CVS Health (CVS) stock
Health Care · Health Care Services
CVS Health (CVS) is a Health Care Services company in the Health Care sector, headquartered in Woonsocket, Rhode Island. As of October 23, 2026, CVS closed at $93.47, a market capitalization of $119.55 billion, the 104th largest company in the S&P 500. Over the last twelve months it generated $412.64 billion in revenue (+7% year over year) and $11.76 billion in free cash flow. The stock trades at 24.6x trailing earnings and 11.0x forward earnings.
- 1-year total return: +18.8% (dividends reinvested)
- 5-year return: +4.8% a year
- 52-week range: $69.51 – $110.68
- Gross margin 13.6%, operating margin 3.9%
- Dividend yield: 2.85%
- FI Handbook report card: C- across 10 metrics
- 16th largest of 60 Health Care stocks in the S&P 500
CVS price chart
1Y price change: +15.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CVS | +9.6% | +21.4% | +18.8% | +14.9% | +4.8% | +3.9% | +9.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
CVS key statistics
- Market cap
- $119.5B
- #104 in S&P 500
- P/E (TTM)
- 24.6x
- Forward P/E
- 11.0x
- EPS (TTM)
- $3.80
- Revenue (TTM)
- $412.6B
- +7%
- Free cash flow
- $11.8B
- Gross margin
- 13.6%
- Operating margin
- 3.9%
- Return on equity
- 6.2%
- Dividend yield
- 2.85%
- 52-week range
- $69.51 – $110.68
- Beta
- 0.60
- Price / sales
- 0.3x
- EV / EBITDA
- 10.9x
- Debt / equity
- 0.96x
- Employees
- 219,000
CVS report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth7.1%C
- Gross margin13.6%F
- Operating margin3.9%D
- FCF margin2.8%D
- Return on equity6.2%D
- Net debt / EBITDA3.7xF
- Forward P/E11.0xA
- PEG ratio0.2xA
- Shareholder yield2.8%C
- Share count change / yr-0.7%B
CVS Health financials
Revenue went from $177.5B in fiscal 2016 to $402.1B in fiscal 2025, growing 9.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $177.5B | $184.8B | $193.9B | $256.8B | $268.7B | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| Gross profit | $28.9B | $28.5B | $37.5B | $98.1B | $104.7B | $116.3B | $125.6B | $140.7B | $166.5B | $180.9B |
| Operating income | $10.4B | $9.5B | $4.0B | $12.0B | $13.9B | $13.3B | $8.0B | $13.7B | $8.5B | $4.7B |
| Net income | $5.3B | $6.6B | -$594.0M | $6.6B | $7.2B | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| EPS (diluted) | $4.90 | $6.44 | $-0.57 | $5.08 | $5.46 | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 |
| Free cash flow | $7.9B | $6.1B | $6.8B | $10.4B | $13.4B | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |
| Buybacks | $4.5B | $4.4B | $0 | $0 | $0 | $0 | $3.5B | $2.0B | $3.0B | $0 |
| Dividends paid | $1.8B | $2.0B | $2.0B | $2.6B | $2.6B | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| Diluted shares | 1.1B | 1.0B | 1.0B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CVS?
A reverse DCF asks what growth the current price requires. With an enterprise value of $181.9B and $11.8B of trailing free cash flow, CVS Health needs to grow free cash flow about 4.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -10.3% a year over the last five years.
P/E ratio history
Current 67.2x vs. median 16.8x (10th–90th percentile 11.3x–24.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CVS dividend
- Dividend yield
- 2.85%
- Annual dividend
- $2.66
- Years of increases
- —
- 5-yr dividend growth
- 5.9%
- per year
- Payout ratio
- 70%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CVS analyst price targets
25 analysts' average 12-month target is $115.48 (+24% vs. $93.47). Targets range from $103.00 to $145.00. 93% rate it a buy.
CVS earnings
Next report: November 4, 2026. CVS Health has beaten EPS estimates 7 quarters in a row. Last quarter's revenue was $106.1B (+7% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $1.85 | $2.58 | +39.4% |
| May 6, 2026 | $2.21 | $2.57 | +16.5% |
| Feb 10, 2026 | $1.00 | $1.09 | +9.4% |
| Oct 29, 2025 | $1.36 | $1.60 | +17.9% |
| Jul 31, 2025 | $1.46 | $1.81 | +23.9% |
| May 1, 2025 | $1.67 | $2.25 | +34.5% |
| Feb 12, 2025 | $0.92 | $1.19 | +29.6% |
| Nov 6, 2024 | $1.46 | $1.09 | -25.2% |
Stocks like CVS
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|---|---|---|---|---|---|
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CVS news
- After hundreds of closures, CVS copies Costco and Marshalls · Oct 25, 2026
- Why Is CVS Health (CVS) Hiring A Top AI Leader For Pharmacy? · Oct 24, 2026
- What CVS Health Holders Bought Into · Oct 24, 2026
- CVS Health (CVS) Stock May Be Undervalued Despite Opioid Settlement · Oct 24, 2026
- What to Expect From CVS Health's Next Quarterly Earnings Report · Oct 23, 2026
CVS stock FAQ
What is CVS's market cap?
CVS Health's market capitalization is $119.55 billion as of October 23, 2026, ranking 104th in the S&P 500.
What is CVS's P/E ratio?
CVS trades at a trailing price-to-earnings ratio of 24.6x and a forward P/E of 11.0x. Its median P/E over the period we track is 16.8x.
Does CVS pay a dividend?
Yes. CVS Health pays $2.66 per share a year, a 2.85% yield. Dividends grew 5.9% a year over the last five years.
How much has CVS stock returned?
Including reinvested dividends, CVS returned +18.8% over one year, +4.8% a year over five years, +3.9% a year over ten years through October 23, 2026.
Is CVS stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies CVS Health must grow free cash flow about 4% a year for the next decade. Its free cash flow fell 10% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CVS price target?
25 analysts cover CVS with an average 12-month price target of $115.48, +24% from the current price. 93% of them rate it a buy.
When does CVS report earnings?
CVS Health is expected to report earnings on November 4, 2026. It has beaten EPS estimates 7 quarters in a row.
How many employees does CVS Health have?
CVS Health has about 219,000 full-time employees, or $1.9 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology