Gross margin
45.0% Fiscal year 2025
Rank 40 of 100: higher than 40% of 153 peers (All). medium.
Rank 18 of 100: higher than 18% of 20 peers (Sector). weak.
Median Health Care: 66.6%
Share of revenue left after the direct cost of the products sold.
About the company
CVS Health is a major US healthcare company. It runs thousands of pharmacies, the health insurer Aetna and, with Caremark, a pharmacy benefit manager. It also operates doctors’ offices and primary care. As of Oct 13, 2026
Fact sheet (from the annual report) Pharmacies and drugstores · Woonsocket, USA
The group offers health insurance, manages pharmacy benefits, runs stores and clinics and reports in the segments Health Care Benefits and Health Services, among others. Under the Aetna name, the insurance segment offers medical, dental and behavioral health plans as well as plans for the government programs Medicare and Medicaid. Members are insured mainly through employers, government programs or individually; sales run through its own employees as well as brokers, agents and consultants. Under CVS Caremark, the Health Services segment manages pharmacy benefits mainly for employers, insurers, unions and health plans, including mail-order and specialty pharmacies. This segment also includes the Oak Street Health primary care centers for members in the Medicare program as well as Signify Health.
Automatically summarized from SEC annual report (10-K, filed Feb 10, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 14, 2026
Price performance at a glance
Last 30 trading days
- Today −1.5%
- 7 days −3.8%
- 30 days +2.2%
- 1 year +10.5%
Day range (last trading day)
−0.2%Price at 9% of the range+2.1%
52-week range
−23.7%Price at 53% of the range+21.5%
- Distance from the all-time high
- −19.8%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Gap with volume · Analysis method
This method currently detects no pattern for CVS. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? After strong news, usually earnings, the price opened above the previous day’s high and closed much higher on heavy volume. Such moves often continue for a few more days.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginCVS Health · Sector Health Care · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 10, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet
3 of 8 criteria met
Growth
Revenue and earnings per share
5 of 7 criteria met
Dividend
Level, consistency, coverage
6 of 7 criteria met
Financial strength
Piotroski, debt, liquidity
5 of 6 criteria met
Quality 3 of 8 met
- met: Gross margin above 40% 45.0%
- not met: Operating margin above 15% 1.2%
- not met: Net margin above 10% 0.4%
- not met: Return on equity above 15% 2.4%
- not met: Free cash flow margin above 10% 1.9%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- not met: Equity ratio above 30% 29.7%
Operating margin
1.2% Fiscal year 2025
Rank 22 of 100: higher than 22% of 192 peers (All). weak.
Rank 18 of 100: higher than 18% of 20 peers (Sector). weak.
Median Health Care: 18.0%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
0.4% Fiscal year 2025
Rank 18 of 100: higher than 18% of 237 peers (All). weak.
Rank 13 of 100: higher than 13% of 26 peers (Sector). weak.
Median Health Care: 13.9%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
2.4% Fiscal year 2025
Rank 19 of 100: higher than 19% of 218 peers (All). weak.
Rank 12 of 100: higher than 12% of 21 peers (Sector). weak.
Median Health Care: 14.3%
Net income divided by equity at fiscal year end.
Return on assets
0.7% Fiscal year 2025 (total assets at year end)
Rank 20 of 100: higher than 20% of 238 peers (All). weak.
Rank 13 of 100: higher than 13% of 26 peers (Sector). weak.
Median Health Care: 6.4%
Net income divided by total assets at fiscal year end.
Equity ratio
29.7% Fiscal year 2025
Rank 42 of 100: higher than 42% of 239 peers (All). medium.
Rank 37 of 100: higher than 37% of 26 peers (Sector). medium.
Median Health Care: 38.5%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
1.9% Fiscal year 2025
Rank 22 of 100: higher than 22% of 213 peers (All). weak.
Rank 26 of 100: higher than 26% of 25 peers (Sector). weak.
Median Health Care: 14.9%
Free cash flow divided by revenue.
Free cash flow
7.8B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 5 of 7 met
- met: Over 3 years, revenue grew by more than 5% per year +7.6%
- met: Over 5 years, revenue grew by more than 5% per year +8.4%
- met: Over 10 years, revenue grew by more than 5% per year +10.1%
- not met: Over 3 years, EPS grew by more than 5% per year −23.8%
- not met: Over 5 years, EPS grew by more than 5% per year −23.9%
- met: Revenue rose in at least 4 of the last 5 fiscal years 5 of 5
- met: Revenue rose in the last fiscal year +7.8%
Revenue growth 3 years
+7.6% per year
Rank 46 of 100: higher than 46% of 230 peers (All). medium.
Rank 54 of 100: higher than 54% of 25 peers (Sector). medium.
Median Health Care: +5.6%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+8.4% per year
Rank 36 of 100: higher than 36% of 217 peers (All). medium.
Rank 46 of 100: higher than 46% of 25 peers (Sector). medium.
Median Health Care: +8.5%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+10.1% per year
Rank 63 of 100: higher than 63% of 157 peers (All). medium.
Rank 45 of 100: higher than 45% of 19 peers (Sector). medium.
Median Health Care: +10.1%
Average growth per year over 10 fiscal years.
EPS growth 3 years
−23.8% per year
Rank 7 of 100: higher than 7% of 157 peers (All). weak.
Rank 11 of 100: higher than 11% of 22 peers (Sector). weak.
Median Health Care: +5.5%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
−23.9% per year
Rank 1 of 100: higher than 1% of 146 peers (All). weak.
Rank 3 of 100: higher than 3% of 20 peers (Sector). weak.
Median Health Care: +7.0%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
−11.3% per year
Rank 1 of 100: higher than 1% of 140 peers (All). weak.
Rank 3 of 100: higher than 3% of 20 peers (Sector). weak.
Median Health Care: +8.3%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 6 of 7 met
- met: Pays a dividend 2.66 USD
- not met: Payout ratio at most 60% of earnings 191%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
- met: Dividend per share higher than 5 years ago +5.9%
- met: Free cash flow per share covers the dividend 2.3x
- met: Dividends paid over the last 5 years covered by free cash flow 29% of free cash flow
Payout ratio
191% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+5.9% per year
Rank 28 of 100: higher than 28% of 118 peers (All). weak.
Rank 28 of 100: higher than 28% of 16 peers (Sector). weak.
Median Health Care: +7.8%
Growth of the dividend per share per year.
Free cash flow coverage
2.3x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 5 of 6 met
- met: Piotroski F-Score at least 7 of 9 7 of 9
- met: Long-term debt no higher than equity 0.80
- not met: Current assets cover current liabilities 0.84
- met: Positive equity 75.2B USD
- met: In 5 years, share count up by at most 5% −3.3%
- met: Free cash flow positive in the last fiscal year 7.8B USD
Piotroski F-Score
7 of 9 Fiscal year 2025
Rank 72 of 100: higher than 72% of 134 peers (All). strong.
Rank 63 of 100: higher than 63% of 19 peers (Sector). medium.
Median Health Care: 7.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.80 at fiscal year end
Rank 39 of 100: lower than 39% of 199 peers (All). medium.
Rank 31 of 100: lower than 31% of 18 peers (Sector). weak.
Median Health Care: 0.72
Long-term financial debt divided by equity.
Liquidity (current ratio)
0.84 at fiscal year end
Rank 12 of 100: higher than 12% of 215 peers (All). weak.
Rank 10 of 100: higher than 10% of 26 peers (Sector). weak.
Median Health Care: 1.56
Current assets divided by current liabilities.
Change in share count
−3.3% in 5 years
Rank 57 of 100: lower than 57% of 199 peers (All). medium.
Rank 52 of 100: lower than 52% of 24 peers (Sector). medium.
Median Health Care: −2.7%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- not met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- met: Long-term debt relative to total assets fell
- met: Liquidity (current assets / current liabilities) rose
- not met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light green: Revenue grew over 5 years (+8.4% per year), at least as fast as the sector median.
- Light red: Net income (total) shrank over 5 years (−24.4% per year); per share −23.9% per year.
- Light yellow: Net margin 0.4%, below the sector median (12.9%).
- Light yellow: Debt higher than usual in the sector.
- Light yellow: Profit in 9 of 10 fiscal years.
- Light red: Dividend higher than earnings.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 177.5B USD · Net income 5.3B USD · Net margin 3.0%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 184.8B USD · Net income 6.6B USD · Net margin 3.6%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 194.6B USD · Net income −594.0M USD · Net margin −0.3%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 256.8B USD · Net income 6.6B USD · Net margin 2.6%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 268.7B USD · Net income 7.2B USD · Net margin 2.7%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 292.1B USD · Net income 7.9B USD · Net margin 2.7%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 322.5B USD · Net income 4.1B USD · Net margin 1.3%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 357.8B USD · Net income 8.3B USD · Net margin 2.3%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 372.8B USD · Net income 4.6B USD · Net margin 1.2%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 402.1B USD · Net income 1.8B USD · Net margin 0.4%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 89.8B USD · Net income 2.3B USD · Net margin 2.5%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 93.8B USD · Net income 2.0B USD · Net margin 2.2% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 88.4B USD · Net income 1.1B USD · Net margin 1.3%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 91.2B USD · Net income 1.8B USD · Net margin 1.9%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 95.4B USD · Net income 87.0M USD · Net margin 0.1%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 97.7B USD · Net income 1.6B USD · Net margin 1.7% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 94.6B USD · Net income 1.8B USD · Net margin 1.9%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 98.9B USD · Net income 1.0B USD · Net margin 1.0%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 102.9B USD · Net income −4.0B USD · Net margin −3.9%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 105.7B USD · Net income 2.9B USD · Net margin 2.8% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 100.4B USD · Net income 2.9B USD · Net margin 2.9%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 106.1B USD · Net income 3.0B USD · Net margin 2.8%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 4.90 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 6.44 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share −0.57 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 5.08 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 5.46 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 5.95 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 3.14 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 6.47 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 3.66 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 1.39 USD
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Earnings per share 1.75 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 0.88 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 1.41 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 0.07 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 1.41 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 0.80 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share −3.13 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 2.30 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 2.31 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 1.70 USD · Payout ratio 34.7%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 2.00 USD · Payout ratio 31.1%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 2.00 USD · Payout ratio not available
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 2.00 USD · Payout ratio 39.4%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 2.00 USD · Payout ratio 36.6%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 2.00 USD · Payout ratio 33.6%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 2.20 USD · Payout ratio 70.1%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 2.42 USD · Payout ratio 37.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 2.66 USD · Payout ratio 72.7%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 2.66 USD · Payout ratio 191.4%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 0.61 USD · Payout ratio 34.6%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 0.61 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 0.67 USD · Payout ratio 75.6%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 0.67 USD · Payout ratio 47.2%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 0.67 USD · Payout ratio 950.0%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 0.67 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 0.67 USD · Payout ratio 47.2%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 0.67 USD · Payout ratio 83.1%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 0.67 USD · Payout ratio not available
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 0.67 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 0.67 USD · Payout ratio 28.9%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 0.67 USD · Payout ratio 28.8%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 402.1B USD · Net income 1.8B USD · Net margin 0.4%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 45.0 USD gross profit, 1.2 USD operating income and 0.4 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 402.1B USD | 100.0% |
| Gross profit | 180.9B USD | 45.0% |
| Cost of revenue | 221.2B USD | 55.0% |
| Operating income | 4.7B USD | 1.2% |
| Operating expenses | 176.2B USD | 43.8% |
| Net income | 1.8B USD | 0.4% |
| Taxes | 408.0M USD | 0.1% |
| Interest & other (net) | 2.5B USD | 0.6% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin fell in 5 years from 5.2% to 1.2%.
Gross marginOperating marginNet margin- Fiscal year 2016: Gross margin 16.3% · Operating margin 5.8% · Net margin 3.0%
- Fiscal year 2017: Gross margin 15.4% · Operating margin 5.2% · Net margin 3.6%
- Fiscal year 2018: Gross margin 19.6% · Operating margin 2.1% · Net margin −0.3%
- Fiscal year 2019: Gross margin 38.2% · Operating margin 4.7% · Net margin 2.6%
- Fiscal year 2020: Gross margin 39.0% · Operating margin 5.2% · Net margin 2.7%
- Fiscal year 2021: Gross margin 39.8% · Operating margin 4.5% · Net margin 2.7%
- Fiscal year 2022: Gross margin 38.9% · Operating margin 2.4% · Net margin 1.3%
- Fiscal year 2023: Gross margin 39.3% · Operating margin 3.8% · Net margin 2.3%
- Fiscal year 2024: Gross margin 44.7% · Operating margin 2.3% · Net margin 1.2%
- Fiscal year 2025: Gross margin 45.0% · Operating margin 1.2% · Net margin 0.4%
Returns
Return on equity fell in 5 years from 10.3% to 2.4%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 14.4% · Return on assets 5.6%
- Fiscal year 2017: Return on equity 17.6% · Return on assets 7.0%
- Fiscal year 2018: Return on equity −1.0% · Return on assets −0.3%
- Fiscal year 2019: Return on equity 10.4% · Return on assets 3.0%
- Fiscal year 2020: Return on equity 10.3% · Return on assets 3.1%
- Fiscal year 2021: Return on equity 10.5% · Return on assets 3.4%
- Fiscal year 2022: Return on equity 5.8% · Return on assets 1.8%
- Fiscal year 2023: Return on equity 10.9% · Return on assets 3.3%
- Fiscal year 2024: Return on equity 6.1% · Return on assets 1.8%
- Fiscal year 2025: Return on equity 2.4% · Return on assets 0.7%
Equity and long-term debt
The equity ratio stayed roughly the same in 5 years (29.7%).
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases. Definition changes: some years use a different debt tag.- Fiscal year 2016: Equity 36.8B USD · Long-term debt 25.7B USD
- Fiscal year 2017: Equity 37.7B USD · Long-term debt 25.7B USD
- Fiscal year 2018: Equity 58.2B USD · Long-term debt 71.4B USD
- Fiscal year 2019: Equity 63.9B USD · Long-term debt 64.7B USD
- Fiscal year 2020: Equity 69.4B USD · Long-term debt 59.2B USD
- Fiscal year 2021: Equity 75.1B USD · Long-term debt 52.0B USD
- Fiscal year 2022: Equity 71.0B USD · Long-term debt 50.5B USD
- Fiscal year 2023: Equity 76.5B USD · Long-term debt 58.6B USD
- Fiscal year 2024: Equity 75.6B USD · Long-term debt 60.5B USD
- Fiscal year 2025: Equity 75.2B USD · Long-term debt 60.5B USD
Liquidity (current ratio)
The current ratio fell in 5 years from 0.91 to 0.84.
Current ratio- Fiscal year 2016: Current ratio 1.18
- Fiscal year 2017: Current ratio 1.02
- Fiscal year 2018: Current ratio 1.03
- Fiscal year 2019: Current ratio 0.94
- Fiscal year 2020: Current ratio 0.91
- Fiscal year 2021: Current ratio 0.88
- Fiscal year 2022: Current ratio 0.94
- Fiscal year 2023: Current ratio 0.86
- Fiscal year 2024: Current ratio 0.81
- Fiscal year 2025: Current ratio 0.84
Cash flow
Free cash flow fell in 5 years from 13.4B USD to 7.8B USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow 10.1B USD · Capital expenditure 2.2B USD · Free cash flow 7.8B USD
- Fiscal year 2017: Operating cash flow 8.0B USD · Capital expenditure 1.9B USD · Free cash flow 6.1B USD
- Fiscal year 2018: Operating cash flow 8.9B USD · Capital expenditure 2.0B USD · Free cash flow 6.8B USD
- Fiscal year 2019: Operating cash flow 12.8B USD · Capital expenditure 2.5B USD · Free cash flow 10.4B USD
- Fiscal year 2020: Operating cash flow 15.9B USD · Capital expenditure 2.4B USD · Free cash flow 13.4B USD
- Fiscal year 2021: Operating cash flow 18.3B USD · Capital expenditure 2.5B USD · Free cash flow 15.7B USD
- Fiscal year 2022: Operating cash flow 16.2B USD · Capital expenditure 2.7B USD · Free cash flow 13.5B USD
- Fiscal year 2023: Operating cash flow 13.4B USD · Capital expenditure 3.0B USD · Free cash flow 10.4B USD
- Fiscal year 2024: Operating cash flow 9.1B USD · Capital expenditure 2.8B USD · Free cash flow 6.3B USD
- Fiscal year 2025: Operating cash flow 10.6B USD · Capital expenditure 2.8B USD · Free cash flow 7.8B USD
Share count
The share count fell in 5 years by 3.3% (mostly through share repurchases).
Diluted share count- Fiscal year 2016: Diluted share count 1.1B
- Fiscal year 2017: Diluted share count 1.0B
- Fiscal year 2018: Diluted share count 1.0B
- Fiscal year 2019: Diluted share count 1.3B
- Fiscal year 2020: Diluted share count 1.3B
- Fiscal year 2021: Diluted share count 1.3B
- Fiscal year 2022: Diluted share count 1.3B
- Fiscal year 2023: Diluted share count 1.3B
- Fiscal year 2024: Diluted share count 1.3B
- Fiscal year 2025: Diluted share count 1.3B
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 2.66 USD · Fiscal year 2025
- Dividend growth per year
- 3 y +6.5%5 y +5.9%10 y +6.6%
- Years without a cut
- at least 10 as far as the data goes
- Payout ratio
- of earnings 191% of free cash flow 44%
- To shareholders (5 years)
- 24.0B USD 36% through repurchases
- Share count over 5 years
- −3.3% fewer shares – each share is a larger stake
Dividend per share
The dividend per share rose in 5 years from 2.00 USD to 2.66 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 1.70 USD
- Fiscal year 2017: Dividend per share 2.00 USD
- Fiscal year 2018: Dividend per share 2.00 USD
- Fiscal year 2019: Dividend per share 2.00 USD
- Fiscal year 2020: Dividend per share 2.00 USD
- Fiscal year 2021: Dividend per share 2.00 USD
- Fiscal year 2022: Dividend per share 2.20 USD
- Fiscal year 2023: Dividend per share 2.42 USD
- Fiscal year 2024: Dividend per share 2.66 USD
- Fiscal year 2025: Dividend per share 2.66 USD
Payout ratios
The payout ratio rose in 5 years from 36.6% to 191.4%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 34.7% · Payout ratio (free cash flow) 23.5%
- Fiscal year 2017: Payout ratio (earnings) 31.1% · Payout ratio (free cash flow) 33.7%
- Fiscal year 2018: Payout ratio (earnings) not available · Payout ratio (free cash flow) 29.8%
- Fiscal year 2019: Payout ratio (earnings) 39.4% · Payout ratio (free cash flow) 25.1%
- Fiscal year 2020: Payout ratio (earnings) 36.6% · Payout ratio (free cash flow) 19.5%
- Fiscal year 2021: Payout ratio (earnings) 33.6% · Payout ratio (free cash flow) 16.7%
- Fiscal year 2022: Payout ratio (earnings) 70.1% · Payout ratio (free cash flow) 21.6%
- Fiscal year 2023: Payout ratio (earnings) 37.4% · Payout ratio (free cash flow) 30.1%
- Fiscal year 2024: Payout ratio (earnings) 72.7% · Payout ratio (free cash flow) 53.3%
- Fiscal year 2025: Payout ratio (earnings) 191.4% · Payout ratio (free cash flow) 43.5%
What goes back to shareholders
Over 5 years, 24.0B USD went back to shareholders, 36% of it through share repurchases. That is 45% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 1.8B USD · Share repurchases 4.5B USD · New shares issued (including employee plans) not available · Free cash flow 7.8B USD
- Fiscal year 2017: Dividends paid 2.0B USD · Share repurchases 4.4B USD · New shares issued (including employee plans) not available · Free cash flow 6.1B USD
- Fiscal year 2018: Dividends paid 2.0B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 6.8B USD
- Fiscal year 2019: Dividends paid 2.6B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 10.4B USD
- Fiscal year 2020: Dividends paid 2.6B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 13.4B USD
- Fiscal year 2021: Dividends paid 2.6B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 15.7B USD
- Fiscal year 2022: Dividends paid 2.9B USD · Share repurchases 3.5B USD · New shares issued (including employee plans) not available · Free cash flow 13.5B USD
- Fiscal year 2023: Dividends paid 3.1B USD · Share repurchases 2.0B USD · New shares issued (including employee plans) not available · Free cash flow 10.4B USD
- Fiscal year 2024: Dividends paid 3.4B USD · Share repurchases 3.0B USD · New shares issued (including employee plans) not available · Free cash flow 6.3B USD
- Fiscal year 2025: Dividends paid 3.4B USD · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 7.8B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
CVS Health next to 8 stocks of the sector Health Care we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| UNH UnitedHealth Group | 447.6B USD | +11.7% | – | 4.2% | 2.7% | 12.0% | 32.3% | 3.6% | 7/9 |
| MCK McKesson Corporation | 403.4B USD | +11.1% | 3.6% | 1.5% | 1.2% | – | −2.6% | 1.4% | 6/9 |
| CVS CVS Health this stock | 402.1B USD | +8.4% | 45.0% | 1.2% | 0.4% | 2.4% | 29.7% | 1.9% | 7/9 |
| CI Cigna | 274.9B USD | +11.4% | 21.8% | 3.3% | 2.2% | 14.3% | 26.4% | – | 7/9 |
| ELV Elevance Health | 199.1B USD | +10.3% | – | 3.6% | 2.8% | 12.9% | 36.1% | 1.6% | 7/9 |
| JNJ Johnson & Johnson | 94.2B USD | +2.7% | 67.9% | – | 28.5% | 32.9% | 40.9% | 20.9% | 4/9 |
| HCA HCA Healthcare | 75.6B USD | +8.0% | – | – | 9.0% | – | −9.9% | 10.2% | – |
| LLY Lilly (Eli) | 65.2B USD | +21.6% | 83.0% | – | 31.7% | 77.8% | 23.6% | 13.8% | 7/9 |
| MRK Merck & Co. | 65.0B USD | +6.3% | 74.8% | – | 28.1% | 34.7% | 38.4% | 19.0% | 4/9 |
| Median of the sector 26 symbols | 44.4B USD | +8.5% | 66.6% | 18.0% | 13.9% | 14.3% | 38.5% | 14.9% | 7/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 63 symbols in the Health Care sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+8.4% per year, last 5 years
Sector Health Care: median +7.8% (60 symbols)
What does this mean? Revenue: over 5 years it grew by 8.4% per year on average – at least as fast as the median company in the sector (+7.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth−24.4% per year, last 5 years
Sector Health Care: median +7.5% (46 symbols)
per share: −23.9% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it fell by 24.4% per year on average. The median company in the sector reached +7.5% per year.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin0.4% last fiscal year
Sector Health Care: median 12.9% (63 symbols)
What does this mean? Of every 100 USD in revenue, 0.44 USD remained as profit – less than the median company in the sector (12.9%). Five years ago the margin was 2.7%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth0.75 latest balance sheet
Sector Health Care: median 0.66 (49 symbols)
What does this mean? For every 1 USD of equity there is 0.75 USD of financial debt – more than the median company in the sector (0.66). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth191% Dividend / earnings per share
Sector Health Care: median 28% (31 symbols)
What does this mean? The payout was higher than the earnings per share; it is paid from cash flow, from reserves or with new debt. Median company in the sector: 28%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin9 of 10 fiscal years with a profit
What does this mean? In 9 of the last 10 fiscal years the bottom line showed a profit. One year ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 402.1B | 1.8B | 0.4% | 1.39 | 2.66 | 191% |
| 2024 | Dec 31, 2024 | 372.8B | 4.6B | 1.2% | 3.66 | 2.66 | 73% |
| 2023 | Dec 31, 2023 | 357.8B | 8.3B | 2.3% | 6.47 | 2.42 | 37% |
| 2022 | Dec 31, 2022 | 322.5B | 4.1B | 1.3% | 3.14 | 2.20 | 70% |
| 2021 | Dec 31, 2021 | 292.1B | 7.9B | 2.7% | 5.95 | 2.00 | 34% |
| 2020 | Dec 31, 2020 | 268.7B | 7.2B | 2.7% | 5.46 | 2.00 | 37% |
| 2019 | Dec 31, 2019 | 256.8B | 6.6B | 2.6% | 5.08 | 2.00 | 39% |
| 2018 | Dec 31, 2018 | 194.6B | −594.0M | −0.3% | −0.57 | 2.00 | – |
| 2017 | Dec 31, 2017 | 184.8B | 6.6B | 3.6% | 6.44 | 2.00 | 31% |
| 2016 | Dec 31, 2016 | 177.5B | 5.3B | 3.0% | 4.90 | 1.70 | 35% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 106.1B | 3.0B | 2.8% | 2.31 | 0.67 | 29% |
| Q1/26 | Mar 31, 2026 | 100.4B | 2.9B | 2.9% | 2.30 | 0.67 | 29% |
| Q4/25* | Dec 31, 2025 | 105.7B | 2.9B | 2.8% | – | 0.67 | – |
| Q3/25 | Sep 30, 2025 | 102.9B | −4.0B | −3.9% | −3.13 | 0.67 | – |
| Q2/25 | Jun 30, 2025 | 98.9B | 1.0B | 1.0% | 0.80 | 0.67 | 83% |
| Q1/25 | Mar 31, 2025 | 94.6B | 1.8B | 1.9% | 1.41 | 0.67 | 47% |
| Q4/24* | Dec 31, 2024 | 97.7B | 1.6B | 1.7% | – | 0.67 | – |
| Q3/24 | Sep 30, 2024 | 95.4B | 87.0M | 0.1% | 0.07 | 0.67 | 950% |
| Q2/24 | Jun 30, 2024 | 91.2B | 1.8B | 1.9% | 1.41 | 0.67 | 47% |
| Q1/24 | Mar 31, 2024 | 88.4B | 1.1B | 1.3% | 0.88 | 0.67 | 76% |
| Q4/23* | Dec 31, 2023 | 93.8B | 2.0B | 2.2% | – | 0.61 | – |
| Q3/23 | Sep 30, 2023 | 89.8B | 2.3B | 2.5% | 1.75 | 0.61 | 35% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $00 people | $0 |
| 6 months | $00 people | $323.7M2 people | −$323.7M |
| 12 months | $00 people | $323.7M2 people | −$323.7M |
Latest transactions
- May 21, 2026 Robbins Larry Director Open-market sale 370,462 shares · $34.6M · SEC
- May 20, 2026 Robbins Larry Director Open-market sale 800 shares · $77.0K · SEC
- May 20, 2026 Robbins Larry Director Open-market sale 66,881 shares · $6.4M · SEC
- May 20, 2026 Robbins Larry Director Open-market sale 152,691 shares · $14.5M · SEC
- May 20, 2026 Robbins Larry Director Open-market sale 797,628 shares · $74.6M · SEC
- May 19, 2026 Robbins Larry Director Open-market sale 151 shares · $14.4K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score -5
Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows-10
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)20.7
Rel. strength 60 d−14.4%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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