CVS Health CVS

Medical - Healthcare Plans, Healthcare

$93.47

−1.07%

Market cap: $119.5B
PE: 24.7×; 10y median 16.2×
Forward PE: 11.5×; 10y median 10.9×
Price to sales: 0.3×
EV/EBIT: 11.7×
Revenue, 12 months: $415.1B; +7% on a year ago
Net margin: 1.2%
Free cash flow yield: 9.8%

CVS Health trades at 24.7× trailing earnings, pricier than 81% of the last ten years. Revenue was $415.1B over the last twelve months, up 7% on a year earlier with a 1% net margin.

Charts

Financials

Income statement for CVS, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$89.8B+11%	$93.8B+12%	$88.4B+4%	$91.2B+3%	$95.4B+6%	$97.7B+4%	$94.6B+7%	$98.9B+8%	$102.9B+8%	$105.7B+8%	$100.4B+6%	$106.1B+7%
Cost of revenue	$54.7B+9%	$57.4B+11%	$48.1B−7%	$50B−7%	$52.9B−3%	$55.3B−4%	$51.1B+6%	$54B+8%	$57B+8%	$59.1B+7%	$55.4B+9%	$58.9B+9%
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	$3.7B	$3.4B−8%	$2.3B−34%	$3B−6%	$832M−78%	$2.4B−30%	$3.4B+49%	$2.4B−22%	−$3.2B	$2.1B−11%	$4.7B+39%	$4.7B+98%
Interest expense	$693M+22%	$690M+25%	$716M+22%	$732M+7%	$752M+9%	$758M+10%	$785M+10%	$763M+4%	$784M+4%	$787M+4%	$774M−1%	$757M−1%
Pre-tax income	$3B	$2.7B−14%	$1.6B−45%	$2.3B−9%	$105M−97%	$2.1B−21%	$2.6B+66%	$1.6B−30%	−$3.5B	$1.4B−36%	$3.9B+51%	$4B+142%
	$754M	$658M−20%	$456M−38%	$569M−13%	$34M−96%	$503M−24%	$835M+83%	$634M+11%	$508M+1394%	−$1.6B	$981M+18%	$982M+55%
Net income	$2.3B	$2B−12%	$1.1B−48%	$1.8B−7%	$87M−96%	$1.6B−20%	$1.8B+60%	$1B−42%	−$4B	$2.9B+79%	$2.9B+65%	$3B+192%
	$1.75	$1.58−11%	$0.88−47%	$1.41−5%	$0.07−96%	$1.30−18%	$1.41+60%	$0.80−43%	−$3.13	$2.31+78%	$2.30+63%	$2.31+189%
	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−0%	1.3B+1%	1.3B+1%	1.3B+1%	1.3B+1%	1.3B+1%

Gross profit: 7 periods, Q1 FY18 to Q3 FY19: not printed by the filing, worked out from its own lines.

Net income: Q1 FY16 and Q2 FY16: not printed by the filing, worked out from its own lines.

EPS, diluted: 8 periods, Q4 FY08 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 16 periods, Q4 FY08 to Q4 FY24: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY18: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. Q4 FY25: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 4, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$104.7B	$102.8B to $107.6B	$1.66	$1.58 to $1.72	16
Q4 FY26	$106.9B	$103.9B to $109.2B	$1.23	$1.16 to $1.33	15
Q1 FY27	$102.7B	$99.9B to $106.3B	$2.68	$2.58 to $2.80	6
Q2 FY27	$107.8B	$104.8B to $111.6B	$2.55	$2.46 to $2.67	6
Q3 FY27	$107.9B	$104.9B to $111.6B	$1.89	$1.82 to $1.98	6
Q4 FY27	$110B	$107B to $113.9B	$1.38	$1.33 to $1.44	6
Q1 FY28	$107.5B	$104.5B to $111.3B	$3.03	$2.92 to $3.17	14
Q2 FY28	$113.2B	$110B to $117.1B	$2.92	$2.81 to $3.05	14

Peers

Companies in Medical - Healthcare Plans nearest CVS Health's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
CVSCVS Health	$119.5B	24.7×	16.2×	11.5×	0.3×	+7%	1.2%
ELVElevance Health	$95.4B	19.6×	17.6×	16.1×	0.5×	+6%	2.5%
CICigna	$81.1B	12.7×	16.1×	9.7×	0.3×	+8%	2.3%
HUMHumana	$50.7B	39.9×	20.7×	33.7×	0.3×	+18%	0.9%
UNHUnitedHealth	$375.3B	23.9×	22.7×	18.5×	0.8×	+3%	3.5%
CNCCentene	$34.7B	n/m	20.7×	15.0×	0.2×	+14%	−2.5%
Peer median	$81.1B	21.7×	20.7×	16.1×	0.3×	+8%	2.3%