CVSNYSERetail-Drug Stores and Proprietary StoresFiscal year ends December 31
CVS HEALTH Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$92.68+0.32 (+0.35%)
Close on Oct 19, 2026
- Market cap
- $119.28B
- P/E (TTM)
- 24.6
- Dividend yield
- 2.87%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
45.0%+6.0 pts over 5 years
Operating margin
1.2%−4.0 pts over 5 years
Net margin
0.4%−2.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.8% | +7.6% | +8.4% | +10.1% | |
| Gross profit | +8.6% | +12.9% | +11.6% | +21.2% | |
| Operating income | -45.3% | -16.3% | -19.6% | -6.9% | |
| Net income | -61.7% | -25.7% | -24.4% | -10.3% | |
| EPS, diluted | -62.0% | -24.7% | -23.9% | -11.3% | |
| Free cash flow | +23.4% | -16.6% | -10.3% | +2.4% | |
| Dividend per share | 0.0% | +6.5% | +5.9% | +6.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.4% | 10.8% | 2.3% | |
| Return on assets | 5.7% | 3.2% | 0.7% | |
| Current ratio | 1.18 | 0.91 | 0.84 | |
| Debt to equity | 0.75 | 0.93 | 0.86 | |
| Net debt to EBITDA | 1.87× | 2.92× | 6.06× | |
| Interest coverage | 9.6× | 4.8× | 1.5× | |
| Inventory turnover | 10.3× | 9.1× | 11.8× | |
| Capex to revenue | 1.3% | 0.9% | 0.7% | |
| Diluted shares | 1.08B | 1.31B | 1.27B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cvs Health generated $67.61B from operations and spent $37.86B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$67.61B
Used
$37.86B
Capital expenditure$13.89B37%Dividends$15.43B41%Share buybacks$8.54B23%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin0.4%
×Asset turnover1.59×
×Equity multiplier3.36×
=Return on equity, FY20252.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 0.4% | 1.59× | 3.36× | 2.3% |
| FY2024 | 1.2% | 1.48× | 3.31× | 6.1% |
| FY2023 | 2.3% | 1.50× | 3.23× | 11.3% |
| FY2022 | 1.3% | 1.40× | 3.15× | 5.9% |
| FY2021 | 2.7% | 1.26× | 3.21× | 11.1% |
| FY2020 | 2.7% | 1.19× | 3.40× | 10.8% |
| FY2019 | 2.6% | 1.23× | 3.43× | 10.9% |
| FY2018 | -0.3% | 1.33× | 3.04× | -1.2% |
| FY2017 | 3.6% | 1.95× | 2.54× | 17.8% |
| FY2016 | 3.0% | 1.90× | 2.52× | 14.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.77B
- Cash generatingOperating cash flow above zero$10.64B
- Return on assets improvedROA up on the prior year1.8% → 0.7%
- Earnings backed by cashOperating cash flow above net income$10.64B vs $1.77B
- Less leverageLong-term debt to assets fell23.9% → 23.9%
- Better liquidityCurrent ratio rose0.81 → 0.84
- No dilutionShare count did not rise1.26B → 1.27B
- Gross margin improvedGross margin up on the prior year44.67% → 44.99%
- More efficientAsset turnover rose1.49 → 1.59