InsiderClue
Stocks · Consumer staples · Retail-Drug Stores and Proprietary Stores

CVS Health

CVS Clue Score25
United States Fiscal year ends December CIK 0000064803
$87.74 +1.83% Close, 12 Oct 2026
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Price $87.74 +4.71% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue177.53Operating income10.39Net income5.32EPS, diluted4.90Fiscal year 2017Revenue184.77 +4.1%Operating income9.54Net income6.62 +24.5%EPS, diluted6.44 +31.4%Fiscal year 2018Revenue193.92 +5.0%Operating income4.02Net income−0.59 −109.0%EPS, diluted−0.57 −108.9%Fiscal year 2019Revenue256.78 +32.4%Operating income11.99Net income6.63EPS, diluted5.08Fiscal year 2020Revenue268.71 +4.6%Operating income13.91Net income7.18 +8.2%EPS, diluted5.46 +7.5%Fiscal year 2021Revenue292.11 +8.7%Operating income13.31Net income8.00 +11.5%EPS, diluted6.02 +10.3%Fiscal year 2022Revenue322.47 +10.4%Operating income7.95Net income4.31 −46.1%EPS, diluted3.26 −45.8%Fiscal year 2023Revenue357.78 +10.9%Operating income13.74Net income8.34 +93.6%EPS, diluted6.47 +98.5%Fiscal year 2024Revenue372.81 +4.2%Operating income8.52Net income4.61 −44.7%EPS, diluted3.66 −43.4%Fiscal year 2025Revenue402.07 +7.8%Operating income4.66Net income1.77 −61.7%EPS, diluted1.39 −62.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 177.53 184.77 193.92 256.78 268.71 292.11 322.47 357.78 372.81 402.07
Growth +4.1% +5.0% +32.4% +4.6% +8.7% +10.4% +10.9% +4.2% +7.8%
Operating income 10.39 9.54 4.02 11.99 13.91 13.31 7.95 13.74 8.52 4.66
Net income 5.32 6.62 −0.59 6.63 7.18 8.00 4.31 8.34 4.61 1.77
Growth +24.5% −109.0% +8.2% +11.5% −46.1% +93.6% −44.7% −61.7%
EPS, diluted 4.90 6.44 −0.57 5.08 5.46 6.02 3.26 6.47 3.66 1.39
Growth +31.4% −108.9% +7.5% +10.3% −45.8% +98.5% −43.4% −62.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin16.3%Operating margin5.9%Net margin3.0%Free cash flow margin4.5%Fiscal year 2017Gross margin15.4%Operating margin5.2%Net margin3.6%Free cash flow margin3.3%Fiscal year 2018Operating margin2.1%Net margin−0.3%Free cash flow margin3.5%Fiscal year 2019Operating margin4.7%Net margin2.6%Free cash flow margin4.0%Fiscal year 2020Operating margin5.2%Net margin2.7%Free cash flow margin5.0%Fiscal year 2021Operating margin4.6%Net margin2.7%Free cash flow margin5.4%Fiscal year 2022Operating margin2.5%Net margin1.3%Free cash flow margin4.2%Fiscal year 2023Operating margin3.8%Net margin2.3%Free cash flow margin2.9%Fiscal year 2024Operating margin2.3%Net margin1.2%Free cash flow margin1.7%Fiscal year 2025Operating margin1.2%Net margin0.4%Free cash flow margin1.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 16.3% 15.4% n/a n/a n/a n/a n/a n/a n/a n/a
Operating margin 5.9% 5.2% 2.1% 4.7% 5.2% 4.6% 2.5% 3.8% 2.3% 1.2%
Net margin 3.0% 3.6% −0.3% 2.6% 2.7% 2.7% 1.3% 2.3% 1.2% 0.4%
Free cash flow margin 4.5% 3.3% 3.5% 4.0% 5.0% 5.4% 4.2% 2.9% 1.7% 1.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.14Capital expenditure−2.22Free cash flow7.92Buybacks−4.46Dividends paid−1.84Fiscal year 2017Operating cash flow8.01Capital expenditure−1.92Free cash flow6.09 −23.1%Buybacks−4.36Dividends paid−2.05Fiscal year 2018Operating cash flow8.87Capital expenditure−2.04Free cash flow6.83 +12.1%Buybacks0.00Dividends paid−2.04Fiscal year 2019Operating cash flow12.85Capital expenditure−2.46Free cash flow10.39 +52.2%Buybacks0.00Dividends paid−2.60Fiscal year 2020Operating cash flow15.87Capital expenditure−2.44Free cash flow13.43 +29.2%Buybacks0.00Dividends paid−2.62Fiscal year 2021Operating cash flow18.27Capital expenditure−2.52Free cash flow15.75 +17.3%Buybacks0.00Dividends paid−2.63Fiscal year 2022Operating cash flow16.18Capital expenditure−2.73Free cash flow13.45 −14.6%Buybacks−3.50Dividends paid−2.91Fiscal year 2023Operating cash flow13.43Capital expenditure−3.03Free cash flow10.40 −22.7%Buybacks−2.01Dividends paid−3.13Fiscal year 2024Operating cash flow9.11Capital expenditure−2.78Free cash flow6.33 −39.1%Buybacks−3.02Dividends paid−3.37Fiscal year 2025Operating cash flow10.64Capital expenditure−2.83Free cash flow7.81 +23.4%Buybacks0.00Dividends paid−3.40
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.14 8.01 8.87 12.85 15.87 18.27 16.18 13.43 9.11 10.64
Capital expenditure −2.22 −1.92 −2.04 −2.46 −2.44 −2.52 −2.73 −3.03 −2.78 −2.83
Free cash flow 7.92 6.09 6.83 10.39 13.43 15.75 13.45 10.40 6.33 7.81
Growth −23.1% +12.1% +52.2% +29.2% +17.3% −14.6% −22.7% −39.1% +23.4%
Buybacks −4.46 −4.36 0.00 0.00 0.00 0.00 −3.50 −2.01 −3.02 0.00
Dividends paid −1.84 −2.05 −2.04 −2.60 −2.62 −2.63 −2.91 −3.13 −3.37 −3.40

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash3.37Total debt25.66Net cash (debt)−22.29Shareholders’ equity36.83Debt to equity0.70Fiscal year 2017Cash1.70Total debt25.73Net cash (debt)−24.03Shareholders’ equity37.69Debt to equity0.68Fiscal year 2018Cash4.06Total debt72.71Net cash (debt)−68.65Shareholders’ equity58.23Debt to equity1.25Fiscal year 2019Cash5.68Total debt68.48Net cash (debt)−62.80Shareholders’ equity63.86Debt to equity1.07Fiscal year 2020Cash7.85Shareholders’ equity69.39Fiscal year 2021Cash9.41Shareholders’ equity75.08Fiscal year 2022Cash12.95Shareholders’ equity71.47Fiscal year 2023Cash8.20Shareholders’ equity76.46Fiscal year 2024Cash8.59Shareholders’ equity75.56Fiscal year 2025Cash8.45Shareholders’ equity75.21
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.37 1.70 4.06 5.68 7.85 9.41 12.95 8.20 8.59 8.45
Total debt 25.66 25.73 72.71 68.48 n/a n/a n/a n/a n/a n/a
Net cash (debt) −22.29 −24.03 −68.65 −62.80 n/a n/a n/a n/a n/a n/a
Shareholders’ equity 36.83 37.69 58.23 63.86 69.39 75.08 71.47 76.46 75.56 75.21
Debt to equity 0.70 0.68 1.25 1.07 n/a n/a n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
16.3% 15.4% n/a n/a n/a n/a n/a n/a n/a n/a
5.9% 5.2% 2.1% 4.7% 5.2% 4.6% 2.5% 3.8% 2.3% 1.2%
4.9% 4.5% 0.7% 3.5% 3.6% 3.6% 1.8% 3.1% 1.6% 0.5%
3.0% 3.6% −0.3% 2.6% 2.7% 2.7% 1.3% 2.3% 1.2% 0.4%
4.5% 3.3% 3.5% 4.0% 5.0% 5.4% 4.2% 2.9% 1.7% 1.9%
Spending
1.3% 1.0% 1.1% 1.0% 0.9% 0.9% 0.8% 0.8% 0.7% 0.7%
38.4% 19.8% 142.4% 26.3% 26.3% 24.2% 25.9% 25.1% 25.4% 19.1%
Returns
14.4% 17.6% −1.0% 10.4% 10.3% 10.7% 6.0% 10.9% 6.1% 2.4%
5.6% 7.0% −0.3% 3.0% 3.1% 3.4% 1.9% 3.3% 1.8% 0.7%
Balance and payout
0.70 0.68 1.25 1.07 n/a n/a n/a n/a n/a n/a
n/a 60.4% 70.2% 71.2% 69.8% 67.6% 68.6% 69.3% 70.1% 70.3%
34.6% 30.9% n/a 39.2% 36.6% 32.8% 67.4% 37.5% 73.1% 192.1%
79.6% 105.3% 29.8% 25.1% 19.5% 16.7% 47.6% 49.5% 101.1% 43.5%