Health Care · Health Care Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$92.36
52-week range
$68.48 – $110.00
Market cap
$118.9B
P/E (trailing)
24.1×
EV / EBITDA
13.0×
Free-cash-flow yield
9.9%
Dividend yield
2.9%
Revenue (last 12 months)
$415.1B
Revenue growth (3y a year)
7.6%
Operating margin
2.0%
Return on invested capital
5.5%
Net debt / EBITDA
3.7×
Fair value
Blended fair value$112.35 range $107 – $118
Versus priceFair+22% to fair value
Peer multiples
$119.99
Fundamentals-adjusted multiple
$134.98
10-year DCF (market-scaled)
$82.09
Earnings power value (floor, not blended)
$57.39
Model uncertainty
Medium
X-Ray Score
52/ 100 · High confidence · ahead of 53% of sector peers
Valuation78
Growth40
Profitability49
Financial health29
Dividends64
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
CVS Health combines a large pharmacy chain, a pharmacy benefit manager, a health insurer and a growing set of care delivery services. Customers fill prescriptions at its stores, employers and health plans use its benefit management services, and Aetna covers members with health insurance. Revenue is generated from prescription sales, insurance premiums and service fees, and results depend on medical costs, drug pricing and reimbursement rates.
The company reported trailing revenue of $415.1 billion and three-year growth of 7.6% a year. Profitability figures show an operating margin of 2.0% and a return on invested capital of 6%. Its net debt to EBITDA ratio stands at 3.7 times. The dividend yield is 2.9%. The figures are a snapshot of reported results rather than a forecast.
StocksXray gives CVS HEALTH Corp an X-Ray Score of 52 out of 100 (high confidence), ahead of 53% of the S&P 500 stocks in its sector. Its strongest lens is valuation (78) and its weakest is financial health (29).
Our fair value blend is $112.35 (range $106.68 to $117.87). At $92.36 the stock trades 18% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
CVS HEALTH Corp (CVS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$87.90
$81.20
$71.02
$42.07
$77.55
$92.36
Market cap
$116.8B
$107.4B
$91.6B
$53.1B
$98.6B
$118.9B
P/E
14.6×
24.9×
11.0×
11.5×
55.8×
24.1×
EV / revenue
0.6×
0.4×
0.4×
0.3×
0.4×
0.4×
EV / EBITDA
9.0×
11.8×
7.8×
8.4×
16.5×
13.0×
Price / free cash flow
7.4×
8.0×
8.8×
8.4×
12.6×
10.1×
Free-cash-flow yield
13.5%
12.5%
11.3%
11.9%
7.9%
9.9%
Price / book
1.6×
1.5×
1.2×
0.7×
1.3×
1.5×
Dividend yield
2.28%
2.71%
3.41%
6.32%
3.43%
2.88%
Fundamentals checklist ● 5 Good · ● 3 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.9%Average
Free-cash-flow yield9.9%Good
Risk models
Altman Z score1.2×Bad
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)−24.7%Bad
Free-cash-flow growth (3y)−16.6%Bad
Revenue growth (3y)7.6%Average
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA3.7×Bad
Interest cover2.7×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield5.0%Good
Profitability
Return on invested capital5.5%Bad
Operating margin2.0%Bad
Gross profitability72.8%Good
XStocksXray
CVS HEALTH Corp (CVS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
292,111
322,467
357,776
372,809
402,067
415,086
Gross profit
116,308
125,575
140,678
166,522
180,900
184,675
Operating income
13,310
7,954
13,743
8,516
4,660
8,288
Net income
8,001
4,311
8,344
4,614
1,768
4,890
Diluted EPS ($)
6.02
3.26
6.47
3.66
1.39
3.83
Free cash flow
15,745
13,450
10,395
6,326
7,807
11,758
Gross margin
39.8%
38.9%
39.3%
44.7%
45.0%
44.5%
Operating margin
4.6%
2.5%
3.8%
2.3%
1.2%
2.0%
Net margin
2.7%
1.3%
2.3%
1.2%
0.4%
1.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
233,052
228,275
249,728
253,215
253,538
253,768
Cash
9,408
12,945
8,196
8,586
8,453
11,329
Total debt
56,176
52,254
61,810
68,389
64,570
61,410
Equity
74,535
71,469
76,461
75,560
75,214
79,702
Dividend per share ($)
2.00
2.20
2.42
2.66
2.66
2.66
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.