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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. In the quarter to June 2026, revenue grew 7.26%, EPS grew 187.7%, free cash flow grew 338.3% and total debt fell 7.64%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten.

87.65 0.09 −0.10%
Market cap
$112.2B
P/E
22.9×
Fwd P/E
15.4×
Dividend yield
3.79%
F-score
7/9
Altman Z
2.26
Beneish M
−2.64
Dividend safety
43/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Impairment
All filings →

Insider Decisions trades per month

Total sells 323.70
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — 2 — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 112,220.00
Revenue 415,086.00
Net Income 4,885.00
Free Cash Flow 11,758.00
Net Debt 47,452.00
Current Ratio 0.87 (below 1: weak)
Debt/Equity 0.77
P/E ratio 22.89
Fwd P/E 15.40
P/S ratio 0.27
P/B ratio 1.40
Past 5Y EPS Growth (23.94%) (below 0%: weak)
This Y EPS Growth 18.85% (at or above 15%: strong)
Next Y EPS Growth 6.17%
Next Y revenue growth 3.97%
Next 5Y EPS Growth 12.85%

Green and red mark values outside typical ranges. 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 78.10%
10-year low 10-year high
P/S against its own 10 years 24.91%
10-year low 10-year high
P/B against its own 10 years 47.60%
10-year low 10-year high
EV/Sales against its own 10 years 16.94%
10-year low 10-year high
EV/FCF against its own 10 years 43.69%
10-year low 10-year high

Dividends

Payout Ratio 0.88
Annual Dividend Rate 3.33
Annual Dividend Yield 3.79%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.66
0.67
0.67
0.67
0.67
2025 2.66
0.67
0.67
0.67
0.67
2024 2.66
0.67
0.67
0.67
0.67
2023 2.42
0.61
0.61
0.61
0.61
2022 2.20
0.55
0.55
0.55
0.55
2021 2.00
0.50
0.50
0.50
0.50
2020 2.00
0.50
0.50
0.50
0.50
2019 2.00
0.50
0.50
0.50
0.50
2018 2.00
0.50
0.50
0.50
0.50
2017 2.00
0.50
0.50
0.50
0.50
2016 1.70
0.43
0.43
0.43
0.43
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 69.30 66.45 60.14 51.72 52.04 68.02 86.28 64.41 43.56 44.11

Analyst estimates 2026–2028

Powerpack
High 106.67 84.72 83.88 77.03 76.44 104.56 111.25 93.41 83.25 85.15
People
People Employees 250,000 246,000 295,000 290,000 300,000 300,000 300,000 300,000 300,000 300,000
Revenue/emp, $m 0.71 0.75 0.66 0.89 0.90 0.97 1.07 1.19 1.24 1.34
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
Gross margin, % 17.47 16.96 19.60 38.19 38.97 39.82 38.94 39.32 44.67 44.99
EBT 8,637 8,268 1,406 8,997 9,770 10,537 5,836 11,173 6,148 2,136
EBT margin, % 4.86 4.47 0.72 3.50 3.64 3.61 1.81 3.12 1.65 0.53
Net income 5,319 6,623 (596) 6,631 7,192 7,989 4,327 8,368 4,586 1,728
Depreciation 2,475 2,660 8,867 4,371 4,441 4,917 4,224 4,366 4,597 10,331
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
Earnings 4.93 6.47 (0.57) 5.10 5.48 6.00 3.16 6.49 3.67 1.40
Cash flow 9.45 7.85 8.49 9.88 12.12 13.85 12.33 10.45 7.23 8.40
Capex (2.07) (1.88) (1.95) (1.89) (1.86) (1.91) (2.08) (2.36) (2.21) (2.24)
Free cash flow 7.38 5.97 6.54 7.99 10.26 11.94 10.25 8.09 5.02 6.16
Book value 34.33 36.96 56.08 49.32 53.25 57.15 54.70 59.64 60.15 59.50
Shares, m 1,073 1,020 1,044 1,301 1,309 1,319 1,312 1,285 1,259 1,267
Valuation, ×
Valuation, × P/E 16.27 11.35 0.00 14.60 12.46 17.19 29.31 12.46 12.23 56.28
P/S 0.49 0.41 0.35 0.38 0.33 0.47 0.38 0.29 0.15 0.25
P/B 2.34 1.99 1.17 1.51 1.28 1.81 1.70 1.36 0.75 1.33
EV/Sales 0.62 0.54 0.70 0.61 0.53 0.62 0.49 0.43 0.30 0.38
EV/FCF 13.93 16.45 19.81 15.12 10.66 11.41 11.78 14.82 17.67 19.79
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
Capex (2,224) (1,918) (2,037) (2,457) (2,437) (2,520) (2,727) (3,031) (2,781) (2,832)
Free cash flow 7,917 6,089 6,828 10,391 13,428 15,745 13,450 10,395 6,326 7,807
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)
Total debt 27,531 27,002 73,429 68,480 64,647 56,176 52,254 61,610 66,270 64,570
Net debt 24,073 25,195 66,848 60,424 53,793 43,651 36,531 50,155 55,277 53,972
Shareholders’ equity 36,834 37,695 58,543 64,170 69,701 75,381 71,769 76,636 75,730 75,382
Returns, %
Returns, % ROA 5.69 6.99 (0.41) 3.17 3.17 3.45 1.87 3.49 1.83 0.70
ROIC 10.66 9.48 2.00 6.01 7.04 6.99 4.59 6.77 4.06 2.25
ROE 14.36 17.77 (1.23) 10.81 10.73 11.03 5.86 11.24 6.06 2.34
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $339.8B 24.3× 23.3× +0.37% (above 0%: growing) +61.50% (above 0%: growing) +62.69% (above 0%: growing) 20.80% 7.13% Compare
CVS CVS Health Corporation $112.2B 22.9× 15.4× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43%
ELV Elevance Health, Inc. $91.5B 18.8× 20.3× +1.40% (above 0%: growing) −13.08% (below 0%: shrinking) −9.01% (below 0%: shrinking) 15.77% 4.56% Compare
CI Cigna Group $74.9B 11.7× 11.4× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $52.1B 39.5× 42.9× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $33.1B — (loss-making) 24.8× +9.92% (above 0%: growing) n/m +116.61% (above 0%: growing) 8.59% 2.24% Compare
MOH Molina Healthcare, Inc $10.7B — (loss-making) 55.0× −4.84% (below 0%: shrinking) −74.95% (below 0%: shrinking) +5.81% (above 0%: growing) 13.19% 1.33% Compare
OSCR Oscar Health, Inc. $10.5B 19.8× 29.7× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.5B — (loss-making) 292× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $42.6B 19.8× 27.3× +8.30% +10.16% +64.81% 18.18% 3.75%

All 12 Healthcare Plans stocks →

CVS metrics, ten years each

CVS Health Corporation (CVS) key facts

  • Concern: Net income was $1.7 billion, or $1.40 per share (basic), a net margin of 0.44%.
  • Strength: CVS Health Corporation’s revenue for fiscal 2025 (year ended December 2025) was $402.1 billion, up 7.85% from fiscal 2024.
  • CVS Health Corporation (CVS) is a Healthcare Plans company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 13, 2026, CVS traded at $87.65, a market capitalization of $112.2 billion.
  • At that price the stock trades at 22.9× trailing-twelve-month earnings and 0.3× sales; its P/E is higher than 78% of its own readings over the past ten years.
  • CVS Health Corporation pays an annual dividend of $3.33 per share, a yield of 3.79%, with a payout ratio of 88.0%.
  • Return on equity was 2.34% and debt-to-equity 0.77.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.26 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

CVS Health reported $402.1 billion of revenue in FY2025, while net income was $1.7 billion and diluted EPS was $1.39 in FY2025. Revenue growth was 7.85% in FY2025 against FY2024, whereas diluted EPS growth was −62.0% over the same period. Operating margin was 1.16% in FY2025.

In Q2 FY2026, revenue was $106.1 billion, operating income was $4.7 billion and diluted EPS was $2.31. Free cash flow reached $5.7 billion in Q2 FY2026, while net debt was $47.5 billion at Q2 FY2026. Management attributed year-over-year operating-income improvement partly to operating performance and the absence of prior-year charges.

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