Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-28 pm EDT			5-day change	1st Jan Change
53.63 ^USD	-3.44%		-6.44%	-32.08%

May. 28	Wolfe Research Lowers CVS Health's Price Target to $64 From $70	MT
May. 24	9 CVS Health Pharmacy Staff in Rhode Island Vote to Join Union	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	67,326	-	-
Enterprise Value (EV) ¹	159,446	146,192	179,925	160,658	151,768	116,151	112,339	105,643
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	9.25 x	7.89 x	6.91 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	4.96%	4.92%	5.59%
Capitalization / Revenue	0.38 x	0.33 x	0.47 x	0.38 x	0.28 x	0.18 x	0.17 x	0.16 x
EV / Revenue	0.62 x	0.54 x	0.62 x	0.5 x	0.42 x	0.31 x	0.29 x	0.26 x
EV / EBITDA	9.23 x	8.07 x	9.2 x	8.04 x	7.59 x	6.68 x	5.84 x	5.17 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	12.6 x	10.7 x	9 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	7.95%	9.31%	11.1%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	0.84 x	0.8 x	0.74 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	53.63	53.63	53.63
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	368,994	388,073	410,945
EBITDA ¹	17,274	18,108	19,565	19,971	19,995	17,377	19,249	20,424
EBIT ¹	15,339	16,008	17,312	17,532	17,534	15,032	16,172	17,107
Operating Margin	5.97%	5.96%	5.93%	5.44%	4.9%	4.07%	4.17%	4.16%
Earnings before Tax (EBT) ¹	8,997	9,770	10,420	5,628	11,173	10,190	11,951	13,619
Net income ¹	6,634	7,179	7,910	4,149	8,344	7,665	8,920	10,077
Net margin	2.58%	2.67%	2.71%	1.29%	2.33%	2.08%	2.3%	2.45%
EPS ²	5.080	5.460	5.950	3.140	6.470	5.801	6.794	7.764
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,232	10,456	11,736
FCF margin	4.05%	5%	5.39%	4.17%	2.91%	2.5%	2.69%	2.86%
FCF Conversion (EBITDA)	60.15%	74.16%	80.48%	67.35%	51.99%	53.13%	54.32%	57.46%
FCF Conversion (Net income)	156.63%	187.05%	199.05%	324.17%	124.58%	120.44%	117.23%	116.46%
Dividend per Share ²	2.000	2.000	2.000	2.200	2.420	2.660	2.637	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	91,534	92,358	96,440	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	3,664	4,122	3,960	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%	4.46%	4.11%	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%	2.03%	2.37%	2.19%	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	1.467	1.681	1.654	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	48,826	45,013	38,317
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.635 x	3.136 x	2.231 x	1.913 x	2.508 x	2.81 x	2.338 x	1.876 x
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,232	10,456	11,736
ROE (net income / shareholders' equity)	15.1%	14.8%	15.5%	15.7%	15.2%	11.4%	12.2%	11.6%
ROA (Net income/ Total Assets)	4.41%	4.35%	4.82%	4.99%	4.72%	3.93%	4.21%	4%
Assets ¹	150,315	164,974	164,261	83,216	176,918	194,959	212,128	251,931
Book Value Per Share ²	49.10	53.00	56.90	54.60	59.40	63.50	67.00	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	3,043	3,170	3,301
Capex / Sales	0.96%	0.91%	0.86%	0.85%	0.85%	0.82%	0.82%	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

53.63 USD

Average target price

71.37 USD

Spread / Average Target

+33.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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TENET HEALTHCARE CORPORATION	+73.16%	12.78B
REDE D'OR SÃO LUIZ S.A.	-2.02%	12.33B
FRESENIUS MEDICAL CARE AG	+3.58%	12.55B

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