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CVS Health (CVS)

Market Price (10/14/2025): $77.77 | Market Cap: $98.1 Bil
Sector: Health Care | Industry: Health Care Services

CVS Health (CVS)

Market Price (10/14/2025): $77.77
Market Cap: $98.1 Bil
Sector: Health Care
Industry: Health Care Services

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, Dividend Yield is 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%, FCF Yield is 6.0%		 Trading close to highs
Dist 52W High is 0.0%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69%
1 Attractive cash flow generation
CFO LTM is 8.8 Bil, FCF LTM is 5.9 Bil		 Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -89%		 
2 Low stock price volatility
Vol 12M is 38%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, Dividend Yield is 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%, FCF Yield is 6.0%
1 Attractive cash flow generation
CFO LTM is 8.8 Bil, FCF LTM is 5.9 Bil
2 Low stock price volatility
Vol 12M is 38%
3 Trading close to highs
Dist 52W High is 0.0%
4 Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -89%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69%

Market Valuation & Key Metrics

CVSS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)379.0
Rev Chg Q7.0%6.1%
Rev Chg LTM5.0%5.2%
Rev Chg 3Y Avg8.1%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)10.9
Op Mgn LTM2.9%18.6%
CFO LTM ($ Bil)8.8
CFO/Rev LTM2.3%20.3%
Net Inc LTM ($ Bil)5.3
Net Inc Mgn1.4%12.7%
VALUATIONMODERATE
P/S0.33.2
P/CFO11.215.6
P/FCF16.520.6
P/E18.623.6
STABILITYPOOR
Debt/Equity0.830.21
Cash/Assets0.050.07

CVS Stock

Factor Drivers of Stock Movement
The 15.8% change in CVS stock from 4/14/2025 to 10/13/2025 was primarily driven by a 12.6% change in the company's Net Income Margin (%).

414202510132025Change
Stock Price ($)67.7578.4415.77%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)372809.00378960.001.65%
Net Income Margin (%)1.24%1.39%12.58%
P/E Multiple18.5318.731.09%
Shares Outstanding (Mil)1262.001261.000.08%
Cumulative Contribution15.77%

LTM = Last Twelve Months as of date shown
The 23.1% change in CVS stock from 10/13/2024 to 10/13/2025 was primarily driven by a 68.3% change in the company's P/E Multiple.

1013202410132025Change
Stock Price ($)63.7178.4423.12%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)363248.00378960.004.33%
Net Income Margin (%)1.98%1.39%-29.61%
P/E Multiple11.1318.7368.33%
Shares Outstanding (Mil)1256.001261.00-0.40%
Cumulative Contribution23.12%

LTM = Last Twelve Months as of date shown
The -1.7% change in CVS stock from 10/14/2022 to 10/13/2025 was primarily driven by a -48.8% change in the company's Net Income Margin (%).

1014202210132025Change
Stock Price ($)79.8078.44-1.70%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)307860.00378960.0023.09%
Net Income Margin (%)2.72%1.39%-48.80%
P/E Multiple12.5118.7349.80%
Shares Outstanding (Mil)1313.001261.003.96%
Cumulative Contribution-1.85%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
CVS Return-5%55%-8%-13%-41%81%26%
Peers Return25%24%-22%14%18%-22%28%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
CVS Win Rate42%58%42%33%33%67% 
Peers Win Rate53%58%38%55%58%40% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
CVS Max Drawdown-29%0%-13%-28%-42%-1% 
Peers Max Drawdown-20%-5%-31%-16%-17%-14% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMZN, WMT, KR, TGT, WBA. 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 10/13/2025 (YTD)

Downturns Compared

Unique KeyEventCVSS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-41.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven70.1%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-31.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven45.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven301 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-37.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven60.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven765 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-45.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven84.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1074 days1480 days


How Low Can It Go?

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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

Interactive Breakdown

CVS Health Interactive Breakdown Analysis

Better Bets than CVS Health (CVS)

 CVSBetter Performance than CVS
MetricValueIndustry (Health Care Services)
Rev Chg LTM5.0%CI (24.6%), LH (8.0%), DGX (12.6%), HIMS (88.7%), DVA (5.1%)
Rev Chg 3Y Avg8.1%CI (13.2%), HIMS (76.3%), RDNT (11.9%), CRVL (11.1%), PRVA (17.6%)
Op Mgn LTM2.9%LH (9.2%), DGX (14.0%), HIMS (6.2%), DVA (15.0%), CHE (15.7%)
CFO/Rev LTM2.3%CI (2.9%), LH (12.6%), DGX (15.9%), HIMS (13.0%), DVA (14.1%)
FCF/Rev LTM1.6%CI (2.4%), LH (9.4%), DGX (11.6%), HIMS (5.9%), DVA (9.8%)
Total Yield8.7%DVA (8.9%), CON (66.4%)
 CVSBetter Performance than CVS
MetricValueAll Other Sectors
Rev Chg LTM5.0%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg8.1%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM2.9%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM2.3%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM1.6%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield8.7%XOM (9.9%), BABA (37.8%), CVX (9.7%), WFC (10.1%), TM (2226.4%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1CVS Health Earnings Notes  
2Time To Buy CVS Health Stock?Buy or Fear 
3CVS Pulls Back to Support. Smart Time to Enter?Actionable 
4Will You Be Comfortable Buying CVS Health Stock?Return 
5CVS Leaps 16% In One Month: Does It Lead the Pack?  
6Day 6 of Gains Streak for CVS Health Stock with 9.4% Return (vs. 64% YTD) [8/19/2025]Notification 
7Day 5 of Gains Streak for CVS Health Stock with 8.2% Return (vs. 62% YTD) [8/18/2025]Notification 
8CVS Health vs General Motors: Which Is A Better Investment?Counter-Intuitive Comparisons 
9CVS Health vs Universal Health Services: Which Is A Better Investment?Counter-Intuitive Comparisons 
10Better Bet Than CVS Stock: Pay Less Than CVS Health To Get More From UNH, IBKR   
11ARTICLES  
12S&P 500 Stocks Trading At 52-Week High October 13th, 2025
13Time To Buy CVS Health Stock? September 9th, 2025
14CVS At Support Zone: Bargain or Bear Trap? September 9th, 2025
15CVS Jumped 11% In A Month. What To Do Now? September 9th, 2025
16S&P 500 Movers | Winners: TTWO, UBER, LYV | Losers: CVS, BF-B, NCLH September 9th, 2025
Title
0DASHBOARDS
1S&P 500 Stocks Trading At 52-Week High
2Time To Buy CVS Health Stock?
3CVS At Support Zone: Bargain or Bear Trap?
4CVS Jumped 11% In A Month. What To Do Now?
5S&P 500 Movers | Winners: TTWO, UBER, LYV | Losers: CVS, BF-B, NCLH
6ARTICLES
7CVS Health Earnings Notes
8Time To Buy CVS Health Stock?
9CVS Pulls Back to Support. Smart Time to Enter?
10Will You Be Comfortable Buying CVS Health Stock?
11CVS Leaps 16% In One Month: Does It Lead the Pack?
12Day 6 of Gains Streak for CVS Health Stock with 9.4% Return (vs. 64% YTD) [8/19/2025]
13Day 5 of Gains Streak for CVS Health Stock with 8.2% Return (vs. 62% YTD) [8/18/2025]
14CVS Health vs General Motors: Which Is A Better Investment?
15CVS Health vs Universal Health Services: Which Is A Better Investment?
16Better Bet Than CVS Stock: Pay Less Than CVS Health To Get More From UNH, IBKR 

Trade Ideas

Select past trade ideas related to CVS and Health Care Services.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-0.8%-0.8%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.4%0.4%0.0%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		1.4%1.4%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		10.0%10.0%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.0%-8.0%-8.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-0.8%-0.8%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.4%0.4%0.0%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		1.4%1.4%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		10.0%10.0%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.0%-8.0%-8.0%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony106.6%844.1%
2BITFBitfarms55.8%261.7%
3ASPIASP Isotopes48.5%194.0%
4USARUSA Rare Earth47.0%129698.7%
5UUUUEnergy Fuels40.6%363.4%
6TMCTMC The Metals38.5%854.5%
7SESSES AI37.9%53.0%
8GLUEMonte Rosa Therapeutics35.8%49.9%
9APGEApogee Therapeutics35.5%19.1%
10METCRamaco Resources34.7%418.5%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1VGVenture Global-35.2% 
2BNBrookfield-34.2%17.5%
3BNTBrookfield Wealth Solutions-34.1%17.5%
4BBBYBed Bath & Beyond-28.6% 
5HELEHelen Of Troy-25.9%-67.4%
6PENGPenguin Solutions-23.8%16.3%
7USNAUsana Health Sciences-22.8%-42.8%
8TASKTaskUs-22.4%-21.8%
9NFENew Fortress Energy-21.8%-87.4%
10OPENOpendoor Technologies-21.7%354.4%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1297.9%389.0%
2QUREuniQure276.2%251.2%
3UAMYUnited States Antimony238.9%844.1%
4LACLithium Americas194.8%183.8%
5RGTIRigetti Computing187.6%259.8%
6USARUSA Rare Earth175.1%129698.7%
7SESSES AI168.0%53.0%
8PLUGPlug Power156.6%83.1%
9CLPTClearPoint Neuro150.4%70.8%
10BITFBitfarms141.7%261.7%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1ANGXAngel Studios-49.7% 
2REXREX American Resources-47.9%52.0%
3VGVenture Global-33.4% 
4USNAUsana Health Sciences-32.7%-42.8%
5FLYFirefly Aerospace-31.7% 
6LDIloanDepot-31.4%43.6%
7TIPTTiptree-29.9%-13.6%
8GOSSGossamer Bio-29.5%169.7%
9PGYPagaya Technologies-29.5%201.1%
10IDTIDT-29.4%-1.3%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony106.6%844.1%
2BITFBitfarms55.8%261.7%
3ASPIASP Isotopes48.5%194.0%
4USARUSA Rare Earth47.0%129698.7%
5UUUUEnergy Fuels40.6%363.4%
6TMCTMC The Metals38.5%854.5%
7SESSES AI37.9%53.0%
8GLUEMonte Rosa Therapeutics35.8%49.9%
9APGEApogee Therapeutics35.5%19.1%
10METCRamaco Resources34.7%418.5%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1VGVenture Global-35.2% 
2BNBrookfield-34.2%17.5%
3BNTBrookfield Wealth Solutions-34.1%17.5%
4BBBYBed Bath & Beyond-28.6% 
5HELEHelen Of Troy-25.9%-67.4%
6PENGPenguin Solutions-23.8%16.3%
7USNAUsana Health Sciences-22.8%-42.8%
8TASKTaskUs-22.4%-21.8%
9NFENew Fortress Energy-21.8%-87.4%
10OPENOpendoor Technologies-21.7%354.4%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for CVS Health

Financials

CVSAMZNWMTKRTGTWBAMedian
NameCVS Heal.Amazon.c.Walmart Kroger Target Walgreen. 
Mkt Price78.44220.07102.1267.1387.34-87.34
Mkt Cap98.92,340.9814.744.439.710.471.7
Rev LTM378,960670,038693,153147,000105,640154,580266,770
Op Inc LTM10,89876,19028,9883,9255,424-2,8748,161
FCF LTM5,94113,48113,7532,2122,9445804,442
FCF 3Y Avg10,49121,67714,9862,2683,282-3786,886
CFO LTM8,760121,13738,4386,0186,3861,5777,573
CFO 3Y Avg13,23496,97736,7076,1147,4701,20210,352

Growth & Margins

CVSAMZNWMTKRTGTWBAMedian
NameCVS Heal.Amazon.c.Walmart Kroger Target Walgreen. 
Rev Chg LTM5.0%10.9%4.2%-2.1%-1.5%6.2%4.6%
Rev Chg 3Y Avg8.1%11.3%5.7%0.7%-0.7%4.8%5.2%
Rev Chg Q7.0%13.3%4.8%0.1%-0.9%7.2%5.9%
QoQ Delta Rev Chg LTM1.6%3.0%1.2%0.0%-0.2%1.7%1.4%
Op Mgn LTM2.9%11.4%4.2%2.7%5.1%-1.9%3.5%
Op Mgn 3Y Avg3.8%7.9%4.0%2.4%5.1%-2.8%3.9%
QoQ Delta Op Mgn LTM0.2%0.3%-0.1%0.0%-0.3%-0.0%0.0%
CFO/Rev LTM2.3%18.1%5.5%4.1%6.0%1.0%4.8%
CFO/Rev 3Y Avg3.8%15.8%5.5%4.1%7.0%0.8%4.8%
FCF/Rev LTM1.6%2.0%2.0%1.5%2.8%0.4%1.8%
FCF/Rev 3Y Avg3.0%3.5%2.3%1.5%3.1%-0.3%2.7%

Valuation

CVSAMZNWMTKRTGTWBAMedian
NameCVS Heal.Amazon.c.Walmart Kroger Target Walgreen. 
Mkt Cap98.92,340.9814.744.439.710.471.7
P/S0.33.51.20.30.40.10.3
P/EBIT9.727.526.211.17.2-1.910.4
P/E18.733.138.216.310.1-1.617.5
P/CFO11.319.321.27.46.26.69.3
Total Yield8.7%3.0%3.5%8.1%15.1%-60.8%5.8%
Dividend Yield3.4%0.0%0.9%2.0%5.2%0.0%1.4%
FCF Yield 3Y Avg12.5%1.1%2.8%6.0%5.6%-2.0%4.2%
D/E0.80.10.10.60.52.80.5
Net D/E0.70.00.10.40.42.70.4

Returns

CVSAMZNWMTKRTGTWBAMedian
NameCVS Heal.Amazon.c.Walmart Kroger Target Walgreen. 
1M Rtn4.6%-3.5%-1.3%-1.7%-2.9%--1.7%
3M Rtn23.2%-2.5%6.9%-6.6%-15.8%--2.5%
6M Rtn15.8%20.8%8.3%-1.9%-5.7%-8.3%
12M Rtn23.1%16.6%28.7%23.7%-42.8%-23.1%
3Y Rtn-1.7%105.9%144.0%66.3%-33.9%-66.3%
1M Excs Rtn3.5%-4.6%-2.4%-2.8%-4.0%--2.8%
3M Excs Rtn16.1%-9.4%0.7%-12.7%-20.2%--9.4%
6M Excs Rtn-8.8%-5.0%-13.5%-24.7%-27.8%--13.5%
12M Excs Rtn9.5%4.0%13.4%7.1%-56.1%-7.1%
3Y Excs Rtn-88.7%5.2%64.0%-13.5%-115.9%--13.5%

Comparison Analyses

Title
0CVS Health vs. Mondelez International: With Return Forecast Of 28%, CVS Health Is A Better Bet
1CVS Health vs. Cigna: With Return Forecast Of 50%, Cigna Is A Better Bet
2CVS Health vs. Sherwin-Williams: With Return Forecast Of 28%, CVS Health Is A Better Bet
3CVS Health vs. International Business Machines: With Return Forecast Of 27%, CVS Health Is A Better Bet
4CVS Health vs. Netflix: With Return Forecast Of 27%, CVS Health Is A Better Bet
5CVS Health vs. Linde: With Return Forecast Of 27%, CVS Health Is A Better Bet
6CVS Health vs. UnitedHealth: With Return Forecast Of 25%-27%, Both Seem Like Good Bets
7CVS Health vs. Exxon Mobil: With Return Forecast Of 25%, CVS Health Is A Better Bet
8CVS Health vs. Alphabet: With Return Forecast Of 31%, Alphabet Is A Better Bet
9CVS Health vs. Waste Management: With Return Forecast Of 27%, CVS Health Is A Better Bet

Financials

$ Mil | FY: 12/312025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q32022Q2
Period End3/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/20226/30/2022
Filing Date5/1/20252/12/202511/6/20248/7/20245/1/20242/7/202411/1/20238/2/20235/3/20232/8/202311/2/20228/3/2022
Key Financials Quarterly            
Total Revenue94,58897,71095,42891,23488,43793,81389,76488,92185,27883,84681,15980,636
Ebitda4,5564,0312,0184,2203,4344,5294,8394,3604,4694,745-2,8285,794
Operating Income3,3742,4782,0013,0452,2713,3733,7013,7303,7953,7703,7814,669
Net Income1,7791,644871,7701,1132,0462,2611,9012,1362,334-3,4063,029
EPS1.411.310.071.410.881.591.761.481.661.76-2.592.31
Key Financials TTM            
Total Revenue TTM378,960372,809368,912363,248360,935357,776347,809339,204330,919322,467315,225307,860
Ebitda TTM14,82513,70314,20117,02217,16218,19718,41310,74612,18012,34710,98617,695
Operating Income TTM10,8989,79510,69012,39013,07514,59914,99615,07616,01516,29016,22415,935
Net Income TTM5,2804,6145,0167,1907,3218,3448,6322,9654,0934,3113,3748,378
Growth Rates Quarterly            
Total Revenue Growth7.0%4.2%6.3%2.6%3.7%11.9%10.6%10.3%11.0%9.5%10.0%11.0%
EBITDA Growth32.7%-11.0%-58.3%-3.2%-23.2%-4.6%271.1%-24.7%-3.6%40.2%-172.9%5.2%
Operating Income Growth48.6%-26.5%-45.9%-18.4%-40.2%-10.5%-2.1%-20.1%-6.8%1.8%8.3%7.9%
Net Income Growth59.8%-19.6%-96.2%-6.9%-47.9%-12.3%166.4%-37.2%-9.3%67.1%-313.1%8.8%
Margins Quarterly            
EBITDA Margin4.8%4.1%2.1%4.6%3.9%4.8%5.4%4.9%5.2%5.7%-3.5%7.2%
Operating Income Margin3.6%2.5%2.1%3.3%2.6%3.6%4.1%4.2%4.5%4.5%4.7%5.8%
Net Income Margin1.9%1.7%0.1%1.9%1.3%2.2%2.5%2.1%2.5%2.8%-4.2%3.8%
Cash & Debt            
Total Cash12,65410,9939,68016,26213,08911,45516,18816,88717,72015,72319,98914,993
Total Debt81,21382,92082,70483,82281,79279,38580,09682,13676,47870,73271,07274,172
Net Debt / (Cash)68,55971,92773,02467,56068,70367,93063,90865,24958,75855,00951,08359,179
Cash Flows Quarterly            
FCF from Operations4,5561,860-7453,0894,903-2,6362,7165,9087,438-1,9529,1235,443
Cash Flows TTM            
FCF from Operations TTM8,7609,1074,6118,07210,89113,42614,11020,51720,05216,17722,13418,532
Returns to Shareholders Quarterly            
Dividends840838837858840779779795779719726740
Share Repurchases-0-0-1-33,027-1-3-22,0181,500-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC13.4%10.5%7.4%13.6%9.4%15.0%17.4%17.0%19.2%20.3%22.6%23.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM11.6%10.2%10.9%13.7%14.2%16.1%17.5%16.6%19.6%22.0%24.6%20.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Health Services186,843169,576153,892132,663130,428
Pharmacy & Consumer Wellness116,763108,596101,62060,20856,258
Health Care Benefits105,64691,35082,11975,40969,578
Corporate/Other451530721426512
Intersegment Eliminations-51,927-47,585-46,241  
Total357,776322,467292,111268,706256,776


Operating Income by Segment
$ Mil20242023202220212020
Health Services7,3126,7816,4925,4544,735
Pharmacy & Consumer Wellness5,9636,5317,2605,6405,793
Health Care Benefits5,5776,3385,1105,1663,639
Office real estate optimization charges-46-1170  
Loss on Accountable Care assets-349-2,5330  
Acquisition-related integration costs-487 -132  
Net realized capital losses-497-320176  
Restructuring charge-507 0  
Corporate/Other-1,318-1,613-1,635-1,641-1,483
Amortization of intangible assets-1,905-1,785-2,233  
Gain on divestiture of subsidiary 4750  
Omnicare litigation charge -5,8030  
Acquisition purchase price adjustment outside of measurement period  61  
Goodwill impairment  -431  
Intersegment Eliminations  0-708-697
Store impairments  -1,358  
Total13,7437,95413,31013,91111,987


Price Behavior

CVS Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-0.11-0.38-0.210.300.350.43
Up Beta0.78-0.410.710.310.480.51
Down Beta-0.84-0.25-0.240.650.420.52
Up Capture19%50%-11%7%20%6%
Bmk +ve Days13233574144420
Stock +ve Days14303873139387
Down Capture-71%-186%-135%-24%8%67%
Bmk -ve Days8192952107330
Stock -ve Days7122653112361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity18,936,807
Short Interest: % Change Since 9152025-19.8%
Average Daily Volume6,851,615
Days-to-Cover Short Interest2.76
Basic Shares Quantity1,261,000,000
Short % of Basic Shares1.5%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2025-0.3%2.0%15.8%
5/1/20254.1%0.1%-4.0%
2/12/202514.9%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%
2/7/20243.1%3.8%0.7%
11/1/2023-0.4%1.8%-1.5%
...
SUMMARY STATS   
# Positive131713
# Negative12812
Median Positive4.8%3.5%8.7%
Median Negative-3.1%-4.7%-6.2%
Max Positive14.9%20.7%19.9%
Max Negative-16.8%-17.7%-26.1%

SEC Filings

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Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024212202510-K 12/31/2024
93020241106202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023207202410-K 12/31/2023
93020231101202310-Q 9/30/2023
6302023802202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022208202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021209202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Finucane Anne A. 8292025Sell71.027,500532,6501,573,519Form
1SANSONE GUY P 6092025Buy63.701,570100,009764,869Form
2ROBBINS LARRY 5062025Sell67.391,679,736113,190,186691,853,227Form
3Mahoney Michael F 2192025Buy66.7030,0002,001,0002,625,045Form

Industry Resources

External Quote Links


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