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CVS HEALTH Corp

CVS· NYSE· Retail-Drug Stores and Proprietary Stores

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
1.9%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+8.4%
We record prices for the companies we cover; CVS is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
1.27B
Revenue
$402.1B
Free cash flow
$7.8B
Owner earnings
$7.3B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
1.2%
Net
0.4%
Free cash flow
1.9%
Owner earnings
1.8%
Stock pay
0.1%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
2.4%
ROE, 5 yr avg
7.2%

Growth (CAGR)

Revenue, 3 yr
7.6%
Revenue, 5 yr
8.4%
Revenue, 9 yr
9.5%
Diluted EPS, 3 yr
-24.7%
Diluted EPS, 5 yr
-23.9%
Diluted EPS, 9 yr
-13.1%
Free cash flow, 3 yr
-16.6%
Free cash flow, 5 yr
-10.3%
Free cash flow, 9 yr
-0.2%

Financial health · FY2025

Cash and investments
$10.6B
Total debt
–
Net cash
–
Debt/Equity
–
Debt/FCF
–

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
192.1%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$402.1B

+9.5% a year over 9 years

FY2016: Revenue $177.5BFY2017: Revenue $184.8BFY2018: Revenue $193.9BFY2019: Revenue $256.8BFY2020: Revenue $268.7BFY2021: Revenue $292.1BFY2022: Revenue $322.5BFY2023: Revenue $357.8BFY2024: Revenue $372.8BFY2025: Revenue $402.1B
FY2016FY2025

Margins

Gross–Operating1.2%Net0.4%

FY2025

FY2016: Gross 16.3%, Operating 5.9%, Net 3.0%FY2017: Gross 15.4%, Operating 5.2%, Net 3.6%FY2018: Gross –, Operating 2.1%, Net -0.3%FY2019: Gross –, Operating 4.7%, Net 2.6%FY2020: Gross –, Operating 5.2%, Net 2.7%FY2021: Gross –, Operating 4.6%, Net 2.7%FY2022: Gross –, Operating 2.5%, Net 1.3%FY2023: Gross –, Operating 3.8%, Net 2.3%FY2024: Gross –, Operating 2.3%, Net 1.2%FY2025: Gross –, Operating 1.2%, Net 0.4%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$7.8BOwner earnings$7.3B

Free cash flow -0.2% a year

FY2016: Free cash flow $7.9B, Owner earnings $7.7BFY2017: Free cash flow $6.1B, Owner earnings $5.9BFY2018: Free cash flow $6.8B, Owner earnings $6.5BFY2019: Free cash flow $10.4B, Owner earnings $9.9BFY2020: Free cash flow $13.4B, Owner earnings $13.0BFY2021: Free cash flow $15.7B, Owner earnings $15.3BFY2022: Free cash flow $13.4B, Owner earnings $13.0BFY2023: Free cash flow $10.4B, Owner earnings $9.8BFY2024: Free cash flow $6.3B, Owner earnings $5.8BFY2025: Free cash flow $7.8B, Owner earnings $7.3B
FY2016FY2025

Diluted shares

1.27B

+17.8% over 9 years, net dilution

FY2016: Diluted shares 1.08BFY2017: Diluted shares 1.02BFY2018: Diluted shares 1.04BFY2019: Diluted shares 1.30BFY2020: Diluted shares 1.31BFY2021: Diluted shares 1.33BFY2022: Diluted shares 1.32BFY2023: Diluted shares 1.29BFY2024: Diluted shares 1.26BFY2025: Diluted shares 1.27B
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC 10.5%FY2017: ROIC 12.2%FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC –FY2022: ROIC –FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net debt (below zero)

–

$66.8B more debt than cash

FY2016: Net cash -$24.1BFY2017: Net cash -$25.2BFY2018: Net cash -$66.8BFY2019: Net cash –FY2020: Net cash –FY2021: Net cash –FY2022: Net cash –FY2023: Net cash –FY2024: Net cash –FY2025: Net cash –
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$177.5B$184.8B$193.9B$256.8B$268.7B$292.1B$322.5B$357.8B$372.8B$402.1B
Revenue growth15.8%4.1%5.0%32.4%4.6%8.7%10.4%10.9%4.2%7.8%
Gross margin16.3%15.4%––––––––
Operating margin5.9%5.2%2.1%4.7%5.2%4.6%2.5%3.8%2.3%1.2%
Net income$5.3B$6.6B-$594.0M$6.6B$7.2B$8.0B$4.3B$8.3B$4.6B$1.8B
Net margin3.0%3.6%-0.3%2.6%2.7%2.7%1.3%2.3%1.2%0.4%
Diluted EPS$4.90$6.44$-0.57$5.08$5.46$6.02$3.26$6.47$3.66$1.39
Return on invested capital?10.5%12.2%––––––––
Cash
Operating cash flow$10.1B$8.0B$8.9B$12.8B$15.9B$18.3B$16.2B$13.4B$9.1B$10.6B
Capital expenditure$2.2B$1.9B$2.0B$2.5B$2.4B$2.5B$2.7B$3.0B$2.8B$2.8B
Free cash flow$7.9B$6.1B$6.8B$10.4B$13.4B$15.7B$13.4B$10.4B$6.3B$7.8B
Stock-based compensation$222.0M$234.0M$280.0M$453.0M$400.0M$484.0M$447.0M$588.0M$540.0M$535.0M
Owner earnings?$7.7B$5.9B$6.5B$9.9B$13.0B$15.3B$13.0B$9.8B$5.8B$7.3B
Free cash flow per share$7.34$5.95$6.54$7.96$10.22$11.85$10.17$8.06$5.01$6.14
Capital allocation
Dividends paid$1.8B$2.0B$2.0B$2.6B$2.6B$2.6B$2.9B$3.1B$3.4B$3.4B
Share repurchases$4.5B$4.4B$0$0$0$0$3.5B$2.0B$3.0B$0
Diluted shares1.08B1.02B1.04B1.30B1.31B1.33B1.32B1.29B1.26B1.27B
Share count change?-4.2%-5.1%2.0%25.0%0.7%1.1%-0.5%-2.5%-2.2%0.7%
Balance sheet
Cash and equivalents$3.4B$1.7B$4.1B$5.7B$7.9B$9.4B$12.9B$8.2B$8.6B$8.5B
Short-term investments$87.0M$111.0M$2.5B$2.4B$3.0B$3.1B$2.8B$3.3B$2.4B$2.1B
Total debt$27.5B$27.0B$73.4B–––––––
Net debt$24.1B$25.2B$66.8B–––––––
Shareholders' equity$36.8B$37.7B$58.2B$63.9B$69.4B$75.1B$71.5B$76.5B$75.6B$75.2B

Latest filings

All on EDGAR
2026-08-0510-QQuarterly report
2026-08-058-KEarnings release
2026-05-068-KEarnings release
2026-05-0610-QQuarterly report
2026-04-03DEF 14AProxy statement
2026-02-1010-KAnnual report
2026-02-108-KEarnings release
2025-10-2910-QQuarterly report
2025-10-298-KEarnings release
2025-07-3110-QQuarterly report

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