CV
CVS Health Corp
CVS—
CVS Health Corp AI Insights
Informational only. Not investment advice.Snapshot
- 5.7B impairment charge TTM crushed net income to 469M (0.1% margin) - masks 10.8B operating income pre-charges[Impairment of Capital Assets]
- Goodwill of 85.5B is 117% of equity - tangible book value is negative 38.5B, creating impairment overhang[Goodwill]
- Debt/equity 1.12x with 81.8B total debt vs 6.3B FCF TTM - 13 years to deleverage at current pace[Debt to Equity]
Watch Triggers
- Impairment of Capital Assets: Additional charges >2B in next 12 months — Signals Aetna/Caremark synergies failing; could trigger covenant concerns
- Operating Margin TTM: Falls below 2% — Margin compression would extend deleveraging timeline beyond sustainable
- Free Cash Flow TTM: Drops below 5B — Threatens 2.66/share dividend (3.4B annual) and debt paydown capacity
Bull Case
Revenue scale of 394B with 1.55x asset turnover generates 6.3B FCF despite thin 0.1% net margin - operational leverage intact
Total Revenue TTMAsset Turnover TTMFree Cash Flow TTM
P/E 22x on depressed earnings; P/S 0.25x is 6x cheaper than 1.5x industry median - priced for permanent impairment
PE RatioPS Ratio
Bear Case
81.8B debt with 3.1B interest expense consumes 49% of operating income; 13-year deleveraging timeline limits flexibility
Total DebtInterest Expense TTMDebt to Equity
Negative tangible equity (-38.5B) means additional goodwill writedowns directly impair solvency ratios
Tangible Book ValueGoodwillImpairment of Capital Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Normalized earnings power of 8-10B annually once impairments cease
1-3ymed
- Operating income 10.8B TTM before 5.7B impairment
- Interest expense 3.1B manageable at current debt levels
- FCF 6.3B despite working capital drag of 1.6B
Operating margin 2.7% vs 2% industry medianCash flow from ops 9.1B TTMAsset turnover 1.55x vs 0.79x median
Goodwill impairment risk remains elevated given negative tangible equity
3-12mhigh
- 85.5B goodwill from Aetna/Caremark acquisitions
- Healthcare segment margin pressure industry-wide
- Already took 5.7B impairment TTM
Tangible book value -38.5BGoodwill 117% of stockholders equityP/B ratio negative at -2.5x
Valuation Context
Caveats
Public Strategies Rankings
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CVS Fundamentals
Health Care and Social Assistance → Ambulatory Health Care Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$99.35B | — | ||
$172.0B | — | ||
23 | — | ||
$394.08B | +6.8% | — | |
$3.42 | -26.2% | — | |
2.73% | -0.2% | — | |
0.12% | -1.2% | — | |
$6.29B | +273.0% | — | |
0.01 | -6.1% | — | |
Beta 5Y (Monthly) | unknown | — |
CVS Dividend History
104 dividends
11/03/25$0.6650
08/01/25$0.6650
05/01/25$0.6650
02/03/25$0.6650
11/01/24$0.6650
08/01/24$0.6650
05/01/24$0.6650
02/01/24$0.6650
11/01/23$0.6050
08/01/23$0.6050
05/01/23$0.6050
02/01/23$0.6050
11/01/22$0.5500
08/01/22$0.5500
05/02/22$0.5500
02/01/22$0.5500
11/01/21$0.5000
08/02/21$0.5000
05/03/21$0.5000
02/01/21$0.5000
11/02/20$0.5000
08/03/20$0.5000
05/04/20$0.5000
02/03/20$0.5000
11/04/19$0.5000
08/02/19$0.5000
05/03/19$0.5000
02/04/19$0.5000
11/01/18$0.5000
08/01/18$0.5000
05/03/18$0.5000
02/02/18$0.5000
11/03/17$0.5000
08/03/17$0.5000
05/01/17$0.5000
02/02/17$0.5000
11/03/16$0.4250
08/01/16$0.4250
05/02/16$0.4250
02/02/16$0.4250
11/02/15$0.3500
08/03/15$0.3500
05/04/15$0.3500
02/02/15$0.3500
11/03/14$0.2750
08/01/14$0.2750
05/02/14$0.2750
02/03/14$0.2750
11/01/13$0.2250
08/02/13$0.2250
05/03/13$0.2250
02/04/13$0.2250
11/02/12$0.1625
08/03/12$0.1625
05/03/12$0.1625
02/02/12$0.1625
11/01/11$0.1250
08/02/11$0.1250
05/03/11$0.1250
02/02/11$0.1250
11/02/10$0.0875
08/02/10$0.0875
05/04/10$0.0875
02/02/10$0.0875
11/03/09$0.0762
08/03/09$0.0762
05/04/09$0.0762
02/03/09$0.0762
11/03/08$0.0690
08/01/08$0.0690
05/02/08$0.0600
02/01/08$0.0600
11/02/07$0.0600
08/03/07$0.0600
05/04/07$0.0600
02/02/07$0.0488
11/01/06$0.0388
08/01/06$0.0388
05/03/06$0.0388
02/03/06$0.0388
11/01/05$0.0363
08/01/05$0.0363
05/02/05$0.0363
02/04/05$0.0363
11/01/04$0.0332
08/02/04$0.0332
05/03/04$0.0332
02/03/04$0.0332
10/31/03$0.0288
08/01/03$0.0288
05/02/03$0.0288
02/04/03$0.0288
11/01/02$0.0288
08/02/02$0.0288
05/03/02$0.0288
02/05/02$0.0288
11/02/01$0.0288
08/03/01$0.0288
05/04/01$0.0288
02/05/01$0.0288
11/03/00$0.0288
08/04/00$0.0288
05/04/00$0.0288
02/04/00$0.0288
CVS Stock Splits
1 stock split
06/07/050.5:1 split
CVS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/29/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/12/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/07/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/08/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/09/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/16/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/18/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/14/18 | 12/31/17 | 10-K | |
11/06/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/02/17 | 03/31/17 | 10-Q | |
02/09/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/09/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
02/10/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/11/14 | 12/31/13 | 10-K | |
11/05/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
11/06/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
11/03/11 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
05/04/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/03/10 | 09/30/09 | 10-Q | |
11/05/09 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/30/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | Unknown | -- |
07/31/08 | 06/30/08 | Unknown | -- |
05/01/08 | 03/30/08 | Unknown | -- |
02/27/08 | 12/31/07 | 11-K | |
11/01/07 | 09/30/07 | Unknown | -- |
08/08/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/30/07 | Unknown | -- |
02/27/07 | 12/31/06 | 11-K | |
11/03/06 | 09/30/06 | 10-Q | |
08/08/06 | 06/30/06 | 8-K | |
05/09/06 | 03/30/06 | Unknown | -- |
03/14/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | Unknown | -- |
08/09/05 | 06/30/05 | Unknown | -- |
05/09/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 11-K | |
11/10/04 | 09/30/04 | Unknown | -- |
08/12/04 | 06/30/04 | Unknown | -- |
05/13/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 11-K | |
11/10/03 | 09/30/03 | Unknown | -- |
08/08/03 | 06/30/03 | Unknown | -- |
05/12/03 | 03/30/03 | Unknown | -- |
03/18/03 | 12/31/02 | 5 | |
11/12/02 | 09/30/02 | Unknown | -- |
08/09/02 | 06/30/02 | Unknown | -- |
05/14/02 | 03/31/02 | 10-Q | |
03/21/02 | 12/31/01 | 11-K | |
11/09/01 | 09/30/01 | Unknown | -- |
08/14/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/31/01 | 8-K | |
03/19/01 | 12/31/00 | 11-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/15/00 | 06/30/00 | Unknown | -- |
05/15/00 | 03/30/00 | Unknown | -- |