CVS
CVS HEALTH Corp
Consumer Discretionary • CIK: 0000064803
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Market Cap
$95.33B
P/E (TTM)
188.5x
Rev Growth (TTM)
+6.8%
Net Margin (TTM)
0.1%
FCF Yield (TTM)
6.6%
FCF Margin (TTM)
1.6%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$6.3B
Q3 '25
$98M-92%
Q2 '25
$1.3B-66%
FCF Margin
TTM1.6%
Q3 '250.1%-93%
Sector: 4.9%Below Avg
OCF Margin2.3%
OCF/NI19.42x
CapEx Coverage3.2x
FCF Yield6.6%
FCF Growth (2Y)-31%
Cash Conversion Cycle
66 days
DSO: 36+DIO: 30−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldFY
FY3.5%
Div Yield3.5%
+Buyback (FY)5.3%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.5%
FCF Payout Ratio53.4%
Free Cash Flow (TTM)$6.3B
Stock Repurchases (FY)$3.0B
Capital Return / FCF53.9%
Est. Dividends Paid (TTM)$3.4B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
0.5%
Moderate
-0.9% YoY-10.5%
P25MedianP75
75th pctl (med: 0.2%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
0.2%
8Q: 1.8%
Asset Turnover
1.54x
8Q: 1.50x
Leverage (1+D/E)
1.85x
D/E: 0.85x
DuPont: 0.5% ≈ 0.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
30.63x
8Q:29.46x
+397.8%
Invested Cap Turn
3.05x
8Q:2.86x
+61.1%
CapEx Intensity
2.2%
8Q:2.1%
CapEx/Depreciation
0.61x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $394.1B | $102.9B↑4.0% | $98.9B↑4.6% | $94.6B↓3.2% | $97.7B↑2.4% | $95.4B↑4.6% | $91.2B↑3.2% | $88.4B↓5.7% | $93.8B |
Operating Income | $4.9B | $-3.2B↓234.7% | $2.4B↓29.4% | $3.4B↑42.5% | $2.4B↑184.6% | $832.0M↓72.7% | $3.0B↑34.1% | $2.3B↓32.7% | $3.4B |
Net Income | $469.0M | $-4.0B↓489.3% | $1.0B↓42.6% | $1.8B↑8.2% | $1.6B↑1789.7% | $87.0M↓95.1% | $1.8B↑59.0% | $1.1B↓45.6% | $2.0B |
Operating Cash Flow | $9.1B | $796.0M↓58.0% | $1.9B↓58.4% | $4.6B↑144.9% | $1.9B↑349.7% | $-745.0M↓124.1% | $3.1B↓37.0% | $4.9B↑286.0% | $-2.6B |
Free Cash Flow | $6.3B | $98.0M↓92.4% | $1.3B↓66.2% | $3.8B↑249.2% | $1.1B↑177.2% | $-1.4B↓157.7% | $2.5B↓41.6% | $4.2B↑218.4% | $-3.5B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
188.5x
Volatile
8Q: 48.9x-11576%
High PEG ratio (10.0x) suggests expensive for growth
Valuation Lenses
Earnings
188.5x
vs – sector
Cash Flow
20.3x
EV/FCF vs –
Growth-Adj
10.0xPEG
Expensive for growth
Quality-Adj
357.0P/E per %ROIC
ROIC: 0.5%
Shareholder Returns
Dividend
3.5%
Buyback
–
Total Yield
3.5%
Market Cap$95.33B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
52/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Bottom 25%
0.6%
8Q:–
Return on Invested Capital (ROIC)Top 25%
0.5%
8Q:–
-10.5%
vs Sector:0.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 0.2%
Asset Turnover: 1.54x
Earnings Quality
Cash Conversion
19.42x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin44.8%
Capital Efficiency
Invested Capital Turnover3.05x
Working Capital
Cash Conversion Cycle66 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.8%
OpInc Growth YoY
-485.5%
EPS Growth YoY
-90.1%
FCF 3Y CAGR
-31.4%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 38.2%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
44.8%
Operating
1.2%
Below Avg in sector
Net
0.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.5 pts
FCF: 1.6% | Net: 0.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $50.27B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.85x
Balance sheet risk & solvency analysis