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Not Investment Advice

CVS

NYSE · USD
CVS Health Corp.
Healthcare · Medical - Healthcare Plans
CEO J. David Joyner Employees 300,000 R&D / revenue 0.0%
Last price
$92.36−0.24%last session
Market cap
$118.1B
P/E (TTM)
24.1x
From 52w high
−16.6%
From 52w low
+32.9%
1-year return
+14.4%
RSI 14 · vs SMA200
58.2 · +4.9%
IS score
52.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CVS   SPY   XLV (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116CVS 114

Score DNA

Each bar is a 0-100 score within the scored universe
16
Profitability
50
Growth
52
Value
79
Momentum
65
Risk (safety)
65
Quality
36
Balance sheet
83
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Altman Z 2.5Beta 0.583 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
9 open-market sales, $345.7M
Form 144 notices (12m): 3, $6.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-06-02
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+201
327 new holders, 104 closed
2,081 filers hold 90.2% · 782 added, 738 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+231
1,369 funds adding shares
1,138 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
22.0%
20-day avg 30.7%, 50-day avg 30.0%
Latest 8.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$402.1B
Revenue growth YoY+7.8%
Gross margin13.8%
Operating income$10.4B
Operating margin2.6%
Net income$1.8B
Net margin0.4%
EPS (diluted)$1.39
Cash flow
Operating cash flow$10.6B
Capital expenditure$2.8B
Free cash flow$7.8B
FCF conversion (FCF / OCF)73.4%
Stock-based compensation$0
FCF less SBC$7.8B
Buybacks$0
Dividends$3.4B
Balance sheet & returns
Cash & short-term investments$10.7B
Total debt$78.7B
Net debt$68.0B
Shareholders' equity$75.4B
Goodwill & intangibles$111.0B
Debt / equity0.96
ROE (TTM)6.4%
ROIC (TTM)4.1%
Operating margin by fiscal year
4.5%FY20212.5%FY20223.8%FY20232.3%FY20241.2%FY2025
Revenue $292.1B (FY2021) to $402.1B (FY2025), a 8.3% CAGR.

Valuation

P/E (TTM)24.1x
EV / EBITDA13.7x
Price / sales0.28x
Price / FCF10.0x
FCF yield9.95%
Buyback yield0.00%
SBC / revenue0.1%
Price / book1.48x
Forward P/E FY202611.5x
Forward P/E FY202710.8x
Forward P/E FY20289.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $114.30 across 10 analysts last quarter is theirs, not ours.

CVS vs industry median

19 companies in Medical - Healthcare Plans
Gross margin 14.2% 22.4% Operating margin 2.0% 3.8% Net margin 1.2% 2.6% ROIC 4.1% 11.8%
CVS (TTM)Industry median Asset turnover 1.64 vs industry 1.74 · financial leverage 3.18

Earnings delivery

Next report 2026-11-04 · consensus EPS $1.66
83%
beat rate, 10 of 12 quarters
+12.9%
median EPS surprise
7
longest beat streak
+4+5-23+6-24+30+32+24+17+9+18+38
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CVS CVS Health Corp. $118.1B24.1x6.4%1.2%+7.8% +14.4%
ELV Elevance Health Inc. $92.9B19.0x11.2%2.9%+6.3% +23.6%
CI Cigna Corporation $79.9B12.5x15.5%2.3%+7.7% +4.5%
HUM Humana Inc. $49.6B38.8x6.8%1.7%+18.3% +54.6%
UNH UnitedHealth Group Incorpora $360.3B22.9x15.9%3.6%+3.3% +13.3%
CNC Centene Corp. $34.2Bn/m-20.4%2.5%+8.7% —
MCK McKesson Corporation $117.2B26.8x-148.0%0.6%+8.8% —
MDT Medtronic Plc $121.2B23.2x10.7%15.1%+9.8% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-17Officer/Director Change; Regulation FD; Exhibits
2026-08-05Earnings Release; Exhibits
2026-05-18Officer/Director Change; Shareholder Vote
2026-05-06Earnings Release; Exhibits
2026-02-10Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-12-09Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding1,278,970,000
Free float99.8%
Institutional ownership90.2%
Beta0.58
Dividend yield2.88%
Last dividend$0.67 on 2026-10-22
50 / 200-day average$91.80 / $88.12
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CVS sits among 11 scored companies in Medical - Healthcare Plans (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCVSIndustry medianIndustry percentileSector median
P/E (TTM) 24.1x 23.4x
57th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.28 — 1.28
Price / sales 0.3x 0.4x
30th		 3.7x
Price / book 1.5x 2.6x
0th		 3.6x
Price / tangible book —
Price / free cash flow 10.0x 9.8x
56th		 21.2x
Price / operating cash flow 8.0x 8.4x
30th		 17.1x
Enterprise value $180.5B $23.2B
90th		 $2.5B
EV / sales 0.4x 0.4x
70th		 3.8x
EV / EBITDA 13.5x 13.5x
50th		 16.2x
EV / EBIT 20.3x 17.1x
75th		 23.0x
EV / free cash flow 15.3x 12.7x
67th		 24.6x
Earnings yield 4.2% 3.8%
60th		 -0.3%
FCF yield 10.0% 10.0%
50th		 1.7%
Operating cash flow yield 12.5% 11.8%
70th		 2.9%
Graham number (per share) $73.11 $133.77
43rd		 $26.70

Profitability (TTM)

MeasureCVSIndustry medianIndustry percentileSector median
Gross margin 14.2% 16.1%
40th		 65.1%
EBITDA margin 3.2% 3.2%
50th		 6.6%
Operating margin 2.0% 2.0%
50th		 3.5%
EBIT margin 2.1% 2.1%
50th		 2.4%
Net margin 1.2% 1.2%
50th		 0.3%
NOPAT margin 1.7% 1.7%
50th		 2.7%
FCF margin 2.8% 3.2%
20th		 4.3%
Operating cash flow margin 3.6% 3.7%
30th		 7.1%
R&D / revenue 0.0% 0.0%
0th		 12.4%
SG&A / revenue 0.0% 6.8%
0th		 37.9%
Stock comp / revenue 0.1% 0.2%
10th		 4.5%
Effective tax rate 15.8% 17.8%
40th		 21.0%

Returns on capital

MeasureCVSIndustry medianIndustry percentileSector median
ROE (on average equity) 6.2% 11.2%
30th		 0.8%
ROA 1.9% 3.6%
30th		 -0.3%
ROIC 4.9% 4.9%
50th		 5.5%
ROCE 5.3% 7.5%
30th		 2.3%
Return on tangible assets 3.5% 4.8%
30th		 1.7%
Cash ROIC (OCF / invested capital) 10.4% 18.5%
14th		 9.7%
Gross profitability (GP / assets) 23.1% 37.6%
20th		 29.9%
ROIC, 3-yr average 3.9% 7.5%
33rd		 2.6%
ROIC, 5-yr average 4.2% 6.3%
43rd		 3.2%
ROE, 5-yr average 7.3% 12.6%
40th		 -4.9%
Incremental ROIC -77.2% 71.5%
0th		 17.2%

Growth

MeasureCVSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.4% 7.7%
40th		 10.5%
Revenue growth (QoQ) 5.6% 3.1%
80th		 7.2%
Revenue CAGR, 3 yr 7.0% 10.9%
20th		 10.7%
Revenue CAGR, 5 yr 8.3% 12.6%
0th		 12.1%
Gross profit CAGR, 3 yr 2.7% 10.9%
30th		 10.6%
Operating income CAGR, 3 yr 9.1% -5.4%
83rd		 11.7%
Net income growth (TTM YoY) 8.3% 0.4%
60th		 17.5%
Net income CAGR, 3 yr 18.7% -4.7%
100th		 11.3%
EPS growth (TTM YoY) 7.2% 1.6%
60th		 19.2%
EPS CAGR, 3 yr 18.8% -1.4%
80th		 14.0%
EPS CAGR, 5 yr -6.8% 1.2%
20th		 8.1%
FCF growth (TTM YoY) 146.0% 131.1%
62nd		 18.6%
FCF CAGR, 3 yr -12.7% 0.3%
22nd		 15.4%
Operating cash flow CAGR, 3 yr -10.4% -4.1%
30th		 11.9%
Book value CAGR, 3 yr 3.2% 5.7%
40th		 2.1%
Dividend CAGR, 3 yr 0.4% 2.6%
0th		 2.2%
Sustainable growth rate 1.9% 9.7%
0th		 12.2%

Margin history & stability

MeasureCVSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 14.2% 21.2%
40th		 62.6%
Operating margin, 3-yr average 2.6% 2.6%
50th		 1.0%
Net margin, 3-yr average 1.4% 1.4%
50th		 -2.6%
FCF margin, 3-yr average 1.8% 2.1%
40th		 3.2%
Revenue stability (0-1) 1.00 0.97
100th		 0.80
Earnings stability (0-1) 0.24 0.24
50th		 0.37
Margin stability (0-1) 0.90 0.83
70th		 0.93

Liquidity (latest quarter)

MeasureCVSIndustry medianIndustry percentileSector median
Cash & short-term investments $14.0B $8.9B
60th		 $330.9M
Net cash (− = net debt) −$62.3B $371.2M
0th		 $8.4M
Working capital −$11.7B $477.0M
10th		 $381.1M
Current ratio 0.87 1.50
20th		 3.02
Quick ratio 0.66 1.50
0th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.16 0.98
10th		 1.43
Defensive interval (days) 393 days 521 days
30th		 415 days

Leverage & solvency (latest quarter)

MeasureCVSIndustry medianIndustry percentileSector median
Total debt $76.3B $14.2B
100th		 $289.1M
Debt / equity 0.96 0.71
90th		 0.45
Net debt / equity 0.78 −0.49
100th		 −0.13
Debt / assets 30.1% 23.8%
100th		 24.4%
Debt / capital 48.9% 41.7%
90th		 31.1%
Debt / EBITDA 5.69 3.76
88th		 2.62
Net debt / EBITDA 4.65 −1.65
100th		 1.42
Interest coverage (EBIT / interest) 2.9x 3.4x
25th		 2.1x
Cash interest coverage 4.8x 6.8x
25th		 3.6x
Debt payback (years of OCF) 5.2 yrs 2.8 yrs
80th		 2.7 yrs
Liabilities / assets 68.5% 68.5%
50th		 49.8%
IS credit model rating BB — —
Implied credit spread (bps) 475 150
100th		 225

Efficiency

MeasureCVSIndustry medianIndustry percentileSector median
Asset turnover 1.62 1.83
20th		 0.56
Fixed asset turnover 15.03 72.51
0th		 4.87
Inventory turnover 20.3 — 2.7
Receivables turnover 18.6 15.8
60th		 6.4
Days sales outstanding 20 days 23 days
40th		 57 days
Days inventory outstanding 18 days — 136 days
Days payables outstanding 18 days 35 days
20th		 59 days
Cash conversion cycle (days) 20 days 2 days
90th		 70 days
Capex / revenue 0.7% 0.4%
80th		 2.6%
Capex / depreciation 0.67 0.76
40th		 0.55
Operating expense ratio 10.4% 13.7%
40th		 56.5%

Cash flow & earnings quality

MeasureCVSIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.01 2.33
57th		 1.61
FCF / net income 2.40 1.92
57th		 1.36
FCF / operating cash flow 79.6% 88.0%
20th		 81.2%
Capex / operating cash flow 20.4% 12.0%
80th		 18.8%
Accruals ratio -3.9% -3.9%
50th		 -5.4%
Sloan accruals ratio 0.9% 0.9%
50th		 -1.3%
Earnings quality score (0-1) 1.00 0.88
57th		 0.75

Dividends & buybacks

MeasureCVSIndustry medianIndustry percentileSector median
Dividend yield 2.9% 0.0%
100th		 0.0%
Dividend per share (TTM) $2.66 $0.00
60th		 $0.00
Payout ratio (dividends / net income) 69.6% 27.8%
100th		 0.0%
Dividends / FCF 29.1% 0.0%
89th		 0.0%
Dividend growth (YoY) 0.0% 2.6%
0th		 4.5%
Buyback yield 0.0% 0.6%
0th		 0.0%
Shareholder yield (dividends + buybacks) 2.9% 2.9%
50th		 0.0%
Share count change (YoY) 1.0% 0.1%
70th		 2.0%
Buybacks, last 5 years $1.0M $772.4M
40th		 $0

Scores & forensic checks

MeasureCVSIndustry medianIndustry percentileSector median
IS score 52 55
40th		 46
IS profitability 16 27
40th		 22
IS growth 50 50
50th		 60
IS value 52 45
70th		 39
IS momentum 79 79
50th		 67
IS risk (safety) 65 80
10th		 80
IS quality 65 67
40th		 49
IS balance sheet 36 62
0th		 55
IS earnings quality 83 65
70th		 56
IS cash flow 61 61
50th		 41
Piotroski F-score (0-9) 8 7
80th		 5
Altman Z-score 2.5 3.1
10th		 3.2
Beneish M-score −2.71 −2.82
60th		 −2.62
Ohlson O-score −7.94 −7.59
30th		 −7.16
IS credit score 41 74
0th		 62

Per share

MeasureCVSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.82 $1.65
60th		 −$0.03
Book value per share $62.12 $62.12
50th		 $7.10
Tangible book per share −$23.69 $6.80
10th		 $1.91
Revenue per share $323.53 $389.31
40th		 $9.38
FCF per share $9.16 $9.16
50th		 $0.46
Operating cash flow per share $11.52 $11.52
50th		 $0.93
Cash per share $10.88 $25.66
30th		 $3.51

Size (TTM)

MeasureCVSIndustry medianIndustry percentileSector median
Market cap $118.1B $34.2B
90th		 $2.4B
Revenue $415.1B $145.7B
90th		 $770.2M
EBITDA $13.4B $633.7M
90th		 $56.1M
Net income $4.9B $550.7M
70th		 −$3.3M
Free cash flow $11.8B $4.3B
90th		 $41.2M
Total assets $253.8B $57.2B
90th		 $1.3B
Shareholders' equity $79.7B $19.2B
90th		 $568.4M
Employees 259,500 61,100
90th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-06-26Clark James David
SVP, Cont & Chief Acct Officer
 Tax withholding 454$90.98$41,30527,606
2026-05-31Newman Brian
EVP, Chief Financial Officer
 Tax withholding 2,478$90.98$225,4483,008
2026-05-31Compton-Phillips Amy
EVP, Chief Medical Officer
 Tax withholding 7,618$90.98$693,0869,557
2026-05-21Aguirre Fernando
Director
 Return to issuer 1,563$93.50$146,14210,513
2026-05-21Robbins Larry
Director
 Open-market sale 370,462$93.45$34.6M4,824,799
2026-05-21Robbins Larry
Director
 Open-market sale 378,000$58.29$22.0M0
2026-05-20Aguirre Fernando
Director
 Return to issuer 30,437$93.78$2.9M12,076
2026-05-20Robbins Larry
Director
 Open-market sale 797,628$93.48$74.6M5,415,633
2026-05-20Robbins Larry
Director
 Open-market sale 152,691$94.81$14.5M5,262,942
2026-05-20Robbins Larry
Director
 Open-market sale 66,881$95.67$6.4M5,196,061
2026-05-20Robbins Larry
Director
 Open-market sale 800$96.28$77,0265,195,261
2026-05-19Robbins Larry
Director
 Open-market sale 1,983,387$94.45$187.3M6,213,412

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJun

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1219,060$923,508
Open-market saleDisposed93,819,551$345.7M
Return to issuerDisposed232,000$3.0M
Tax withholdingDisposed310,550$959,839
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 74,631 shares · $6.7M
FiledFilerShares proposedEst. proceeds
2026-05-22Aguirre Fernando2,263$214,283
2026-05-21Farah Roger N2,817$263,886
2026-05-08Tilak Mandadi69,551$6.2M
2025-08-19Finucane Anne A.7,500$532,275
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 18 trades (5 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHouseSale$15,001 - $50,0002026-10-09
2026-06-02Ro KhannaHousePurchase$1,001 - $15,0002026-07-08
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-01-29John BoozmanSenatePurchase$1,001 - $15,0002026-02-15
2026-01-29John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2024-08-26Tommy TubervilleSenateSale$1,001 - $15,0002026-08-05
2024-08-26Thomas Hawley TubervilleSenateSale$1,001 - $15,0002026-08-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.123,223,409$12.7B9.63%
VANGUARD CAPITAL MANAGEMENT LLC83,315,369$8.6B6.51%
Capital World Investors74,951,955$7.8B5.86%
STATE STREET CORP60,283,408$6.2B4.71%
DODGE & COX50,012,765$5.2B3.91%
WELLINGTON MANAGEMENT GROUP LLP33,801,113$3.5B2.64%
GEODE CAPITAL MANAGEMENT, LLC29,899,653$3.1B2.34%
FMR LLC28,920,617$3.0B2.26%
VANGUARD PORTFOLIO MANAGEMENT LLC26,637,259$2.8B2.08%
Capital Research Global Investors24,329,151$2.5B1.90%
PRICE T ROWE ASSOCIATES INC /MD/24,203,884$2.5B1.89%
BANK OF AMERICA CORP /DE/23,188,670$2.4B1.81%
Invesco Ltd.20,595,431$2.1B1.61%
JPMORGAN CHASE & CO19,779,697$2.0B1.55%
NORGES BANK18,038,922$1.9B1.41%

Institutional ownership by quarter

2023-092026-0690.2%
% of shares held by 13F filers
2023-092026-062,081
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,08190.2%327782738104
2026-03-311,88086.6%158731746196
2025-12-311,95588.7%276703726112
2025-09-301,83985.7%213670725114
2025-06-301,76986.2%186638733154
2025-03-311,76084.9%281537758172
2024-12-311,67682.2%234369933366
2024-09-301,84879.8%1594911,011210
2024-06-301,92080.3%1315731,047372
2024-03-312,19078.8%1347851,047174
2023-12-312,26679.9%3096661,097126
2023-09-302,12178.5%1107861,023169

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-13SCHEDULE 13G/ADodge & Cox3.9%50,012,765
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%95,598,528
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-07-16SCHEDULE 13G/ABlackRock, Inc.8.3%105,292,588
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.15%$3.5B
VTI0.15%$3.5B
VTSAX0.15%$3.5B
VSMPX0.15%$3.5B
VFINX0.17%$2.9B
VFFSX0.17%$2.9B

Share structure

Shares outstanding1,278,970,000
Float1,276,450,797
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$292.1B$322.5B$357.8B$372.8B$402.1B
Cost of revenue$240.0B$268.0B$303.3B$321.4B$346.7B
Gross profit$52.1B$54.5B$54.4B$51.4B$55.4B
R&D$0$0$0$0$0
SG&A$0$0$0$41.2B$0
Operating income$13.3B$8.0B$13.7B$8.5B$10.4B
EBITDA$17.5B$12.3B$18.2B$13.7B$9.9B
Pretax income$10.5B$5.8B$11.2B$6.1B$2.1B
Income tax$2.5B$1.5B$2.8B$1.6B$408.0M
Net income$8.0B$4.3B$8.3B$4.6B$1.8B
EPS, diluted$5.95$3.26$6.47$3.66$1.39
Diluted shares1.3B1.3B1.3B1.3B1.3B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$12.5B$15.7B$11.5B$11.0B$10.7B
Receivables$24.4B$27.3B$35.2B$36.5B$39.8B
Inventory$17.8B$19.1B$18.0B$18.1B$19.2B
Total current assets$60.0B$65.6B$67.9B$68.6B$74.7B
PP&E, net$32.0B$30.7B$30.4B$28.9B$28.1B
Goodwill & intangibles$108.1B$103.0B$120.5B$118.6B$111.0B
Total assets$233.0B$228.3B$249.7B$253.2B$261.1B
Accounts payable$12.5B$14.8B$14.9B$15.9B$59.4B
Total current liabilities$67.8B$69.4B$79.2B$84.6B$88.7B
Long-term debt$52.0B$50.5B$58.6B$60.5B$72.9B
Total liabilities$157.6B$156.5B$173.1B$177.5B$185.7B
Shareholders' equity$75.4B$71.8B$76.6B$75.7B$75.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$8.0B$4.3B$8.4B$4.6B$1.8B
Depreciation & amortization$4.5B$4.2B$4.4B$4.6B$0
Stock-based compensation$484.0M$447.0M$588.0M$540.0M$0
Change in working capital$3.9B$6.8B$15.0M$109.0M−$1.5B
Operating cash flow$18.3B$16.2B$13.4B$9.1B$10.6B
Capital expenditure−$2.5B−$2.7B−$3.0B−$2.8B−$2.8B
Free cash flow$15.7B$13.4B$10.4B$6.3B$7.8B
Investing cash flow−$5.3B−$5.0B−$20.9B−$7.6B−$5.9B
Net debt issued / repaid−$9.3B−$4.2B$7.9B$5.1B−$3.9B
Buybacks$0−$3.5B−$2.0B−$3.0B$0
Dividends paid−$2.6B−$2.9B−$3.1B−$3.4B−$3.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin17.8%16.9%15.2%13.8%13.8%
Operating margin4.5%2.5%3.8%2.3%1.2%
Net margin2.7%1.3%2.3%1.2%0.4%
FCF margin5.4%4.2%2.9%1.7%1.9%
ROE11.0%5.8%11.3%6.1%2.3%
ROIC7.2%4.6%7.1%4.3%2.4%
ROA3.4%1.9%3.5%1.8%0.7%
Debt / equity1.010.991.041.101.24
Interest coverage5.2x3.5x5.2x3.1x1.7x
Current ratio0.880.950.860.810.84
Revenue growth+8.7%+10.4%+10.9%+4.2%+7.8%
EPS growth+8.6%−45.2%+98.9%−43.3%−62.2%
P/E at year end15.2x25.6x11.3x11.8x57.3x
EV / EBITDA at year end10.5x13.4x8.9x9.2x18.7x
FCF yield at year end13.10%12.27%11.06%11.65%7.70%
Dividend payout33.2%67.9%37.5%73.1%192.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Pharmacy Revenue$184.6B$205.1B$223.5B$210.3B$229.0B
Premiums$76.1B$85.3B$99.2B$122.9B$134.8B
Front Store Revenue$21.3B$22.8B$22.5B$21.5B$21.5B
Product and Service, Other$8.8B$8.4B$11.5B$16.0B$3.9B

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $1.66 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$416.6B$413.0B – $421.6B$8.02$7.94 – $8.151711.5x
2027$429.6B$423.1B – $435.2B$8.52$8.45 – $8.931810.8x
2028$449.2B$425.0B – $477.3B$9.70$8.93 – $10.87139.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$1.87$2.58+38.0%$100.0B$106.1B+6.1%
2026-05-06$2.18$2.57+17.9%$95.0B$100.4B+5.7%
2026-02-10$1.00$1.09+9.0%$103.7B$105.7B+1.9%
2025-10-29$1.37$1.60+16.8%$98.8B$102.9B+4.1%
2025-07-31$1.46$1.81+24.0%$94.5B$98.9B+4.6%
2025-05-01$1.70$2.25+32.4%$93.7B$94.6B+1.0%
2025-02-12$0.91$1.19+30.2%$97.1B$97.7B+0.6%
2024-11-06$1.44$1.09−24.3%$92.7B$95.4B+2.9%
2024-08-07$1.73$1.83+5.8%$91.4B$91.2B−0.2%
2024-05-01$1.70$1.31−22.9%$89.3B$88.4B−1.0%
2024-02-07$2.01$2.12+5.5%$90.4B$93.8B+3.8%
2023-11-01$2.13$2.21+3.8%$88.2B$89.8B+1.7%
2023-08-02$2.12$2.21+4.2%$86.5B$88.9B+2.8%
2023-05-03$2.07$2.20+6.3%$80.8B$85.3B+5.5%
2023-02-08$1.92$1.99+3.6%$76.4B$83.8B+9.7%
2022-11-02$1.99$2.09+5.0%$76.7B$81.2B+5.8%
2022-08-03$2.17$2.40+10.6%$76.4B$80.6B+5.5%
2022-05-04$2.15$2.22+3.3%$75.5B$76.8B+1.7%
2022-02-09$1.94$1.98+2.1%$75.7B$76.6B+1.3%
2021-11-03$1.79$1.97+10.1%$70.3B$73.8B+4.9%
2021-08-04$2.06$2.42+17.5%$70.3B$72.6B+3.3%
2021-05-04$1.72$2.04+18.6%$68.3B$69.1B+1.1%
2021-02-16$1.24$1.30+4.8%$66.2B$69.6B+5.1%
2020-11-06$1.34$1.66+23.9%$50.4B$67.1B+33.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-150.906-220.506-290.707-061.007-130.907-200.907-271.508-031.008-100.708-170.608-240.708-31
Week ofNotionalSharesTrades
2026-08-31$732.4M7,577,410124,816
2026-08-24$624.9M6,683,530107,955
2026-08-17$748.0M7,945,861115,768
2026-08-10$1.0B10,640,631127,227
2026-08-03$1.5B14,982,249176,454
2026-07-27$914.1M8,580,589126,158

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1522.0%
DateShort shareShort volumeTotal volume
2026-10-1522.0%792,8093,606,485
2026-10-1427.1%833,6283,072,156
2026-10-1341.0%1,026,7092,503,723
2026-10-1221.6%840,3453,887,856
2026-10-0922.9%886,3633,868,539
2026-10-0822.4%493,6732,206,744
2026-10-0722.2%794,7583,587,987
2026-10-0622.6%886,0483,927,041
2026-10-0512.4%591,7164,771,371
2026-10-0219.4%711,2543,659,767
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.9Jan-0.6Feb+1.0Mar+1.7Apr-0.5May-0.6Jun+0.9Jul+1.2Aug+0.4Sep-0.0Oct+2.6Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan+0.9%50%20
Feb−0.6%45%20
Mar+1.0%57%21
Apr+1.7%55%20
May−0.5%50%20
Jun−0.6%45%20
Jul+0.9%60%20
Aug+1.2%55%20
Sep+0.4%45%20
Oct−0.0%40%20
Nov+2.6%60%20
Dec+1.7%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1458.2
MFI61.4
ADX26.4
Stochastic %K / %D94.2 / 82.8
Williams %R-10.9
CCI244
TSI / signal-6.5 / -20.3
Chaikin money flow0.02
ATR$2.29
Bollinger width9.3%
Volume vs 20-day avg0.54x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$87.65 (+5.4%)
SMA 50$91.73 (+0.7%)
SMA 200$88.07 (+4.9%)
EMA 21$89.31 (+3.4%)
EMA 50$91.67 (+0.8%)
EMA 200$88.65 (+4.2%)
Bollinger upper$91.71 (+0.7%)
Bollinger lower$83.59 (+10.5%)
Parabolic SAR$86.27 (+7.1%)
Open the live chart, 110+ indicators

About CVS Health Corp.

CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and Other. The Health Care Benefits segment operates as a health care benefits provider. The Health Services segment offers a full range of PBM solutions, delivers health care services in its medical clinics, virtually, and in the home. The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations. The Corporate and Other Segment is involved in management and administrative expenses. The company was founded by Stanley P. Goldstein and Ralph Hoagland in 1963 and is headquartered in Woonsocket, RI.

https://www.cvshealth.com

Key executives

NameTitlePayBorn
J. David Joyner CEBSCEO, President & Chairman$6.6M1965
Prem S. ShahExecutive Vice President & Group President$4.4M1980
Steven Hale NelsonExecutive Vice President & President of Aetna$4.3M1959
Tilak MandadiEVice President of Ventures and Chief Experience & Technology Officer$4.0M1964
Samrat S. KhichiExecutive VP of Corporate Affairs & Chief Legal Officer$3.4M1967
Brian O. NewmanExecutive Vice President & Chief Financial Officer$2.8M1969
Heidi CapozziExecutive Vice President & Chief People Officer$1.9M1970
James David ClarkSenior Vice President, Controller & Chief Accounting Officer—1965

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. David Joyner President and Chief Executive Officer2025$1.5M$14.5M$4.7M$21.2M
Prem S. Shah Executive Vice President and Group President2025$1.1M$7.2M$3.0M$13.4M
Steven H. Nelson Executive Vice President and President, Aetna2025$1.0M$5.8M$3.0M$11.6M
Tilak Mandadi Executive Vice President, Ventures and Chief Experience and Technology Officer2025$1.0M$5.6M$2.6M$11.0M
Brian O. Newman Executive Vice President and Chief Financial Officer2025$696,970$5.6M$1.6M$9.4M
Thomas F. Cowhey Former Executive Vice President and Chief Financial Officer2025$420,833$4.4M$0$6.7M

Employees

295k2018290k2019300k2020300k2021300k2022300k2023300k2024300k2025

Dividends

Ex-dateAmountPaid
2026-10-22$0.6652026-11-02
2026-07-23$0.6652026-08-03
2026-04-23$0.6652026-05-04
2026-01-22$0.6652026-02-02
2025-10-23$0.6652025-11-03
2025-07-22$0.6652025-08-01
2025-04-22$0.6652025-05-01
2025-01-23$0.6652025-02-03

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage55
Intangibles37
Switching costs50
Network effect45
Efficient scale75
Our component scores (0-100) and overall 50.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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