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

CVS • • Insurance & Managed Care

HealthcareHealth InsuranceDiversified Health Insurance & ServicesIntegrated Healthcare Giants

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 $372.81B +4.2%
Combined Ratio 97.72% +1.6%
Net Income $4.61B -44.7%
Return on Equity 6.06% -46.1%
Medical Cost Ratio 86.21% +1.7%
Operating Margin 2.28% -40.5%
Net Margin 1.24% -46.9%
ROA 1.83% -47.4%
Equity / Assets 29.91% -2.5%
Book Value per Share 60.01 +1.0%
Tangible BV/Share -33.97 +0.1%
Debt/Equity 1.09 +5.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 3.3%
✓Share count reduced 2.2% through buybacks
✓Trading at only 1.3x book value

✗Weaknesses

✗High loss ratio of 86.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.34%

5Y7.74%

3Y8.47%

TTM6.82%

Profit (Net Income) CAGR

10Y-0.06%

5Y-7%

3Y-16.76%

TTM-90.65%

EPS CAGR

10Y-0.78%

5Y-6.35%

3Y-14.95%

TTM-90.38%

ROCE

10Y Avg9.04%

5Y Avg6.9%

3Y Avg6.09%

Latest5.02%

Peer Comparison

Integrated Healthcare Giants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	102.42B	80.68	22.04	4.2%	0.12%	0.64%	6.18%	1.09
UNHUnitedHealth Group Incorporated	302.49B	333.93	21.53	7.71%	4.04%	16.62%	6.84%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	153.29B	177.55B	184.79B	194.58B	256.78B	268.71B	292.11B	322.47B	357.78B	372.81B
Revenue Growth %	0.1%	0.16%	0.04%	0.05%	0.32%	0.05%	0.09%	0.1%	0.11%	0.04%
Medical Costs & Claims+	126.76B	148.71B	156.26B	163.04B	211.25B	219.66B	239.99B	267.96B	303.35B	321.41B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	26.53B	28.83B	28.53B	31.54B	45.53B	49.05B	52.12B	54.5B	54.43B	51.4B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.09%	-0.01%	0.11%	0.44%	0.08%	0.06%	0.05%	-0%	-0.06%
Operating Expenses+	17.05B	18.45B	18.99B	27.52B	33.54B	35.13B	38.81B	46.55B	40.69B	42.88B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.09B	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	9.47B	10.39B	9.54B	4.02B	11.99B	13.91B	13.31B	7.95B	13.74B	8.52B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.08%	0.1%	-0.08%	-0.58%	1.98%	0.16%	-0.04%	-0.4%	0.73%	-0.38%
EBITDA+	11.57B	12.86B	12.02B	6.74B	16.36B	18.35B	17.8B	12.18B	18.11B	13.11B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	859M	1.08B	1.06B	2.62B	3.04B	2.91B	2.5B	2.29B	2.66B	2.96B
Non-Operating Income	0	671M	208M	-4M	-45M	1.23B	270M	-169M	-88M	-590M
Pretax Income+	8.62B	8.64B	8.27B	1.41B	9B	9.77B	10.54B	5.84B	11.17B	6.15B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.39B	3.32B	1.64B	2B	2.37B	2.57B	2.55B	1.51B	2.81B	1.56B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.24B	5.32B	6.62B	-594M	6.63B	7.18B	8B	4.31B	8.34B	4.61B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.13%	0.02%	0.25%	-1.09%	12.17%	0.08%	0.11%	-0.46%	0.94%	-0.45%
EPS (Diluted)+	4.63	4.90	6.44	-0.57	5.08	5.46	5.95	3.26	6.47	3.66
EPS Growth %	0.17%	0.06%	0.31%	-1.09%	9.91%	0.07%	0.09%	-0.45%	0.98%	-0.43%
EPS (Basic)	4.66	4.93	6.47	-0.57	5.10	5.48	6.00	3.29	6.49	3.66
Diluted Shares Outstanding	1.13B	1.08B	1.02B	1.04B	1.3B	1.31B	1.33B	1.32B	1.29B	1.26B

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	92.44B	94.46B	95.13B	196.46B	222.45B	230.72B	233B	228.28B	249.73B	253.22B
Asset Growth %	0.25%	0.02%	0.01%	1.07%	0.13%	0.04%	0.01%	-0.02%	0.09%	0.01%
Total Investment Assets+	88M	87M	223M	18.25B	19.69B	23.81B	26.14B	23.87B	26.28B	31.34B
Long-Term Investments	0	0	112M	15.73B	17.31B	20.81B	23.02B	21.1B	23.02B	28.93B
Short-Term Investments	88M	87M	111M	2.52B	2.37B	3B	3.12B	2.78B	3.26B	2.41B
Total Current Assets+	29.16B	31.04B	31.23B	45.24B	50.3B	56.37B	60.01B	65.63B	67.86B	68.64B
Cash & Equivalents	2.46B	3.37B	1.7B	4.06B	5.68B	7.85B	9.41B	12.95B	8.2B	8.59B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	722M	660M	945M	4.58B	5.11B	5.28B	5.29B	3.54B	3.15B	3.08B
Goodwill & Intangibles+	51.98B	51.76B	52.08B	115.2B	112.87B	110.69B	108.15B	102.95B	120.51B	118.59B
Goodwill	38.11B	38.25B	38.45B	78.68B	79.75B	79.55B	79.12B	78.15B	91.27B	91.27B
Intangible Assets	13.88B	13.51B	13.63B	36.52B	33.12B	31.14B	29.03B	24.8B	29.23B	27.32B
PP&E (Net)	9.86B	10.18B	10.29B	11.35B	32.9B	33.34B	32.02B	30.75B	30.43B	28.94B
Other Assets	1.44B	1.49B	1.42B	8.93B	9.06B	9.51B	9.8B	7.85B	7.91B	8.1B
Total Liabilities	55.23B	57.63B	57.44B	137.91B	158.28B	161.01B	157.62B	156.51B	173.09B	177.49B
Total Debt+	27.46B	27.53B	27B	73.43B	89B	85.04B	76B	70.73B	79.39B	82.92B
Net Debt	25B	24.16B	25.31B	69.37B	83.32B	77.19B	66.59B	57.79B	71.19B	74.33B
Long-Term Debt	26.27B	25.61B	22.18B	71.44B	64.7B	59.21B	51.97B	50.48B	58.64B	60.53B
Short-Term Debt	1.2B	1.92B	4.82B	1.99B	3.78B	5.44B	4.21B	1.78B	2.97B	5.74B
Total Current Liabilities+	23.17B	26.25B	30.65B	44.01B	53.3B	62.02B	67.81B	69.42B	79.19B	84.61B
Accounts Payable	7.49B	7.95B	8.86B	8.93B	10.49B	11.14B	12.54B	14.84B	14.9B	15.89B
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	23M	4.88B	4.82B	5.83B	5.6B	2.82B	2.47B	1.18B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	1.58B	1.55B	1.61B	14.78B	14.06B	14.24B	13.39B	15.79B	14.92B	13.64B
Total Equity+	37.2B	36.83B	37.7B	58.54B	64.17B	69.7B	75.38B	71.77B	76.64B	75.73B
Equity Growth %	-0.02%	-0.01%	0.02%	0.55%	0.1%	0.09%	0.08%	-0.05%	0.07%	-0.01%
Shareholders Equity	37.2B	36.83B	37.69B	58.23B	63.86B	69.39B	75.08B	71.47B	76.46B	75.56B
Minority Interest	7M	4M	4M	318M	306M	312M	306M	300M	175M	170M
Retained Earnings	35.51B	38.98B	43.56B	40.91B	45.11B	49.64B	54.91B	56.4B	61.6B	62.84B
Common Stock	17M	17M	32.1B	45.44B	45.97B	46.51B	47.38B	48.19B	48.99B	18M
Accumulated OCI	-358M	-305M	-165M	102M	1.02B	1.41B	965M	-1.26B	-297M	-120M
Return on Equity (ROE)	0.14%	0.14%	0.18%	-0.01%	0.11%	0.11%	0.11%	0.06%	0.11%	0.06%
Return on Assets (ROA)	0.06%	0.06%	0.07%	-0%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.74x	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x
Book Value per Share	33.04	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.54B	10.14B	8.01B	8.87B	12.85B	15.87B	18.27B	16.18B	13.43B	9.11B
Operating CF Growth %	0.05%	0.19%	-0.21%	0.11%	0.45%	0.23%	0.15%	-0.11%	-0.17%	-0.32%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.24B	5.32B	6.62B	-596M	6.63B	7.19B	7.99B	4.33B	8.37B	4.59B
Depreciation & Amortization	2.09B	2.48B	2.48B	2.72B	4.37B	4.44B	4.49B	4.22B	4.37B	4.6B
Stock-Based Compensation	230M	222M	234M	280M	453M	400M	484M	447M	588M	540M
Deferred Taxes	-252M	18M	-1.33B	87M	-654M	-570M	-402M	-2.03B	-676M	-572M
Other Non-Cash Items	-14M	778M	421M	6.49B	548M	1.24B	1.85B	2.39B	765M	-153M
Working Capital Changes	1.24B	1.33B	-416M	-112M	1.5B	3.16B	3.86B	6.82B	15M	109M
Cash from Investing+	-13.42B	-2.47B	-2.88B	-43.28B	-3.34B	-5.53B	-5.26B	-5.05B	-20.89B	-7.61B
Capital Expenditures	-2.37B	-2.22B	-1.92B	-2.04B	-2.46B	-2.44B	-2.52B	-2.73B	-3.03B	-2.78B
Acquisitions	-11.47B	-524M	-1.18B	-41.39B	-444M	-26M	-146M	-1.39B	-16.61B	-95M
Purchase of Investments	-267M	-80M	-137M	-692M	-7.53B	-9.64B	-9.96B	-7.75B	-9.04B	-15.19B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	446M	267M	298M	21M	47M	101M	122M	85M	68M	101M
Cash from Financing+	4.88B	-6.76B	-6.75B	36.82B	-7.65B	-7.7B	-11.36B	-10.52B	2.68B	-1.14B
Dividends Paid	-1.58B	-1.84B	-2.05B	-2.04B	-2.6B	-2.62B	-2.63B	-2.91B	-3.13B	-3.37B
Share Repurchases	-5B	-4.46B	-4.36B	0	0	0	0	-3.5B	-2.01B	-3.02B
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K
Other Financing	238M	154M	257M	592M	269M	601M	536M	102M	-105M	202M
Net Change in Cash+	-22M	912M	-1.62B	2.4B	1.85B	2.63B	1.65B	614M	-4.78B	359M
Exchange Rate Effect	-1000K	1000K	1000K	-1000K	0	0	0	0	0	0
Cash at Beginning	2.48B	2.61B	3.52B	1.9B	6.55B	8.41B	11.04B	12.69B	13.3B	8.53B
Cash at End	2.46B	3.52B	1.9B	4.29B	8.41B	11.04B	12.69B	13.3B	8.53B	8.88B
Free Cash Flow+	6.17B	7.92B	6.09B	6.83B	10.39B	13.43B	15.74B	13.45B	10.39B	6.33B
FCF Growth %	0.03%	0.28%	-0.23%	0.12%	0.52%	0.29%	0.17%	-0.15%	-0.23%	-0.39%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	5.48	7.34	5.95	6.54	7.96	10.22	11.85	10.17	8.06	5.01

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	93.82%	94.15%	94.84%	97.93%	95.33%	94.82%	95.44%	97.53%	96.16%	97.72%
Medical Cost Ratio	82.69%	83.76%	84.56%	83.79%	82.27%	81.75%	82.16%	83.1%	84.79%	86.21%
Return on Equity (ROE)	13.93%	14.36%	17.77%	-1.23%	10.81%	10.73%	11.03%	5.86%	11.24%	6.06%
Return on Assets (ROA)	6.29%	5.69%	6.99%	-0.41%	3.17%	3.17%	3.45%	1.87%	3.49%	1.83%
Equity / Assets	40.25%	38.99%	39.62%	29.8%	28.85%	30.21%	32.35%	31.44%	30.69%	29.91%
Book Value / Share	33.04	34.14	36.81	56.08	49.17	53.04	56.72	54.25	59.41	60.01
Debt / Equity	0.74x	0.75x	0.72x	1.25x	1.39x	1.22x	1.01x	0.99x	1.04x	1.09x
Revenue Growth	9.99%	15.82%	4.08%	5.3%	31.96%	4.65%	8.71%	10.39%	10.95%	4.2%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Pharmacy Revenue	-	-	-	164.84B	165.9B	171.29B	184.62B	205.12B	223.45B	210.27B
Pharmacy Revenue Growth	-	-	-	-	0.64%	3.25%	7.78%	11.11%	8.94%	-5.90%
Premiums	-	-	-	8.18B	63.12B	69.36B	76.13B	85.33B	99.19B	122.9B
Premiums Growth	-	-	-	-	671.29%	9.89%	9.76%	12.08%	16.25%	23.90%
Front Store Revenue	-	-	-	19.05B	19.42B	19.66B	21.32B	22.78B	22.46B	21.52B
Front Store Revenue Growth	-	-	-	-	1.93%	1.20%	8.45%	6.87%	-1.41%	-4.17%
Product and Service, Other	-	-	-	-	7.32B	7.6B	8.85B	8.4B	11.52B	15.97B
Product and Service, Other Growth	-	-	-	-	-	3.80%	16.41%	-5.08%	37.19%	38.58%
Pharmacy Services	100.36B	119.96B	130.6B	-	-	-	-	-	-	-
Pharmacy Services Growth	-	19.53%	8.86%	-	-	-	-	-	-	-
Retail Pharmacy	72.01B	81.1B	79.4B	-	-	-	-	-	-	-
Retail Pharmacy Growth	-	12.63%	-2.10%	-	-	-	-	-	-	-
Intersegment Eliminations	-19.08B	-23.54B	-25.23B	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-23.36%	-7.19%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CVS Health Corporation (CVS) has a price-to-earnings (P/E) ratio of 22.0x. This is roughly in line with market averages.

Growth & Financials

CVS Health Corporation (CVS) grew revenue by 4.2% over the past year. Growth has been modest.

Yes, CVS Health Corporation (CVS) is profitable, generating $469.0M in net income for fiscal year 2024 (1.2% net margin).

Dividend & Returns

Yes, CVS Health Corporation (CVS) pays a dividend with a yield of 3.31%. This makes it attractive for income-focused investors.

CVS Health Corporation (CVS) has a return on equity (ROE) of 6.1%. This is below average, suggesting room for improvement.

Industry Metrics

CVS Health Corporation (CVS) has a combined ratio of 97.7%. A ratio below 100% indicates underwriting profitability.

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