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CVS Health key statistics and ratios

In fiscal 2025, CVS Health had return on equity of 2.3% and a net margin of 0.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin3.8%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%
Return on equity10.3%9.3%9.1%10.2%12.1%12.2%13.9%14.4%17.8%−1.2%10.9%10.8%11.1%5.9%11.3%6.1%2.3%6.3%
Return on assets6.0%5.5%5.5%5.9%6.7%6.4%6.3%5.7%7.0%−0.4%3.0%3.2%3.5%1.9%3.5%1.8%0.7%1.9%
Effective tax rate37.3%38.9%39.3%38.6%38.9%39.5%39.3%38.4%19.8%—26.3%26.3%24.2%25.9%25.1%25.4%19.1%15.6%
Dividends ÷ net income11.9%14.0%19.5%21.5%23.9%27.7%30.1%34.6%30.9%—39.2%36.6%32.8%67.4%37.5%73.1%192.1%69.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CI vs CVSBTSG vs CVSCVS vs LH

More: Health Care Services stocks compared, Health Care sector, rankings of US companies

Figures from CVS Health's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to CVS Health.