CVS HealthCVS

CVS HealthCVS

Revenue: is the business selling more than it used to?

$402.1B+8% YoYFY 2025

→Revenue reached $402.1B in 2025, compounding +8% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $415.1B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Net income: how much of that revenue becomes profit?

$1.8B−62% YoYFY 2025

→Net income was $1.8B in 2025, compounding -26% a year over three years. Trailing twelve-month profit stands at $4.9B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

How fast is it growing, year by year?

+7.8%revenue growth, FY 2025

→Revenue grew +8% in 2025 against a five-year average of +8%. Earnings went the other way (-62%) even as sales grew, so margins compressed: costs rose faster than revenue.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Revenue per share: is your slice growing as fast as the company?

$316.34revenue per share, FY 2025

→Revenue per share reached $316.34 in 2025, compounding +9% a year against +8% for CVS as a whole. Buybacks added roughly 1.4 points to your per-share result. Free cash flow per share stands at $6.14.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Free cash flow: what is left in real cash after everything?

$7.8B+23% YoYFY 2025

→Free cash flow was $7.8B in 2025, compounding -17% a year since 2022. The trailing twelve months stand at $11.8B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

How much of every sales dollar ends up as free cash?

→2 cents of every sales dollar became free cash in 2025, down 2 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 1% of revenue (stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin has held near 1% since 2022. After everything, 0 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

What does it earn on the money it uses?

→ROE of 6% sits well above ROCE of 3%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

What has the market paid for CVS over time?

25.1xP/E today

→At 25.1x earnings, the market is paying +82% more than CVS's own 10-year median of 13.8x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

What cash return does the business throw off per dollar of market value?

9.5%FCF yield today

→Every dollar of market value currently buys 9.5% of annual free cash flow, less than its 11-year median of 11.8% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Could it handle its debt if things went wrong?

→Debt of $59.5B sits against $11.3B of cash, or 0.7x shareholders' equity. Earnings cover interest only 2.7 times, which is thin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Is the company's own capital growing?

→The company's own capital grew from $76.5B in 2023 to $79.7B (+4%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

How much goes back, and how much leaks out as stock comp?

→Shareholders received $3.4B in dividends in 2025. Stock compensation issued $535M of new shares in the same year, offsetting 16% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

How fast is your ownership being diluted - or concentrated?

→The share count grew 0.7% in 2025. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Is the dividend cheque growing?

→The dividend per share reached $2.67 in 2025, compounding +6% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Can it afford the dividend?

→The dividend consumed 192% of profit and 44% of free cash flow in 2025. That is a thin cushion: a bad year would put the payment under real pressure.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Does CVS earn more on its capital than that capital costs?

→CVS earns 2.8% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 5.0% in 2022, so the trend is down, though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

CVS has issued or retired shares - did shareholders end up better off?

→CVS has shrunk its share count -6% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +298% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CVS HealthCVS

Are the people running it buying or selling?

→Insiders bought $1,289 and sold $324M on the open market, a net sale of $324M. A further 38 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30