CVS Health Corp.

CVS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$100,742	$56,490	$101,613	$122,449	$136,177	$90,160	$98,067	$86,490	$73,442	$104,166	$129,062	$111,816	$87,101	$61,453	$54,564	$47,531	$46,189	$41,213	$52,796	$25,365	$21,437	$18,044	$14,187	$9,800	$11,564	$23,444	$15,605	$21,290	$12,031	$4,409	$3,322	$3,262	$5,334	$5,582	$4,604	$4,310	$4,871	$4,053	$2,866	$2,923	$2,733
Enterprise value	$183,905	$128,587	$169,718	$177,758	$199,957	$164,660	$179,319	$153,656	$98,641	$128,243	$153,986	$122,196	$96,326	$69,901	$63,190	$56,191	$56,273	$51,615	$62,194	$29,892	$23,113	$20,494	$14,420	$10,212	$12,401	$24,255	$16,402	$22,172	$12,594	$5,121	$3,666	$3,785	$5,779	$5,944	$5,107	$4,737	$5,001	$3,814	$2,589	$2,668	$2,544
P/E (TTM) at period end	56.98×	12.24×	12.18×	28.40×	17.02×	12.56×	14.79×	–	11.13×	19.69×	24.64×	24.08×	18.97×	15.90×	15.76×	13.87×	12.50×	12.89×	20.13×	18.53×	17.50×	19.64×	16.74×	13.68×	27.99×	31.43×	24.57×	55.37×	135.48×	21.18×	–	10.61×	16.08×	41.85×	13.28×	11.19×	12.24×	11.43×	10.04×	12.27×	13.00×
P/S (TTM) at period end	0.25×	0.15×	0.28×	0.38×	0.47×	0.34×	0.38×	0.44×	0.40×	0.59×	0.84×	0.80×	0.69×	0.50×	0.51×	0.50×	0.47×	0.47×	0.69×	0.58×	0.58×	0.59×	0.53×	0.41×	0.52×	1.17×	0.86×	1.39×	0.88×	0.37×	0.34×	0.29×	0.51×	0.54×	0.47×	0.50×	0.64×	0.60×	0.48×	0.56×	0.57×
P/B at period end	1.34×	0.75×	1.33×	1.71×	1.83×	1.30×	1.54×	1.49×	1.95×	2.83×	3.47×	2.95×	2.30×	1.63×	1.43×	1.26×	1.29×	1.19×	1.69×	2.56×	2.57×	2.58×	2.36×	1.89×	2.53×	5.45×	4.24×	6.84×	4.60×	2.01×	2.14×	1.37×	2.37×	2.69×	2.20×	2.33×	3.01×	2.38×	1.96×	2.31×	2.48×
EV / EBITDA (TTM)	19.85×	9.81×	9.37×	14.60×	11.24×	8.97×	10.96×	22.80×	8.21×	9.97×	13.31×	11.39×	9.72×	7.80×	8.00×	7.39×	7.20×	7.05×	10.56×	9.42×	8.86×	10.82×	8.17×	6.73×	11.36×	14.98×	11.60×	18.79×	13.30×	5.90×	5.06×	4.63×	7.09×	10.58×	6.32×	6.08×	6.59×	–	–	–	–
EV / Sales (TTM)	0.46×	0.34×	0.47×	0.55×	0.68×	0.61×	0.70×	0.79×	0.53×	0.72×	1.00×	0.88×	0.76×	0.57×	0.59×	0.59×	0.57×	0.59×	0.81×	0.68×	0.62×	0.67×	0.54×	0.42×	0.56×	1.21×	0.91×	1.45×	0.92×	0.43×	0.38×	0.34×	0.55×	0.57×	0.52×	0.55×	0.66×	0.56×	0.44×	0.51×	0.53×
Returns
Return on equity	2.4%	6.1%	10.9%	6.0%	10.7%	10.3%	10.4%	(1.0%)	17.5%	14.4%	14.1%	12.2%	12.1%	10.3%	9.1%	9.1%	10.3%	9.2%	8.4%	13.8%	14.7%	13.1%	14.1%	13.8%	9.0%	17.3%	17.3%	12.4%	3.4%	9.5%	(37.0%)	12.9%	14.8%	6.4%	16.6%	20.8%	24.6%	20.8%	19.6%	18.9%	19.1%
Return on invested capital	2.3%	4.2%	7.0%	4.6%	7.1%	7.0%	6.0%	–	12.1%	10.5%	9.2%	11.0%	10.4%	9.6%	8.2%	8.1%	8.8%	8.1%	7.1%	10.4%	12.9%	10.1%	14.0%	13.3%	8.3%	15.5%	15.0%	13.0%	8.2%	12.0%	10.4%	12.3%	13.9%	8.2%	15.2%	19.1%	24.8%	26.3%	26.6%	26.5%	27.6%
Dividend yield	3.4%	6.0%	3.1%	2.4%	1.9%	2.9%	2.7%	2.4%	2.8%	1.8%	1.2%	1.2%	1.3%	1.3%	1.2%	1.0%	1.0%	0.9%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.84×	0.81×	0.86×	0.95×	0.89×	0.91×	0.94×	1.03×	1.02×	1.18×	1.26×	1.37×	1.64×	1.42×	1.56×	1.60×	1.43×	1.23×	1.31×	1.48×	1.83×	1.63×	1.86×	1.93×	1.76×	1.67×	1.59×	1.39×	1.34×	1.66×	1.42×	1.61×	1.81×	1.77×	1.78×	1.76×	2.19×	2.06×	2.62×	2.53×	2.44×
Debt / equity	0.80×	0.83×	0.77×	0.73×	0.75×	0.93×	1.07×	1.25×	0.68×	0.70×	0.74×	0.32×	0.35×	0.24×	0.24×	0.26×	0.30×	0.25×	0.33×	0.51×	0.26×	0.41×	0.18×	0.21×	0.23×	0.27×	0.28×	0.34×	0.29×	0.54×	0.25×	0.22×	0.19×	0.20×	0.23×	0.23×	0.25×	0.03×	0.04×	0.06×	0.10×
Effective tax rate	19.1%	25.4%	25.1%	25.9%	24.2%	26.3%	26.3%	142.4%	19.8%	38.4%	39.3%	39.5%	38.9%	38.6%	39.3%	38.9%	37.3%	39.6%	39.5%	38.5%	35.8%	34.2%	38.4%	38.0%	41.8%	40.0%	41.0%	44.4%	62.8%	42.1%	50.3%	41.6%	39.9%	44.6%	41.2%	34.4%	34.3%	34.7%	40.1%	44.9%	43.8%
Share count
Diluted shares outstanding	1,271	1,262	1,290	1,323	1,329	1,314	1,305	1,044	1,024	1,079	1,126	1,169	1,226	1,280	1,347	1,377	1,450	1,469	1,372	853	842	822	808	811	797	799	818	810	791	426	432	423	529	420	414	410	431	436	432	433	433

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$415,086	$402,067	$372,809	$357,776	$322,467	$292,111	$268,706	$256,776	$194,579	$184,786	$177,546	$153,290	$139,367	$126,761	$123,120	$107,080	$95,778	$98,215	$87,472	$76,330	$43,821	$37,007	$30,594	$26,588	$24,182	$22,241	$20,088	$18,098	$15,274	$13,750	$11,832	$9,763	$11,286	$10,435	$10,433	$9,886	$8,687	$7,554	$6,780	$5,930	$5,262	$4,775
Cost of revenue	–	–	–	–	–	–	–	–	–	($156,220)	($148,669)	($126,762)	($114,000)	($102,978)	($100,632)	($86,518)	($75,559)	($77,857)	($69,182)	($60,222)	($32,079)	($27,312)	($22,563)	($19,725)	($18,113)	($16,550)	($14,726)	($13,237)	($11,144)	($10,027)	($8,473)	($6,859)	($7,253)	($6,664)	($6,529)	($6,164)	($5,372)	($4,564)	($4,086)	($3,568)	($3,141)	($2,854)
Gross profit	–	–	–	–	–	–	–	–	–	$28,545	$28,857	$26,528	$25,367	$23,783	$22,488	$20,562	$20,219	$20,358	$18,290	$16,108	$11,742	$9,695	$8,031	$6,863	$6,069	$5,691	$5,362	$4,861	$4,129	$3,723	$3,358	$2,904	$4,033	$3,771	$3,904	$3,722	$3,314	$2,990	$2,695	$2,362	$2,121	$1,921
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	($41,229)	–	–	–	–	–	–	–	–	–	–	–	–	($14,231)	($14,092)	($13,933)	($12,244)	($11,314)	($9,301)	($7,675)	($6,080)	($5,098)	($4,552)	($4,247)	($3,742)	($3,448)	($2,949)	($2,776)	($2,491)	($2,180)	($3,216)	($2,956)	($3,342)	($2,914)	($2,536)	($2,231)	($2,023)	($1,767)	($1,574)	($1,409)
Total operating expenses	–	–	–	–	–	–	–	–	–	($19,007)	($18,471)	($17,053)	($16,568)	($15,746)	($15,278)	($14,231)	($14,082)	($13,933)	($12,244)	($11,314)	($9,301)	($7,675)	($6,576)	($5,439)	($4,863)	($4,920)	($4,039)	($3,726)	($3,199)	($3,019)	($2,754)	($2,508)	($3,422)	($3,148)	($3,543)	($3,053)	($2,650)	($2,329)	($2,105)	($1,839)	($1,638)	($1,472)
Total costs and expenses	($406,798)	($397,407)	($364,293)	($344,033)	($314,513)	($278,801)	($254,795)	($244,789)	($190,558)	($175,248)	($167,160)	($143,815)	($130,568)	($118,724)	($115,910)	($100,749)	($89,641)	($91,790)	($81,426)	($71,536)	($41,380)	($34,987)	($29,140)	($25,164)	($22,975)	($21,471)	($18,765)	($16,963)	($14,343)	($13,046)	($11,227)	($9,367)	($10,675)	($9,812)	($10,072)	($9,217)	($8,023)	($6,893)	($6,191)	($5,407)	($4,779)	($4,326)
Operating income	$8,288	$4,660	$8,516	$13,743	$7,954	$13,310	$13,911	$11,987	$4,021	$9,538	$10,386	$9,475	$8,799	$8,037	$7,210	$6,331	$6,137	$6,425	$6,046	$4,794	$2,442	$2,020	$1,455	$1,424	$1,206	$771	$1,323	$1,136	$930	$704	$605	$396	$611	$623	$361	$670	$664	$661	$590	$524	$484	$449
Earnings
EBITDA	$12,810	$9,266	$13,113	$18,109	$12,178	$17,796	$18,352	$16,358	$6,739	$12,017	$12,861	$11,567	$10,730	$9,907	$8,963	$7,899	$7,606	$7,814	$7,320	$5,889	$3,175	$2,609	$1,895	$1,765	$1,516	$1,091	$1,619	$1,413	$1,180	$947	$868	$724	$817	$815	$562	$808	$779	$759	–	–	–	–
Interest income	$2,522	$2,331	$2,099	$1,696	$1,201	$1,070	$781	$854	$660	$21	$20	$21	$15	$8	$4	$4	$3	$5	$21	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($3,102)	($3,119)	($2,958)	($2,658)	($2,287)	($2,503)	($2,907)	($3,035)	($2,619)	($1,062)	($1,078)	($859)	($615)	($517)	($561)	($588)	($539)	($530)	($530)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,787	$2,136	$6,148	$11,173	$5,836	$10,537	$9,770	$8,997	$1,406	$8,268	$8,637	$8,616	$7,678	$7,528	$6,305	$5,747	$5,601	$5,900	$5,537	$4,359	$2,226	$1,909	$1,396	$1,376	$1,156	$710	$1,243	$1,076	$691	$238	$643	$116	$526	$552	$282	$590	$587	$606	$542	$476	$432	$391
Income tax expense	($902)	($408)	($1,562)	($2,805)	($1,509)	($2,548)	($2,569)	($2,366)	($2,002)	($1,637)	($3,317)	($3,386)	($3,033)	($2,928)	($2,436)	($2,258)	($2,179)	($2,200)	($2,193)	($1,722)	($857)	($684)	($478)	($528)	($439)	($296)	($497)	($441)	($306)	($149)	($271)	($58)	($219)	($220)	($126)	($243)	($202)	($208)	($188)	($191)	($194)	($171)
Net income	$4,890	$1,768	$4,614	$8,344	$4,311	$8,001	$7,179	$6,634	($594)	$6,622	$5,317	$5,237	$4,644	$4,592	$3,864	$3,462	$3,427	$3,696	$3,198	$2,637	$1,369	$1,225	$919	$847	$717	$413	$746	$635	$384	$89	$208	($573)	$308	$332	$133	$347	$385	$398	$354	$285	$238	$210
Per share
Diluted EPS (GAAP)	$3.78	$1.39	$3.66	$6.47	$3.26	$6.02	$5.46	$5.08	($0.57)	$6.44	$4.90	$4.63	$3.96	$3.74	$3.02	$2.57	$2.49	$2.55	$2.18	$1.92	$1.60	$1.45	$1.10	$1.03	$0.88	$0.50	$0.92	$0.78	$0.48	$0.095	$0.26	($1.52)	$0.69	$0.60	$0.28	$0.80	$0.90	$0.89	$0.41	$0.66	$0.55	$0.49
Basic EPS (GAAP)	$3.83	$1.40	$3.67	$6.49	$3.29	$6.07	$5.48	$5.10	($0.57)	$6.47	$4.93	$4.66	$3.98	$3.77	$3.04	$2.59	$2.51	$2.58	$2.23	$1.97	$1.65	$1.49	$1.13	$1.06	$0.90	$0.51	$0.94	$0.80	$0.48	$0.10	$0.27	($1.52)	$0.69	$0.60	$0.28	$0.80	$0.90	$0.89	$0.41	$0.66	$0.55	$0.49
Basic shares outstanding	1,273	1,267	1,259	1,285	1,312	1,319	1,309	1,301	1,044	1,020	1,073	1,118	1,161	1,217	1,271	1,338	1,367	1,434	1,434	1,328	821	811	801	786	785	781	782	783	774	751	426	432	423	525	420	414	410	431	436	432	433	433
Margins
Gross margin	–	–	–	–	–	–	–	–	–	15.4%	16.3%	17.3%	18.2%	18.8%	18.3%	19.2%	21.1%	20.7%	20.9%	21.1%	26.8%	26.2%	26.3%	25.8%	25.1%	25.6%	26.7%	26.9%	27.0%	27.1%	28.4%	29.7%	35.7%	36.1%	37.4%	37.7%	38.2%	39.6%	39.7%	39.8%	40.3%	40.2%
Operating margin	2.0%	1.2%	2.3%	3.8%	2.5%	4.6%	5.2%	4.7%	2.1%	5.2%	5.8%	6.2%	6.3%	6.3%	5.9%	5.9%	6.4%	6.5%	6.9%	6.3%	5.6%	5.5%	4.8%	5.4%	5.0%	3.5%	6.6%	6.3%	6.1%	5.1%	5.1%	4.1%	5.4%	6.0%	3.5%	6.8%	7.6%	8.7%	8.7%	8.8%	9.2%	9.4%
Net margin	1.2%	0.4%	1.2%	2.3%	1.3%	2.7%	2.7%	2.6%	(0.3%)	3.6%	3.0%	3.4%	3.3%	3.6%	3.1%	3.2%	3.6%	3.8%	3.7%	3.5%	3.1%	3.3%	3.0%	3.2%	3.0%	1.9%	3.7%	3.5%	2.5%	0.6%	1.8%	(5.9%)	2.7%	3.2%	1.3%	3.5%	4.4%	5.3%	5.2%	4.8%	4.5%	4.4%

Analyst consensus

Buy41 analysts

Bearish · 0 · Hold · 6 · Bullish · 35

Earnings history

	EPS	Estimate
Q3 2024	$1.09	$1.44	Miss
Q4 2024	$1.19	$0.91	Beat
Q1 2025	$2.25	$1.70	Beat
Q2 2025	$1.81	$1.46	Beat
Q3 2025	$1.60	$1.37	Beat
Q4 2025	$1.09	$1.00	Beat
Q1 2026	$2.57	$2.18	Beat
Q2 2026	$2.58	$1.85	Beat

Peers

Company overview

IPO dateFeb 21, 1973

CEOJ. David Joyner

Employees259,500

SectorHealthcare

IndustryMedical - Healthcare Plans

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cvshealth.com

CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and Other. The Health Care Benefits segment operates as a health care benefits provider. The Health Services segment offers a full range of PBM solutions, delivers health care services in its medical clinics, virtually, and in the home. The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations. The Corporate and Other Segment is involved in management and administrative expenses. The company was founded by Stanley P. Goldstein and Ralph Hoagland in 1963 and is headquartered in Woonsocket, RI.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.