CVS Health Corporation (CVS)

NYSE: CVS · USD

$90.1

-1.05 (-1.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-22

Our latest published analysis: CVS rated Buy

CVS Health Corporation's published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$107 / share

Potential value

$177 / share

Upside to FV

+14.8%

from $90.1

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$119.5B
Revenue (ttm)	412.6B
Net income (ttm)	4.9B
EPS (ttm)	$3.82
Shares out	1.3B
P/E (trailing)	23.6x
P/E (forward)	10.7x
Dividend	$2.66 (2.96%)
Volume	3,596,555
Beta	0.60

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 412.6B
Net income (ttm): 4.9B
EPS (ttm): $3.82
P/E (trailing): 23.6x
P/E (forward): 10.7x
Market cap: $119.5B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$292.11B	$322.47B	$357.78B	$372.81B	$402.07B	+8.3%
Gross profit	$52.12B	$54.50B	$54.43B	$51.40B	$55.36B	+1.5%
Operating income	$13.31B	$7.95B	$13.74B	$8.52B	$4.66B	-23.1%
Net income	$8.00B	$4.31B	$8.34B	$4.61B	$1.77B	-31.4%
EPS (diluted)	$6.02	$3.26	$6.47	$3.66	$1.39	-30.7%
EBITDA	$17.53B	$12.35B	$13.74B	$13.68B	$9.86B	-13.4%
R&D	—	—	—	—	—	—
SG&A	$36.23B	$37.18B	$38.36B	$40.24B	$970.0M	-59.5%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	売り
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	売り
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	強い買い
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	売り
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	縮小
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	縮小

Base and Bull scenarios

Base60%

Price target

$107.29

+14.8% from spot

The Base case represents the modal expected trajectory, delivering our intrinsic Fair value of $107.29 per share. Underwriting discipline drives Health Care Benefits MBR compression, supporting steady operating margin expansion through FY2027. Robust cash flow generation funds consistent debt reduction, steadily lowering financial leverage and driving sustainable earnings expansion.

Consolidated revenue expands steadily at a low-single-digit rate from FY2025 through FY2027.
Operating margin normalizes progressively from FY2025 through FY2026 and FY2027 toward long-term historical levels by FY2030.
Adjusted diluted earnings per share expand consistently across FY2026 and FY2027 as underwriting recovery takes hold.
Operating cash flow remains robust in FY2026, funding substantial annual balance-sheet debt retirement.

Bull20%

Price target

$176.72

+89.1% from spot

In the Bull case, Medicare Advantage repricing exceeds expectations and medical loss ratios drop rapidly below baseline underwriting targets, while Caremark captures significant biosimilar and incretin dispensing volumes. Operating margins rebound toward historical peaks, generating accelerated cash flows that enable complete debt repayment ahead of schedule and substantial share repurchases.

Health Care Benefits medical benefit ratio compresses significantly by FY2027 as Medicare Advantage repricing gains compound.
Operating margin expands substantially toward historical peak levels by FY2028, supported by biosimilar adoption and retail pharmacy cost efficiencies.
Consolidated revenue growth accelerates above trend annually, driven by incretin dispensing volume and commercial market share gains.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($107.29). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.2%	$116	$119	$122	$126	$130
7.7%	$109	$112	$114	$117	$120
8.2%	$103	$105	$107	$110	$112
8.7%	$98.1	$99.7	$101	$103	$105
9.2%	$93.6	$95.0	$96.4	$98.0	$99.7

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E10.7

P25 n/aP50 n/aP75 n/a

Trailing P/E24.9

P25 n/aP50 n/aP75 n/a

ROE6.2

P25 n/aP50 n/aP75 n/a

ROIC7.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All CVS indicators

Market & fundamental data

Available fields

293

Groups with data

Currency

USD

Showing 293 of 293 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000064803
Company name	CVS Health Corporation
Country	United States
Country code	US
CUSIP number	126650100
Earnings date	2026-11-04
Earnings time	bmo
Employees	300,000
Employees change	0
Employees growth	0%
Enterprise value	$177.6B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1963
In index	SP500
Industry	Healthcare Plans
Is primary listing	Yes
Is SPAC	No
ISIN number	US1266501006
Last 10-K release date	2026-02-10
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split date	2005-06-07
Last stock split type	Forward
Market cap	$115.2B
Market cap category	Large-Cap
Next earnings date	2026-11-04
Options	Yes
Price	$90.09
Price currency	USD
Sector	Healthcare
SIC code	5912
Stock price date	2026-10-28
Symbol	CVS
Tags	pharmaceuticals
U.S. state	Rhode Island
Website	https://www.cvshealth.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.49x
Average P/E ratio (10Y)	23.26x
Average P/E ratio (3Y)	35.75x
Average P/E ratio (5Y)	30.59x
Earnings yield	4.24%
EV/Earnings	36.34x
EV/EBIT	14.62x
EV/EBITDA	10.65x
EV/FCF	15.11x
EV/Sales	0.43x
FCF / EV yield	6.62%
FCF yield	10.19%
Forward EV/Sales	0.42x
Forward P/E	11.08x
Forward P/S	0.27x
Graham number	73.17971
Graham upside	-18.87%
Industry forward P/E	15.03x
Industry P/E	21.44x
Lynch fair value	$19.08
Lynch upside	-78.84%
P/(FCF - SBC) ratio	10.45x
P/(OCF - SBC) ratio	8.2x
P/B ratio	1.46x
P/E ratio	23.6x
P/FCF ratio	9.81x
P/OCF ratio	7.81x
P/S ratio	0.28x
PEG ratio	0.95x
Price/EBITDA ratio	6.92x
Sector forward P/E	23.56x
Sector P/E	50.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	2.95%
EBITDA margin	4.04%
Effective tax rate	15.59%
FCF margin	2.85%
Gross margin	13.64%
Operating margin	2.95%
Pretax margin	1.4%
Profit margin	1.19%
Profit per employee	$16,300
Profitable quarters	3
Profitable years	7
Revenue per employee	$1.4M
ROA	2.97%
ROA (5Y)	3.25%
ROCE	7.29%
ROE	6.21%
ROE (5Y)	7.3%
ROIC	7.17%
ROIC (5Y)	6.76%
SBC / revenue	0.17%
Tax / revenue	0.22%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	6.3%
EPS growth (Q)	188.75%
EPS growth (QoQ)	0.43%
EPS growth 10Y	-1.29%
EPS growth 3Y	18.83%
EPS growth 5Y	-6.92%
EPS growth quarters	3
EPS growth years	0
FCF growth	145.98%
FCF growth (Q)	338.3%
FCF growth (QoQ)	66.29%
FCF growth 3Y	-12.7%
FCF growth 5Y	0.24%
Gross profit growth	10.11%
Gross profit growth (Q)	15.28%
Gross profit growth 3Y	1.97%
Gross profit growth 5Y	3.1%
Net income growth	7.92%
Net income growth (Q)	191.77%
Net income growth (QoQ)	1.22%
Net income growth 3Y	18.15%
Net income growth 5Y	-7.45%
Net income growth quarters	3
Net income growth years	0
OCF growth	95.3%
OCF growth (Q)	234.48%
OCF growth (QoQ)	49.33%
OCF growth 10Y	4.54%
OCF growth 3Y	-10.36%
OCF growth 5Y	0.83%
Operating income growth	30.17%
Operating income growth (Q)	47.59%
Operating income growth 3Y	-5.64%
Operating income growth 5Y	-1.43%
Revenue growth	7.37%
Revenue growth (Q)	7.14%
Revenue growth (QoQ)	5.61%
Revenue growth 10Y	9.49%
Revenue growth 3Y	6.87%
Revenue growth 5Y	8.28%
Revenue growth quarters	53
Revenue growth years	15

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3B
Depreciation and amortization	$4.5B
EBIT	$12.2B
EBITDA	$16.7B
EPS	$3.82
FCF per share	$9.19
Financing cash flow	$-8.4B
Free cash flow	$11.8B
Free cash flow minus SBC	$11B
Gross profit	$56.3B
Income taxes	$902M
Investing cash flow	$-6.8B
Net borrowing	$-5.2B
Net cash flow	$-488M
Net income	$4.9B
Operating cash flow minus SBC	$14.1B
Operating income	$12.2B
Revenue	$412.6B
Stock-based compensation	$715M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.43
Book value per share	$62.36
Debt / EBITDA	3.87
Debt / equity	0.96
Debt / FCF	6.49
Goodwill	$85.5B
Interest coverage	3.92
Long-term assets	$178.4B
Long-term liabilities	$86.8B
Net cash (debt)	$-62.3B
Net cash / market cap	-54.05%
Net debt / EBITDA	3.74
Net debt / equity	0.78
Net debt / FCF	5.3
Piotroski F-Score	7
Property, plant and equipment	$27.6B
Shareholders' equity	$79.9B
Tangible book value	$-30.4B
Tangible book value per share	$-23.80
Total assets	$253.8B
Total cash	$14B
Total debt	$76.3B
Total liabilities	$173.9B
WACC	5.9%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	1.61
Current assets	$75.3B
Current liabilities	$87B
Current ratio	0.87
Inventory turnover	20.32
Net working capital	$-21.8B
Quick ratio	0.62
Working capital	$-11.7B
Working capital turnover	-27.32

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-1.19%
Dividend growth	0%
Dividend growth (10Y)	4.58%
Dividend growth (3Y)	3.2%
Dividend growth (5Y)	5.87%
Dividend growth years	0
Dividend payment date	2026-11-02
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$2.66
Dividend yield	2.96%
Ex-dividend date	2026-10-22
FCF payout ratio	28.93%
Last dividend	$0.67
Payout ratio	69.7%
Shareholder yield	1.76%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	3.29%
10Y return CAGR	3.49%
10Y total return	40.95%
150-day SMA	$92.56
15Y price change	141.58%
15Y return CAGR	8.83%
15Y total return	255.82%
1D price change	-1.15%
1M price change	1.04%
1M total return	1.77%
1W price change	-4.95%
1W total return	-4.27%
1Y price change	9.23%
1Y return CAGR	12.59%
1Y total return	12.58%
20-day SMA	$90.01
200-day SMA	$88.69
20Y price change	188.65%
20Y return CAGR	7.76%
20Y total return	346.18%
3M price change	-15.89%
3M total return	-15.28%
3Y price change	35.86%
3Y return CAGR	15.01%
3Y total return	52.13%
50-day SMA	$91.36
50-day SMA vs 200-day SMA	50over200
52-week high	$110.68
52-week high date	2026-07-22
52-week low	$69.51
52-week low date	2026-03-30
5Y price change	2.24%
5Y return CAGR	3.86%
5Y total return	20.84%
6M price change	14.93%
6M total return	16.47%
All-time high	$113.65
All-time high date	2015-07-29
All-time low	$0.30
All-time low date	1974-12-23
Average true range (ATR)	$2.15
Average volume	8.2M
Beta (1Y)	0.02
Beta (2Y)	0.44
Beta (5Y)	0.6
Change from 52-week high	-18.61%
Change from 52-week low	29.6%
Change from all-time high	-20.76%
Change from all-time low	30,233.45%
Change from open	-0.52%
Day's gap	-0.63%
Dollar volume	$324M
High price	$91.38
Low price	$89.94
Monthly RSI	56.25
Open price	$90.56
Position in 52-week range	10.07%
Premarket change	-0.5%
Premarket close	$91.13
Premarket price	$90.67
Premarket volume	3K
Previous close	$91.13
Price vs 150-day SMA	-2.7%
Price vs 20-day SMA	0.06%
Price vs 200-day SMA	1.55%
Price vs 50-day SMA	-1.43%
Relative volume	0.44
RSI	46.77
Sharpe ratio	0.41
Sharpe ratio (3Y)	0.43
Sharpe ratio (5Y)	0.16
Sortino ratio	0.75
Sortino ratio (3Y)	0.77
Sortino ratio (5Y)	0.41
Volume	3.6M
Weekly RSI	48.74
YTD price change	13.48%
YTD total return	16.97%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.3B
Float percentage	99.8%
Shares change (QoQ)	0.63%
Shares change (YoY)	1.19%
Shares held by insiders	0.09%
Shares held by institutions	90.41%
Shares outstanding	1.3B
Short % of float	1.29%
Short % of shares	1.29%
Short ratio	2.1 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	163

Deeper analysis on CVS

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this CVS report

What is the latest published CVS stock rating?

CVS Health Corporation is shown with Buy in the latest published report, analyzed 2026-10-22. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full CVS analysis?

The full latest published report, analyzed 2026-10-22, lives at /stocks/CVS/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for CVS?

The latest published report analyzed 2026-10-22 gives CVS a fair value of USD 107 and a potential value of USD 177. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the CVS page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-22). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyCVS · Fair value $107+14.8%

Read full analysis →

CVS Health Corporation (CVS)

Our latest published analysis: CVS rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · CVS

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All CVS indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on CVS

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	7.5
Management	6.5
Balance Sheet	3.0
Profitability	5.0
Revenue Growth	6.0
Risk Assessment	6.0
Competitive Moat	6.5
Earnings Quality	9.0
Capital Efficiency	2.5