CVS Health Corporation
- Open
- 106.70
- Day high
- 108.97
- Day low
- 106.61
- Prev close
- 106.50
- Volume
- 6.6M
- Mkt cap
- $137.1B
- P/E (TTM)
- 46.5
- EPS (TTM)
- $2.31
- P/B
- 1.8
- P/S
- 0.3
- Yield
- 2.48%
- Per share
- $2.66
- ▼Insiders net selling -$345.7M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
CVS Health Corporation (CVS) is a Healthcare company listed on NYSE. The stock is up 73% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4). Drillr has 4 published research articles covering CVS.
CVS Health Corporation (CVS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CVS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $2.18 | $2.57 | +17.9% | $100.4B | +5.7% |
| Oct 29, 2025 | $1.37 | $1.60 | +16.8% | $102.9B | +4.1% |
| Jul 31, 2025 | $1.46 | $1.81 | +24.0% | $98.9B | +4.6% |
| May 1, 2025 | $1.70 | $2.25 | +32.4% | $94.6B | +1.0% |
| Feb 12, 2025 | $0.91 | $1.19 | +30.2% | $97.7B | +0.6% |
| May 1, 2024 | $1.70 | $1.31 | -22.9% | $88.4B | -1.0% |
| Feb 7, 2024 | $2.01 | $2.12 | +5.5% | $93.8B | +3.8% |
| Nov 1, 2023 | $2.13 | $2.21 | +3.8% | $89.8B | +1.7% |
| Aug 2, 2023 | $2.12 | $2.21 | +4.2% | $88.9B | +2.8% |
| May 3, 2023 | $2.07 | $2.20 | +6.3% | $85.3B | +5.5% |
| Feb 8, 2023 | $1.92 | $1.99 | +3.6% | $83.8B | +9.7% |
| Nov 2, 2022 | $1.99 | $2.09 | +5.0% | $81.2B | +5.8% |
CVS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Clark James Davidofficer: SVP, Cont & Chief Acct Officer | Tax | 454 | $90.98 |
| Jun 1, 2026 | Newman Brianofficer: EVP, Chief Financial Officer | Tax | 2,478 | $90.98 |
| Jun 1, 2026 | Compton-Phillips Amyofficer: EVP, Chief Medical Officer | Tax | 7,618 | $90.98 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 152,691 | $94.81 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 66,881 | $95.67 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 1,983,387 | $94.45 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 151 | $95.18 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 378,000 | $58.29 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 800 | $96.28 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 797,628 | $93.48 |
| May 21, 2026 | ROBBINS LARRYdirector | Sell | 370,462 | $93.45 |
| May 15, 2026 | KIRBY J SCOTTdirector | Grant | 1,447 | $97.15 |
| May 15, 2026 | Mahoney Michael Fdirector | Grant | 1,737 | — |
| May 15, 2026 | BROWN C DAVID IIdirector | Grant | 1,544 | $97.15 |
| May 15, 2026 | Balser Jeffrey R.director | Grant | 2,058 | $97.15 |
Source: CVS SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full CVS insider & 13F page →CVS research & analysis
Trump 100% Pharma Tariffs: PFE and MRK Face $200M Hit While LLY Gains 25%
Trump's proposed 100% pharma tariffs and China's biotech surge, per April 11 CNBC, threaten Europe's manufacturing edge, hiking costs for PFE (-2.8% 1M) and MRK (-5.1% 1M) while LLY's US focus drives 25% 2026 growth. Supply chain filings flag $100-200M hits; investors should fade exposed names, buy domestic leaders. Next catalysts: Earnings tariff disclosures and China trade flows.
PFEMRKLLYFTC Insulin Crackdown: CVS Settles — What It Means for LLY, NVO, and WBA
CVS Health's recent settlement with the FTC over insulin pricing marks a pivotal moment in the pharmaceutical landscape. This article analyzes the potential winners and losers among pharmacies and drugmakers as regulatory scrutiny intensifies, highlighting key players like Eli Lilly, Novo Nordisk, and Walgreens Boots Alliance.
WBALLYNVOPharma Tariffs: LLY, TMO, CVS Supply Chain Exposure Ranked by Risk
Trump's April 2 pharma tariff announcement highlights supply chain risks for LLY, TMO, and CVS, with SEC filings exposing China reliance. Stocks dipped mildly, but domestic manufacturing offers protection amid margin pressures.
PFEMRKLLYMedicare Advantage 2026 Rate Hike: UNH and HUM Lead Margin Winners — Ranked
The April 7, 2026, Medicare Advantage rate decision sparked gains for UNH and HUM, signaling margin relief for exposed insurers. UNH leads with balanced exposure and scale, followed by HUM's pure-play bet and CI's value. Rankings prioritize MA leverage, growth, and valuations amid stabilizing reimbursements.
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CVS Health Corporation company profile
Overview
CVS Health Corporation (NYSE:CVS) is one of America's largest integrated healthcare companies, founded in 1963 as Consumer Value Stores in Lowell, Massachusetts. Originally a small chain of health and beauty stores, CVS has transformed through decades of strategic acquisitions and organic growth into a comprehensive healthcare ecosystem. The company operates through three primary business segments: Healthcare Benefits (including the Aetna insurance business acquired in 2018), Health Services (pharmacy benefit management and specialty pharmacy services), and Pharmacy and Consumer Wellness (retail pharmacies and MinuteClinic walk-in medical facilities). Today, CVS serves over 100 million customers annually through approximately 9,900 retail locations and has become a Fortune 4 company with annual revenues exceeding $370 billion.
Business
CVS Health operates as an integrated healthcare services company across three distinct but interconnected business segments, each serving different aspects of the healthcare value chain. The Healthcare Benefits segment represents CVS's health insurance operations, primarily through Aetna, which the company acquired in 2018 for $69 billion. This division provides traditional health insurance, Medicare Advantage plans, Medicaid managed care, and individual exchange plans to approximately 27 million members. Health insurance works by collecting premiums from members and employers, then paying for covered medical services when members receive care. The segment generates revenue through insurance premiums and government payments for Medicare and Medicaid members, accounting for roughly 35% of total company revenue. The Health Services segment operates as a pharmacy benefit manager (PBM), which serves as an intermediary between health insurance plans and pharmacies. PBMs negotiate drug prices with pharmaceutical manufacturers, manage formularies (lists of covered medications), process prescription claims, and operate mail-order and specialty pharmacies. This segment serves approximately 90 million members through employer health plans, insurance companies, and government programs. Specialty pharmacies handle complex, high-cost medications for conditions like cancer, rheumatoid arthritis, and rare diseases, often requiring special handling, administration, or patient monitoring. The Health Services segment contributes approximately 45% of total revenue. The Pharmacy and Consumer Wellness segment operates the familiar CVS retail pharmacy chain with nearly 9,900 locations, plus over 1,200 MinuteClinic walk-in medical facilities. These pharmacies fill prescriptions, sell over-the-counter medications, and provide basic healthcare services like vaccinations and health screenings. MinuteClinics are staffed by nurse practitioners and physician assistants who treat minor illnesses, provide preventive care, and manage chronic conditions like diabetes and hypertension. This segment generates revenue through prescription drug sales, retail merchandise, and healthcare services, representing about 20% of total company revenue.
Revenue model
CVS Health generates revenue through multiple interconnected business models that create synergies across its healthcare ecosystem. The Healthcare Benefits segment operates on an insurance model, collecting monthly premiums from members and government payments for Medicare and Medicaid enrollees. The segment's profitability depends on managing the medical loss ratio (MLR) - the percentage of premium revenue spent on medical claims. A lower MLR indicates better profitability, with target margins of 3-5% for Medicare Advantage plans. Revenue growth comes from membership increases and premium rate adjustments, while margins are pressured by rising medical costs, increased healthcare utilization, and regulatory requirements that limit premium increases. The Health Services segment generates revenue through multiple streams as a pharmacy benefit manager. These include spread pricing (the difference between what they charge health plans and pay pharmacies), administrative fees from managing prescription benefits, rebates negotiated with drug manufacturers, and direct sales from mail-order and specialty pharmacies. The segment benefits from increasing prescription volumes, higher-priced specialty medications, and successful biosimilar adoptions that reduce overall drug costs while maintaining margins. The Pharmacy and Consumer Wellness segment operates on traditional retail margins, earning revenue from prescription drug dispensing fees, retail markup on over-the-counter products, and service fees from MinuteClinic visits. Prescription volumes are driven by an aging population and increased chronic disease prevalence, while margins face pressure from generic drug price deflation and reimbursement rate reductions from insurance plans. Key factors affecting profitability include healthcare cost inflation, which pressures insurance margins but may increase pharmacy utilization; regulatory changes in drug pricing and insurance requirements; competition from other PBMs, retail pharmacies, and telehealth providers; and economic conditions affecting employment-based insurance coverage. The integrated model creates defensive advantages, as CVS can direct Aetna members to CVS pharmacies and optimize drug costs across the entire value chain, though this integration also faces regulatory scrutiny regarding potential conflicts of interest.
Competitive moat
CVS Health's competitive moat stems primarily from its integrated healthcare ecosystem and significant scale advantages, though the strength of this moat varies across business segments and faces evolving competitive pressures. The company's strongest defensive position comes from its vertical integration across the healthcare value chain. By owning both the insurance (Aetna) and pharmacy operations, CVS can direct patient flow, optimize drug costs, and capture value at multiple points in the healthcare delivery process. This integration creates switching costs for large employer clients who benefit from simplified administration and potentially lower total healthcare costs. The scale of operations - serving over 100 million customers with nearly 10,000 retail locations - provides significant negotiating leverage with drug manufacturers and suppliers. The Health Services PBM business benefits from high switching costs, as changing PBM providers requires complex system integrations and disrupts established pharmacy networks for employer clients. However, this moat faces pressure from increasing transparency requirements, regulatory scrutiny of PBM practices, and competition from other large PBMs like Express Scripts and OptumRx. The retail pharmacy network provides geographic convenience and established patient relationships, but faces growing competition from mail-order pharmacies, Amazon Pharmacy, and other retail chains. The Healthcare Benefits segment operates in a highly regulated, capital-intensive industry with significant barriers to entry, including state licensing requirements, medical loss ratio regulations, and the need for substantial reserves. However, this segment faces intense competition from other large insurers like UnitedHealth Group, Anthem, and Humana, particularly in the profitable Medicare Advantage market. The company's moat is moderating due to several factors: regulatory pressure on PBM practices and drug pricing; increasing competition from technology-enabled healthcare companies; potential for vertical integration by competitors (such as Amazon's healthcare initiatives); and the commoditization of basic pharmacy services. While CVS maintains competitive advantages through scale and integration, the sustainability of these advantages depends on successful execution of digital transformation initiatives and continued regulatory navigation in an increasingly scrutinized industry.
Risks & safety
CVS Health presents a moderate margin of safety with mixed financial health indicators reflecting the capital-intensive nature of its integrated healthcare business model. **Liquidity and Solvency:** - Current cash position of $10.1 billion provides adequate short-term liquidity - Current ratio of 0.82 indicates potential short-term liquidity concerns, typical for insurance-heavy business models - Debt-to-equity ratio of 1.06 reflects moderate leverage, manageable but elevated - Strong operating cash flow generation of $9.1 billion annually supports debt service capabilities - Free cash flow of $6.3 billion demonstrates ability to fund operations and return capital to shareholders **Valuation Metrics:** - Price-to-earnings ratio of 12.0 suggests reasonable valuation relative to earnings - EV/EBITDA ratio of 8.6 indicates moderate valuation for a large healthcare company - Price-to-book ratio of 0.75 suggests trading below book value, potentially indicating undervaluation or asset quality concerns - Graham number analysis suggests potential value opportunity, though negative working capital affects traditional value metrics **Other Considerations:** - Healthcare Benefits segment currently operating at losses, creating earnings volatility - Regulatory risks in PBM and insurance businesses could impact future profitability - Integration complexity across three business segments creates operational execution risks - Strong market position and essential service nature provide some downside protection
Recent development
Over the past few years, CVS Health has undergone significant strategic transformation focused on stabilizing its healthcare benefits business and innovating its pharmacy services model. The company experienced substantial leadership changes, with David Joyner appointed as CEO in late 2024, replacing Karen Lynch, alongside key appointments including Steve Nelson as President of Aetna and new CFO Brian Newman. The most significant operational challenge has been stabilizing the Aetna healthcare benefits segment, which has experienced elevated medical costs and utilization trends leading to operating losses. Management has implemented deliberate benefit design changes, exited unprofitable markets, and focused on improving Medicare Advantage margins through enhanced Star ratings and strategic membership management. The company plans to exit the individual exchange business in 2026 and is targeting 100-200 basis points of margin improvement in Medicare Advantage. CVS has pioneered innovative pharmacy pricing models, launching CVS CostVantage and TrueCost programs that aim to increase transparency in drug pricing and align reimbursement with actual drug costs. These initiatives address industry criticism of PBM practices and position CVS as a leader in pharmacy benefit reform. The company has also successfully executed biosimilar strategies, achieving 90% conversion rates for Humira biosimilars and expanding its Cordavis biosimilar subsidiary. Strategic partnerships have become increasingly important, including a recent collaboration with Novo Nordisk to improve access and affordability of Wegovy (semaglutide) for weight management. The company has also invested in expanding its healthcare delivery capabilities through acquisitions like Oak Street Health and Signify Health, though it exited the ACO REACH program to focus on core operations. Cost management has been a major focus, with CVS implementing a multi-year $2 billion productivity savings program while optimizing its retail footprint by closing approximately 900 underperforming stores. The company continues to expand digital capabilities, serving over 55 million digital customers and enhancing its integrated care delivery model through MinuteClinic expansion and telehealth services.
CVS company profile · for informational purposes only — not investment advice.
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