CVS Health (CVS)
Market Price (12/23/2025): $78.2 | Market Cap: $99.2 BilSector: Health Care | Industry: Health Care Services
CVS Health (CVS)
Market Price (12/23/2025): $78.2Market Cap: $99.2 BilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldDividend Yield is 3.4%, FCF Yield is 6.3% | Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -87% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Attractive cash flow generationCFO LTM is 9.1 Bil, FCF LTM is 6.3 Bil | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 212x | |
| Low stock price volatilityVol 12M is 32% | Key risksCVS key risks include [1] elevated Medicare costs pressuring its Health Care Benefits segment, Show more. | |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. |
| Attractive yieldDividend Yield is 3.4%, FCF Yield is 6.3% |
| Attractive cash flow generationCFO LTM is 9.1 Bil, FCF LTM is 6.3 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -87% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 212x |
| Key risksCVS key risks include [1] elevated Medicare costs pressuring its Health Care Benefits segment, Show more. |
Why The Stock Moved
Qualitative Assessment
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**1. Strong Third-Quarter 2025 Performance and Upgraded Guidance**CVS Health reported robust third-quarter 2025 results on October 29, significantly exceeding analyst expectations. The company announced adjusted earnings per share (EPS) of $1.60, surpassing the consensus estimate of $1.36, and revenues reached $102.87 billion, higher than the anticipated $98.85 billion. Following this strong performance, CVS Health also updated its full-year 2025 financial guidance.
**2. Positive Financial Outlook from Investor Day**
During its Investor Day on December 9, 2025, CVS Health further enhanced its financial outlook, raising its full-year 2025 total revenues guidance to at least $400.0 billion from its previous forecast of $397.3 billion. The company also increased its adjusted EPS guidance range for 2025 to $6.60-$6.70 from $6.55-$6.65 and provided favorable 2026 financial guidance. This announcement alone caused the stock to rise by over 2% on the day.
**3. Analyst Upgrades and Increased Price Targets**
In December 2025, several prominent analyst firms revised their ratings and significantly increased their price targets for CVS Health. These updates, which included targets as high as $101.00, reflected a heightened confidence in the company's strategic direction and anticipated future earnings growth following the positive financial announcements.
**4. Strategic Execution Across Key Business Segments**
CVS Health highlighted its effective strategy in driving growth across its diversified businesses. At the Investor Day, the company emphasized Aetna's return to target margins, successful client acquisition and retention within CVS Caremark, and sustained earnings from CVS Pharmacy. This integrated approach was presented as a key factor in unlocking the company's significant earnings power and achieving its updated financial guidance.
**5. Proactive Management of Health Services Challenges**
Despite experiencing some earlier pressures in 2025 from a higher medical benefit ratio at Oak Street Health, CVS Health demonstrated proactive management by taking steps to strengthen this segment. These efforts, combined with strong in-home assessment volumes from Signify Health, helped offset some of the financial headwinds, showcasing the company's ability to navigate and mitigate challenges within its health services portfolio. Show more
Stock Movement Drivers
Fundamental Drivers
The 5.2% change in CVS stock from 9/22/2025 to 12/22/2025 was primarily driven by a 918.3% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 74.52 | 78.36 | 5.15% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 386641.00 | 394084.00 | 1.93% |
| Net Income Margin (%) | 1.17% | 0.12% | -89.84% |
| P/E Multiple | 20.82 | 212.02 | 918.28% |
| Shares Outstanding (Mil) | 1266.00 | 1269.00 | -0.24% |
| Cumulative Contribution | 5.15% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CVS | 5.2% | |
| Market (SPY) | 2.7% | 18.1% |
| Sector (XLV) | 13.7% | 30.4% |
Fundamental Drivers
The 19.5% change in CVS stock from 6/23/2025 to 12/22/2025 was primarily driven by a 1254.3% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 65.55 | 78.36 | 19.54% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 378960.00 | 394084.00 | 3.99% |
| Net Income Margin (%) | 1.39% | 0.12% | -91.46% |
| P/E Multiple | 15.66 | 212.02 | 1254.28% |
| Shares Outstanding (Mil) | 1261.00 | 1269.00 | -0.63% |
| Cumulative Contribution | 19.53% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CVS | 19.5% | |
| Market (SPY) | 14.4% | 9.0% |
| Sector (XLV) | 18.0% | 28.8% |
Fundamental Drivers
The 84.2% change in CVS stock from 12/22/2024 to 12/22/2025 was primarily driven by a 1885.7% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 42.54 | 78.36 | 84.20% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 368912.00 | 394084.00 | 6.82% |
| Net Income Margin (%) | 1.36% | 0.12% | -91.25% |
| P/E Multiple | 10.68 | 212.02 | 1885.68% |
| Shares Outstanding (Mil) | 1259.00 | 1269.00 | -0.79% |
| Cumulative Contribution | 84.19% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CVS | 84.2% | |
| Market (SPY) | 16.9% | 19.2% |
| Sector (XLV) | 14.5% | 32.9% |
Fundamental Drivers
The -6.1% change in CVS stock from 12/23/2022 to 12/22/2025 was primarily driven by a -88.9% change in the company's Net Income Margin (%).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 83.43 | 78.36 | -6.07% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 315225.00 | 394084.00 | 25.02% |
| Net Income Margin (%) | 1.07% | 0.12% | -88.88% |
| P/E Multiple | 32.52 | 212.02 | 552.08% |
| Shares Outstanding (Mil) | 1315.00 | 1269.00 | 3.50% |
| Cumulative Contribution | -6.19% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| CVS | 8.1% | |
| Market (SPY) | 47.7% | 15.5% |
| Sector (XLV) | 18.4% | 32.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVS Return | -5% | 55% | -8% | -13% | -41% | 81% | 27% |
| Peers Return | 13% | 24% | 15% | -2% | 0% | -2% | 56% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| CVS Win Rate | 42% | 58% | 42% | 33% | 33% | 67% | |
| Peers Win Rate | 52% | 53% | 58% | 45% | 55% | 57% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CVS Max Drawdown | -29% | 0% | -13% | -28% | -42% | -1% | |
| Peers Max Drawdown | -33% | -9% | -12% | -16% | -19% | -22% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNH, CI, ELV, HUM, WMT. See CVS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | CVS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -41.2% | -25.4% |
| % Gain to Breakeven | 70.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.2% | -33.9% |
| % Gain to Breakeven | 45.4% | 51.3% |
| Time to Breakeven | 301 days | 148 days |
| 2018 Correction | ||
| % Loss | -37.7% | -19.8% |
| % Gain to Breakeven | 60.4% | 24.7% |
| Time to Breakeven | 765 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -45.6% | -56.8% |
| % Gain to Breakeven | 84.0% | 131.3% |
| Time to Breakeven | 1,074 days | 1,480 days |
Compare to
In The Past
CVS Health's stock fell -41.2% during the 2022 Inflation Shock from a high on 2/8/2022. A -41.2% loss requires a 70.1% gain to breakeven.
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CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. Its Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services. It serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, plans offered on public health insurance and private health insurance exchanges, other sponsors of health benefit plans, and individuals. This segment operates retail specialty pharmacy stores; and specialty mail-order, mail-order dispensing, and compounding pharmacies, as well as branches for infusion and enteral nutrition services. The company's Retail/LTC segment sells prescription and over-the-counter drugs, consumer health and beauty products, and personal care products; and provides health care services through its MinuteClinic walk-in medical clinics. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. As of December 31, 2021, it operated approximately 9,900 retail locations and 1,200 MinuteClinic locations, as well as online retail pharmacy websites, LTC pharmacies, and onsite pharmacies. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was founded in 1963 and is headquartered in Woonsocket, Rhode Island.
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Here are 1-2 brief analogies for CVS Health:
- The Walmart of everyday health and prescriptions.
- A healthcare behemoth, like if Walgreens merged with a major health insurer such as UnitedHealthcare.
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- Retail Pharmacy Services: Operates a nationwide chain of retail pharmacies offering prescription fulfillment, over-the-counter medications, and general merchandise.
- Pharmacy Benefit Management (PBM): Manages prescription drug programs for employers, health plans, and government entities, including formulary management and claims processing.
- Health Insurance Products: Provides a range of health insurance plans and related services through Aetna, including medical, dental, behavioral health, and Medicare/Medicaid plans.
- Health Services & Clinics: Offers walk-in medical clinics (MinuteClinic), primary care (Oak Street Health), and home healthcare services (Signify Health) focusing on preventative and chronic care management.
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CVS Health primarily serves individuals through its diverse healthcare segments. The company's major categories of individual customers include:
- Pharmacy Patients and Retail Consumers: Individuals who fill prescriptions at CVS Pharmacy locations, purchase over-the-counter medications, health and wellness products, and other general merchandise. This group directly interacts with CVS's extensive network of retail stores for their daily health and household needs, often utilizing prescription benefits managed by CVS Caremark or other PBMs.
- Health Plan Members (Aetna): Individuals who are enrolled in health insurance plans offered by Aetna, CVS Health's health benefits division. This includes employees covered by employer-sponsored plans, individuals who purchase plans directly through healthcare exchanges, and beneficiaries of government programs like Medicare Advantage and Medicaid managed care plans.
- Clinic Patients (MinuteClinic): Individuals who utilize MinuteClinic locations for convenient healthcare services. This includes those seeking treatment for minor illnesses and injuries, vaccinations, routine physicals, and various health screenings.
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David Joyner, President and Chief Executive Officer
David Joyner has over 39 years of experience in healthcare and pharmacy benefit management. He assumed the role of President and Chief Executive Officer of CVS Health in October 2024, succeeding Karen S. Lynch. Prior to this, he led the pharmacy services segment at CVS Health. He began his career at Aetna as an employee benefit representative. Joyner briefly left CVS and later returned to run Caremark. His appointment as CEO reportedly followed investor pressure regarding the company's share price.
Brian Newman, Executive Vice President and Chief Financial Officer
Brian Newman was appointed Executive Vice President and Chief Financial Officer of CVS Health, effective April 21, 2025. Before joining CVS Health, he served as the Chief Financial Officer of United Parcel Service (UPS) for nearly five years, where he was instrumental in navigating the company through the COVID-19 pandemic, a significant union negotiation, and the implementation of its “1+2 strategy”. Earlier in his career, Newman spent 26 years at PepsiCo, holding various global financial leadership roles, including vice president of global operations and chief strategy officer. He began his professional journey as an investment banker at PaineWebber.
Heidi Capozzi, Executive Vice President and Chief People Officer
Heidi Capozzi is the Executive Vice President and Chief People Officer at CVS Health. In this role, she is responsible for the human engine behind CVS Health, overseeing recruitment, culture, and capability for over 300,000 colleagues, and maintaining a high employee engagement score. She has extensive experience in human resources and organizational leadership.
Tilak Mandadi, Executive Vice President, Ventures and Chief Experience and Technology Officer
Tilak Mandadi serves as Executive Vice President, Ventures and Chief Experience and Technology Officer at CVS Health. He is responsible for customer engagement and research, integrated service operations, and reimagining healthcare experiences. He also leads the company's AI, technology, and insights strategies, and heads CVS Health Ventures, an investment platform. His prior roles include Chief Strategy Officer at MGM Resorts International and Executive Vice President of Digital and Chief Technology Officer at Disney. He also led global digital transformation at American Express.
Sree Chaguturu, MD, Executive Vice President and President of Health Care Delivery
Dr. Sree Chaguturu is the Executive Vice President and President of Health Care Delivery at CVS Health. He is responsible for engineering CVS Health's value-based care ecosystem, overseeing delivery across MinuteClinic sites and virtual platforms. He focuses on clinical innovation, integrated care models, and improving patient outcomes, contributing to the company's commitment to service efficiency and comprehensive health solutions. Dr. Chaguturu is a physician executive with a strong background in healthcare delivery and clinical operations.
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CVS Health (CVS) faces several key business risks, primarily stemming from challenges within its core segments and strategic acquisitions. The most significant risk is the **elevated Medicare utilization and medical costs, leading to pressure on its Health Care Benefits segment.** In 2024, CVS Health reported a substantial 38.0% decrease in operating income, largely attributed to elevated Medicare utilization and increased restructuring charges. The company anticipates ongoing pressure on its Health Care Benefits segment due to sustained high utilization levels and potential declines in medical membership within Medicare and individual exchange products. Profitability concerns also lingered in Q4 2024 due to rising healthcare costs, particularly within its Medicare Advantage segment. Secondly, **risks associated with the integration and profitability of recent large-scale acquisitions, particularly Signify Health and Oak Street Health**, pose a significant challenge. CVS Health's healthcare delivery businesses, including these acquisitions, face unique risks such as regulatory hurdles and the ability to attract and retain qualified healthcare providers. Operational risks are also evident in bringing together disparate IT systems, clinical protocols, and corporate cultures. This was highlighted by a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit in Q3 2025, resulting in a reported net loss for the quarter despite strong revenue growth. Finally, **pharmacy reimbursement pressures and challenges within its Pharmacy Benefit Management (PBM) business** continue to be a key risk. The company faces a shift in pharmacy prescription volume towards programs offering lower reimbursement rates, which can adversely affect margins. Continued pharmacy client price improvements have also contributed to a decrease in adjusted operating income for the Health Services segment. Additionally, PBM profit headwinds are expected from the transition to new pricing models, such as TrueCost.AI Analysis | Feedback
- Amazon's escalating ventures into pharmacy and healthcare services. Amazon Pharmacy (including PillPack and RxPass) directly competes with CVS's retail pharmacy for prescription fulfillment and delivery, offering tech-driven convenience and competitive pricing. Amazon's acquisition of One Medical and the launch of Amazon Clinic directly challenge CVS's health services segments (MinuteClinic, HealthHUBs, Oak Street Health) by expanding into primary and urgent care.
- Intensified regulatory and legislative scrutiny of Pharmacy Benefit Managers (PBMs). There is increasing bipartisan interest and ongoing legislative efforts at both federal and state levels to increase PBM transparency, restrict practices like spread pricing, and alter rebate structures. This directly threatens the profitability and business model of CVS Caremark, a core segment of CVS Health.
- Aggressive expansion and vertical integration by competing diversified healthcare companies. Companies like UnitedHealth Group's Optum segment continue to acquire and build out extensive provider networks, PBM services, and insurance offerings, creating direct competition across nearly all of CVS's business lines, particularly in value-based care and pharmacy benefits management. Walmart's expansion of Walmart Health Centers also represents a growing retail-based primary care threat.
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CVS Health (symbol: CVS) operates in several key addressable markets within the United States. These include Pharmacy Benefit Management, Retail Pharmacy, Health Care Benefits (Health Insurance), and Retail Clinics.
- Pharmacy Benefit Management (PBM): The addressable market size for Pharmacy Benefit Management in the U.S. was valued at approximately $587.4 billion in 2024 and is projected to reach $638.0 billion in 2025. This market is expected to grow, with another estimate suggesting it will be worth around $1,041.11 billion by 2034, growing at a CAGR of 9.53% from 2025.
- Retail Pharmacy: The U.S. market size for Pharmacies & Drug Stores was estimated at $588.7 billion in 2024 and is expected to reach $609.6 billion in 2025. Another report indicates the U.S. retail pharmacy market is estimated to increase from $609.2 billion in 2025 to $818.0 billion by 2032, with a CAGR of 4.3%.
- Health Care Benefits (Health Insurance): The United States Health Insurance Market was valued at $1.23 trillion in 2024 and is projected to reach $1.77 trillion by 2030, rising at a compound annual growth rate (CAGR) of 6.98%. Another source reported the United States health and medical insurance market size as $1.57 trillion in 2025, with a forecast to reach $2.1 trillion by 2030.
- Retail Clinics: The U.S. retail clinics market size was estimated at $3.86 billion in 2024 and is predicted to increase to approximately $8.45 billion by 2034, expanding at a CAGR of 8.15% from 2025. Another valuation placed the U.S. retail clinics market size at $3.55 billion in 2023, with an anticipated CAGR of 9.7% from 2024 to 2030.
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CVS Health (symbol: CVS) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and segment performances:- Rebound and Strong Performance in Aetna (Health Care Benefits Segment): The Aetna insurance unit is expected to be a significant driver of revenue growth, projecting a rebound after a challenging 2024. CVS Health anticipates mid-teens percentage growth for adjusted earnings per share in 2026, buoyed by Aetna's performance. The Health Care Benefits segment is forecast to be the fastest-growing segment, significantly contributing to the top line over fiscal years 2024-2026. Favorable Stars ratings and a strategic focus on its 2026 bid, which accounts for higher utilization trends, are bolstering confidence in this multi-year turnaround plan.
- Growth in Caremark (Pharmacy Benefit Management) and the Broader Health Services Segment: The Caremark pharmacy benefit management (PBM) business has secured substantial contract wins and maintained high retention rates. The Health Services segment, encompassing Caremark, Oak Street Health, Signify Health, and MinuteClinic, is projected to be the largest revenue driver for fiscal year 2025. This segment experienced an 11.6% year-over-year revenue growth in the third quarter of 2024, driven by a favorable pharmacy drug mix and brand inflation.
- Expansion of Health Services through Strategic Acquisitions and Integrated Offerings: CVS Health is strategically expanding its health services, with the Health Services segment including acquired entities like Oak Street Health and Signify Health, as well as its MinuteClinic operations. The company’s integrated healthcare model, with over 9,000 retail locations, specialty pharmacy services, and health insurance operations, is expected to drive steady growth.
- New Transparent PBM Pricing Models (CostVantage and TrueCost): CVS Health is implementing new prescription drug reimbursement models to enhance transparency and simplicity. These include "CVS CostVantage" for retail pharmacies and "TrueCost" for PBM clients, which provides visibility into the true net cost of prescription drugs and administrative fees. This strategic shift aims to provide exceptional value and transparency, which is expected to support retention and long-term PBM performance, despite an anticipated modest short-term impact on growth as contracts transition.
- Increased Prescription Volume and Pharmacy Drug Mix in Pharmacy & Consumer Wellness: The Pharmacy & Consumer Wellness segment saw an 11.7% increase in total revenues, primarily driven by pharmacy drug mix and increased prescription volume. This growth also includes incremental volume resulting from strategic acquisitions, such as Rite Aid prescription file acquisitions. However, this growth is partially offset by ongoing pharmacy reimbursement pressure.
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Share Repurchases
- CVS Health has returned approximately $20 billion to shareholders through share repurchases over the last decade.
- In 2024, the company repurchased approximately 40 million shares.
- Annual net common equity repurchased was -$2.662 billion in 2024, -$1.735 billion in 2023, and -$2.949 billion in 2022.
Share Issuance
- In 2021, CVS Health had a net common equity issuance of $549 million.
- In 2020, there was a net common equity issuance of $264 million.
Outbound Investments
- CVS Health completed the acquisition of Oak Street Health for $10.6 billion in May 2023, aiming to expand its value-based primary care offerings.
- The company finalized an $8 billion acquisition of Signify Health in 2023, enhancing its care delivery strategy, particularly in home health.
- CVS Health Ventures has made 16 investments across healthcare IT and online health information, including $100 million in Carbon Health and $25 million in Array Behavioral Care in 2023.
Capital Expenditures
- CVS Health's capital expenditures averaged $2.699 billion annually from 2020 to 2024, peaking at $3.031 billion in 2023.
- For fiscal year 2025, capital expenditures are projected to be between $2.9 billion and $3.1 billion.
- The company plans to invest $20 billion over the next decade in technology to enhance interoperability within the healthcare system, part of which will contribute to capital expenditures.
Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| CVS Health Earnings Notes | |||
| How CVS Health Stock Gained 70% | |||
| CVS Delivers $31 Bil to Investors Over a Decade | |||
| Day 6 of Gains Streak for CVS Health Stock with 7.5% Return (vs. 90% YTD) [10/17/2025] | Notification | ||
| How Low Can CVS Health Stock Really Go? | Return | ||
| Day 5 of Gains Streak for CVS Health Stock with 6% Return (vs. 87% YTD) [10/16/2025] | Notification | ||
| Time To Buy CVS Health Stock? | Buy or Fear | ||
| CVS Pulls Back to Support. Smart Time to Enter? | Actionable | ||
| CVS Leaps 16% In One Month: Does It Lead the Pack? | |||
| Day 6 of Gains Streak for CVS Health Stock with 9.4% Return (vs. 64% YTD) [8/19/2025] | Notification | ||
| ARTICLES | |||
| CVS Health: Is It A Bargain Or A Risk? | December 10th, 2025 | ||
| CVS Health Stock Hands $31 Bil Back – Worth a Look? | October 24th, 2025 | ||
| S&P 500 Stocks Trading At 52-Week High | October 13th, 2025 | ||
| Time To Buy CVS Health Stock? | September 9th, 2025 | ||
| CVS At Support Zone: Bargain or Bear Trap? | September 9th, 2025 |
Trade Ideas
Select ideas related to CVS. For more, see Trefis Trade Ideas.
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Research & Analysis
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Peer Comparisons for CVS Health
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 266.64 |
| Mkt Cap | 88.2 |
| Rev LTM | 327,652 |
| Op Inc LTM | 26,357 |
| FCF LTM | 5,118 |
| FCF 3Y Avg | 7,100 |
| CFO LTM | 7,200 |
| CFO 3Y Avg | 9,237 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 11.1% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Mgn LTM | 4.1% |
| Op Mgn 3Y Avg | 4.1% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 2.4% |
| CFO/Rev 3Y Avg | 3.8% |
| FCF/Rev LTM | 1.8% |
| FCF/Rev 3Y Avg | 2.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 88.2 |
| P/S | 0.3 |
| P/EBIT | 12.2 |
| P/E | 20.4 |
| P/CFO | 14.6 |
| Total Yield | 7.1% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.4 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.7% |
| 3M Rtn | 2.5% |
| 6M Rtn | 10.1% |
| 12M Rtn | 3.7% |
| 3Y Rtn | -21.4% |
| 1M Excs Rtn | 0.0% |
| 3M Excs Rtn | -1.8% |
| 6M Excs Rtn | -4.7% |
| 12M Excs Rtn | -12.9% |
| 3Y Excs Rtn | -97.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Health Services | 186,843 | 169,576 | 143,194 | 132,663 | 130,428 |
| Pharmacy & Consumer Wellness | 116,763 | 108,596 | 66,095 | 60,208 | 56,258 |
| Health Care Benefits | 105,646 | 91,350 | 82,101 | 75,409 | 69,578 |
| Corporate/Other | 451 | 530 | 721 | 426 | 512 |
| Intersegment Eliminations | -51,927 | -47,585 | |||
| Total | 357,776 | 322,467 | 292,111 | 268,706 | 256,776 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Health Services | 7,312 | 6,781 | 6,667 | 5,454 | 4,735 |
| Pharmacy & Consumer Wellness | 5,963 | 6,531 | 5,322 | 5,640 | 5,793 |
| Health Care Benefits | 5,577 | 6,338 | 3,521 | 5,166 | 3,639 |
| Office real estate optimization charges | -46 | -117 | |||
| Loss on Accountable Care assets | -349 | -2,533 | |||
| Acquisition-related integration costs | -487 | 0 | |||
| Net realized capital losses | -497 | -320 | |||
| Restructuring charge | -507 | 0 | |||
| Corporate/Other | -1,318 | -1,613 | -1,606 | -1,641 | -1,483 |
| Amortization of intangible assets | -1,905 | -1,785 | |||
| Acquisition purchase price adjustment outside of measurement period | 0 | ||||
| Gain on divestiture of subsidiary | 475 | ||||
| Goodwill impairment | 0 | ||||
| Intersegment Eliminations | 0 | -711 | -708 | -697 | |
| Omnicare litigation charge | -5,803 | ||||
| Store impairments | 0 | ||||
| Total | 13,743 | 7,954 | 13,193 | 13,911 | 11,987 |
Price Behavior
Price Behavior
| Market Price | $78.36 | |
| Market Cap ($ Bil) | 99.4 | |
| First Trading Date | 12/17/1984 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $79.00 | $69.60 |
| DMA Trend | up | up |
| Distance from DMA | -0.8% | 12.6% |
| 3M | 1YR | |
| Volatility | 23.9% | 32.0% |
| Downside Capture | 40.18 | -15.28 |
| Upside Capture | 59.27 | 46.91 |
| Correlation (SPY) | 17.8% | 19.5% |
CVS Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.28 | 0.24 | 0.15 | 0.27 | 0.39 |
| Up Beta | -0.85 | -0.21 | -0.04 | 0.39 | 0.32 | 0.49 |
| Down Beta | -0.39 | 0.03 | 0.13 | 0.15 | 0.42 | 0.40 |
| Up Capture | 110% | 72% | 56% | 35% | 21% | 7% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 24 | 38 | 74 | 138 | 386 |
| Down Capture | 55% | 36% | 18% | -36% | -3% | 64% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 17 | 24 | 51 | 110 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CVS With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CVS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 85.5% | 13.6% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 32.1% | 17.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 1.95 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 32.3% | 17.7% | -4.1% | -3.6% | 20.4% | 2.8% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of CVS With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CVS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 5.7% | 8.7% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 28.6% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.22 | 0.42 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 43.2% | 28.1% | -2.5% | 5.9% | 24.7% | 10.7% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of CVS With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CVS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 1.2% | 10.0% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 28.5% | 16.7% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.09 | 0.50 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 51.8% | 42.1% | -3.0% | 12.6% | 35.4% | 8.6% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2025 | -1.9% | -5.0% | -2.8% |
| 7/31/2025 | -0.3% | 2.0% | 15.8% |
| 5/1/2025 | 4.1% | 0.1% | -4.0% |
| 2/12/2025 | 14.9% | 20.7% | 19.5% |
| 10/18/2024 | -5.2% | -10.9% | -15.5% |
| 8/7/2024 | -3.2% | -4.3% | -0.5% |
| 5/1/2024 | -16.8% | -17.7% | -17.2% |
| 2/7/2024 | 3.1% | 3.8% | 0.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 12 |
| # Negative | 13 | 9 | 13 |
| Median Positive | 4.6% | 3.2% | 8.1% |
| Median Negative | -2.9% | -5.0% | -6.1% |
| Max Positive | 14.9% | 20.7% | 19.9% |
| Max Negative | -16.8% | -17.7% | -26.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10292025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2122025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2072024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 2082023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 8032022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 2092022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | CAPOZZI HEIDI B | EVP and Chief People Officer | 10142025 | Buy | 56.47 | 35 | 1,976 | 2,259 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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