Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026
Basics
Sector
Healthcare
Industry
Healthcare Plans
Country
United States
Market cap
116.9B USD
Enterprise value
165.6B USD
Full-time employees
219,000
Overall health
Strength:its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 0.87 vs a peer median of 2.59) and more debt relative to equity (0.77× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 0.87 vs peers 2.59) and more debt vs equity (0.77× vs peers 0.22×)
About average: profitability and growth
Ranks #689 of 1,157 healthcare companies (bottom 41%)
Operating margin at a 6-year low.1.2% in 2025, the weakest of the last 6 years.
CVS Health's operating margin fell to 1.2% in 2025, its lowest in the 6 years of filings we have.
Sales growing faster than profits.Since 2022 (an unusually weak year for operating profit): revenue +25%, operating profit −41%.Since 2022: revenue +25%, operating profit −41%.
Since 2022, CVS Health's revenue changed +25% while operating profit fell 41%: costs rose faster than sales.
Cash flow well above reported profit. Free cash flow is 2.4× reported profit.
Free cash flow is 2.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $268.7B in 2020 to $402.1B in 2025.
CVS Health's fiscal-year revenue rose in each of the five years to 2025, from $268.7B to $402.1B.
Why it changed since the Oct 27, 2026 close: Safety percentile 24 → 23
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about CVS Health
Is CVS Health getting weaker?
Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is CVS Health valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 70/100 against 1,393 healthcare peers.EBITDA yield 7.8% vs a peer median of 4.0% (stronger than 74% of peers).EBITDA yield 7.8% vs peers 4.0% (stronger than 74% of peers).
Is CVS Health growing?
At about the same pace as its peers. Growth scores 49/100 against 1,393 healthcare peers.
How profitable is CVS Health?
About as profitable as its peers. Profitability scores 44/100 against 1,393 healthcare peers.Operating margin 2.0% vs a peer median of 7.1% (weaker than 63% of peers).Operating margin 2.0% vs peers 7.1% (weaker than 63% of peers).
How risky is CVS Health?
Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Current ratio 0.87× vs a peer median of 2.59× (weaker than 93% of peers).Current ratio 0.87× vs peers 2.59× (weaker than 93% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
407.9B USD
415.1B USD
+1.8%
Net income (12 months)
2.9B USD
4.9B USD
+66.8%
Operating margin
1.5%
2.0%
+0.5 pts
Free cash flow (12 months)
7.4B USD
11.8B USD
+59.0%
Debt
63.1B USD
61.4B USD
−2.7%
Cash
9.5B USD
11.3B USD
+18.7%
Shares outstanding
1.28B
1.28B
+0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Healthcare Plans companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
4.6%
2.5%
3.8%
2.3%
1.2%
▼ 1.1 pts
Net margin
2.7%
1.3%
2.3%
1.2%
0.4%
▼ 0.8 pts
Return on assets (ROA)
3.4%
1.9%
3.3%
1.8%
0.7%
▼ 1.1 pts
Return on equity (ROE)
10.7%
6.0%
10.9%
6.1%
2.4%
▼ 3.8 pts
Debt to equity
0.75×
0.73×
0.81×
0.88×
0.86×
▼ 2.1%
Interest coverage
5.32×
3.48×
5.17×
2.88×
1.49×
▼ 48%
CVS price history
Price history is added with the daily price update and will appear after the next one.