CVS NYSE
CVS Health Corp.
1W: -3.2%
1M: +3.7%
3M: -14.0%
YTD: +14.6%
1Y: +11.2%
3Y: +43.3%
5Y: +23.8%
$91.13
-1.40 (-1.51%)
Weekly Expected Move ±3.4%
$87
$90
$93
$97
$100
Credit Risk of going bust: lower than 59% of companies Debt: 39.6% of company value Bonds: $1.86B held by 970 funds, 98 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $3.01 (down 97%), CVS Health Corp. would be worth roughly what it owes.
Total debt $76.31B against a stock market value of $116.55B.
Distance to default 6.07 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $31.68B (short-term plus half of long-term), stock volatility 32.1%; Altman Z'' 1.25. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $3.01 (down 97%), CVS Health Corp. would be worth roughly what it owes.
Total debt $76.31B against a stock market value of $116.55B.
Distance to default 6.07 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $31.68B (short-term plus half of long-term), stock volatility 32.1%; Altman Z'' 1.25. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$10.6B
+16.8% ▲
5Y CAGR: -7.7%
Capital Expenditures
$2.8B
-1.8% ▼
5Y CAGR: +3.0%
Free Cash Flow
$7.8B
+23.4% ▲
5Y CAGR: -10.3%
Dividends Paid
$3.4B
-0.7% ▼
Buybacks
$0
+100.0% ▲
Net Change in Cash
-$172M
-147.9% ▼
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $8.0B | $4.3B | $8.4B | $4.6B | $1.8B |
| Depreciation & Amort. | $4.5B | $4.2B | $4.4B | $4.6B | $0 |
| Stock-Based Comp. | $484M | $447M | $588M | $540M | $0 |
| Change in Working Capital | $3.9B | $6.8B | $15M | $109M | -$1.5B |
| Other Non-Cash Items | $1.9B | $2.4B | $765M | -$153M | $10.3B |
| Operating Cash Flow | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| — Investing Activities — | |||||
| Capital Expenditures | -$2.5B | -$2.7B | -$3.0B | -$2.8B | -$2.8B |
| Acquisitions (Net) | -$146M | -$1.4B | -$16.6B | -$95M | -$436M |
| Investment Purchases | -$10.0B | -$7.7B | -$9.0B | -$15.2B | -$15.0B |
| Investment Sales | $7.2B | $6.7B | $7.7B | $10.4B | $12.4B |
| Other Investing | $122M | $85M | $68M | $101M | $26M |
| Investing Cash Flow | -$5.3B | -$5.0B | -$20.9B | -$7.6B | -$5.9B |
| — Financing Activities — | |||||
| Net Debt Issuance | -$9.3B | -$4.2B | $7.9B | $5.1B | -$3.9B |
| Stock Repurchased | $0 | -$3.5B | -$2.0B | -$3.0B | $0 |
| Dividends Paid | -$2.6B | -$2.9B | -$3.1B | -$3.4B | -$3.4B |
| Other Financing | $536M | $102M | -$105M | $202M | $2.0B |
| Financing Cash Flow | -$11.4B | -$10.5B | $2.7B | -$1.1B | -$4.9B |
| Net Change in Cash | $1.6B | $614M | -$4.8B | $359M | -$172M |
| Cash End of Period | $12.7B | $13.3B | $8.5B | $8.9B | $8.7B |
| Free Cash Flow | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |