CVS Health (CVS)
Forward P/E is 11.18x against a peer median of 14.94x, a ratio of 0.75x — below the fair range — with trailing P/E 23.87x and PEG 0.95. Latest-quarter revenue grew 7.3% year over year (PRIMARY, EDGAR), above the group pace, so the value-trap check passes: revenue is growing, not shrinking. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, and CVS is growing above that pace.
What would change this label: Move to FAIRLY PRICED if the forward P/E rises to about 13.4x or above (0.90x the peer median) at unchanged estimates, or if revenue growth falls below 0% year over year. Move to OVERVALUED if the forward P/E rises above about 17.2x (1.15x the peer median) without a matching rise in growth.
CVS runs pharmacies, sells health insurance and operates walk-in clinics. Its shares trade at about 11 times expected earnings versus about 15 times for similar companies, while its sales grew 7.3%. Paying less than peers for above-average growth makes the shares look undervalued.
Both lines start at 100 on 2020-09-01. Over the full window CVS Health returned +51.18% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for CVS Health: -60.5% (2022-02-08 to 2024-12-19). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 11.18x against a peer median of 14.94x, a ratio of 0.75x — below the fair range — with trailing P/E 23.87x and PEG 0.95. Latest-quarter revenue grew 7.3% year over year (PRIMARY, EDGAR), above the group pace, so the value-trap check passes: revenue is growing, not shrinking. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, and CVS is growing above that pace. The company’s forward P/E is 11.2× against a peer median of 14.9×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the health care payers, services & facilities group's median latest-quarter revenue growth was 6.2% year over year (SEC filings) — demand steady. CVS, at 7.3% growth, is growing above that pace. Latest-quarter sales growth was +7.3% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| CVS Health (CVS) | $91.10 | 11.2× | 23.9× |
| HCA | $462.45 | 14.9× | 15.3× |
| ELV | $423.55 | 14.7× | 18.1× |
| CI | $299.15 | 9.4× | 12.4× |
| VEEV | $317.96 | 32.9× | 52.1× |
| HUM | $420.00 | 33.9× | 39.7× |
| Peer median | 14.9× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $106.1B | — | $3.0B | 2.31 | $5.7B |
| Q/E Mar 2026 2026-03-31 | $100.4B | — | $2.9B | 2.30 | $3.4B |
| Q/E Dec 2025 2025-12-31 | $105.7B | — | $2.9B | — | $2.6B |
| Q/E Sep 2025 2025-09-30 | $102.9B | — | $-4.0B | -3.13 | $98M |
| Q/E Jun 2025 2025-06-30 | $98.9B | — | $1.0B | 0.80 | $1.3B |
| Q/E Mar 2025 2025-03-31 | $94.6B | — | $1.8B | 1.41 | $3.8B |
| Q/E Dec 2024 2024-12-31 | $97.7B | — | $1.6B | — | $1.1B |
| Q/E Sep 2024 2024-09-30 | $95.4B | — | $87M | 0.07 | $-1.4B |
| Q/E Jun 2024 2024-06-30 | $91.2B | — | $1.8B | 1.41 | $2.5B |
| Q/E Mar 2024 2024-03-31 | $88.4B | — | $1.1B | 0.88 | $4.2B |
| Q/E Dec 2023 2023-12-31 | $93.8B | — | $2.0B | — | $-3.5B |
| Q/E Sep 2023 2023-09-30 | $89.8B | — | $2.3B | 1.75 | $2.2B |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | CVS HEALTH Corp |
| Chief executive | David Joyner (source: https://www.cvshealth.com/news/company-news/cvs-health-names-david-joyner-chair-of-the-board-of-directors.html) |
| Sector | Health Care — Health Care Services — runs pharmacies, sells health insurance and operates walk-in clinics |
| Share price (Oct 28, 2026) | $91.10 |
| Market value (market cap) | $116.6B — share price times shares outstanding of 1,278,970,369 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $415.1B |
| Net income, last twelve months | $4.9B |
| Free cash flow, last twelve months | $11.8B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +51.18% vs +118.28% |
| Worst peak-to-trough fall | -60.5% (2022-02-08 to 2024-12-19) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000064803.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000064803.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/CVS/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.