BrightSpring Health Services vs CVS Health
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The short version
- CVS Health is the larger business, with $402.1B of revenue in fiscal 2025 against $12.9B for BrightSpring Health Services, about 31 times as much.
- BrightSpring Health Services grew revenue faster (28.2%, against 7.9%).
- BrightSpring Health Services kept more of each dollar of sales as operating profit (2.3% operating margin, against 1.2%).
- BrightSpring Health Services turned more of its sales into free cash flow (3.1% FCF margin, against 1.9%).
- BrightSpring Health Services earned a higher return on the capital invested in it (5.3%, against 2.9%).
- Investors pay more for each dollar of BrightSpring Health Services’s earnings: a P/E of 36.2x against 24.6x for CVS Health.
| Latest fiscal year | BTSG · FY25 | CVS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.2B | $120.3B |
| Revenue | $12.9B | $402.1B |
| Free cash flow | $395M | $7.8B |
| Net income | $191M | $1.8B |
| Growth | ||
| Revenue growth | 28.2% | 7.9% |
| 5-year growth | — | 8.4% |
| Share count change | 13.9% | 0.7% |
| Profitability | ||
| Gross margin | 11.8% | 45.0% |
| Operating margin | 2.3% | 1.2% |
| Net margin | 1.5% | 0.4% |
| FCF margin | 3.1% | 1.9% |
| Return on capital | 5.3% | 2.9% |
| Return on equity | 10.8% | 2.4% |
| Balance sheet | ||
| Net debt | $2.4B | $54.0B |
| Net debt / EBITDA | 5.3x | 5.8x |
| Dividends and buybacks | $43.2M | $3.4B |
| Valuation & quality | ||
| P/E | 36.2x | 24.6x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BTSG —
CVS $177.5B
FY17
BTSG —
CVS $184.8B
FY18
BTSG —
CVS $194.6B
FY19
BTSG —
CVS $256.8B
FY20
BTSG —
CVS $268.7B
FY21
BTSG —
CVS $292.1B
FY22
BTSG $7.7B
CVS $322.5B
FY23
BTSG $7.7B
CVS $357.8B
FY24
BTSG $10.1B
CVS $372.8B
FY25
BTSG $12.9B
CVS $402.1B
BTSG
CVS
Operating margin
FY16
BTSG —
CVS 5.9%
FY17
BTSG —
CVS 5.2%
FY18
BTSG —
CVS 2.1%
FY19
BTSG —
CVS 4.7%
FY20
BTSG —
CVS 5.2%
FY21
BTSG —
CVS 4.6%
FY22
BTSG 2.4%
CVS 2.5%
FY23
BTSG 0.8%
CVS 3.8%
FY24
BTSG 1.1%
CVS 2.3%
FY25
BTSG 2.3%
CVS 1.2%
BTSG
CVS
Free cash flow
FY16
BTSG —
CVS $7.9B
FY17
BTSG —
CVS $6.1B
FY18
BTSG —
CVS $6.8B
FY19
BTSG —
CVS $10.4B
FY20
BTSG —
CVS $13.4B
FY21
BTSG —
CVS $15.7B
FY22
BTSG −$74.8M
CVS $13.5B
FY23
BTSG $137M
CVS $10.4B
FY24
BTSG −$57.1M
CVS $6.3B
FY25
BTSG $395M
CVS $7.8B
BTSG
CVS
Return on capital
FY16
BTSG —
CVS 10.4%
FY17
BTSG —
CVS 12.2%
FY18
BTSG —
CVS 2.1%
FY19
BTSG —
CVS 7.1%
FY20
BTSG —
CVS 8.3%
FY21
BTSG —
CVS 8.3%
FY22
BTSG —
CVS 5.2%
FY23
BTSG —
CVS 8.8%
FY24
BTSG 2.1%
CVS 4.9%
FY25
BTSG 5.3%
CVS 2.9%
BTSG
CVS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.