CVS Health (CVS)
Market Price (3/20/2026): $72.1 | Market Cap: $91.6 BilSector: Health Care | Industry: Health Care Services
CVS Health (CVS)
Market Price (3/20/2026): $72.1Market Cap: $91.6 BilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 8.6% | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -62% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76% |
| Attractive cash flow generationCFO LTM is 11 Bil, FCF LTM is 7.8 Bil | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 52x | |
| Low stock price volatilityVol 12M is 31% | 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 yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 8.6% |
| Attractive cash flow generationCFO LTM is 11 Bil, FCF LTM is 7.8 Bil |
| Low stock price volatilityVol 12M is 31% |
| 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 -26%, 3Y Excs Rtn is -62% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 52x |
| Key risksCVS key risks include [1] elevated Medicare costs pressuring its Health Care Benefits segment, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CVS Health (CVS) stock has lost about 10% since 11/30/2025 because of the following key factors:
1. Disappointing 2026 Guidance Reaffirmation Following Q4 2025 Earnings Beat.
CVS Health reported strong fourth-quarter 2025 results on February 10, 2026, with adjusted earnings of $1.09 per share and revenue of $105.7 billion, both surpassing analyst estimates. However, the stock initially declined because the company merely reaffirmed its previously issued 2026 adjusted EPS guidance of $7.00 to $7.20 and revenue guidance of at least $400 billion, rather than raising it, which disappointed investors expecting a more optimistic outlook for future performance.
2. Downward Revision of 2026 Cash Flow from Operations Guidance.
Further contributing to investor caution, CVS Health updated its full-year 2026 cash flow from operations guidance, lowering expectations from at least $10.0 billion to at least $9.0 billion. This specific reduction in projected cash generation indicated a less favorable financial outlook than previously anticipated.
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1. Disappointing 2026 Guidance Reaffirmation Following Q4 2025 Earnings Beat.
CVS Health reported strong fourth-quarter 2025 results on February 10, 2026, with adjusted earnings of $1.09 per share and revenue of $105.7 billion, both surpassing analyst estimates. However, the stock initially declined because the company merely reaffirmed its previously issued 2026 adjusted EPS guidance of $7.00 to $7.20 and revenue guidance of at least $400 billion, rather than raising it, which disappointed investors expecting a more optimistic outlook for future performance.
2. Downward Revision of 2026 Cash Flow from Operations Guidance.
Further contributing to investor caution, CVS Health updated its full-year 2026 cash flow from operations guidance, lowering expectations from at least $10.0 billion to at least $9.0 billion. This specific reduction in projected cash generation indicated a less favorable financial outlook than previously anticipated.
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Stock Movement Drivers
Fundamental Drivers
The -9.8% change in CVS stock from 11/30/2025 to 3/19/2026 was primarily driven by a -76.1% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3192026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.70 | 71.86 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 394,084 | 402,067 | 2.0% |
| Net Income Margin (%) | 0.1% | 0.4% | 269.5% |
| P/E Multiple | 215.7 | 51.6 | -76.1% |
| Shares Outstanding (Mil) | 1,269 | 1,270 | -0.1% |
| Cumulative Contribution | -9.8% |
Market Drivers
11/30/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| CVS | -9.8% | |
| Market (SPY) | -3.5% | 1.8% |
| Sector (XLV) | -7.0% | 31.6% |
Fundamental Drivers
The -0.1% change in CVS stock from 8/31/2025 to 3/19/2026 was primarily driven by a -62.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3192026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.96 | 71.86 | -0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 386,641 | 402,067 | 4.0% |
| Net Income Margin (%) | 1.2% | 0.4% | -62.5% |
| P/E Multiple | 20.1 | 51.6 | 156.7% |
| Shares Outstanding (Mil) | 1,266 | 1,270 | -0.3% |
| Cumulative Contribution | -0.1% |
Market Drivers
8/31/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| CVS | -0.1% | |
| Market (SPY) | 2.6% | 7.7% |
| Sector (XLV) | 7.2% | 31.8% |
Fundamental Drivers
The 13.5% change in CVS stock from 2/28/2025 to 3/19/2026 was primarily driven by a 198.1% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3192026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.30 | 71.86 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 372,809 | 402,067 | 7.8% |
| Net Income Margin (%) | 1.2% | 0.4% | -64.5% |
| P/E Multiple | 17.3 | 51.6 | 198.1% |
| Shares Outstanding (Mil) | 1,262 | 1,270 | -0.6% |
| Cumulative Contribution | 13.5% |
Market Drivers
2/28/2025 to 3/19/2026| Return | Correlation | |
|---|---|---|
| CVS | 13.5% | |
| Market (SPY) | 12.0% | 18.4% |
| Sector (XLV) | -0.3% | 36.4% |
Fundamental Drivers
The -3.4% change in CVS stock from 2/28/2023 to 3/19/2026 was primarily driven by a -67.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3192026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.39 | 71.86 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 322,467 | 402,067 | 24.7% |
| Net Income Margin (%) | 1.3% | 0.4% | -67.1% |
| P/E Multiple | 22.6 | 51.6 | 128.5% |
| Shares Outstanding (Mil) | 1,309 | 1,270 | 3.1% |
| Cumulative Contribution | -3.4% |
Market Drivers
2/28/2023 to 3/19/2026| Return | Correlation | |
|---|---|---|
| CVS | -3.4% | |
| Market (SPY) | 72.7% | 17.4% |
| Sector (XLV) | 20.7% | 35.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVS Return | 55% | -8% | -13% | -41% | 84% | -7% | 27% |
| Peers Return | 24% | 15% | -2% | 0% | -2% | -11% | 22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| CVS Win Rate | 58% | 42% | 33% | 33% | 67% | 33% | |
| Peers Win Rate | 53% | 58% | 45% | 55% | 58% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CVS Max Drawdown | 0% | -13% | -28% | -42% | -1% | -9% | |
| Peers Max Drawdown | -9% | -12% | -16% | -19% | -22% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 3/19/2026 (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 UNH, CI, ELV, HUM, WMT
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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About CVS Health (CVS)
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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A company combining the retail presence of Walgreens, the health insurance of UnitedHealthcare, and pharmacy benefit management like Express Scripts.
A healthcare giant like UnitedHealth Group, but with a massive retail pharmacy and clinic footprint akin to Walgreens.
It's like Walgreens and UnitedHealthcare merged, then added a major pharmacy benefit management arm.
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- Health Insurance Products: CVS Health offers various traditional and consumer-directed health insurance plans and related services.
- Pharmacy Benefit Management (PBM) Solutions: CVS Health provides pharmacy benefit management services, including formulary management, mail order, and specialty pharmacy services, to employers and health plans.
- Retail Pharmacy Sales: CVS Health sells prescription and over-the-counter drugs, as well as general consumer health and beauty products, through its retail stores.
- Specialty Pharmacy and Infusion Services: CVS Health provides specialized pharmacy services for complex medical conditions, including mail-order, compounding, and infusion services.
- MinuteClinic Walk-in Medical Services: CVS Health offers accessible healthcare services for minor illnesses and injuries through its MinuteClinic walk-in clinics.
- Long-Term Care (LTC) Pharmacy Services: CVS Health provides prescription drug distribution and related pharmacy consulting services to long-term care facilities.
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CVS Health serves a diverse customer base, primarily reaching individuals through various channels, including direct sales and through intermediary organizations. Based on the provided description, its major customer categories are:
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Individual Consumers: This includes people who directly purchase prescription drugs, over-the-counter medications, consumer health and beauty products at CVS retail locations and online. It also encompasses individuals seeking health care services through MinuteClinic walk-in medical clinics, as well as college students, part-time and hourly workers, and expatriates who may directly enroll in health insurance products.
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Employer Groups and Organizations: This category includes employers, labor groups, unions, government employee groups, and other sponsors of health benefit plans. These entities purchase health insurance products, pharmacy benefit management (PBM) solutions, and related services from CVS Health to provide to their employees, members, or constituents.
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Health Plans, Insurers, and Care Facilities: This category encompasses insurance companies, health plans, governmental units, government-sponsored plans, prescription drug plans, and Medicaid managed care plans. These organizations contract with CVS Health for services such as formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy, infusion, and clinical services. Additionally, care facilities and other care settings purchase prescription drugs and related pharmacy consulting services from CVS Health's Retail/LTC segment.
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- Cencora (COR)
- Cardinal Health (CAH)
- McKesson Corporation (MCK)
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David Joyner, Chairman and CEO David Joyner assumed the role of Chairman and CEO of CVS Health in October 2024. He brings over 37 years of experience in healthcare and pharmacy benefit management to the company. Prior to his appointment as CEO, Joyner led CVS Caremark's pharmacy services division, overseeing pharmacy benefits for approximately 90 million members. His career began at Aetna as an employee benefit representative. Joyner has also served on the boards of several private equity-backed healthcare companies and advised the founder and CEO of gWell, a precision health and medicine company. He holds a Bachelor of Business Administration in finance from Texas Tech University. Brian Newman, Executive Vice President and Chief Financial Officer Brian Newman was appointed Executive Vice President and Chief Financial Officer of CVS Health, effective May 12, 2025, having started the role on April 21, 2025. Before joining CVS Health, he served as CFO of United Parcel Service (UPS) from 2019 to May 2024. Newman also spent 26 years at PepsiCo, Inc., holding various global financial leadership roles, including executive vice president for Global Operations and Chief Strategy Officer. He began his career as an investment banker. Newman currently serves on the Board of Colgate-Palmolive and the Board of Regents at Georgetown University. Tilak Mandadi, Executive Vice President, Ventures and Chief Experience and Technology Officer Tilak Mandadi is the Executive Vice President, Ventures and Chief Experience and Technology Officer at CVS Health, where he leads the company's data, digital, and technology strategy, and oversees growth and innovation through digital-led, consumer-facing experiences. His previous roles include Chief Strategy, Innovation & Technology Officer at MGM Resorts International. Prior to MGM, he was the Executive Vice President of Digital, and Chief Technology Officer at Disney Parks, Experiences and Products, where he oversaw a global team serving over 150 million annual guests and consumers. Before his time at Disney, Mandadi led global Digital Transformation at American Express, focusing on cards, consumer travel, and banking. He holds a master's degree in computer science from the University of Oregon. Sree Chaguturu, MD, Executive Vice President and President of Health Care Delivery Dr. Sree Chaguturu serves as Executive Vice President and President of Health Care Delivery at CVS Health. He is responsible for overseeing healthcare delivery operations, and champions clinical innovation, integrated care models, and improved patient outcomes. Dr. Chaguturu leads CVS Health's medical affairs organization, which encompasses various segments including Aetna, CVS Caremark, CVS Pharmacy, MinuteClinic, women's health and genomics, data and analytics, patient safety, and health equity. He previously held the position of Chief Medical Officer for CVS Caremark. Amy Compton-Phillips, MD, Executive Vice President and Chief Medical Officer Dr. Amy Compton-Phillips is the Executive Vice President and Chief Medical Officer of CVS Health, a role she assumed on May 19, 2025. In this capacity, she is responsible for setting clinical strategy and leading medical affairs, driving quality improvement and innovation across CVS Health's services. Before joining CVS Health, Dr. Compton-Phillips was the president and chief physician executive of Press Ganey, a firm focused on healthcare performance improvement. Her extensive background also includes seven years as president of clinical operations at Providence Health and 22 years in various roles at Kaiser Permanente.AI Analysis | Feedback
Key Risks to CVS Health (CVS)
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Regulatory and Reimbursement Pressures: CVS Health operates in a heavily regulated healthcare environment, making it vulnerable to changes in government policies, laws, and regulations, particularly concerning reimbursement rates for its government-sponsored programs like Medicare and Medicaid. Weakness in Medicare Advantage rates, specifically a proposed low increase for 2027, could undermine over one-third of CVS Health's revenue and hinder growth in this critical segment. Pharmacy reimbursement pressures further contribute to this risk.
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Intense Competition and Market Saturation: The company faces significant and increasing competition across all its segments from traditional pharmacy chains, other health insurers, pharmacy benefit managers, online retailers (including tech giants entering healthcare), and new healthcare providers. This competitive landscape necessitates continuous innovation and adaptation to maintain market share and relevance, potentially leading to pricing pressures and reduced profitability.
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Rising Medical Costs and Profit Margin Erosion: CVS Health is exposed to the risk of rising medical costs, particularly within its Health Care Benefits segment. Higher-than-expected medical expenses can significantly impact the company's already thin single-digit profit margins and lead to substantial financial consequences, especially in the absence of robust sales growth. Challenges such as unforeseen heightened utilization in Medicare Advantage further exacerbate these pressures.
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- Increased legislative and regulatory scrutiny of Pharmacy Benefit Managers (PBMs) could significantly impact the profitability and operating model of CVS Health's Pharmacy Services segment (CVS Caremark).
- The expansion of online prescription fulfillment services, particularly from major entrants like Amazon Pharmacy, poses a direct competitive threat to CVS Health's retail pharmacy and mail-order businesses by offering alternative, convenient, and potentially lower-cost prescription access.
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CVS Health Corporation operates in several large addressable markets within the United States.
Health Care Benefits
The U.S. health and medical insurance market, in which CVS Health's Health Care Benefits segment (Aetna) operates, is substantial. This market was valued at approximately USD 1.65 trillion in 2026 and is projected to grow to USD 2.15 trillion by 2031. Another estimate placed the market at USD 613.0 billion in 2024, expanding to USD 1161.7 billion by 2032. A further report valued the market at USD 469.8 billion in 2025.
Pharmacy Services
CVS Health's Pharmacy Services segment (CVS Caremark) participates in the U.S. pharmacy benefit management (PBM) market. This market was estimated at USD 519.45 billion in 2025 and is projected to reach approximately USD 921.52 billion by 2035. Other reports indicate the PBM market size was calculated at USD 459.65 billion in 2025, with a projection to reach around USD 1,041.11 billion by 2034. Additionally, the U.S. specialty pharmacy market, a key component of pharmacy services, saw an estimated $265 billion in dispensed pharmaceuticals in 2024.
Retail/LTC
In its Retail/LTC segment, CVS Health operates in several U.S. markets:
- Retail Pharmacy: The U.S. retail pharmacy market is estimated to reach US$ 670.6 billion in 2025 and is projected to grow to US$ 901.4 billion by 2032. Another source noted the market size as USD 670.5 billion in 2025. More broadly, the U.S. pharmacy market was valued at USD 643.4 billion in 2024 and is projected to reach USD 905.8 billion by 2033.
- MinuteClinic (Retail Clinics/Walk-in Clinics): The U.S. retail clinics market was valued at USD 2.44 billion in 2024 and is expected to grow from USD 2.71 billion in 2025 to USD 6.29 billion by 2033. Another estimate for the walk-in clinic market size in 2025 is $7.45 billion, with a projection to reach approximately $20 billion by 2033.
- Long-Term Care (LTC) Pharmacy Services: The U.S. long-term care pharmacy services market is estimated to be valued at USD 22.8 billion in 2025 and is expected to reach USD 38.7 billion by 2032.
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Here are 3-5 expected drivers of future revenue growth for CVS Health (CVS) over the next 2-3 years:- Expansion of Health Services and Care Delivery: CVS Health anticipates significant revenue growth from its Health Services segment, particularly through the expansion and integration of acquired assets like Oak Street Health and Signify Health. The company plans to add 50 to 60 new Oak Street Health centers in 2024, and the new CVS Healthspire brand aims to simplify access to multi-payor capabilities, driving better outcomes and increased member value.
- Growth in Medicare Advantage Membership and Margin Recovery: The Medicare Advantage business, operated under its Aetna arm, is integral to CVS Health's strategy. Despite some challenges with elevated medical costs in 2024, CVS Health expects to add at least 800,000 new Medicare Advantage members in 2024 and anticipates Medicare Advantage margin recovery starting in 2025. This recovery is a key driver for strong earnings growth and a favorable long-term outlook.
- New Pharmacy Reimbursement Models: CVS Health is implementing new pharmacy reimbursement models, including CVS CostVantage for its retail pharmacies and CVS Caremark TrueCost for Pharmacy Benefit Manager (PBM) clients. These models, with CostVantage launching for commercial payors in 2025, are designed to create a more transparent, sustainable, and value-aligned approach to pharmacy reimbursement, reflecting the true net cost of prescription drugs.
- Optimization of Pharmacy and Consumer Wellness Segment: The Pharmacy and Consumer Wellness segment is expected to continue contributing to revenue growth through increased prescription volume, a favorable pharmacy drug mix, and the strategic integration of its retail pharmacies as a "front door" to the broader healthcare enterprise. The retail arm demonstrated strong revenue growth in 2023 and Q4 2024.
- Leveraging Technology and Integrated Platform for Enhanced Engagement: CVS Health is developing a fully integrated, AI-native platform, branded as "Engagement as a Service," to connect its various healthcare entities (Aetna, CVS Caremark, CVS Pharmacy, and Health Care Delivery). This initiative aims to transform consumer experiences, enhance engagement, lower healthcare costs, and unlock personalized products and services, ultimately driving greater lifetime member value.
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Share Repurchases
- CVS Health repurchased approximately $3.0 billion of common stock during the nine months ended September 30, 2024, and approximately $2.0 billion during the nine months ended September 30, 2023, under its 2021 Repurchase Program.
- As of February 10, 2026, the company completed repurchases of approximately $8.5 billion under the buyback announced on December 9, 2021.
- The Board of Directors authorized a $10.0 billion share repurchase program on November 17, 2022, with the full $10.0 billion remaining as of September 30, 2024.
Share Issuance
- CVS Health's shares outstanding for 2025 were 1.271 billion, a 0.71% increase from 2024.
- In November 2024, a one-time promotional equity award was granted to the CEO, consisting of stock options to acquire one million shares and stock-settled SARs with respect to 492,537 shares, with a grant price of $71.82 per share.
Outbound Investments
- CVS Health acquired Oak Street Health for $10.6 billion in February 2023.
- CVS Health acquired Signify Health for $8 billion in September 2022.
- In April 2024, CVS Health acquired Hella Health, a platform offering Medicare health insurance plans.
Capital Expenditures
- CVS Health's capital expenditures for fiscal years ending December 2021 to 2025 averaged $2.778 billion, with a peak of $3.031 billion in December 2023.
- The company plans a substantial $20 billion investment over the next decade, beginning in June 2025, to enhance technology and interoperability in healthcare delivery.
- A multi-year plan to close approximately 900 stores aims to refocus assets into HealthHUBs that offer expanded clinical services.
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| 02282025 | CVS | CVS Health | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 26.2% | -8.7% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 215.51 |
| Mkt Cap | 80.6 |
| Rev LTM | 338,328 |
| Op Inc LTM | 18,964 |
| FCF LTM | 8,098 |
| FCF 3Y Avg | 8,686 |
| CFO LTM | 10,120 |
| CFO 3Y Avg | 10,825 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Mgn LTM | 4.2% |
| Op Mgn 3Y Avg | 4.2% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 3.1% |
| CFO/Rev 3Y Avg | 4.0% |
| FCF/Rev LTM | 2.0% |
| FCF/Rev 3Y Avg | 2.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 80.6 |
| P/S | 0.3 |
| P/EBIT | 11.4 |
| P/E | 19.0 |
| P/CFO | 14.0 |
| Total Yield | 8.0% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.5 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.3% |
| 3M Rtn | -10.4% |
| 6M Rtn | -7.8% |
| 12M Rtn | -23.4% |
| 3Y Rtn | -16.0% |
| 1M Excs Rtn | -3.9% |
| 3M Excs Rtn | -8.6% |
| 6M Excs Rtn | -7.3% |
| 12M Excs Rtn | -41.7% |
| 3Y Excs Rtn | -83.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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 | $71.86 | |
| Market Cap ($ Bil) | 91.3 | |
| First Trading Date | 12/17/1984 | |
| Distance from 52W High | -14.3% | |
| 50 Days | 200 Days | |
| DMA Price | $77.61 | $73.21 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -7.4% | -1.8% |
| 3M | 1YR | |
| Volatility | 38.3% | 30.8% |
| Downside Capture | 11.94 | 1.16 |
| Upside Capture | -30.62 | 10.80 |
| Correlation (SPY) | 0.1% | 17.3% |
CVS Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.30 | -0.33 | -0.15 | 0.10 | 0.29 | 0.37 |
| Up Beta | 1.64 | 1.58 | 1.23 | 0.55 | 0.34 | 0.53 |
| Down Beta | -0.61 | -0.79 | -0.33 | -0.02 | 0.54 | 0.36 |
| Up Capture | -27% | -62% | -42% | 15% | 11% | 7% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 26 | 36 | 75 | 146 | 406 |
| Down Capture | -139% | -80% | -55% | -15% | -15% | 52% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 15 | 25 | 49 | 105 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVS | |
|---|---|---|---|---|
| CVS | 10.4% | 30.8% | 0.34 | - |
| Sector ETF (XLV) | 1.2% | 17.6% | -0.09 | 36.0% |
| Equity (SPY) | 18.7% | 18.8% | 0.78 | 17.3% |
| Gold (GLD) | 53.5% | 26.8% | 1.59 | 0.9% |
| Commodities (DBC) | 18.5% | 17.4% | 0.86 | -3.4% |
| Real Estate (VNQ) | 4.4% | 16.1% | 0.08 | 20.7% |
| Bitcoin (BTCUSD) | -14.3% | 44.4% | -0.22 | -0.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVS | |
|---|---|---|---|---|
| CVS | 2.7% | 29.3% | 0.12 | - |
| Sector ETF (XLV) | 6.7% | 14.5% | 0.28 | 42.5% |
| Equity (SPY) | 12.3% | 17.0% | 0.57 | 26.7% |
| Gold (GLD) | 21.6% | 17.4% | 1.01 | -1.5% |
| Commodities (DBC) | 10.8% | 19.0% | 0.46 | 5.3% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.11 | 23.8% |
| Bitcoin (BTCUSD) | 4.4% | 56.7% | 0.30 | 8.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVS | |
|---|---|---|---|---|
| CVS | -0.2% | 28.9% | 0.04 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 51.1% |
| Equity (SPY) | 14.6% | 17.9% | 0.70 | 40.5% |
| Gold (GLD) | 13.5% | 15.7% | 0.71 | -2.0% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 12.0% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 34.1% |
| Bitcoin (BTCUSD) | 67.2% | 66.8% | 1.06 | 7.1% |
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 |
| 2/10/2026 | -0.1% | 3.2% | -0.1% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 16 | 11 |
| # Negative | 13 | 8 | 13 |
| Median Positive | 4.4% | 3.1% | 7.4% |
| Median Negative | -2.9% | -5.0% | -5.3% |
| Max Positive | 14.9% | 20.7% | 19.9% |
| Max Negative | -16.8% | -17.7% | -17.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capozzi, Heidi B | EVP and Chief People Officer | Trust | Buy | 10142025 | 56.47 | 35 | 1,976 | 2,259 | Form |
| 2 | Capozzi, Heidi B | EVP and Chief People Officer | Trust | Buy | 10142025 | 62.24 | 10 | 622 | 3,112 | Form |
| 3 | Capozzi, Heidi B | EVP and Chief People Officer | Trust | Buy | 10142025 | 56.85 | 35 | 1,990 | 4,832 | Form |
| 4 | Finucane, Anne A | Trust | Sell | 8292025 | 71.02 | 7,500 | 532,650 | 1,573,519 | Form | |
| 5 | Sansone, Guy P | Direct | Buy | 6092025 | 63.70 | 1,570 | 100,009 | 764,869 | 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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