CVS Health Corporation (CVS) 10-Year Financial Performance & Capital Metrics

CVS • • Insurance & Managed Care

HealthcareHealth InsuranceVertically Integrated Payer-PBM Platforms

AboutCVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. Its Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services. It serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, plans offered on public health insurance and private health insurance exchanges, other sponsors of health benefit plans, and individuals. This segment operates retail specialty pharmacy stores; and specialty mail-order, mail-order dispensing, and compounding pharmacies, as well as branches for infusion and enteral nutrition services. The company's Retail/LTC segment sells prescription and over-the-counter drugs, consumer health and beauty products, and personal care products; and provides health care services through its MinuteClinic walk-in medical clinics. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. As of December 31, 2021, it operated approximately 9,900 retail locations and 1,200 MinuteClinic locations, as well as online retail pharmacy websites, LTC pharmacies, and onsite pharmacies. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was founded in 1963 and is headquartered in Woonsocket, Rhode Island.Show more

Revenue $402.07B +7.8%
Combined Ratio 97.42% -0.3%
Net Income $1.77B -61.7%
Return on Equity 2.34% -61.4%
Medical Cost Ratio 86.23%
Operating Margin 2.58% +13.1%
Net Margin 0.44% -64.5%
ROA 0.69% -62.5%
Equity / Assets 28.87% -3.5%
Book Value per Share 59.31 -1.2%
Tangible BV/Share -28.01 +17.5%
Debt/Equity 1.24 +13.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 3.3%
✓Trading at only 1.3x book value

✗Weaknesses

✗Profits declining 24.4% over 5 years
✗High loss ratio of 86.2%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.12%

5Y8.39%

3Y7.63%

TTM7.85%

Profit (Net Income) CAGR

10Y-10.29%

5Y-24.44%

3Y-25.7%

TTM-61.68%

EPS CAGR

10Y-11.34%

5Y-23.94%

3Y-24.73%

TTM-62.29%

ROCE

10Y Avg8.12%

5Y Avg6.47%

3Y Avg6.49%

Latest6.09%

Peer Comparison

Vertically Integrated Payer-PBM Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	101.55B	79.90	57.48	7.85%	0.44%	2.35%	7.69%	1.24
CICigna Corporation	76.36B	289.82	23.91	26.56%	2.29%	14.63%	11.73%	0.78
UNHUnitedHealth Group Incorporated	265.66B	293.27	18.82	11.81%	3.18%	13.99%	12.04%	0.77

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	177.55B	184.79B	194.58B	256.78B	268.71B	292.11B	322.47B	357.78B	372.81B	402.07B
Revenue Growth %	15.82%	4.08%	5.3%	31.96%	4.65%	8.71%	10.39%	10.95%	4.2%	7.85%
Medical Costs & Claims+	148.71B	156.26B	163.04B	211.25B	219.66B	239.99B	267.96B	303.35B	321.41B	346.7B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	28.83B	28.53B	31.54B	45.53B	49.05B	52.12B	54.5B	54.43B	51.4B	55.36B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	8.69%	-1.06%	10.55%	44.36%	7.73%	6.27%	4.57%	-0.13%	-5.57%	7.71%
Operating Expenses+	18.45B	18.99B	27.52B	33.54B	35.13B	38.81B	46.55B	40.69B	42.88B	44.98B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B	4.61B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	10.39B	9.54B	4.02B	11.99B	13.91B	13.31B	7.95B	13.74B	8.52B	10.38B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	9.61%	-8.16%	-57.84%	198.11%	16.05%	-4.32%	-40.24%	72.78%	-38.03%	21.95%
EBITDA+	12.86B	12.02B	6.74B	16.36B	18.35B	17.8B	12.18B	18.11B	13.11B	14.99B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.08B	1.06B	2.62B	3.04B	2.91B	2.5B	2.29B	2.66B	2.96B	3.12B
Non-Operating Income	671M	208M	-4M	-45M	1.23B	270M	-169M	-88M	-590M	5.13B
Pretax Income+	8.64B	8.27B	1.41B	9B	9.77B	10.54B	5.84B	11.17B	6.15B	2.14B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.32B	1.64B	2B	2.37B	2.57B	2.55B	1.51B	2.81B	1.56B	408M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.32B	6.62B	-594M	6.63B	7.18B	8B	4.31B	8.34B	4.61B	1.77B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.53%	24.54%	-108.97%	1216.84%	8.22%	11.45%	-46.12%	93.55%	-44.7%	-61.68%
EPS (Diluted)+	4.90	6.44	-0.57	5.08	5.46	5.95	3.26	6.47	3.66	1.39
EPS Growth %	5.83%	31.43%	-108.85%	991.23%	7.48%	8.97%	-45.21%	98.47%	-43.43%	-62.02%
EPS (Basic)	4.93	6.47	-0.57	5.10	5.48	6.00	3.29	6.49	3.66	1.40
Diluted Shares Outstanding	1.08B	1.02B	1.04B	1.3B	1.31B	1.33B	1.32B	1.29B	1.26B	1.27B

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	94.46B	95.13B	196.46B	222.45B	230.72B	233B	228.28B	249.73B	253.22B	261.06B
Asset Growth %	2.19%	0.71%	106.51%	13.23%	3.72%	0.99%	-2.03%	9.4%	1.4%	3.1%
Total Investment Assets+	87M	223M	18.25B	19.69B	23.81B	26.14B	23.87B	26.28B	31.34B	35.01B
Long-Term Investments	0	112M	15.73B	17.31B	20.81B	23.02B	21.1B	23.02B	28.93B	32.87B
Short-Term Investments	87M	111M	2.52B	2.37B	3B	3.12B	2.78B	3.26B	2.41B	2.15B
Total Current Assets+	31.04B	31.23B	45.24B	50.3B	56.37B	60.01B	65.63B	67.86B	68.64B	74.71B
Cash & Equivalents	3.37B	1.7B	4.06B	5.68B	7.85B	9.41B	12.95B	8.2B	8.59B	8.51B
Receivables	12.16B	13.18B	17.63B	19.62B	21.74B	24.43B	27.28B	35.23B	36.47B	39.78B
Other Current Assets	660M	945M	4.58B	5.11B	5.28B	5.29B	3.54B	3.15B	3.08B	5.03B
Goodwill & Intangibles+	51.76B	52.08B	115.2B	112.87B	110.69B	108.15B	102.95B	120.51B	118.59B	110.99B
Goodwill	38.25B	38.45B	78.68B	79.75B	79.55B	79.12B	78.15B	91.27B	91.27B	85.48B
Intangible Assets	13.51B	13.63B	36.52B	33.12B	31.14B	29.03B	24.8B	29.23B	27.32B	25.51B
PP&E (Net)	10.18B	10.29B	11.35B	32.9B	33.34B	32.02B	30.75B	30.43B	28.94B	28.06B
Other Assets	1.49B	1.42B	8.93B	9.06B	9.51B	9.8B	7.85B	7.91B	8.1B	6.91B
Total Liabilities	57.63B	57.44B	137.91B	158.28B	161.01B	157.62B	156.51B	173.09B	177.49B	185.68B
Total Debt+	27.53B	27B	73.43B	89B	85.04B	76B	70.73B	79.39B	82.92B	93.59B
Net Debt	24.16B	25.31B	69.37B	83.32B	77.19B	66.59B	57.79B	71.19B	74.33B	85.08B
Long-Term Debt	25.61B	22.18B	71.44B	64.7B	59.21B	51.97B	50.48B	58.64B	60.53B	72.88B
Short-Term Debt	1.92B	4.82B	1.99B	3.78B	5.44B	4.21B	1.78B	2.97B	5.74B	5.8B
Total Current Liabilities+	26.25B	30.65B	44.01B	53.3B	62.02B	67.81B	69.42B	79.19B	84.61B	88.69B
Accounts Payable	7.95B	8.86B	8.93B	10.49B	11.14B	12.54B	14.84B	14.9B	15.89B	59.38B
Deferred Revenue	0	0	0	0	0	0	0	0	0	62M
Other Current Liabilities	0	23M	4.88B	4.82B	5.83B	5.6B	2.82B	2.47B	1.18B	23.42B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	1.55B	1.61B	14.78B	14.06B	14.24B	13.39B	15.79B	14.92B	13.64B	-2.16B
Total Equity+	36.83B	37.7B	58.54B	64.17B	69.7B	75.38B	71.77B	76.64B	75.73B	75.38B
Equity Growth %	-0.99%	2.34%	55.31%	9.61%	8.62%	8.15%	-4.79%	6.78%	-1.18%	-0.46%
Shareholders Equity	36.83B	37.69B	58.23B	63.86B	69.39B	75.08B	71.47B	76.46B	75.56B	75.21B
Minority Interest	4M	4M	318M	306M	312M	306M	300M	175M	170M	168M
Retained Earnings	38.98B	43.56B	40.91B	45.11B	49.64B	54.91B	56.4B	61.6B	62.84B	61.2B
Common Stock	17M	32.1B	45.44B	45.97B	46.51B	47.38B	48.19B	48.99B	18M	18M
Accumulated OCI	-305M	-165M	102M	1.02B	1.41B	965M	-1.26B	-297M	-120M	406M
Return on Equity (ROE)	14.36%	17.77%	-1.23%	10.81%	10.73%	11.03%	5.86%	11.24%	6.06%	2.34%
Return on Assets (ROA)	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.87%	3.49%	1.83%	0.69%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x	1.24x
Book Value per Share	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01	59.31
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.14B	8.01B	8.87B	12.85B	15.87B	18.27B	16.18B	13.43B	9.11B	10.64B
Operating CF Growth %	18.76%	-21.04%	10.72%	44.93%	23.48%	15.13%	-11.43%	-17.01%	-32.17%	16.82%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.32B	6.62B	-596M	6.63B	7.19B	7.99B	4.33B	8.37B	4.59B	1.77B
Depreciation & Amortization	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B	0
Stock-Based Compensation	222M	234M	280M	453M	400M	484M	447M	588M	540M	0
Deferred Taxes	18M	-1.33B	87M	-654M	-570M	-402M	-2.03B	-676M	-572M	0
Other Non-Cash Items	778M	421M	6.49B	548M	1.24B	1.85B	2.39B	765M	-153M	10.35B
Working Capital Changes	1.33B	-416M	-112M	1.5B	3.16B	3.86B	6.82B	15M	109M	-1.47B
Cash from Investing+	-2.47B	-2.88B	-43.28B	-3.34B	-5.53B	-5.26B	-5.05B	-20.89B	-7.61B	-5.87B
Capital Expenditures	-2.22B	-1.92B	-2.04B	-2.46B	-2.44B	-2.52B	-2.73B	-3.03B	-2.78B	-2.83B
Acquisitions	-524M	-1.18B	-41.39B	-444M	-26M	-146M	-1.39B	-16.61B	-95M	-436M
Purchase of Investments	-80M	-137M	-692M	-7.53B	-9.64B	-9.96B	-7.75B	-9.04B	-15.19B	-15.01B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	267M	298M	21M	47M	101M	122M	85M	68M	101M	26M
Cash from Financing+	-6.76B	-6.75B	36.82B	-7.65B	-7.7B	-11.36B	-10.52B	2.68B	-1.14B	-4.94B
Dividends Paid	-1.84B	-2.05B	-2.04B	-2.6B	-2.62B	-2.63B	-2.91B	-3.13B	-3.37B	-3.4B
Share Repurchases	-4.46B	-4.36B	0	0	0	0	-3.5B	-2.01B	-3.02B	0
Stock Issued	0	0	0	0	0	0	0	0	0	394M
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	154M	257M	592M	269M	601M	536M	102M	-105M	202M	1.96B
Net Change in Cash+	912M	-1.62B	2.4B	1.85B	2.63B	1.65B	614M	-4.78B	359M	-172M
Exchange Rate Effect	1000K	1000K	-1000K	0	0	0	0	0	0	0
Cash at Beginning	2.61B	3.52B	1.9B	6.55B	8.41B	11.04B	12.69B	13.3B	8.53B	8.88B
Cash at End	3.52B	1.9B	4.29B	8.41B	11.04B	12.69B	13.3B	8.53B	8.88B	8.71B
Free Cash Flow+	7.92B	6.09B	6.83B	10.39B	13.43B	15.74B	13.45B	10.39B	6.33B	7.81B
FCF Growth %	28.27%	-23.09%	12.14%	52.18%	29.23%	17.26%	-14.58%	-22.71%	-39.14%	23.41%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	7.34	5.95	6.54	7.96	10.22	11.85	10.17	8.06	5.01	6.14

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Combined Ratio	94.15%	94.84%	97.93%	95.33%	94.82%	95.44%	97.53%	96.16%	97.72%	97.42%
Medical Cost Ratio	83.76%	84.56%	83.79%	82.27%	81.75%	82.16%	83.1%	84.79%	86.21%	86.23%
Return on Equity (ROE)	14.36%	17.77%	-1.23%	10.81%	10.73%	11.03%	5.86%	11.24%	6.06%	2.34%
Return on Assets (ROA)	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.87%	3.49%	1.83%	0.69%
Equity / Assets	38.99%	39.62%	29.8%	28.85%	30.21%	32.35%	31.44%	30.69%	29.91%	28.87%
Book Value / Share	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01	59.31
Debt / Equity	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x	1.24x
Revenue Growth	15.82%	4.08%	5.3%	31.96%	4.65%	8.71%	10.39%	10.95%	4.2%	7.85%

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CVS Health Corporation (CVS) 10-Year Financial Performance & Capital Metrics

CVS • • Insurance & Managed Care

HealthcareHealth InsuranceVertically Integrated Payer-PBM Platforms

Revenue $402.07B +7.8%
Combined Ratio 97.42% -0.3%
Net Income $1.77B -61.7%
Return on Equity 2.34% -61.4%
Medical Cost Ratio 86.23%
Operating Margin 2.58% +13.1%
Net Margin 0.44% -64.5%
ROA 0.69% -62.5%
Equity / Assets 28.87% -3.5%
Book Value per Share 59.31 -1.2%
Tangible BV/Share -28.01 +17.5%
Debt/Equity 1.24 +13.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 3.3%
✓Trading at only 1.3x book value

✗Weaknesses

✗Profits declining 24.4% over 5 years
✗High loss ratio of 86.2%
✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.12%

5Y8.39%

3Y7.63%

TTM7.85%

Profit (Net Income) CAGR

10Y-10.29%

5Y-24.44%

3Y-25.7%

TTM-61.68%

EPS CAGR

10Y-11.34%

5Y-23.94%

3Y-24.73%

TTM-62.29%

ROCE

10Y Avg8.12%

5Y Avg6.47%

3Y Avg6.49%

Latest6.09%

Peer Comparison

Vertically Integrated Payer-PBM Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	101.55B	79.90	57.48	7.85%	0.44%	2.35%	7.69%	1.24
CICigna Corporation	76.36B	289.82	23.91	26.56%	2.29%	14.63%	11.73%	0.78
UNHUnitedHealth Group Incorporated	265.66B	293.27	18.82	11.81%	3.18%	13.99%	12.04%	0.77

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	177.55B	184.79B	194.58B	256.78B	268.71B	292.11B	322.47B	357.78B	372.81B	402.07B
Revenue Growth %	15.82%	4.08%	5.3%	31.96%	4.65%	8.71%	10.39%	10.95%	4.2%	7.85%
Medical Costs & Claims+	148.71B	156.26B	163.04B	211.25B	219.66B	239.99B	267.96B	303.35B	321.41B	346.7B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	28.83B	28.53B	31.54B	45.53B	49.05B	52.12B	54.5B	54.43B	51.4B	55.36B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	8.69%	-1.06%	10.55%	44.36%	7.73%	6.27%	4.57%	-0.13%	-5.57%	7.71%
Operating Expenses+	18.45B	18.99B	27.52B	33.54B	35.13B	38.81B	46.55B	40.69B	42.88B	44.98B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B	4.61B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	10.39B	9.54B	4.02B	11.99B	13.91B	13.31B	7.95B	13.74B	8.52B	10.38B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	9.61%	-8.16%	-57.84%	198.11%	16.05%	-4.32%	-40.24%	72.78%	-38.03%	21.95%
EBITDA+	12.86B	12.02B	6.74B	16.36B	18.35B	17.8B	12.18B	18.11B	13.11B	14.99B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.08B	1.06B	2.62B	3.04B	2.91B	2.5B	2.29B	2.66B	2.96B	3.12B
Non-Operating Income	671M	208M	-4M	-45M	1.23B	270M	-169M	-88M	-590M	5.13B
Pretax Income+	8.64B	8.27B	1.41B	9B	9.77B	10.54B	5.84B	11.17B	6.15B	2.14B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.32B	1.64B	2B	2.37B	2.57B	2.55B	1.51B	2.81B	1.56B	408M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.32B	6.62B	-594M	6.63B	7.18B	8B	4.31B	8.34B	4.61B	1.77B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.53%	24.54%	-108.97%	1216.84%	8.22%	11.45%	-46.12%	93.55%	-44.7%	-61.68%
EPS (Diluted)+	4.90	6.44	-0.57	5.08	5.46	5.95	3.26	6.47	3.66	1.39
EPS Growth %	5.83%	31.43%	-108.85%	991.23%	7.48%	8.97%	-45.21%	98.47%	-43.43%	-62.02%
EPS (Basic)	4.93	6.47	-0.57	5.10	5.48	6.00	3.29	6.49	3.66	1.40
Diluted Shares Outstanding	1.08B	1.02B	1.04B	1.3B	1.31B	1.33B	1.32B	1.29B	1.26B	1.27B

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	94.46B	95.13B	196.46B	222.45B	230.72B	233B	228.28B	249.73B	253.22B	261.06B
Asset Growth %	2.19%	0.71%	106.51%	13.23%	3.72%	0.99%	-2.03%	9.4%	1.4%	3.1%
Total Investment Assets+	87M	223M	18.25B	19.69B	23.81B	26.14B	23.87B	26.28B	31.34B	35.01B
Long-Term Investments	0	112M	15.73B	17.31B	20.81B	23.02B	21.1B	23.02B	28.93B	32.87B
Short-Term Investments	87M	111M	2.52B	2.37B	3B	3.12B	2.78B	3.26B	2.41B	2.15B
Total Current Assets+	31.04B	31.23B	45.24B	50.3B	56.37B	60.01B	65.63B	67.86B	68.64B	74.71B
Cash & Equivalents	3.37B	1.7B	4.06B	5.68B	7.85B	9.41B	12.95B	8.2B	8.59B	8.51B
Receivables	12.16B	13.18B	17.63B	19.62B	21.74B	24.43B	27.28B	35.23B	36.47B	39.78B
Other Current Assets	660M	945M	4.58B	5.11B	5.28B	5.29B	3.54B	3.15B	3.08B	5.03B
Goodwill & Intangibles+	51.76B	52.08B	115.2B	112.87B	110.69B	108.15B	102.95B	120.51B	118.59B	110.99B
Goodwill	38.25B	38.45B	78.68B	79.75B	79.55B	79.12B	78.15B	91.27B	91.27B	85.48B
Intangible Assets	13.51B	13.63B	36.52B	33.12B	31.14B	29.03B	24.8B	29.23B	27.32B	25.51B
PP&E (Net)	10.18B	10.29B	11.35B	32.9B	33.34B	32.02B	30.75B	30.43B	28.94B	28.06B
Other Assets	1.49B	1.42B	8.93B	9.06B	9.51B	9.8B	7.85B	7.91B	8.1B	6.91B
Total Liabilities	57.63B	57.44B	137.91B	158.28B	161.01B	157.62B	156.51B	173.09B	177.49B	185.68B
Total Debt+	27.53B	27B	73.43B	89B	85.04B	76B	70.73B	79.39B	82.92B	93.59B
Net Debt	24.16B	25.31B	69.37B	83.32B	77.19B	66.59B	57.79B	71.19B	74.33B	85.08B
Long-Term Debt	25.61B	22.18B	71.44B	64.7B	59.21B	51.97B	50.48B	58.64B	60.53B	72.88B
Short-Term Debt	1.92B	4.82B	1.99B	3.78B	5.44B	4.21B	1.78B	2.97B	5.74B	5.8B
Total Current Liabilities+	26.25B	30.65B	44.01B	53.3B	62.02B	67.81B	69.42B	79.19B	84.61B	88.69B
Accounts Payable	7.95B	8.86B	8.93B	10.49B	11.14B	12.54B	14.84B	14.9B	15.89B	59.38B
Deferred Revenue	0	0	0	0	0	0	0	0	0	62M
Other Current Liabilities	0	23M	4.88B	4.82B	5.83B	5.6B	2.82B	2.47B	1.18B	23.42B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	1.55B	1.61B	14.78B	14.06B	14.24B	13.39B	15.79B	14.92B	13.64B	-2.16B
Total Equity+	36.83B	37.7B	58.54B	64.17B	69.7B	75.38B	71.77B	76.64B	75.73B	75.38B
Equity Growth %	-0.99%	2.34%	55.31%	9.61%	8.62%	8.15%	-4.79%	6.78%	-1.18%	-0.46%
Shareholders Equity	36.83B	37.69B	58.23B	63.86B	69.39B	75.08B	71.47B	76.46B	75.56B	75.21B
Minority Interest	4M	4M	318M	306M	312M	306M	300M	175M	170M	168M
Retained Earnings	38.98B	43.56B	40.91B	45.11B	49.64B	54.91B	56.4B	61.6B	62.84B	61.2B
Common Stock	17M	32.1B	45.44B	45.97B	46.51B	47.38B	48.19B	48.99B	18M	18M
Accumulated OCI	-305M	-165M	102M	1.02B	1.41B	965M	-1.26B	-297M	-120M	406M
Return on Equity (ROE)	14.36%	17.77%	-1.23%	10.81%	10.73%	11.03%	5.86%	11.24%	6.06%	2.34%
Return on Assets (ROA)	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.87%	3.49%	1.83%	0.69%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x	1.24x
Book Value per Share	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01	59.31
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.14B	8.01B	8.87B	12.85B	15.87B	18.27B	16.18B	13.43B	9.11B	10.64B
Operating CF Growth %	18.76%	-21.04%	10.72%	44.93%	23.48%	15.13%	-11.43%	-17.01%	-32.17%	16.82%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.32B	6.62B	-596M	6.63B	7.19B	7.99B	4.33B	8.37B	4.59B	1.77B
Depreciation & Amortization	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B	0
Stock-Based Compensation	222M	234M	280M	453M	400M	484M	447M	588M	540M	0
Deferred Taxes	18M	-1.33B	87M	-654M	-570M	-402M	-2.03B	-676M	-572M	0
Other Non-Cash Items	778M	421M	6.49B	548M	1.24B	1.85B	2.39B	765M	-153M	10.35B
Working Capital Changes	1.33B	-416M	-112M	1.5B	3.16B	3.86B	6.82B	15M	109M	-1.47B
Cash from Investing+	-2.47B	-2.88B	-43.28B	-3.34B	-5.53B	-5.26B	-5.05B	-20.89B	-7.61B	-5.87B
Capital Expenditures	-2.22B	-1.92B	-2.04B	-2.46B	-2.44B	-2.52B	-2.73B	-3.03B	-2.78B	-2.83B
Acquisitions	-524M	-1.18B	-41.39B	-444M	-26M	-146M	-1.39B	-16.61B	-95M	-436M
Purchase of Investments	-80M	-137M	-692M	-7.53B	-9.64B	-9.96B	-7.75B	-9.04B	-15.19B	-15.01B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	267M	298M	21M	47M	101M	122M	85M	68M	101M	26M
Cash from Financing+	-6.76B	-6.75B	36.82B	-7.65B	-7.7B	-11.36B	-10.52B	2.68B	-1.14B	-4.94B
Dividends Paid	-1.84B	-2.05B	-2.04B	-2.6B	-2.62B	-2.63B	-2.91B	-3.13B	-3.37B	-3.4B
Share Repurchases	-4.46B	-4.36B	0	0	0	0	-3.5B	-2.01B	-3.02B	0
Stock Issued	0	0	0	0	0	0	0	0	0	394M
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	154M	257M	592M	269M	601M	536M	102M	-105M	202M	1.96B
Net Change in Cash+	912M	-1.62B	2.4B	1.85B	2.63B	1.65B	614M	-4.78B	359M	-172M
Exchange Rate Effect	1000K	1000K	-1000K	0	0	0	0	0	0	0
Cash at Beginning	2.61B	3.52B	1.9B	6.55B	8.41B	11.04B	12.69B	13.3B	8.53B	8.88B
Cash at End	3.52B	1.9B	4.29B	8.41B	11.04B	12.69B	13.3B	8.53B	8.88B	8.71B
Free Cash Flow+	7.92B	6.09B	6.83B	10.39B	13.43B	15.74B	13.45B	10.39B	6.33B	7.81B
FCF Growth %	28.27%	-23.09%	12.14%	52.18%	29.23%	17.26%	-14.58%	-22.71%	-39.14%	23.41%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	7.34	5.95	6.54	7.96	10.22	11.85	10.17	8.06	5.01	6.14

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Combined Ratio	94.15%	94.84%	97.93%	95.33%	94.82%	95.44%	97.53%	96.16%	97.72%	97.42%
Medical Cost Ratio	83.76%	84.56%	83.79%	82.27%	81.75%	82.16%	83.1%	84.79%	86.21%	86.23%
Return on Equity (ROE)	14.36%	17.77%	-1.23%	10.81%	10.73%	11.03%	5.86%	11.24%	6.06%	2.34%
Return on Assets (ROA)	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.87%	3.49%	1.83%	0.69%
Equity / Assets	38.99%	39.62%	29.8%	28.85%	30.21%	32.35%	31.44%	30.69%	29.91%	28.87%
Book Value / Share	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01	59.31
Debt / Equity	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x	1.24x
Revenue Growth	15.82%	4.08%	5.3%	31.96%	4.65%	8.71%	10.39%	10.95%	4.2%	7.85%

CVS Health Corporation (CVS) 10-Year Financial Performance & Capital Metrics

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CVS Health Corporation (CVS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CVS vs Peers

vs UNH

vs CI

Compare Top 3

Profit & Loss

Balance Sheet

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Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

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