CVS Health (CVS)

Health Care · $109B market cap · SEC CIK 0000064803

Next reports on Feb 8, 2027, after the close, with analysts expecting $1.16 in earnings per share.

52-week range $69.51 to $110.68. 20% below its 52-week high and 28% above its low.

The case for CVS

• Free cash flow of 7.2% of its market value a year: a lot of cash for the price.
• Earnings per share up 2150.2%.
• Pays a 3.5% dividend while you wait.
• Reasonably priced for its growth: 9.9× earnings, where 0% a year of growth plus a 3.5% dividend would justify about 13×.
• Moves less than the market (beta 0.54).
• Price/sales of 0.3× is lower than 95% of Health Care companies.

The case against

• Long-term debt of $60.5B would take 6 years of operating cash flow to repay.
• Operating profit covers its interest bill only 1.7 times.
• Net margin of 2.6% leaves very little room for error.
• Current liabilities exceed current assets (ratio 0.85).

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.

The financials

The financials, five years deep

Pulled from CVS Health's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What CVS Health says it does

Overview CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health,” the “Company,” “we,” “our” or “us”), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, we had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. We serve an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). We are creating new sources of value through our integrated model allowing us to expand into personalized, technology driven…

Risk factors CVS lists in its 10-K

• Adverse economic conditions in the U.S. and abroad can materially and adversely impact our businesses, operating results, cash flows and financial condition
• Each of our segments operates in a highly competitive and evolving business environment; and operating income in the industries in which we compete may decline
• A change in our Health Care Benefits product mix may adversely affect our profit margins
• Our Health Care Delivery businesses face unique risks
• Negative public perception of the industries in which we operate, or of our industries’ or our practices, can adversely affect our businesses, operating results, cash flows and prospects
• We must maintain and improve our relationships with our retail and specialty pharmacy customers and increase the demand for our products and services, including proprietary brands
• We face risks relating to the availability, pricing and safety profiles of prescription drugs that we purchase and sell
• Extreme events, or the threat of extreme events, could materially impact our businesses
• We may be unable to achieve our corporate responsibility and sustainability goals
• If we fail to comply with applicable laws and regulations, many of which are highly complex, we could be subject to significant adverse regulatory actions, including monetary penalties, or suffer brand and reputational harm
• If our compliance or other systems and processes fail or are deemed inadequate, we may suffer brand and reputational harm and become subject to contractual damages, regulatory actions and/or litigation
• We may face increased regulatory risks related to our vertical integration strategy
• We face unique regulatory and other challenges in our Medicare and Medicaid businesses
• Programs funded in whole or in part by the U.S. federal government are particularly sensitive to reduced government funding and regulatory changes
• Possible changes in industry pricing benchmarks and drug pricing generally can adversely affect our PBM and Pharmacy & Consumer Wellness businesses
• Our operating results may be adversely affected by changes in laws and policies governing employers and by union organizing activity
• We face international political, legal and compliance, operational, regulatory, economic and other risks that may be more significant than in our domestic operations
• Failure to meet customer expectations may harm our brand and reputation, our ability to retain and grow our customer base and membership and our operating results and cash flows
• Product liability, product recall, professional liability or personal injury issues could damage our reputation and have a significant adverse effect on our businesses, operating results, cash flows and/or financial condition
• Failure of our businesses to effectively collaborate could prevent us from maximizing our operating results
• We are subject to payment-related risks that could increase our operating costs, expose us to fraud or theft, subject us to new rules and other requirements and potential liability and may disrupt our business operations
• We would be adversely affected if we do not effectively deploy our capital
• Downgrades or potential downgrades in our credit ratings, should they occur, could adversely affect our brand and reputation, businesses, operating results, cash flows and financial condition
• Goodwill and other intangible assets could, in the future, become impaired
• We face risks relating to the market availability, pricing, suppliers and safety profiles of prescription drugs and other products that we purchase and sell
• Our operating results may be adversely affected if we are unable to contract with providers on competitive terms and develop and maintain attractive networks with high quality providers
• Continuing consolidation and integration among providers and other suppliers may increase our medical and other covered benefit costs, make it difficult for us to compete in certain geographies and create new competitors

Filings

Other Health Care companies