Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse 21:00:02 18/06/2024 BST 5-day change 1st Jan Change
61.01 USD -0.13% Intraday chart for CVS Health Corporation +1.68% -22.73%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 96,649 89,399 136,274 122,449 101,613 76,590 - -
Enterprise Value (EV) 1 159,446 146,192 179,925 160,658 151,768 125,783 122,402 115,422
P/E ratio 14.6 x 12.5 x 17.3 x 29.7 x 12.2 x 10.8 x 9.09 x 7.81 x
Yield 2.69% 2.93% 1.94% 2.36% 3.06% 4.36% 4.52% 4.91%
Capitalization / Revenue 0.38 x 0.33 x 0.47 x 0.38 x 0.28 x 0.21 x 0.2 x 0.19 x
EV / Revenue 0.62 x 0.54 x 0.62 x 0.5 x 0.42 x 0.34 x 0.32 x 0.28 x
EV / EBITDA 9.23 x 8.07 x 9.2 x 8.04 x 7.59 x 7.24 x 6.4 x 5.72 x
EV / FCF 15.3 x 10.9 x 11.4 x 11.9 x 14.6 x 13.6 x 12.1 x 10.1 x
FCF Yield 6.52% 9.19% 8.75% 8.37% 6.85% 7.34% 8.27% 9.87%
Price to Book 1.51 x 1.29 x 1.81 x 1.71 x 1.33 x 0.98 x 0.92 x 0.84 x
Nbr of stocks (in thousands) 1,300,964 1,308,913 1,321,000 1,313,967 1,286,897 1,255,373 - -
Reference price 2 74.29 68.30 103.2 93.19 78.96 61.01 61.01 61.01
Announcement Date 12/02/20 16/02/21 09/02/22 08/02/23 07/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 256,776 268,706 292,111 322,467 357,776 369,521 387,193 410,284
EBITDA 1 17,274 18,108 19,565 19,971 19,995 17,377 19,129 20,184
EBIT 1 15,339 16,008 17,312 17,532 17,534 14,698 16,024 17,017
Operating Margin 5.97% 5.96% 5.93% 5.44% 4.9% 3.98% 4.14% 4.15%
Earnings before Tax (EBT) 1 8,997 9,770 10,420 5,628 11,173 10,004 11,753 13,573
Net income 1 6,634 7,179 7,910 4,149 8,344 7,382 8,690 10,038
Net margin 2.58% 2.67% 2.71% 1.29% 2.33% 2% 2.24% 2.45%
EPS 2 5.080 5.460 5.950 3.140 6.470 5.675 6.715 7.814
Free Cash Flow 1 10,391 13,428 15,745 13,450 10,395 9,237 10,118 11,393
FCF margin 4.05% 5% 5.39% 4.17% 2.91% 2.5% 2.61% 2.78%
FCF Conversion (EBITDA) 60.15% 74.16% 80.48% 67.35% 51.99% 53.15% 52.89% 56.45%
FCF Conversion (Net income) 156.63% 187.05% 199.05% 324.17% 124.58% 125.12% 116.43% 113.5%
Dividend per Share 2 2.000 2.000 2.000 2.200 2.420 2.660 2.756 2.996
Announcement Date 12/02/20 16/02/21 09/02/22 08/02/23 07/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 76,604 76,826 80,636 81,159 83,846 85,278 88,921 89,764 93,813 88,437 91,646 92,497 96,697 93,552 95,986
EBITDA 1 4,733 5,070 5,431 4,825 4,645 4,969 5,100 5,074 4,852 3,587 4,317 4,801 4,602 4,238 4,969
EBIT 1 4,147 4,483 4,810 4,233 4,006 4,370 4,481 4,456 4,227 2,957 3,672 4,122 3,964 3,524 4,255
Operating Margin 5.41% 5.84% 5.97% 5.22% 4.78% 5.12% 5.04% 4.96% 4.51% 3.34% 4.01% 4.46% 4.1% 3.77% 4.43%
Earnings before Tax (EBT) 1 1,570 2,946 4,029 -4,456 3,109 2,879 2,570 3,019 2,705 1,580 2,334 2,860 2,723 2,606 3,330
Net income 1 1,306 2,312 2,951 -3,416 2,302 2,136 1,901 2,261 2,046 1,113 1,855 2,192 2,108 1,818 2,293
Net margin 1.7% 3.01% 3.66% -4.21% 2.75% 2.5% 2.14% 2.52% 2.18% 1.26% 2.02% 2.37% 2.18% 1.94% 2.39%
EPS 2 0.9800 1.740 2.230 -2.600 1.750 1.650 1.480 1.750 1.580 0.8800 1.457 1.692 1.659 1.437 1.818
Dividend per Share 2 0.5000 0.5500 0.5500 0.5500 0.5500 0.6050 0.6050 0.6050 0.6050 0.6650 0.6664 0.6664 0.6664 0.7290 0.7290
Announcement Date 09/02/22 04/05/22 03/08/22 02/11/22 08/02/23 03/05/23 02/08/23 01/11/23 07/02/24 01/05/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 62,797 56,793 43,651 38,209 50,155 49,192 45,812 38,831
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.635 x 3.136 x 2.231 x 1.913 x 2.508 x 2.831 x 2.395 x 1.924 x
Free Cash Flow 1 10,391 13,428 15,745 13,450 10,395 9,237 10,118 11,393
ROE (net income / shareholders' equity) 15.1% 14.8% 15.5% 15.7% 15.2% 11.4% 11.9% 11.6%
ROA (Net income/ Total Assets) 4.41% 4.35% 4.82% 4.99% 4.72% 3.61% 3.96% 4%
Assets 1 150,315 164,974 164,261 83,216 176,918 204,586 219,421 250,941
Book Value Per Share 2 49.10 53.00 56.90 54.60 59.40 62.50 66.30 72.80
Cash Flow per Share 2 9.850 12.10 13.70 12.20 10.40 7.930 8.810 10.70
Capex 1 2,457 2,437 2,520 2,727 3,031 3,012 3,143 3,286
Capex / Sales 0.96% 0.91% 0.86% 0.85% 0.85% 0.82% 0.81% 0.8%
Announcement Date 12/02/20 16/02/21 09/02/22 08/02/23 07/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
28
Last Close Price
61.01 USD
Average target price
69.1 USD
Spread / Average Target
+13.25%
Consensus
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