CVS Health
CVS NYSE Health Care Services Financials FY2016–FY2025
CVS Health's revenue rose 7.8% to $402.1 billion in fiscal 2025. Its operating margin was 1.2%, down from 2.3% a year earlier. Free cash flow was $7.8 billion, up 23.4%. It paid out $3.4 billion in dividends and buybacks, 44% of free cash flow. The diluted share count rose 0.7%.
What CVS Health does
CVS Health is a U.S. health care company that combines drugstores, a pharmacy benefits manager, and health insurance. At the end of 2025 it had about 9,000 retail locations and more than 1,000 walk-in and primary care clinics. Its pharmacy benefits manager, which negotiates drug prices and manages prescription coverage for employers and health plans, served approximately 87 million plan members.
It reports three main segments. Health Care Benefits is its Aetna insurance business, serving an estimated more than 37 million people with medical, pharmacy, dental and behavioral health plans, including Medicare Advantage, Medicare Part D and Medicaid plans, mostly through employers, government programs or individual purchase. Health Services covers the pharmacy benefits manager, mail-order and specialty pharmacies and primary care centers. Pharmacy & Consumer Wellness runs the retail drugstores and pharmacies.
It makes money from insurance premiums, from fees and drug sales through its pharmacy benefits business, and from sales and prescriptions filled in its stores. It notes that competitors in each of its businesses may offer services and pricing it is not willing or able to match. It left the individual public insurance exchanges in the states where Aetna operated, effective January 2026.
- Legal name
- CVS HEALTH CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0000064803-26-000010
0000064803
Revenue and margins
CVS Health had $402.1B of revenue in fiscal 2025, up 7.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −13.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.8B in fiscal 2025, 1.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
CVS Health returned $3.4B to shareholders in fiscal 2025, 44% of free cash flow. The diluted share count rose 0.7%.
Value CVS Health yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$54.0B and divides by 1,271.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 24.6x · peers 21.2x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably CVS Health can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $12.5B | $15.7B | $11.5B | $11.0B | $10.6B |
| Debt incl. finance leases | $56.2B | $52.3B | $61.6B | $66.3B | $64.6B |
| Net debt / EBITDA | 2.5x | 3.0x | 2.8x | 4.2x | 5.8x |
| Debt / equity | 0.8x | 0.7x | 0.8x | 0.9x | 0.9x |
| Interest coverage | 5.3x | 3.5x | 5.2x | 2.9x | 1.5x |
| Current ratio | 0.9x | 1.0x | 0.9x | 0.8x | 0.8x |
| Quick ratio | 0.6x | 0.7x | 0.6x | 0.6x | 0.6x |
| Total assets | $233.0B | $228.3B | $249.7B | $253.2B | $253.5B |
| Total liabilities | $157.6B | $156.5B | $173.1B | $177.5B | $178.2B |
| Shareholders' equity | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
| Net debt (− = net cash) | $43.7B | $36.5B | $50.2B | $55.3B | $54.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$324M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 21, 2026 | Larry RobbinsDirector | Sold | 370,462 | $93.45 | $34.6M | Form 4 |
| May 20, 2026 | Larry RobbinsDirector | Sold | 1,018,000 | $93.83 | $95.5M | Form 4 |
| May 19, 2026 | Larry RobbinsDirector | Sold | 1,983,538 | $94.45 | $187M | Form 4 |
| May 8, 2026 | Tilak MandadiEVP, Chief Exp & Tech Officer | Sold | 69,551 | $89.58 | $6.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 7 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −2.1% | −1.8% | −3.5% |
| Altman Z'' | 1.34 | 1.07 | 0.99 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| CVS Health CVS | $120.3B | 7.9% | 1.2% | 1.9% | 2.9% | 24.6x | 7 | |
| Cigna CI | $81.0B | 11.2% | 3.4% | — | 11.7% | 12.7x | 7 | Compare → |
| Labcorp LH | $27.0B | 7.3% | 9.9% | 8.6% | 8.2% | 27.2x | 7 | Compare → |
| DaVita DVA | $12.1B | 6.5% | 15.0% | 9.6% | 17.6% | 15.1x | 6 | Compare → |
| BrightSpring Health Services BTSG | $13.2B | 28.2% | 2.3% | 3.1% | 5.3% | 36.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $177.5B | $184.8B | $194.6B | $256.8B | $268.7B | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| Gross profit | $28.9B | $28.5B | $38.1B | $98.1B | $104.7B | $116.3B | $125.6B | $140.7B | $166.5B | $180.9B |
| Operating income | $10.4B | $9.5B | $4.0B | $12.0B | $13.9B | $13.3B | $8.0B | $13.7B | $8.5B | $4.7B |
| Interest expense | $1.1B | $1.1B | $2.6B | $3.0B | $2.9B | $2.5B | $2.3B | $2.7B | $3.0B | $3.1B |
| Pretax income | $8.6B | $8.3B | $1.4B | $9.0B | $9.8B | $10.5B | $5.8B | $11.2B | $6.1B | $2.1B |
| Income tax | $3.3B | $1.6B | $2.0B | $2.4B | $2.6B | $2.5B | $1.5B | $2.8B | $1.6B | $408M |
| Net income | $5.3B | $6.6B | −$594M | $6.6B | $7.2B | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| Diluted EPS | $4.90 | $6.44 | −$0.57 | $5.08 | $5.46 | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 |
| Diluted shares | 1.08B | 1.02B | 1.04B | 1.31B | 1.31B | 1.33B | 1.32B | 1.29B | 1.26B | 1.27B |
| Cash flow | ||||||||||
| Cash from operations | $10.1B | $8.0B | $8.9B | $12.8B | $15.9B | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| Capital expenditure | $2.2B | $1.9B | $2.0B | $2.5B | $2.4B | $2.5B | $2.7B | $3.0B | $2.8B | $2.8B |
| Free cash flow | $7.9B | $6.1B | $6.8B | $10.4B | $13.4B | $15.7B | $13.5B | $10.4B | $6.3B | $7.8B |
| Depreciation and amortization | $2.5B | $2.5B | $2.7B | $4.4B | $4.4B | $4.5B | $4.2B | $4.4B | $4.6B | $4.6B |
| Stock-based compensation | $222M | $234M | $280M | $453M | $400M | $484M | $447M | $588M | $540M | $535M |
| Acquisitions | $524M | $1.2B | $42.2B | $444M | $866M | $146M | $139M | $16.6B | $95.0M | $436M |
| Share buybacks | $4.5B | $4.4B | $0.0M | $0.0M | $0.0M | $0.0M | $3.5B | $2.0B | $3.0B | $0.0M |
| Dividends paid | $1.8B | $2.0B | $2.0B | $2.6B | $2.6B | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| Dividends and buybacks | $6.3B | $6.4B | $2.0B | $2.6B | $2.6B | $2.6B | $6.4B | $5.1B | $6.4B | $3.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.5B | $1.8B | $6.6B | $8.1B | $10.9B | $12.5B | $15.7B | $11.5B | $11.0B | $10.6B |
| Total debt | $27.6B | $28.3B | $74.1B | $68.5B | $64.6B | $56.2B | $52.3B | $61.6B | $66.3B | $64.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $808M | $1.1B | $1.3B | $1.5B | $1.4B | $1.4B | $1.3B |
| Current assets | $31.0B | $31.2B | $45.2B | $50.3B | $56.4B | $60.0B | $65.6B | $67.9B | $68.6B | $74.7B |
| Current liabilities | $26.3B | $30.6B | $44.0B | $53.3B | $62.0B | $67.8B | $69.4B | $79.2B | $84.6B | $88.7B |
| Inventory | $14.8B | $15.3B | $16.5B | $17.5B | $18.5B | $17.8B | $19.1B | $18.0B | $18.1B | $19.2B |
| Property and equipment, net | $10.2B | $10.3B | $11.3B | $12.0B | $12.6B | $12.9B | $12.9B | $13.2B | $13.0B | $13.1B |
| Total assets | $94.5B | $95.1B | $196.5B | $222.4B | $230.7B | $233.0B | $228.3B | $249.7B | $253.2B | $253.5B |
| Total liabilities | $57.6B | $57.4B | $137.9B | $158.3B | $161.0B | $157.6B | $156.5B | $173.1B | $177.5B | $178.2B |
| Shareholders' equity | $36.8B | $37.7B | $58.2B | $63.9B | $69.4B | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
| Margins | ||||||||||
| Gross margin | 16.3% | 15.5% | 19.6% | 38.2% | 39.0% | 39.8% | 38.9% | 39.3% | 44.7% | 45.0% |
| Operating margin | 5.9% | 5.2% | 2.1% | 4.7% | 5.2% | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% |
| EBITDA margin | 7.2% | 6.5% | 3.5% | 6.4% | 6.8% | 6.1% | 3.8% | 5.1% | 3.5% | 2.3% |
| Net margin | 3.0% | 3.6% | −0.3% | 2.6% | 2.7% | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% |
| FCF margin | 4.5% | 3.3% | 3.5% | 4.1% | 5.0% | 5.4% | 4.2% | 2.9% | 1.7% | 1.9% |
| Returns | ||||||||||
| Return on capital | 10.4% | 12.2% | 2.1% | 7.1% | 8.3% | 8.3% | 5.2% | 8.8% | 4.9% | 2.9% |
| Return on capital employed | 15.1% | 14.4% | 3.7% | 7.5% | 8.2% | 8.0% | 4.9% | 8.3% | 5.0% | 2.8% |
| Return on equity | 14.4% | 17.8% | −1.2% | 10.9% | 10.8% | 11.1% | 5.9% | 11.3% | 6.1% | 2.4% |
| Return on assets | 5.7% | 7.0% | −0.4% | 3.2% | 3.2% | 3.5% | 1.9% | 3.5% | 1.8% | 0.7% |
| Growth | ||||||||||
| Revenue growth | 15.8% | 4.1% | 5.3% | 32.0% | 4.7% | 8.7% | 10.4% | 11.0% | 4.2% | 7.9% |
| Net income growth | 1.5% | 24.5% | −109.0% | — | 8.2% | 11.5% | −46.1% | 93.6% | −44.7% | −61.7% |
| EPS growth | 5.8% | 31.4% | −108.9% | — | 7.5% | 10.3% | −45.9% | 98.5% | −43.4% | −62.0% |
| FCF growth | 28.3% | −23.1% | 12.1% | 52.2% | 29.2% | 17.3% | −14.6% | −22.7% | −39.1% | 23.4% |
| Share count change | −4.2% | −5.1% | 2.0% | 25.0% | 0.7% | 1.1% | −0.5% | −2.5% | −2.2% | 0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.9x | 2.2x | 10.0x | 3.7x | 2.9x | 2.5x | 3.0x | 2.8x | 4.2x | 5.8x |
| Debt / equity | 0.8x | 0.8x | 1.3x | 1.1x | 0.9x | 0.8x | 0.7x | 0.8x | 0.9x | 0.9x |
| Interest coverage | 9.6x | 9.0x | 1.5x | 4.0x | 4.8x | 5.3x | 3.5x | 5.2x | 2.9x | 1.5x |
| Current ratio | 1.2x | 1.0x | 1.0x | 0.9x | 0.9x | 0.9x | 1.0x | 0.9x | 0.8x | 0.8x |
| Quick ratio | 0.6x | 0.5x | 0.7x | 0.6x | 0.6x | 0.6x | 0.7x | 0.6x | 0.6x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.3% | 1.0% | 1.1% | 1.0% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% | 0.7% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% |
| Payouts / FCF | 79.6% | 105.3% | 29.9% | 25.1% | 19.5% | 16.7% | 47.6% | 49.5% | 101.1% | 43.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 5.0 | 6.0 | 5.0 | 7.0 | 7.0 | 7.0 | 5.0 | 7.0 |
| Altman Z'' | 3.1 | 2.9 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 | 1.1 | 1.0 |
| Accruals ratio | −5.2% | −1.5% | −6.5% | −3.0% | −3.8% | −4.4% | −5.1% | −2.1% | −1.8% | −3.5% |
Source: SEC EDGAR XBRL filings (CIK 0000064803). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.