CVS Health Corp.

Revenue grew +10.9% YoY to $357.78B. 5-year revenue CAGR +6.9%; 10y CAGR +11.0%. Net margin at 2.33% (contracting ▼).

• Revenue grew +10.9% YoY to $357.78B.
• 5-year revenue CAGR +6.9%; 10y CAGR +11.0%.
• Net margin at 2.33% (contracting ▼).
• Return on equity 11.04%, ROA 3.30%, ROIC 18.19%.
• Gross margin 0.00%, operating margin 3.84%.
• Free cash flow margin 2.91% ($10.39B).
• Net income up ▲ +93.6% YoY.
• Debt/equity 0.89, current ratio 0.87, net debt $59.51B.
• Asset turnover 1.41 — capital efficiency.

Latest annual report (10-K) filed Feb 10, 2026. Latest quarterly report (10-Q) filed May 6, 2026. 13 recent 8-K material-event filings in the index.

• Latest annual report (10-K) filed Feb 10, 2026.
• Latest quarterly report (10-Q) filed May 6, 2026.
• 13 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.

5 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.

• Earnings-cash flow divergence: Net income grew +93.6% while operating cash flow declined -17.0%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
• Free cash flow deteriorating: FCF declined +22.7% YoY (from $13.45B to $10.39B). With OCF at $13.43B and capex at $3.03B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
• NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 16 filing(s).
• Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
• NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
• Operating cash flow exceeds net income: OCF is 1.61x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
• Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
• Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
• Endogenous analysis: "Material weakness in internal controls" combined with earnings-cash flow divergence is especially concerning — it suggests the reported earnings may not be reliable due to control deficiencies, and the cash flow shortfall may be masking underlying issues.
• 20 disclosure(s) dropped from prior year — reduced reporting granularity.
• 3 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Off-balance sheet arrangements.
• Ongoing high-severity risk language: Material weakness in internal controls.