Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-31 pm EDT			5-day change	1st Jan Change
59.6 ^USD	+6.35%		+7.31%	-24.52%

May. 30	JPMorgan Adjusts Price Target on CVS Health to $86 From $101	MT
May. 30	Baird Initiates CVS Health With Neutral Rating, $61 Price Target	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,649	89,399	136,274	122,449	101,613	74,820	-	-
Enterprise Value (EV) ¹	159,446	146,192	179,925	160,658	151,768	124,558	121,000	114,728
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	10.5 x	8.88 x	7.62 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	4.46%	4.65%	5.05%
Capitalization / Revenue	0.38 x	0.33 x	0.47 x	0.38 x	0.28 x	0.2 x	0.19 x	0.18 x
EV / Revenue	0.62 x	0.54 x	0.62 x	0.5 x	0.42 x	0.34 x	0.31 x	0.28 x
EV / EBITDA	9.23 x	8.07 x	9.2 x	8.04 x	7.59 x	7.16 x	6.3 x	5.65 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	12.9 x	11.8 x	10.3 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	7.73%	8.44%	9.68%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	0.95 x	0.9 x	0.83 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	59.60	59.60	59.60
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	368,877	387,131	410,337
EBITDA ¹	17,274	18,108	19,565	19,971	19,995	17,396	19,219	20,313
EBIT ¹	15,339	16,008	17,312	17,532	17,534	14,754	16,054	17,088
Operating Margin	5.97%	5.96%	5.93%	5.44%	4.9%	4%	4.15%	4.16%
Earnings before Tax (EBT) ¹	8,997	9,770	10,420	5,628	11,173	9,981	11,729	13,567
Net income ¹	6,634	7,179	7,910	4,149	8,344	7,467	8,783	10,087
Net margin	2.58%	2.67%	2.71%	1.29%	2.33%	2.02%	2.27%	2.46%
EPS ²	5.080	5.460	5.950	3.140	6.470	5.664	6.709	7.819
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,631	10,212	11,102
FCF margin	4.05%	5%	5.39%	4.17%	2.91%	2.61%	2.64%	2.71%
FCF Conversion (EBITDA)	60.15%	74.16%	80.48%	67.35%	51.99%	55.36%	53.13%	54.65%
FCF Conversion (Net income)	156.63%	187.05%	199.05%	324.17%	124.58%	128.98%	116.27%	110.05%
Dividend per Share ²	2.000	2.000	2.000	2.200	2.420	2.660	2.771	3.008
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	91,481	92,342	96,460	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	4,346	4,794	4,619	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	3,689	4,121	3,974	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%	4.03%	4.46%	4.12%	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	1,922	2,236	2,163	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%	2.1%	2.42%	2.24%	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	1.463	1.684	1.660	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	0.6676	0.6676	0.6676	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	49,738	46,180	39,908
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.635 x	3.136 x	2.231 x	1.913 x	2.508 x	2.859 x	2.403 x	1.965 x
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,631	10,212	11,102
ROE (net income / shareholders' equity)	15.1%	14.8%	15.5%	15.7%	15.2%	11.7%	12.3%	12.3%
ROA (Net income/ Total Assets)	4.41%	4.35%	4.82%	4.99%	4.72%	3.77%	4.21%	4.4%
Assets ¹	150,315	164,974	164,261	83,216	176,918	197,940	208,778	229,261
Book Value Per Share ²	49.10	53.00	56.90	54.60	59.40	62.80	66.10	72.20
Cash Flow per Share ²	9.850	12.10	13.70	12.20	10.40	8.710	9.460	11.30
Capex ¹	2,457	2,437	2,520	2,727	3,031	3,021	3,150	3,294
Capex / Sales	0.96%	0.91%	0.86%	0.85%	0.85%	0.82%	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

59.6 USD

Average target price

70.17 USD

Spread / Average Target

+17.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-24.52%	74.82B
HCA HEALTHCARE, INC.	+25.52%	88.99B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	-5.56%	25.03B
FRESENIUS SE & CO. KGAA	+4.31%	17.88B
LABCORP HOLDINGS INC.	-14.25%	16.43B
QUEST DIAGNOSTICS INCORPORATED	+2.97%	15.77B
TENET HEALTHCARE CORPORATION	+79.20%	13.21B
NATERA, INC.	+70.11%	13.08B
DAVITA INC.	+40.44%	12.9B
UNIVERSAL HEALTH SERVICES, INC.	+24.51%	12.7B

Other Healthcare Facilities & Services