# CVS Health Corporation (CVS)

> Source: Nexqual · https://nexqual.com/CVS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CVS Health Corporation (CVS), nexqual.com/CVS" · informational, not investment advice.

**Price:** USD 94.48 (+1.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 92.79 · day 92.49–94.84 · 52w 69.51–110.68 · market cap $121B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $415B, net income $4.89B (1.2% margin), free cash flow $11.8B (SEC filings).
- Valuation: P/E 24.7x (avg 27.2x at the last 3 fiscal year-ends), EV/EBITDA 13.0x, net debt $45.5B.
- 10 of 80 tracked superinvestors hold CVS (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 1 added, 6 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $324M; 2 not under a Rule 10b5-1 plan ($324M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.81 on a 1–5 scale) (27 analysts), mean target USD 115.48 (range 103–145).
- Total return with dividends: 1Y +20.1% vs S&P 500 +14.9%; 5Y +27.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.65, revenue estimate $105B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $292B | $322B | $358B | $373B | $402B | $415B |
| Gross profit | $116B | $126B | $141B | $167B | $181B | — |
| Operating income | $13.3B | $7.95B | $13.7B | $8.52B | $4.66B | $8.29B |
| Net income | $8.00B | $4.31B | $8.34B | $4.61B | $1.77B | $4.89B |
| EPS (diluted) | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 | — |
| Free cash flow | $15.7B | $13.4B | $10.4B | $6.33B | $7.81B | $11.8B |
| Gross margin | 39.8% | 38.9% | 39.3% | 44.7% | 45.0% | — |
| Operating margin | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% | 2.0% |
| Net margin | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% | 1.2% |
| Revenue growth | +8.7% | +10.4% | +10.9% | +4.2% | +7.8% | — |
| Cash + short-term investments | $12.5B | $15.7B | $11.5B | $11.0B | $10.6B | — |
| Total debt | $56.2B | $52.3B | $58.8B | $62.6B | $60.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.7x · P/S 0.3x · EV/EBITDA 13.0x · EV/Sales 0.4x · P/FCF 10.3x · P/B 1.5x · FCF yield 9.73% · Earnings yield 4.05% · Dividend yield (paid, TTM) 2.83% · Net debt $45.5B · EV $166B
P/E at fiscal year-ends: Dec 2025 57.1x, Dec 2024 12.3x, Dec 2023 12.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold CVS (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Prem Watsa | Fairfax Financial Holdings | 10.63% | $281M | Unchanged | Q2 2026 |
| Christopher Davis | Davis Advisors | 5.27% | $1.23B | Reduced -3.0% | Q2 2026 |
| Samantha McLemore | Patient Capital Management | 4.25% | $128M | Reduced -9.0% | Q2 2026 |
| Hillman Capital | Hillman Capital Management | 4.15% | $5.7M | Reduced -17.8% | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 3.57% | $1.22B | Reduced -14.6% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 2.71% | $5.17B | Reduced -3.4% | Q2 2026 |
| Viking Global | Viking Global Investors | 1.08% | $379M | New position | Q2 2026 |
| John Rogers | Ariel Investments | 0.75% | $75.5M | Added +4.0% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.05% | $34.7M | Reduced -32.0% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.04% | $529K | Unchanged | Q3 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-19…2026-05-21 | Robbins Larry | Director | 3,372,000 | $317M | 41.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Mandadi Tilak | EVP, Chief Exp & Tech Officer | 69,551 | $6.2M | 87.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.81 on a 1–5 scale), 27 analysts; mean target USD 115.48 (low 103, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Leerink Partners | Target lowered | Outperform | $119 → $112 |
| 2026-09-03 | UBS | Target lowered | Buy | $126 → $118 |
| 2026-08-19 | Argus Research | Target raised | Buy | $104 → $114 |
| 2026-08-12 | JP Morgan | Target raised | Overweight | $111 → $118 |
| 2026-08-06 | UBS | Target raised | Buy | $122 → $126 |
| 2026-08-06 | Evercore ISI Group | Target lowered | Outperform | $130 → $125 |
| 2026-08-06 | Barclays | Target raised | Overweight | $106 → $108 |
| 2026-07-25 | UBS | Target raised | Buy | $115 → $122 |
| 2026-07-14 | Truist Securities | Target raised | Buy | $108 → $118 |
| 2026-07-13 | Wells Fargo | Target raised | Overweight | $103 → $123 |
| 2026-07-09 | RBC Capital | Target raised | Outperform | $107 → $113 |
| 2026-07-07 | Cantor Fitzgerald | Target raised | Overweight | $100 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.1% | +27.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.2% | +5.0% |
| Volatility (annualized) | 32.1% | 31.1% |
| Max drawdown | -22.6% (Jul 2026→Sep 2026) | -55.6% (Jan 2022→Dec 2024) |

## Peers (Healthcare Plans)
ELV (Elevance Health, Inc.) USD 445.28 +2.57% · CI (The Cigna Group) USD 315.88 +3.78% · HUM (Humana Inc.) USD 420.97 -1.05% · UNH (UnitedHealth Group Incorporated) USD 424.98 +1.91% · CNC (Centene Corporation) USD 71.24 +1.42% · MOH (Molina Healthcare Inc) USD 216.64 +0.81%

## More
Full page: https://nexqual.com/CVS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CVS in their own reports (relationship from CVS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SelectQuote, Inc. (SLQT) | 10-K 2026-08-25 | "We have also formed partnerships with several pharmacy benefit managers including OptumRx, Caremark CVS, and Express Scripts, which help support SelectRx, as well as several providers of health-relate…" |
| supplier | CARDINAL HEALTH INC (CAH) | 10-K 2026-08-11 | "Our largest customer, CVS Health, accounted for 28 percent of our fiscal 2026 revenue." |
| supplier | MCKESSON CORP (MCK) | 10-K 2026-05-08 | "Sales to our largest customer, CVS Health Corporation ("CVS"), accounted for approximately 24% of our total consolidated revenues in fiscal 2026." |
| supplier | Arrive AI Inc. (ARAI) | 10-K 2026-04-15 | "like FedEx and UPS and retailers like Walmart and CVS have automation efforts underway as well but they are prospective customers for" |
| competitor | NextPlat Corp (NXPL) | 10-K 2026-03-31 | "In the Specialty Pharmacy Services segment, we compete with several national and regional specialty pharmacy companies that have substantial financial resources and which also provide products and ser…" |
| supplier | FITLIFE BRANDS, INC. (FTLF) | 10-K 2026-03-31 | "Irwin's largest mass market customers are CVS, Walmart, Walgreens, and Costco Canada." |
| partner | GIFTIFY, INC. (GIFT) | 10-K 2026-03-18 | "branded exchange partnership with CVS Pharmacy in 2012 and saw increased spending from both new and existing customers." |
| competitor | DocGo Inc. (DCGO) | 10-K 2026-03-16 | "Major competitors (in each case relative to only some of our products or services) include much larger, national or regional telehealth or in-home healthcare service providers such as DispatchHealth, …" |
| competitor | BrightSpring Health Services, Inc. (BTSG) | 10-K 2026-02-27 | "In our infusion and specialty pharmacy services, we compete in the large and fragmented home infusion and specialty pharmacy markets including Option Care Health, Inc., Coram CVS/specialty infusion se…" |
| partner | Amneal Pharmaceuticals, Inc. (AMRX) | 10-K 2026-02-27 | "For example, large wholesalers and retailer customers have formed alliances, such as Walgreens and Cencora, Inc., Rite Aid and McKesson Drug Company, and CVS Caremark and Cardinal Health." |
| partner | ANI PHARMACEUTICALS INC (ANIP) | 10-K 2026-02-27 | "We have contracts with several major distributors in the U.S., including Anda, Smith Drug Company, Morris Dickson, CVS Caremark, Accredo, OptumRx, CuraScript and several other partners." |
| supplier | BRINKS CO (BCO) | 10-K 2026-02-26 | "CVS services are provided to customers throughout the world." |
| supplier | UNITED THERAPEUTICS Corp (UTHR) | 10-K 2026-02-25 | "In the United States, we derive substantially all our treprostinil-based revenues from sales to two distributors, Accredo and CVS Specialty." |
| competitor | Option Care Health, Inc. (OPCH) | 10-K 2026-02-24 | "The Company's competitors within the home infusion market include Optum Infusion Pharmacy (a unit of UnitedHealth Group), Coram CVS/specialty infusion services (a division of CVS Health), Amerita Spec…" |
| competitor | AdaptHealth Corp. (AHCO) | 10-K 2026-02-24 | "In addition, AdaptHealth competes with non-HME providers, including CVS and Amazon." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Health Services | $51.80B | 48.8% | +11.5% |
| Health Care Benefits | $37.54B | 35.4% | +3.5% |
| Pharmacy & Consumer Wellness | $33.82B | 31.9% | +0.7% |
| Total revenue | $106.10B | 100% | — |
The lines above cover 116.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $66.22B | 62.4% | +9.3% |
| Service | $4.12B | 3.9% | +13.6% |
| Total revenue | $106.10B | 100% | — |
The lines above cover 66.3% of total revenue.

## Customer concentration

Period ended 2025-12-31: 25% of revenue from unnamed direct customers (10-K, filed 2026-02-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.65 | $1.71 | -3.6% | $104.80B | 23 |
| Next quarter (ends 2026-12-31) | $1.24 | $1.33 | -6.4% | $106.96B | 23 |
| Current fiscal year (ends 2026-12-31) | $8.04 | $7.44 | +8.0% | $418.04B | 25 |
| Next fiscal year (ends 2027-12-31) | $8.54 | $8.41 | +1.5% | $430.06B | 26 |