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Integrated healthcare company running CVS pharmacies, Aetna health insurance and Caremark pharmacy-benefit management.
Integrated healthcare company running CVS pharmacies, Aetna health insurance and Caremark pharmacy-benefit management.
Earns from four linked businesses: pharmacies; Caremark, which negotiates drug prices for employers and insurers and earns fees and rebates; Aetna's insurance premiums; and primary-care clinics bought through Oak Street Health in 2023. Insurance and pharmacy benefits make up most of the revenue.
Moat: narrow (scale, distribution, switching costs). Vertical integration across pharmacy, PBM and insurance creates scale advantages and data lock-in.
Headquarters: Woonsocket, Rhode Island, US · Founded: 1963 · Employees: 300,000
Size CVS Health (CVS) is a United States Health Care company (Drugstore Chains) with a market value of $107B, the 116th largest of 3,117 United States companies the cockpit tracks. Shares closed at $83.85 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against +27.0% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +8.5%); the operating margin is 3.6% (peer median 20.4%).
Valuation It trades at 9.9× forward earnings against a peer median of 16.9× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (6.8% WACC).
Credit CVS Health has 38 bonds outstanding ($56.3B), rated BBB by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 1.3% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $421B | $402B | $373B | $358B | $323B |
| Revenue growth | — | +8% | +4% | +11% | — |
| Gross profit | $59.8B | $55.4B | $51.3B | $54.9B | $54.8B |
| EBITDA | $19.8B | $17.1B | $14.5B | $19.9B | $20.8B |
| Net income | $11.0B | $1.77B | $4.61B | $8.34B | $4.31B |
| Free cash flow | $15.6B | $7.81B | $6.33B | $10.4B | $13.4B |
| Capital expenditure | $3.14B | $2.83B | $2.78B | $3.03B | $2.73B |
| Total debt | $75.3B | $80.0B | $82.9B | $79.4B | $70.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CVS Health CVS | $107B | -7% | +7% | 4% | 9.9× | -3.9% |
| UnitedHealth UNH | $353B | +4% | +3% | 5% | 17.4× | 4.3% |
| Cigna CI | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% |
| Cencora COR | $63.7B | +28% | +5% | 1% | 16.9× | -2.1% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | +10.1% | lowest of 21 |
| 6-month return | -7.4% | +27.0% | 2nd lowest of 21 |
| Distance from 52-week high | -24.2% | -8.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.8% | +8.5% | 9th lowest of 21 |
| Operating margin | 3.6% | 20.4% | 5th lowest of 21 |
| Forward P/E | 9.9× | 16.9× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 5.6% | 5th least demanding of 20 |
| Growth delivered (Del g) | +8.4% | +9.5% | 8th lowest of 20 |
| Hurdle (Req g minus delivered) | -12.3 pp | -5.6 pp | 7th least demanding of 20 |
| ROIC minus cost of capital | +1.8 pp | +8.7 pp | 5th lowest of 18 |
| Net debt / EBITDA | 3.0× | 1.4× | 3rd most indebted of 17 |
| Bond spread | 96 bp | 68 bp | 2nd widest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CVS Health CVS | United States | $107B | -7% | +7% | 4% | 9.9× | -3.9% | +8.4% |
| HCA Healthcare HCA | United States | $103B | +14% | +6% | 15% | 16.2× | 3.3% | +8.0% |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | n/a | n/a | n/a |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| McKesson MCK | United States | $124B | +44% | +9% | 2% | 21.8× | -4.8% | +11.1% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Elevance Health ELV | United States | $92.0B | +13% | +4% | 4% | 14.8× | 4.7% | +10.3% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Cigna CI | United States | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% | +11.4% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Cencora COR | United States | $63.7B | +28% | +5% | 1% | 16.9× | -2.1% | +9.5% |
| Cardinal Health CAH | United States | $62.9B | +48% | +14% | 1% | 20.8× | 8.2% | +9.4% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
CVS Health has 38 bonds outstanding with $56.3B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.82%, a spread of 96 bp over government bonds.