Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Real-time Estimate Cboe BZX Other stock markets 02:24:56 2024-06-10 pm EDT			5-day change	1st Jan Change
60.5 ^USD	-2.07%		+0.40%	-23.44%

Jun. 08	Top law firms in US opioid lawsuits to get hundreds of millions in fees	RE
Jun. 07	AbbVie's tight grip on Humira market raises concerns about biosimilars	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,649	89,399	136,274	122,449	101,613	77,557	-	-
Enterprise Value (EV) ¹	159,446	146,192	179,925	160,658	151,768	126,749	123,369	116,388
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	10.9 x	9.2 x	7.91 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	4.31%	4.46%	4.85%
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	7.29 x	6.45 x	5.77 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	13.7 x	12.2 x	10.2 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	7.29%	8.2%	9.79%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	0.99 x	0.93 x	0.85 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	61.78	61.78	61.78
Announcement Date	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

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	369,628	387,094	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	14,729	16,008	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	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

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	2/9/22	5/4/22	8/3/22	11/2/22	2/8/23	5/3/23	8/2/23	11/1/23	2/7/24	5/1/24	-	-	-	-	-

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%	0.81%	0.81%	0.8%
Announcement Date	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

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

Ratings for CVS Health Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

61.78 USD

Average target price

69.02 USD

Spread / Average Target

+11.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-21.76%	77.56B
HCA HEALTHCARE, INC.	+24.66%	88.38B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+8.45%	28.74B
FRESENIUS SE & CO. KGAA	+7.94%	18.45B
LABCORP HOLDINGS INC.	-13.50%	16.57B
NATERA, INC.	+77.51%	13.65B
TENET HEALTHCARE CORPORATION	+76.96%	13.06B
FRESENIUS MEDICAL CARE AG	+4.72%	12.61B
DAVITA INC.	+36.67%	12.56B
UNIVERSAL HEALTH SERVICES, INC.	+23.02%	12.55B

Other Healthcare Facilities & Services