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CVS Health Corp.
CVSHealthcareGenerated Aug 19, 2026, 10:31 PM UTC
CVS (CVS Health Corp.) analytical snapshot. Revenue grew +7.8% YoY to $402.07B. 5-year revenue CAGR +6.6%; 10y CAGR +9.5%. Net margin at 0.44% (contracting ▼). Market cap $119.78B at $93.65 per share. Trailing P/E 67.37, P/S 0.30, P/B 1.50. EV/Operating income ≈ 38.09 (EV $177.50B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -8 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFilings & Ownership
Latest annual report (10-K) filed Feb 10, 2026. Latest quarterly report (10-Q) filed Aug 5, 2026. 15 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 10, 2026.
- Latest quarterly report (10-Q) filed Aug 5, 2026.
- 15 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 7 sell transactions — net selling $317.5M.
- ~10,000+ recent 13F-HR filings reference CVS Health Corp.; broad institutional reporting.
- Recent filers include Modern Wealth Management, LLC, Concorde Asset Management, LLC, Axiom Investment Management LLC.
- 15 recent 13G passive institutional ownership notices.
| Filer | Form | Filed |
|---|---|---|
| Modern Wealth Management, LLC | 13F-HR | May 29, 2025 |
| Concorde Asset Management, LLC | 13F-HR | May 1, 2019 |
| Axiom Investment Management LLC | 13F-HR | Mar 16, 2021 |
| VERNIER CAPITAL PARTNERS, LP | 13F-HR | Nov 14, 2018 |
| Concorde Asset Management, LLC | 13F-HR | Aug 8, 2019 |
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| ROBBINS LARRY | May 21, 2026 | -$317.5M | 0/7 |
| Date | Form | Description |
|---|---|---|
| Aug 17, 2026 | 8-K | 8-K |
| Aug 5, 2026 | 8-K | 8-K |
| May 18, 2026 | 8-K | 8-K |
| May 6, 2026 | 8-K | 8-K |
| Mar 19, 2026 | 8-K | 8-K |
| Feb 10, 2026 | 8-K | 8-K |
| Dec 9, 2025 | 8-K | 8-K |
| Nov 20, 2025 | 8-K | 8-K |
SEC Filing Deep-Analysis
2 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. Both leverage and interest coverage are deteriorating simultaneously — debt is growing faster than operating income can support. This raises refinancing risk and may constrain strategic flexibility. Watch for covenant disclosures in subsequent 10-Q filings.
- Leverage is building — debt rising while equity contracts: Long-term debt grew +185.7% while stockholders equity declined -0.5%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
- Interest coverage deteriorating below 3x: Interest coverage fell from 3.72x to 1.75x. Operating income of $4.66B covers interest of $2.66B only 1.75x — approaching the threshold where debt service becomes constrained. Monitor for covenant breaches.
- Operating cash flow exceeds net income: OCF is 6.02x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Goodwill is 34% of total assets: Goodwill of $85.48B represents a large share of the balance sheet. If acquired businesses underperform, a non-cash impairment charge could materially impact earnings. Monitor segment performance and acquisition integration metrics.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Both leverage and interest coverage are deteriorating simultaneously — debt is growing faster than operating income can support. This raises refinancing risk and may constrain strategic flexibility. Watch for covenant disclosures in subsequent 10-Q filings.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Off-balance sheet arrangements.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $372.81B | $402.07B | $29.26B | +7.8% |
| Gross profit | $28.86B | $28.55B | $-312.0M | -1.1% |
| Operating income | $8.52B | $4.66B | $-3.86B | -45.3% |
| Net income | $4.61B | $1.77B | $-2.85B | -61.7% |
| Operating cash flow | $9.11B | $10.64B | $1.53B | +16.8% |
| Capex | $2.78B | $2.83B | $51.0M | +1.8% |
| Total assets | $253.22B | $253.54B | $323.0M | +0.1% |
| Total liabilities | $177.49B | $178.16B | $671.0M | +0.4% |
| Long-term debt | $25.70B | $73.43B | $47.73B | +185.7% |
| Cash & equivalents | $8.59B | $8.45B | $-133.0M | -1.5% |
| Stockholders equity | $75.56B | $75.21B | $-346.0M | -0.5% |
| Inventory | $18.11B | $19.25B | $1.14B | +6.3% |
| Accounts receivable | $36.47B | $39.78B | $3.31B | +9.1% |
| Interest expense | $2.29B | $2.66B | $371.0M | +16.2% |
| Type | Concepts |
|---|---|
| Removed | AdvertisingExpense, AllocatedShareBasedCompensationExpense, AssetImpairmentCharges, AssetsHeldByInsuranceRegulators, AssumedPremiumsEarned, CededPremiumsEarned, CommercialPaper, CommonStockValue, ContractWithCustomerLiabilityCurrent, CurrentFederalTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Impairment charge | medium | 5 | 3 | Ongoing |
| Restructuring | medium | 5 | 6 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 8 | Ongoing |
Fundamentals
Revenue grew +7.8% YoY to $402.07B. 5-year revenue CAGR +6.6%; 10y CAGR +9.5%. Net margin at 0.44% (contracting ▼).
- Revenue grew +7.8% YoY to $402.07B.
- 5-year revenue CAGR +6.6%; 10y CAGR +9.5%.
- Net margin at 0.44% (contracting ▼).
- Return on equity 2.35%, ROA 0.70%, ROIC 6.20%.
- Gross margin 0.00%, operating margin 1.16%.
- Free cash flow margin 1.94% ($7.81B).
- Net income down ▼ +61.7% YoY.
- Debt/equity 0.87, current ratio 0.87, net debt $57.73B.
- Asset turnover 1.58 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $372.81B | +4.2% | 0.00 | 2.28 | 1.24 | $6.33B | 6.11 |
| 2025 | $402.07B | +7.8% | 0.00 | 1.16 | 0.44 | $7.81B | 2.35 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2024 | $95.43B | +6.3% | — | 0.09% |
| Mar 31, 2025 | $94.59B | +7.0% | -0.9% | 1.88% |
| Jun 30, 2025 | $98.92B | +8.4% | +4.6% | 1.03% |
| Sep 30, 2025 | $102.87B | +7.8% | +4.0% | -3.86% |
| Mar 31, 2026 | $100.43B | +6.2% | -2.4% | 2.93% |
| Jun 30, 2026 | $106.10B | +7.3% | +5.6% | 2.81% |
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Market cap $119.78B at $93.65 per share. Trailing P/E 67.37, P/S 0.30, P/B 1.50. EV/Operating income ≈ 38.09 (EV $177.50B).
- Market cap $119.78B at $93.65 per share.
Price & Technicals
Price $93.65 — uptrend (above 200-DMA); 1-month momentum negative. RSI(14) 24.37 (oversold).
- Price $93.65 — uptrend (above 200-DMA); 1-month momentum negative.
Macro & Rates
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
Risk Scorecard
Composite risk Elevated. Leverage debt/equity 0.87 (moderate). Liquidity current ratio 0.87 (stretched).
- Composite risk: Elevated.
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3 sections free · 4 Pro previews · composite -8
Macro exposure
Defensive · Low sensitivityMacro regime: Risk-on · Supportive. CVS Health Corp. is a defensive name (low macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Analytical read
deterministic previewMarket regime: Risk-on · Supportive..
Peer comparison
Defensive groupHow CVS stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| DexCom Inc. DXCM | 19 | Neutral |
| Bristol-Myers Squibb BMY | 19 | Neutral |
| Eli Lilly & Co. LLY | 17 | Neutral |
| HCA Healthcare HCA | 9 | Neutral |
| Gilead Sciences GILD | 8 | Neutral |
| Johnson & Johnson JNJ | 8 | Neutral |
| Abbott Laboratories ABT | 7 | Neutral |
| Biogen Inc. BIIB | 7 | Neutral |
| Intuitive Surgical Inc. ISRG | 7 | Neutral |
| Coca-Cola Co. KO | 6 | Neutral |
| Zoetis Inc. ZTS | 6 | Neutral |
| Thermo Fisher Scientific TMO | 3 | Neutral |
| Regeneron Pharmaceuticals REGN | 3 | Neutral |
| Danaher Corp. DHR | 1 | Neutral |
| Merck & Co. MRK | 0 | Neutral |
| Illumina Inc. ILMN | 0 | Neutral |
| Colgate-Palmolive CL | -2 | Neutral |
| Vertex Pharmaceuticals VRTX | -2 | Neutral |
| AbbVie Inc. ABBV | -5 | Neutral |
| Procter & Gamble PG | -7 | Neutral |
| CVS Health Corp. CVS● you | -8 | Neutral |
| Walmart Inc. WMT | -8 | Neutral |
| Mondelez International MDLZ | -10 | Neutral |
| Amgen Inc. AMGN | -10 | Neutral |
| Cigna Group CI | -11 | Neutral |
| Kroger Co. KR | -12 | Neutral |
| Costco Wholesale COST | -14 | Neutral |
| Pfizer Inc. PFE | -15 | Neutral |
| PepsiCo Inc. PEP | -16 | Neutral |
| Sysco Corp. SYY | -16 | Neutral |
| Hershey Co. HSY | -17 | Neutral |
| Kimberly-Clark Corp. KMB | -18 | Neutral |
| Moderna Inc. MRNA | -21 | Neutral |
| UnitedHealth Group UNH | -25 | Neutral |