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CVS Health (CVS) stock

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NYSE: CVS NYSE Health Care Services Next results ~November 4, 2026

C+ Fundamentals grade

CVS Health is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$81–$170 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 27% below our base value.

Price used: $88.51, November 2, 2026

CVS Health valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CVS Health files

Where CVS Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $415.1bn, up 7.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 2.8% from 1.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 3 financial-health checks. Our cash-flow model value is $83.00 a share, against a share price of $94.70. At that price, our model says the market is pricing in about 8.8% a year of cash-flow growth for five years, close to the 7.3% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

CVS Health's trailing-twelve-month revenue grew 7.4% year on year, with a free-cash-flow margin of 2.8%. Where it stands out: stock pay as % of revenue of 0.2% ranks 1 of 35 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$81–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 146.0% while net income grew 7.9%: a 138pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $88.51 is 36% below our value per share of $120.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Insiders selling. 2 insiders sold $324M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.58 against an average estimate of $1.85: beat by 39.4%
Revenue
$106.10bn, up 7.3% on a year earlier
Share reaction
-7.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
GAAP diluted EPS $6.84 to $7.04 (full-year 2026); adjusted EPS $7.9 to $8.1 (full-year 2026)
Next report
November 4, 2026; average EPS estimate $1.65

CVS Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week-4.3%
  • 1 month+3.1%
  • This year+15.0%
  • 1 year+16.7%
  • 5 years+8.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$415B
Operating margin
2.0%
Net margin
1.2%
EPS (TTM, diluted)
$3.82

Growth

Revenue growth
+7.4%
Change in growth rate
−0.3 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
$11.8B
FCF margin
2.8%
Stock pay % of revenue
0.2%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Product
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Leadership
  11. Results
  12. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CVS Health valuation models and calculator

What the price is pricing in

The share price implies about 2.1% a year of cash-flow growth for five years.That is slower than the 7.3% a year revenue growth CVS Health has delivered.

  • Priced in2.1%
  • Last 12 months7.4%
  • 3 years a year7.0%
  • 5 years a year7.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($88.88, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$120
Price used
$88.88close November 3, 2026
Implied change
▲ +36%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of CVS Health's free cash flow after stock-based pay with after-tax interest added back ($9.7B, FY2026 Q2 TTM), growing 3.2% and 5.6% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of CVS Health's free cash flow after stock-based pay ( $9.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value CVS Health as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$81–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$130–$240 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$59 ~$41–$85 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$57 ~$47–$71 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$57–$160 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CVS Health with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −34%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $72$111$163$231$319$434
8.5% $46$75$112$161$224$305
10% $31$53$81$119$167$229

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$70.37$57.83$54.50$50.66$59.41$56.35$87.28$80.62$70.52$41.77$77.00$88.51
Market value$79.2bn$62.4bn$55.8bn$52.9bn$77.5bn$74.1bn$116.0bn$106.7bn$91.0bn$52.7bn$97.9bn$113.2bn
+ Net debt (− = net cash)$25.2bn$24.4bn$26.6bn−$4.1bn$62.8bn$56.8bn$46.8bn$39.3bn$53.4bn$57.7bn$56.1bn$50.1bn
Enterprise value$104.5bn$86.7bn$82.4bn$48.8bn$140.3bn$130.8bn$162.8bn$146.0bn$144.4bn$110.4bn$154.0bn$163.3bn
Multiples
Price / sales 0.5x0.4x0.3x0.3x0.3x0.3x0.4x0.3x0.3x0.1x0.2x0.3x
Price / earnings 15.1x11.7x8.4x—11.7x10.3x14.5x24.7x10.9x11.4x55.4x23.2x
Price / free cash flow 12.8x7.9x9.2x7.7x7.5x5.5x7.4x7.9x8.8x8.3x12.5x9.6x
EV / EBITDA 9.0x6.7x6.9x7.2x8.6x7.1x9.1x12.0x8.0x8.4x16.6x12.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard CVS Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.6% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 39.2%, moving by 10.3 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 3.8%; its worst year was 1.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.1% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $104.8bn and EPS of $1.65 (range $1.52 to $1.87) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.04 +19% $418.0bn +4%
Next $8.54 +6% $430.1bn +3%

Next year's EPS estimate has moved +1.4% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.9% on 90 days ago. In the last 30 days, 3 analysts raised CVS Health's forecast and 2 cut it.

Consensus EPS forecast CVS Health, last 90 days
$7.00 $7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.45 Current fiscal year, 60 days ago: $7.97 Current fiscal year, 30 days ago: $8.04 Current fiscal year, 7 days ago: $8.04 Current fiscal year, Now: $8.04 $8.04 Next fiscal year, 90 days ago: $8.42 Next fiscal year, 60 days ago: $8.51 Next fiscal year, 30 days ago: $8.53 Next fiscal year, 7 days ago: $8.54 Next fiscal year, Now: $8.54 $8.54

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.45$8.42
60 days ago $7.97$8.51
30 days ago $8.04$8.53
7 days ago $8.04$8.54
Now $8.04$8.54

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.85 $2.58 +39.4%
Mar 2026 $2.21 $2.57 +16.5%
Dec 2025 $1.00 $1.09 +9.4%
Sept 2025 $1.36 $1.60 +17.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total revenues Year Ending December 31, 2026 about $414bn
    “Total revenues $ 106.1 $ 98.9 At least $414.0” source
  • GAAP diluted EPS full-year 2026 $6.84 to $7.04 GAAP Raised
    “GAAP diluted EPS guidance range to $6.84 to $7.04 from $6.24 to $6.44” source
  • Adjusted EPS full-year 2026 $7.90 to $8.10 Non-GAAP Raised
    “Adjusted EPS guidance range to $7.90 to $8.10 from $7.30 to $7.50” source
  • Cash flow from operations full-year 2026 about $11.5bn Raised
    “Cash flow from operations guidance to at least $11.5 billion from at least $9.5 billion” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows CVS Health's revenue by +3.2% next year and +5.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.2%, weight 57%) , management guidance (+1.2%, weight 18%) and the company's own record (+7.2%, weight 25%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy2593%
Hold27%
Sell00%

Monthly trend

  1. Oct 2026718227
  2. Sep 2026718227
  3. Aug 2026618327
  4. Jul 2026618428

Counts of recommendations published by analysts covering CVS Health, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
1.63
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.1%
of shares
Employees
219,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +16.7%

$75.82 on October 31, 2025 to $88.51

ThenNowEffect
Revenue (last 12 months) $386.6bn $415.1bn +7.4%
Net margin 1.2% 1.2% +0.5%
P/E multiple 21.2x 23.2x +9.4%
Share count 1264m 1279m −1.2%

Biggest factor: p/e multiple.

Last 3 years +41.1%

$62.74 on November 3, 2023 to $88.51

ThenNowEffect
Revenue (last 12 months) $339.2bn $415.1bn +22.4%
Net margin 0.9% 1.2% +34.8%
P/E multiple 27.6x 23.2x −16.2%
Share count 1305m 1279m +2.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVS+55%−8%−13%−41%+84%+15%
Industry peers (median)−3%−28%+8%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVS58%42%33%33%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVS−11%−20%−28%−44%−15%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from February 8, 2022 to December 19, 2024. Getting back needed a 131% gain, reached on May 13, 2026, 510 days after the low.

Price behaviour

52-week range
$68.55 – $109.14
From 52-week high
−18.9%
vs 50-day average
−2.3%
vs 200-day average
+1.0%
Volatility (1 year)
31%
Beta vs S&P 500
0.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.5%
After a week
6 up, 6 down
typical move ±8.2%
After a month
5 up, 7 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −7.9% −0.4% −9.3% −6.9%
May 6, 2026 +8.3% +1.1% +21.6% +18.9%
February 10, 2026 +1.6% −0.3% +2.6% +0.4%
October 29, 2025 −6.7% −1.1% −4.4% −2.2%
July 31, 2025 +0.3% −2.0% +2.1% +17.4%
May 1, 2025 +1.1% +2.2% +1.7% −4.7%
February 12, 2025 +20.7% +0.7% +18.3% +19.4%
November 6, 2024 +3.1% +3.3% −1.9% −0.1%
October 18, 2024 −7.6% +0.2% −10.3% −11.0%
August 7, 2024 −0.8% +1.6% −4.0% −1.0%
May 1, 2024 −18.5% +0.6% −18.9% −12.0%
February 7, 2024 +1.8% +0.9% +3.6% +1.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How CVS Health’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.51× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

CVS Health in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CVS Health
$340B $360B $380B $400B $420B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $347.8B Revenue (TTM), FY23 Q4: $357.8B Revenue (TTM), FY24 Q1: $360.9B Revenue (TTM), FY24 Q2: $363.2B Revenue (TTM), FY24 Q3: $368.9B Revenue (TTM), FY24 Q4: $372.8B Revenue (TTM), FY25 Q1: $379B Revenue (TTM), FY25 Q2: $386.6B Revenue (TTM), FY25 Q3: $394.1B Revenue (TTM), FY25 Q4: $402.1B Revenue (TTM), FY26 Q1: $407.9B Revenue (TTM), FY26 Q2: $415.1B $415.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $347.8B
FY23 Q4 $357.8B
FY24 Q1 $360.9B
FY24 Q2 $363.2B
FY24 Q3 $368.9B
FY24 Q4 $372.8B
FY25 Q1 $379B
FY25 Q2 $386.6B
FY25 Q3 $394.1B
FY25 Q4 $402.1B
FY26 Q1 $407.9B
FY26 Q2 $415.1B
Revenue growth, TTM YoY CVS Health
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 10.3% Revenue growth, TTM YoY, FY23 Q4: 10.9% Revenue growth, TTM YoY, FY24 Q1: 9.1% Revenue growth, TTM YoY, FY24 Q2: 7.1% Revenue growth, TTM YoY, FY24 Q3: 6.1% Revenue growth, TTM YoY, FY24 Q4: 4.2% Revenue growth, TTM YoY, FY25 Q1: 5.0% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 6.8% Revenue growth, TTM YoY, FY25 Q4: 7.8% Revenue growth, TTM YoY, FY26 Q1: 7.6% Revenue growth, TTM YoY, FY26 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 10.3%
FY23 Q4 10.9%
FY24 Q1 9.1%
FY24 Q2 7.1%
FY24 Q3 6.1%
FY24 Q4 4.2%
FY25 Q1 5.0%
FY25 Q2 6.4%
FY25 Q3 6.8%
FY25 Q4 7.8%
FY26 Q1 7.6%
FY26 Q2 7.4%
Operating margin (TTM) CVS Health
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.0% Operating margin (TTM), FY23 Q4: 3.8% Operating margin (TTM), FY24 Q1: 3.5% Operating margin (TTM), FY24 Q2: 3.4% Operating margin (TTM), FY24 Q3: 2.6% Operating margin (TTM), FY24 Q4: 2.3% Operating margin (TTM), FY25 Q1: 2.5% Operating margin (TTM), FY25 Q2: 2.3% Operating margin (TTM), FY25 Q3: 1.2% Operating margin (TTM), FY25 Q4: 1.2% Operating margin (TTM), FY26 Q1: 1.5% Operating margin (TTM), FY26 Q2: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.0%
FY23 Q4 3.8%
FY24 Q1 3.5%
FY24 Q2 3.4%
FY24 Q3 2.6%
FY24 Q4 2.3%
FY25 Q1 2.5%
FY25 Q2 2.3%
FY25 Q3 1.2%
FY25 Q4 1.2%
FY26 Q1 1.5%
FY26 Q2 2.0%
FCF margin (TTM) CVS Health
0% 1% 2% 3% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.2% FCF margin (TTM), FY23 Q4: 2.9% FCF margin (TTM), FY24 Q1: 2.3% FCF margin (TTM), FY24 Q2: 1.5% FCF margin (TTM), FY24 Q3: 0.5% FCF margin (TTM), FY24 Q4: 1.7% FCF margin (TTM), FY25 Q1: 1.6% FCF margin (TTM), FY25 Q2: 1.2% FCF margin (TTM), FY25 Q3: 1.6% FCF margin (TTM), FY25 Q4: 1.9% FCF margin (TTM), FY26 Q1: 1.8% FCF margin (TTM), FY26 Q2: 2.8% 2.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.2%
FY23 Q4 2.9%
FY24 Q1 2.3%
FY24 Q2 1.5%
FY24 Q3 0.5%
FY24 Q4 1.7%
FY25 Q1 1.6%
FY25 Q2 1.2%
FY25 Q3 1.6%
FY25 Q4 1.9%
FY26 Q1 1.8%
FY26 Q2 2.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 98.2 95.8 107.1 123.1 126.8 139.4 153.3 177.5 184.8 194.6 256.8 268.7 292.1 322.5 357.8 372.8 402.1 415.1
Gross profit 20.4 20.2 20.6 22.5 23.8 25.4 26.5 28.9 28.5 38.1 98.1 104.7 116.3 125.6 140.7 166.5 180.9 184.7
EBITDA 7.8 7.6 7.9 9.0 9.9 10.7 11.6 12.9 12.0 6.7 16.4 18.4 17.8 12.2 18.1 13.1 9.3 12.8
Operating income 6.4 6.1 6.3 7.2 8.0 8.8 9.5 10.4 9.5 4.0 12.0 13.9 13.3 8.0 13.7 8.5 4.7 8.3
Net income 3.7 3.4 3.5 3.9 4.6 4.6 5.2 5.3 6.6 −0.6 6.6 7.2 8.0 4.3 8.3 4.6 1.8 4.9
Diluted EPS $2.55 $2.49 $2.57 $3.02 $3.74 $3.96 $4.63 $4.90 $6.44 −$0.57 $5.08 $5.46 $6.02 $3.26 $6.47 $3.66 $1.39 $3.82
Growth (year on year)
Revenue +12.3% −2.5% +11.8% +15.0% +3.0% +9.9% +10.0% +15.8% +4.1% +5.3% +32.0% +4.6% +8.7% +10.4% +10.9% +4.2% +7.8% +7.4%
EBITDA +6.7% −2.7% +3.9% +13.5% +10.5% +8.3% +7.8% +11.2% −6.6% −43.9% +142.7% +12.2% −3.0% −31.6% +48.7% −27.6% −29.3% −5.7%
Operating income +6.3% −4.5% +3.2% +13.9% +11.5% +9.5% +7.7% +9.6% −8.2% −57.8% +198.1% +16.1% −4.3% −40.2% +72.8% −38.0% −45.3% −7.4%
Net income +15.6% −7.3% +1.0% +11.6% +18.8% +1.1% +12.8% +1.5% +24.5% −109.0% — +8.2% +11.5% −46.1% — −44.7% — —
Diluted EPS +17.0% −2.4% +3.2% +17.5% +23.8% +5.9% +16.9% +5.8% +31.4% −108.9% — +7.5% +10.3% −45.8% — −43.4% — —
Margins
Gross margin 20.7% 21.1% 19.2% 18.3% 18.8% 18.2% 17.3% 16.3% 15.4% 19.6% 38.2% 39.0% 39.8% 38.9% 39.3% 44.7% 45.0% 44.5%
EBITDA margin 8.0% 7.9% 7.4% 7.3% 7.8% 7.7% 7.5% 7.2% 6.5% 3.5% 6.4% 6.8% 6.1% 3.8% 5.1% 3.5% 2.3% 3.1%
Operating margin 6.5% 6.4% 5.9% 5.9% 6.3% 6.3% 6.2% 5.8% 5.2% 2.1% 4.7% 5.2% 4.6% 2.5% 3.8% 2.3% 1.2% 2.0%
Net margin 3.8% 3.6% 3.2% 3.1% 3.6% 3.3% 3.4% 3.0% 3.6% −0.3% 2.6% 2.7% 2.7% 1.3% 2.3% 1.2% 0.4% 1.2%
Free-cash-flow margin 1.5% 2.9% 3.7% 3.8% 3.0% 4.3% 4.0% 4.5% 3.3% 3.5% 4.0% 5.0% 5.4% 4.2% 2.9% 1.7% 1.9% 2.8%
Cash flow
Cash from operations 4.0 4.8 5.9 6.7 5.8 8.1 8.5 10.1 8.0 8.9 12.8 15.9 18.3 16.2 13.4 9.1 10.6 14.8
Capital spending 2.5 2.0 1.9 2.0 2.0 2.1 2.4 2.2 1.9 2.0 2.5 2.4 2.5 2.7 3.0 2.8 2.8 3.0
Free cash flow 1.5 2.8 4.0 4.6 3.8 6.0 6.2 7.9 6.1 6.8 10.4 13.4 15.7 13.5 10.4 6.3 7.8 11.8
Stock-based pay 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.5 0.4 0.6 0.5 0.5 0.7
Free cash flow after stock pay 1.3 2.6 3.8 4.5 3.7 5.8 5.9 7.7 5.9 6.5 9.9 13.0 15.3 13.0 9.8 5.8 7.3 11.0
Balance sheet
Cash 1.1 1.4 1.4 1.4 4.1 2.5 2.5 3.4 1.7 4.1 5.7 7.9 9.4 12.9 8.2 8.6 8.5 11.3
Total debt 11.5 10.4 10.1 9.8 13.4 13.0 27.7 27.7 28.3 — 68.5 64.6 56.2 52.3 61.6 66.3 64.6 61.4
Net debt (negative = net cash) 10.4 8.9 8.6 8.5 9.3 10.5 25.2 24.4 26.6 −4.1 62.8 56.8 46.8 39.3 53.4 57.7 56.1 50.1
Diluted shares 1,450m 1,377m 1,347m 1,280m 1,226m 1,169m 1,126m 1,079m 1,024m 1,044m 1,305m 1,314m 1,329m 1,323m 1,290m 1,262m 1,271m 1,279m
Returned to shareholders
Dividends 0.4 0.5 0.7 0.8 1.1 1.3 1.6 1.8 2.0 2.0 2.6 2.6 2.6 2.9 3.1 3.4 3.4 3.4
Buybacks 2.5 1.5 3.0 4.3 4.0 4.0 5.0 4.5 4.4 0.0 0.0 0.0 0.0 3.5 2.0 3.0 0.0 —
Total returned 2.9 2.0 3.7 5.2 5.1 5.3 6.6 6.3 6.4 2.0 2.6 2.6 2.6 6.4 5.1 6.4 3.4 3.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $253.8bn
Short-term assets $75.3bnLonger-term assets $178.4bn
What it owes, and who funded it · $253.6bn
Short-term liabilities $87.0bnLonger-term liabilities $86.8bnShareholders' equity $79.7bn
  • Short-term assets cover short-term liabilities $75.3bn of assets due within a year against $87.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $75.3bn short-term assets against $86.8bn of longer-dated liabilities.
  • More cash than debt $11.3bn of cash against $59.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 75% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 69% to 75% over five years.
  • A year's operating cash flow covers at least 20% of debt $14.8bn of operating cash flow against $59.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $8.3bn against $3.1bn of interest.

From CVS Health's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$3.4B
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$5B
Diluted share count
+1.2%
year over year
Total shareholder yield
3.0%
dividends 3.0% + buybacks 0.0% of market value
Dividend payout ratio
70%
of net income paid out
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated CVS CI BTSG LH DVA DGX Median
Revenue, last 12 months $415.1bn $282.4bn $15.3bn $14.6bn $14.2bn $11.8bn $1.2bn
Revenue growth, last 12 months 7.4% 7.8% 35.9% 6.0% 6.4% 9.1% 7.3%
Revenue growth, 3-year average 7.0% 14.9% — 6.6% 6.0% 8.4% 11.3%
Revenue growth, latest quarter 7.3% 6.7% 26.4% 6.9% 4.6% 10.0% 8.5%
Gross margin 44.5% 20.6% 12.5% 29.0% — 33.1% 27.9%
Operating margin 2.0% 3.5% 3.4% 10.3% 15.0% 14.6% 2.3%
Operating margin, 3-year average 2.6% 3.7% 2.0% 8.6% 15.2% 13.9% 2.3%
Net margin 1.2% 2.3% 2.7% 6.9% 6.5% 9.5% 1.2%
Cash from operations / revenue 3.6% 3.6% 4.0% 12.4% 13.2% 16.5% 6.1%
Free-cash-flow margin 2.8% 2.7% 3.2% 8.8% 9.1% 11.6% 5.1%
Free-cash-flow margin, 3-year average 1.8% 2.2% 1.9% 8.5% 10.0% 11.7% 3.6%
Stock pay / revenue 0.2% — 0.4% 0.9% 0.9% 0.7% 1.1%
Change in share count 1.2% −3.8% 6.4% −1.9% −14.1% −1.1% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 7.4% 7.3% 20 of 41
Change in growth rate Growth -0.3pp +1.1pp 27 of 41
Gross margin Profitability 44.5% 29.0% 9 of 27
Operating margin Profitability 2.0% 2.6% 21 of 40
Net margin Profitability 1.2% 1.2% 21 of 41
Free-cash-flow margin Cash generation 2.8% 5.1% 24 of 40
Stock pay as % of revenue Cash generation 0.2% 0.9% 1 of 35
Long-term debt as % of assets Balance sheet 23.4% 27.7% 15 of 31
Change in share count Balance sheet 1.2% 0.4% 22 of 39
Days sales outstanding Balance sheet 35 days 39 days 13 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $250B ▲ 7.9%
Services $15.2B ▼ 6.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From CVS Health's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$118B
Institutions reporting
2,060
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
291 / 106

Top buyers and sellers, Q2 2026: 1,063 institutions bought and 835 sold ; the biggest buyer was Bank Of America Corp (+13.8M shares) and the biggest seller Jpmorgan Chase & Co (−7.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $12.7B 123.2M 10.8% ▼ 2.1%
Vanguard Capital Management LLC $8.6B 83.3M 7.3% ▲ 0.8%
Capital World Investors $7.8B 75.0M 6.6% ▼ 3.0%
State Street Corp $6.2B 60.3M 5.3% ▲ 1.6%
Dodge & Cox $5.2B 50.0M 4.4% ▼ 3.4%
Wellington Management Group LLP $3.5B 33.8M 3.0% ▲ 49.8%
Geode Capital Management, LLC $3.1B 29.9M 2.6% ▲ 1.5%
FMR LLC $3B 28.9M 2.5% ▼ 7.3%
Vanguard Portfolio Management LLC $2.8B 26.6M 2.3% ▲ 2.5%
Capital Research Global Investors $2.5B 24.3M 2.1% ▲ 21.6%
Price T Rowe Associates Inc $2.5B 24.2M 2.1% ▲ 1.8%
Bank Of America Corp $2.4B 23.2M 2.0% ▲ 148.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CVS Health's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $324M 8 trades by 2 insiders · 0% under pre-set plans
Net ▼ $324M net selling
Insider Date Trade Shares Price Value
Robbins Larry Director May 21, 2026 Sell 370,462 $93.45 $34.6M
Robbins Larry Director May 20, 2026 Sell 800 $96.28 $77,026
Robbins Larry Director May 20, 2026 Sell 66,881 $95.67 $6.4M
Robbins Larry Director May 20, 2026 Sell 152,691 $94.81 $14.5M
Robbins Larry Director May 20, 2026 Sell 797,628 $93.48 $74.6M
Robbins Larry Director May 19, 2026 Sell 151 $95.18 $14,372
Robbins Larry Director May 19, 2026 Sell 1,983,387 $94.45 $187M
Mandadi Tilak EVP, Chief Exp & Tech Officer May 8, 2026 Sell 69,551 $89.58 $6.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 123 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of CVS Health shares.

  • Dwight Evans(D-PA 3):Sale (partial), $1,001 - $15,000, traded November 21, 2025, filed May 15, 2026
  • Dwight Evans(D-PA 3):Sale (full), $1,001 - $15,000, traded November 21, 2025, filed December 19, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 10, 2026
  • October 29, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on CVS Health was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CVS Health in brief

What does CVS Health do?
CVS Health is a US-listed company in the health care services industry. Its financial year ends in December.
What is CVS Health's stock ticker?
CVS Health trades under the ticker CVS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CVS Health's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CVS Health reported revenue of $415B, 7.4% higher than a year earlier, according to its SEC filings.
What is CVS Health's free cash flow?
CVS Health's free-cash-flow margin is 2.8% of revenue over the trailing twelve months, ranking 24 of the 40 health care services companies we cover.
What is CVS Health's fair value (intrinsic value) per share?
Our discounted-cash-flow model of CVS Health's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$81–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are CVS Health's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CVS Health buying back stock, and does it pay a dividend?
CVS Health spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 1.2% over the year.
What is CVS Health's market cap?
On November 2, 2026, CVS Health's market capitalisation was about $113B, with a price-to-earnings ratio of 23.2 and net debt of $50.1B. Market figures come from third-party market data and may be delayed.
Does CVS Health pay a dividend?
Yes: CVS Health paid $3.4B in dividends over the trailing twelve months, a dividend yield of 3.02% and a payout ratio of 69.9%.
How much debt does CVS Health have?
CVS Health's debt-to-equity ratio is 74.6%, from its latest balance sheet (69.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are CVS Health's competitors?
In our Health Care Services peer group, the companies closest to CVS Health are Cigna, Brightspring Health Services, Inc., Labcorp, DaVita and Quest Diagnostics. The side-by-side comparison below sets their revenue, margins and growth against CVS Health's.
Are insiders buying or selling CVS Health stock?
Over the last 12 months, CVS Health's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is CVS Health's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CVS Health announces its own schedule.