CVS Health Corporation CVS

Health CareHealthcare Providers & ServicesUnited States of America

Last close 90.25 USD on Nov 1, 2026, +17.1% year to date

Quant rating

Quant rating B Rank 109 of 565 in Health Care

Growth C 228 of 565
Valuation A 25 of 565
Quality B 94 of 565
Revisions C 289 of 565
Momentum C 256 of 565

Wall Street consensus Buy (1.86)Average target 112.25 USD +24.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 115.4B
Enterprise value: 163.1B
52-week range: 69.53 – 110.65
3-year range: 43.78 – 110.65
Dividend yield: 2.95%
Beta (5 years): 0.59
Shares outstanding: 1,279M
Next earnings: Nov 4, 2026

About the company

CVS Health Corporation is a health solutions company. The Company's segments include Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, PDPs and Medicaid health care management services. The Health Services segment provides a full range of pharmacy benefit management (PBM) solutions through its CVS Caremark operations and delivers health care services in its medical clinics, virtually, and in the home. The Pharmacy & Consumer Wellness segment dispenses prescriptions in its CVS Pharmacy retail locations and, through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	402,067	372,809	357,776	322,467	292,111	–
Revenue growth	7.8%	4.2%	10.9%	10.4%	8.7%	8.4%
EPS (basic, normalized)	6.75	5.42	8.74	8.69	8.40	–
EPS growth	24.5%	−38.0%	0.6%	3.5%	–	–
Gross margin	13.8%	13.8%	15.2%	16.9%	17.8%	15.5%
Net margin	0.4%	1.2%	2.3%	1.3%	2.7%	1.6%
ROE	2.3%	6.1%	11.3%	5.9%	11.1%	7.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	13,958
Current ratio	0.87x
Long-term debt (mil)	59,452
Net debt (mil)	47,649
Total equity (mil)	79,702
Net debt / equity	0.60x
Net debt / EBITDA	2.50x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	402,067	+7.8%	0.4x	19,049	+30.4%	8.6x	6.75	+24.5%	13.4x
2026	417,783	+3.9%	0.4x	19,600	+2.9%	8.3x	8.04	+19.2%	11.2x
2027	429,890	+2.9%	0.4x	20,403	+4.1%	8.0x	8.54	+6.2%	10.6x
2028	448,139	+4.2%	0.4x	22,104	+8.3%	7.4x	9.70	+13.6%	9.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	417,783	+0.1%	+2.1%	+3.2%	8.04	0.0%	+7.9%	+12.5%
2027	429,890	0.0%	+0.8%	+1.6%	8.54	+0.1%	+1.6%	+4.3%
2028	448,139	0.0%	+0.1%	+0.9%	9.70	−0.1%	+0.4%	+3.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	88,437	91,234	95,428	97,710	94,588	98,915	102,871	105,693	100,426	106,096
Sales mean (mil)	89,209	91,496	92,747	97,188	93,636	94,499	98,849	103,593	95,095	100,114
Surprise	−0.9%	−0.3%	+2.9%	+0.5%	+1.0%	+4.7%	+4.1%	+2.0%	+5.6%	+6.0%
EPS reported	1.31	1.83	1.09	1.19	2.25	1.81	1.60	1.09	2.57	2.58
EPS mean	1.69	1.73	1.51	0.93	1.70	1.46	1.37	0.99	2.20	1.85
Surprise	−22.7%	+5.7%	−27.7%	+28.5%	+32.1%	+24.2%	+16.8%	+9.9%	+17.0%	+39.3%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CVS CVS Health Corporation	115.4B	2.50x	0.4%	1.45x	11.2x	10.6x	8.3x	8.0x
UNH UnitedHealth Group Incorporated	365.3B	–	2.7%	3.51x	19.8x	17.4x	13.3x	12.1x
HCA HCA Healthcare, Inc.	98.8B	3.41x	9.0%	−12.35x	15.7x	15.1x	9.6x	9.5x
ELV Elevance Health Inc	90.8B	–	2.8%	2.03x	14.5x	13.9x	10.1x	10.4x
CI The Cigna Group	78.8B	2.49x	2.2%	1.85x	9.8x	8.9x	7.8x	7.3x
HUM Humana Inc.	49.8B	–	0.9%	2.59x	45.3x	24.3x	20.1x	13.2x
Mean		2.80x	3.0%	−0.16x	19.4x	15.0x	11.5x	10.1x
Median		2.50x	2.4%	1.94x	15.1x	14.5x	9.8x	9.9x

Technical analysis

1M+3.5%
3M−16.9%
1Y+13.1%
3Y+52.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CVS Health Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	402,067	372,809	357,776	322,467	292,111	268,706
Cost of revenue	346,705	321,408	303,345	267,965	239,991	219,660
Gross profit	55,362	51,401	54,431	54,502	52,120	49,046
Selling, general & administrative expenses	970	989	985	745	707	461
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	5,359	1,031	1,343	8,336	2,373	1,503
Other operating expenses	43,890	40,374	38,360	37,467	36,182	34,611
Operating income	5,143	9,007	13,743	7,954	12,858	12,471
Net interest income (expense)	−3,119	−2,958	−2,658	−2,287	−2,503	−2,907
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	112	99.0	88.0	169	182	206
Net income before taxes	2,136	6,148	11,173	5,836	10,537	9,770
Provision for taxes	408	1,562	2,805	1,509	2,548	2,569
Minority interest	40.0	28.0	−24.0	−16.0	12.0	−13.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,768	4,614	8,344	4,311	8,001	7,188
Extraordinary items	–	–	–	–	–	−9.0
Net income	1,768	4,614	8,344	4,311	8,001	7,179
EBIT, normalized	12,423	10,068	15,132	16,290	15,170	13,974
EBITDA, normalized	17,029	14,668	19,532	20,537	19,682	18,415
Basic EPS, normalized	6.75	5.42	8.74	8.69	8.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CVS Health Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	10,598	10,993	11,455	15,723	12,525	10,854
Receivables	39,779	36,469	35,227	27,276	24,431	21,742
Total inventory	19,246	18,107	18,025	19,090	17,760	18,496
Prepaid expenses	–	–	–	–	–	–
Other current assets	5,091	3,076	3,151	3,544	5,292	5,277
Total current assets	74,714	68,645	67,858	65,633	60,008	56,369
Property, plant & equipment	28,056	28,937	30,435	30,745	32,018	33,335
Goodwill	85,478	91,272	91,272	78,150	79,121	79,552
Intangibles	25,508	27,323	29,234	24,803	29,026	31,142
Long-term investments	32,669	28,934	23,019	21,096	23,025	20,812
Note receivable	–	–	–	–	–	–
Other long-term assets	7,113	8,104	7,910	7,848	9,801	9,505
Total assets	253,538	253,215	249,728	228,275	232,999	230,715
Liabilities
Accounts payable	59,384	55,122	49,820	44,403	38,682	34,869
Payable/accrued	–	–	–	–	–	–
Accrued expenses	24,062	22,417	23,781	20,352	19,229	15,810
Short-term debt	0	2,119	200	0	0	0
Current portion of long-term debt	4,068	3,624	2,772	1,778	4,205	5,440
Other current liabilities	1,178	1,327	2,616	2,888	5,691	5,898
Total current liabilities	88,692	84,609	79,189	69,421	67,807	62,017
Long-term debt	60,502	60,527	58,638	50,476	51,971	59,207
Minority interest	168	170	175	300	306	312
Other liabilities	28,962	32,349	35,265	36,609	37,840	39,790
Total liabilities	178,324	177,655	173,267	156,806	157,924	161,326
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	50,402	49,661	48,992	48,193	47,377	46,513
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	61,196	62,837	61,604	56,398	54,906	49,640
Treasury stock	−36,790	−36,818	−33,838	−31,858	−28,173	−28,178
Other equity	406	−120	−297	−1,264	965	1,414
Total equity	75,214	75,560	76,461	71,469	75,075	69,389
Total liabilities & shareholders' equity	253,538	253,215	249,728	228,275	232,999	230,715

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CVS Health Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−156,839	−146,550	−117,248	−101,364	−94,507	−83,993
Cash from operations	10,639	9,107	13,426	16,177	18,265	15,865
Investing activities
Capital expenditures	−2,832	−2,781	−3,031	−2,727	−2,520	−2,437
Other investing cash flows	−3,039	−4,832	−17,858	−2,320	−2,741	−3,097
Cash from investing	−5,871	−7,613	−20,889	−5,047	−5,261	−5,534
Financing activities
Financing cash flow items	−158	−159	−382	−449	−13.0	337
Cash dividends paid	−3,397	−3,373	−3,132	−2,907	−2,625	−2,624
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,385	2,397	6,197	−7,160	−8,718	−5,409
Cash from financing	−4,940	−1,135	2,683	−10,516	−11,356	−7,696
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−172	359	−4,780	614	1,648	2,635
Free cash flow	7,807	6,326	10,395	13,450	15,745	13,428

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.