CVS Health Corporation (CVS) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Healthcare Plans
EV/EBITDA
↑
13.04
+12% vs avg
5yr avg: 11.65
30Y Low5.9·High20.4
P/FCF
↑
14.14
↑+43% vs avg
5yr avg: 9.91
30Y Low6.7·High190.5
P/B Ratio
↓
1.46
+5% vs avg
5yr avg: 1.39
30Y Low0.7·High7.2
ROE
↓
2.3%
↑-68% vs avg
5yr avg: 7.3%
30Y Low-1%·High19%
Debt/EBITDA
↑
6.24
+15% vs avg
5yr avg: 5.41
30Y Low0.6·High10.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CVS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CVS Health Corporation trades at 62.5x earnings, 145% above its 5-year average of 25.5x, sitting at the 97th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 182%. On a free-cash-flow basis, the stock trades at 14.1x P/FCF, 43% above the 5-year average of 9.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $110.4B | $100.9B | $56.7B | $101.9B | $123.3B | $137.1B | $89.7B | $96.9B | $68.4B | $74.2B | $85.1B |
| Enterprise Value | $195.5B | $185.9B | $131.0B | $173.0B | $181.1B | $203.7B | $166.9B | $180.3B | $137.8B | $99.5B | $109.3B |
| P/E Ratio → | 62.49 | 57.09 | 12.27 | 12.20 | 28.59 | 17.34 | 12.51 | 14.62 | — | 11.26 | 16.10 |
| P/S Ratio | 0.27 | 0.25 | 0.15 | 0.28 | 0.38 | 0.47 | 0.33 | 0.38 | 0.35 | 0.40 | 0.48 |
| P/B Ratio | 1.46 | 1.34 | 0.75 | 1.33 | 1.72 | 1.82 | 1.29 | 1.51 | 1.17 | 1.97 | 2.31 |
| P/FCF | 14.14 | 12.92 | 8.96 | 9.80 | 9.17 | 8.71 | 6.68 | 9.33 | 10.02 | 12.19 | 10.75 |
| P/OCF | 10.38 | 9.48 | 6.22 | 7.59 | 7.62 | 7.51 | 5.66 | 7.55 | 7.72 | 9.27 | 8.40 |
P/E links to full P/E history page with 30-year chart
CVS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CVS Health Corporation's enterprise value stands at 13.0x EBITDA, 12% above its 5-year average of 11.7x. The Healthcare sector median is 14.1x, placing the stock at a 7% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.35 | 0.48 | 0.56 | 0.70 | 0.62 | 0.70 | 0.71 | 0.54 | 0.62 |
| EV / EBITDA | 13.04 | 12.40 | 9.99 | 9.56 | 14.87 | 11.45 | 9.10 | 11.02 | 20.44 | 8.28 | 8.50 |
| EV / EBIT | 18.82 | 35.38 | 14.38 | 12.51 | 22.29 | 15.62 | 13.17 | 14.98 | 34.23 | 10.67 | 11.25 |
| EV / FCF | — | 23.82 | 20.71 | 16.65 | 13.46 | 12.94 | 12.43 | 17.35 | 20.18 | 16.35 | 13.81 |
CVS Profitability
Margins and return-on-capital ratios measuring operating efficiency
CVS Health Corporation earns an operating margin of 2.6%. Operating margins have compressed from 3.8% to 2.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 2.3% is modest. ROIC of 5.0% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.8% | 13.8% | 13.8% | 15.2% | 16.9% | 17.8% | 18.3% | 17.7% | 16.2% | 15.4% | 16.2% |
| Operating Margin | 2.6% | 2.6% | 2.3% | 3.8% | 2.5% | 4.6% | 5.2% | 4.7% | 2.1% | 5.2% | 5.8% |
| Net Profit Margin | 0.4% | 0.4% | 1.2% | 2.3% | 1.3% | 2.7% | 2.7% | 2.6% | -0.3% | 3.6% | 3.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 6.1% | 11.2% | 5.9% | 11.0% | 10.7% | 10.8% | -1.2% | 17.8% | 14.4% |
| ROA | 0.7% | 0.7% | 1.8% | 3.5% | 1.9% | 3.5% | 3.2% | 3.2% | -0.4% | 7.0% | 5.7% |
| ROIC | 5.0% | 5.0% | 4.3% | 7.4% | 4.4% | 6.9% | 7.1% | 6.5% | 3.2% | 11.5% | 12.6% |
| ROCE | 6.1% | 6.1% | 5.0% | 8.3% | 4.9% | 8.0% | 8.2% | 7.5% | 3.7% | 14.4% | 15.1% |
CVS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CVS Health Corporation carries a Debt/EBITDA ratio of 6.2x, which is highly leveraged (100% above the sector average of 3.1x). Net debt stands at $85.1B ($93.6B total debt minus $8.5B cash). Interest coverage of 3.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.24 | 1.24 | 1.09 | 1.04 | 0.99 | 1.01 | 1.22 | 1.39 | 1.25 | 0.72 | 0.75 |
| Debt / EBITDA | 6.24 | 6.24 | 6.32 | 4.38 | 5.81 | 4.27 | 4.63 | 5.44 | 10.90 | 2.25 | 2.14 |
| Net Debt / Equity | — | 1.13 | 0.98 | 0.93 | 0.81 | 0.88 | 1.11 | 1.30 | 1.18 | 0.67 | 0.66 |
| Net Debt / EBITDA | 5.68 | 5.68 | 5.67 | 3.93 | 4.75 | 3.74 | 4.21 | 5.09 | 10.29 | 2.11 | 1.88 |
| Debt / FCF | — | 10.90 | 11.75 | 6.85 | 4.30 | 4.23 | 5.75 | 8.02 | 10.16 | 4.16 | 3.05 |
| Interest Coverage | 3.33 | 3.33 | 2.88 | 5.17 | 3.48 | 5.32 | 4.79 | 3.95 | 1.54 | 8.98 | 9.62 |
CVS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.84x is below 1.0, meaning current liabilities exceed current assets — though the company's $8.5B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | 0.81 | 0.86 | 0.95 | 0.88 | 0.91 | 0.94 | 1.03 | 1.02 | 1.18 |
| Quick Ratio | 0.63 | 0.63 | 0.60 | 0.63 | 0.67 | 0.62 | 0.61 | 0.62 | 0.65 | 0.52 | 0.62 |
| Cash Ratio | 0.12 | 0.12 | 0.13 | 0.14 | 0.23 | 0.18 | 0.18 | 0.15 | 0.15 | 0.06 | 0.13 |
| Asset Turnover | — | 1.54 | 1.47 | 1.43 | 1.41 | 1.25 | 1.16 | 1.15 | 0.99 | 1.94 | 1.88 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CVS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CVS Health Corporation returns 3.1% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 192.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 1.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.4% | 6.0% | 3.1% | 2.4% | 1.9% | 2.9% | 2.7% | 3.0% | 2.8% | 2.2% |
| Payout Ratio | 192.1% | 192.1% | 73.1% | 37.5% | 67.4% | 32.8% | 36.6% | 39.2% | — | 30.9% | 34.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 1.8% | 8.2% | 8.2% | 3.5% | 5.8% | 8.0% | 6.8% | — | 8.9% | 6.2% |
| FCF Yield | 7.1% | 7.7% | 11.2% | 10.2% | 10.9% | 11.5% | 15.0% | 10.7% | 10.0% | 8.2% | 9.3% |
| Buyback Yield | 0.0% | 0.0% | 5.3% | 2.0% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 5.9% | 5.2% |
| Total Shareholder Yield | 3.1% | 3.4% | 11.3% | 5.1% | 5.2% | 1.9% | 2.9% | 2.7% | 3.0% | 8.6% | 7.4% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.0B | $1.0B | $1.1B |
Peer Comparison
Compare CVS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CVSYou | $110B | 62.5 | 13.0 | 14.1 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
 UNH | $333B | 27.8 | 16.6 | 20.7 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CI | $74B | 12.7 | 8.3 | 8.9 | 9.5% | 3.3% | 14.3% | 10.4% | 2.7 |
 ELV | $81B | 14.9 | 10.9 | 25.6 | 25.6% | 4.1% | 13.3% | 9.1% | 3.4 |
 HUM | $30B | 25.0 | 16.8 | 78.9 | 14.5% | 1.1% | 7.0% | 4.1% | 5.7 |
 MCK | $91B | 28.9 | 18.5 | 17.4 | 3.5% | 1.2% | — | 540.6% | 1.5 |
 CAH | $45B | 29.7 | 16.5 | 24.4 | 3.7% | 1.0% | — | 3378.7% | 3.0 |
 LLY | $933B | 43.0 | 31.0 | 104.0 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
 PFE | $151B | 19.5 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 JNJ | $541B | 38.8 | 18.8 | 27.3 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
 MRK | $280B | 15.6 | 10.8 | 22.7 | 72.0% | 36.2% | 36.9% | 22.0% | 1.7 |
| Healthcare Median | — | 22.2 | 14.1 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full CVS Stock Analysis
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Side-by-side business, growth, and profitability comparison vs UnitedHealth Group Incorporated.
Start ComparisonCVS — Frequently Asked Questions
Quick answers to the most common questions about buying CVS stock.
What is CVS Health Corporation's P/E ratio?
CVS Health Corporation's current P/E ratio is 62.5x. The historical average is 27.0x. This places it at the 97th percentile of its historical range.
What is CVS Health Corporation's EV/EBITDA?
CVS Health Corporation's current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
What is CVS Health Corporation's ROE?
CVS Health Corporation's return on equity (ROE) is 2.3%. The historical average is 11.3%.
Is CVS stock overvalued?
Based on historical data, CVS Health Corporation is trading at a P/E of 62.5x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is CVS Health Corporation's dividend yield?
CVS Health Corporation's current dividend yield is 3.08% with a payout ratio of 192.1%.
What are CVS Health Corporation's profit margins?
CVS Health Corporation has 13.8% gross margin and 2.6% operating margin.
How much debt does CVS Health Corporation have?
CVS Health Corporation's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.