-year high

Dividends

Yield
3.00%
Annual rate
2.66
Payout ratio
70.4%
Growth, 2017–26
+3.22%/yr
  1. 2.00 ’17
  2. 2.00 ’18 +0%
  3. 2.00 ’19 +0%
  4. 2.00 ’20 +0%
  5. 2.00 ’21 +0%
  6. 2.20 ’22 +10%
  7. 2.42 ’23 +10%
  8. 2.66 ’24 +10%
  9. 2.66 ’25 +0%
  10. 2.66 ’26 +0%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11,455 10,993 10,598 13,958
Receivables 35,227 36,469 39,779 40,309
Inventory 18,025 18,107 19,246 17,622
Other 3,151 3,076 5,091 3,457
67,858 68,645 74,714 75,346
2023 2024 2025 Q'26
Payables 14,897 15,892 17,641 17,167
ST’ Debt 2,972 5,743 4,068 1,958
Other 1,141 1,183 1,116 1,009
79,189 84,609 88,692 87,041

Compound Annual Growth %

10y 5y 3y
Sales 10.12% 8.39% 7.63%
Cash Flow 2.22% (7.68%) (13.04%)
Earnings (10.29%) (24.44%) (25.70%)
Book Value 7.32% 1.58% 1.65%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.87 Actual 2.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.36 1.60 Beat by 0.24
Q4 FY25 0.99 1.09 Beat by 0.10
Q1 FY26 2.21 2.57 Beat by 0.36
Q2 FY26 1.87 2.58 Beat by 0.71
Q3 FY26 1.62 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.30 2.31 — — —
’25 1.41 0.80 (3.13) 2.30 1.39
’24 0.88 1.41 0.07 1.30 3.66
’23 1.65 1.48 1.75 1.58 6.47
’22 1.74 2.23 (2.60) 1.75 3.14
’21 1.68 2.10 1.20 0.98 5.95
’20 1.53 2.26 0.93 0.74 5.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 100,426 106,096 — — —
’25 94,588 98,915 102,871 105,693 402,067
’24 88,437 91,234 95,428 97,710 372,809
’23 85,278 88,921 89,764 93,813 357,776
’22 76,826 80,636 81,159 83,846 322,467
’21 69,097 72,616 73,794 76,604 292,111
’20 66,755 65,341 67,056 69,554 268,706
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,249 6,345 — — —
’25 4,556 1,897 796 3,390 10,639
’24 4,903 3,089 (745) 1,860 9,107
’23 7,438 5,908 2,716 (2,636) 13,426
’22 3,563 5,443 9,123 (1,952) 16,177
’21 2,892 5,847 5,521 4,005 18,265
’20 3,305 7,119 1,874 3,567 15,865
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,400 5,654 — — —
’25 3,813 1,290 98 2,606 7,807
’24 4,198 2,451 (1,415) 1,092 6,326
’23 6,454 5,317 2,171 (3,547) 10,395
’22 2,512 5,035 8,543 (2,640) 13,450
’21 2,063 5,361 4,913 3,408 15,745
’20 2,563 6,671 1,340 2,854 13,428
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 177,546 184,786 194,579 256,776 268,706 292,111 322,467 357,776 372,809 402,067 415,086 +9.5% 417,873 430,082 448,646 +3.7%
Gross margin, % 17.47 16.96 19.60 38.19 38.97 39.82 38.94 39.32 44.67 44.99 44.49 +27.5 pt
EBT 8,637 8,268 1,406 8,997 9,770 10,537 5,836 11,173 6,148 2,136 5,787 (14.4%)
EBT margin, % 4.86 4.47 0.72 3.50 3.64 3.61 1.81 3.12 1.65 0.53 1.39 (4.3) pt
Net income 5,319 6,623 (596) 6,631 7,192 7,989 4,327 8,368 4,586 1,728 4,885 (11.7%)
Per share, $
Per share, $ Revenue 165.47 181.16 186.38 197.37 205.28 221.46 245.78 278.42 296.12 317.34 324.54 +7.5%
Earnings 4.93 6.47 (0.57) 5.10 5.48 6.00 3.16 6.49 3.67 1.40 3.83 (13.1%)
Cash flow 9.45 7.85 8.49 9.88 12.12 13.85 12.33 10.45 7.23 8.40 11.56 (1.3%)
Capex (2.07) (1.88) (1.95) (1.89) (1.86) (1.91) (2.08) (2.36) (2.21) (2.24) (2.36) +0.8%
Free cash flow 7.38 5.97 6.54 7.99 10.26 11.94 10.25 8.09 5.02 6.16 9.19 (2.0%)
Book value 34.33 36.96 56.08 49.32 53.25 57.15 54.70 59.64 60.15 59.50 62.47 +6.3%
Shares, m 1,073 1,020 1,044 1,301 1,309 1,319 1,312 1,285 1,259 1,267 1,272 +1.9%
Valuation, ×
Valuation, × P/E 16.27 11.35 0.00 14.60 12.46 17.19 29.31 12.46 12.23 56.28 23.15 18.2
P/S 0.49 0.41 0.35 0.38 0.33 0.47 0.38 0.29 0.15 0.25 0.27 0.3
P/B 2.34 1.99 1.17 1.51 1.28 1.81 1.70 1.36 0.75 1.33 1.42 1.5
EV/Sales 0.62 0.54 0.70 0.61 0.53 0.62 0.49 0.43 0.30 0.38 0.39 0.5
EV/FCF 13.93 16.45 19.81 15.12 10.66 11.41 11.78 14.82 17.67 19.79 13.68 15.1
Cash, $m
Cash, $m Operating cash flow 10,141 8,007 8,865 12,848 15,865 18,265 16,177 13,426 9,107 10,639 14,780 +0.5%
Capex (2,224) (1,918) (2,037) (2,457) (2,437) (2,520) (2,727) (3,031) (2,781) (2,832) (3,022) +2.7%
Free cash flow 7,917 6,089 6,828 10,391 13,428 15,745 13,450 10,395 6,326 7,807 11,758 (0.2%)
Balance, $m
Balance, $m Working capital 4,792 581 1,234 (3,001) (5,648) (7,799) (3,788) (11,331) (15,964) (13,978) (11,695) n/m
Net debt 24,073 25,195 66,848 60,424 53,793 43,651 36,531 50,155 55,277 53,972 47,452 +9.4%
Shareholders’ equity 36,834 37,695 58,543 64,170 69,701 75,381 71,769 76,636 75,730 75,382 79,899 +8.3%
Returns, %
Returns, % ROA 5.69 6.99 (0.41) 3.17 3.17 3.45 1.87 3.49 1.83 0.70 1.91 (5.0) pt
ROIC 10.66 9.48 2.00 6.01 7.04 6.99 4.59 6.77 4.06 2.25 4.07 (8.4) pt
ROE 14.36 17.77 (1.23) 10.81 10.73 11.03 5.86 11.24 6.06 2.34 6.21 (12.0) pt
People
People Employees 250,000 246,000 295,000 290,000 300,000 300,000 300,000 300,000 300,000 300,000 — +2.0%
Revenue/emp, $m 0.71 0.75 0.66 0.89 0.90 0.97 1.07 1.19 1.24 1.34 — +7.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

CVS Health is a health care company that combines health insurance, pharmacy benefit management, care delivery and retail pharmacy businesses. It was founded in 1963, is headquartered in Rhode Island and is led by President and Chief Executive Officer J. David Joyner.

Its Health Care Benefits segment operates through Aetna and offers medical, pharmacy, dental and behavioral-health plans, along with Medicare Advantage, Medicare Supplement, Medicare Part D and Medicaid services. These plans are sold to employers, governments and individuals. In insured plans, CVS Health bears most or all of the medical-cost risk; in administrative-services contracts, the employer or plan sponsor bears most of that risk.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Health Services 190,425 47.36%
Health Care Benefits 143,354 35.65%
Pharmacy & Consumer Wellness 139,367 34.66%
Gross margin 44.99%
Operating margin 1.16%
Pre-tax margin 0.53%

Revenue by segment since 2008

CVS Health Corporation vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNH UnitedHealth Group Incorporated $359.4B 22.9× 21.1× −0.41% (below 0%: shrinking) +76.06% (above 0%: growing) −15.65% (below 0%: shrinking) 100.00% 5.82% Compare
CVS CVS Health Corporation $113.2B 23.2× 13.1× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43%
ELV Elevance Health, Inc. $89.4B 17.7× 18.7× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $78.0B 12.2× 12.0× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $49.3B 38.4× 56.8× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $32.9B 22.4× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $10.9B — (loss-making) 59.6× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $9.6B 18.2× 15.8× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.3B — (loss-making) 80.8× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $41.1B 20.3× 19.9× +4.31% +17.86% +43.77% 18.08% 3.75%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • David Joyner said CVS Health raised its FY2026 adjusted EPS outlook to $7.90–$8.10 and operating cash flow outlook to at least $11.5 billion.
  • Brian Newman said 340B pressure and selling-season dynamics are expected to affect 2027, while specialty pharmacy trends are expected to provide an offset.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.89%
Held by the ten largest 47.96%
Holder Shares Stake Change
Vanguard 123.65m 9.68% +1.63m
BlackRock 123.22m 9.64% −2.70m
Capital Group 115.79m 9.06% +2.12m
State Street 60.28m 4.72% +961.23k
Dodge & Cox 50.01m 3.91% −1.77m
Wellington Management 33.80m 2.64% +11.23m
Geode Capital Management 29.90m 2.34% +440.61k
Fidelity (FMR) 28.92m 2.26% −2.28m
T. Rowe Price 24.21m 1.89% +423.46k
Bank of America 23.19m 1.81% +13.84m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CVS Health Corporation (CVS) Latest News

2 Nov

Impact 3 · · Trefis

29 Oct

Impact 4 · · ACCESS Newswire

28 Oct

Impact 4 · · healthcaredive.com

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · Trefis
Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool
Impact 3 · · retaildive.com
Impact 3 · · Zacks

24 Oct

Impact 4 · · TheStreet
Impact 4 · · Simply Wall St.
Impact 4 ·
Impact 3 · · Simply Wall St.

23 Oct

Impact 3 · · Barchart
Impact 3 · · PR Newswire
Impact 3 · · ACCESS Newswire
Impact 3 · · Zacks

22 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · ACCESS Newswire

21 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Insider Monkey
Impact 3 · · ACCESS Newswire
Impact 3 · · Simply Wall St.

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · TheStreet
Impact 4 · · Zacks
Impact 3 · · PR Newswire
Impact 3 · · ACCESS Newswire

19 Oct

Impact 3 · · Trefis

CVS metrics, ten years each

stockrow.com/CVS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com