Price to Book Value (P/BV)
since 2005
Calculation
CVS Health Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total CVS Health shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2025 | 1.05 | = | 63.22 | ÷ | 59.93 | 59.93 | = | 75,560 | ÷ | 1,260,795,063 | |
| Feb 7, 2024 | 1.25 | = | 76.05 | ÷ | 60.76 | 60.76 | = | 76,461 | ÷ | 1,258,449,553 | |
| Feb 8, 2023 | 1.61 | = | 88.96 | ÷ | 55.30 | 55.30 | = | 71,015 | ÷ | 1,284,111,667 | |
| Feb 9, 2022 | 1.83 | = | 104.79 | ÷ | 57.20 | 57.20 | = | 75,075 | ÷ | 1,312,510,426 | |
| Feb 16, 2021 | 1.33 | = | 70.53 | ÷ | 52.91 | 52.91 | = | 69,389 | ÷ | 1,311,354,926 | |
| Feb 18, 2020 | 1.47 | = | 72.00 | ÷ | 48.97 | 48.97 | = | 63,864 | ÷ | 1,304,159,680 | |
| Feb 28, 2019 | 1.29 | = | 57.83 | ÷ | 44.89 | 44.89 | = | 58,225 | ÷ | 1,297,082,165 | |
| Feb 14, 2018 | 1.88 | = | 69.79 | ÷ | 37.15 | 37.15 | = | 37,691 | ÷ | 1,014,532,157 | |
| Feb 9, 2017 | 2.15 | = | 77.31 | ÷ | 35.91 | 35.91 | = | 36,830 | ÷ | 1,025,699,605 | |
| Feb 9, 2016 | 2.67 | = | 90.51 | ÷ | 33.86 | 33.86 | = | 37,196 | ÷ | 1,098,490,835 | |
| Feb 10, 2015 | 3.01 | = | 101.68 | ÷ | 33.73 | 33.73 | = | 37,958 | ÷ | 1,125,252,739 | |
| Feb 11, 2014 | 2.14 | = | 68.77 | ÷ | 32.08 | 32.08 | = | 37,938 | ÷ | 1,182,427,156 | |
| Feb 15, 2013 | 1.67 | = | 51.12 | ÷ | 30.62 | 30.62 | = | 37,704 | ÷ | 1,231,194,296 | |
| Feb 17, 2012 | 1.52 | = | 44.27 | ÷ | 29.22 | 29.22 | = | 38,051 | ÷ | 1,302,378,570 | |
| Feb 18, 2011 | 1.20 | = | 33.06 | ÷ | 27.55 | 27.55 | = | 37,700 | ÷ | 1,368,174,000 | |
| Feb 26, 2010 | 1.31 | = | 33.75 | ÷ | 25.72 | 25.72 | = | 35,768 | ÷ | 1,390,515,000 | |
| Feb 27, 2009 | 1.08 | = | 25.74 | ÷ | 23.75 | 23.75 | = | 34,574 | ÷ | 1,455,515,000 | |
| Feb 27, 2008 | 1.85 | = | 40.48 | ÷ | 21.87 | 21.87 | = | 31,322 | ÷ | 1,431,879,000 | |
| Feb 27, 2007 | 2.63 | = | 31.50 | ÷ | 11.98 | 11.98 | = | 9,918 | ÷ | 827,838,000 | |
| Mar 14, 2006 | 3.00 | = | 30.57 | ÷ | 10.19 | 10.19 | = | 8,331 | ÷ | 817,412,000 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of CVS Health Corp. Annual Report.
- Share Price Trend
- The share price experienced considerable volatility over the observed periods. Initially, from 2006 to 2008, the stock showed an upward trend, increasing from $30.57 to a peak of $40.48, before sharply declining to $25.74 in 2009. After this dip, the price generally rose, reaching its highest point at $104.79 in February 2022. However, after 2022, the share price decreased again, falling to $63.22 by February 2025. This pattern suggests periods of growth interspersed with notable corrections.
- Book Value per Share (BVPS) Trend
- BVPS displayed a consistent upward trend throughout the entire timeframe. It began at $10.19 in 2006 and progressively increased almost every year, reaching $60.76 in 2024 before a slight decrease to $59.93 in 2025. This steady increase indicates continuous growth in the company's net asset value on a per-share basis, reflecting strengthening financial fundamentals over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio showed significant fluctuations, reflective of the interplay between share price and book value changes. Initially high at a multiple of 3.0 in 2006, the ratio declined steadily to near parity (1.08) in 2009. Subsequent years reveal a cyclical pattern with peaks near 3.01 in 2014 and a gradual decline to 1.05 by 2025. This trend demonstrates periods when the market valued the stock at a substantial premium above book value, followed by phases where valuation aligned closely with or slightly above book value.
- Overall Financial Insight
- The data suggests that while book value per share exhibited consistent growth, market sentiment reflected by share price and P/BV ratio underwent cycles of optimism and correction. The sharp rise in share price leading to a high P/BV ratio in 2014 and 2022 indicates phases of heightened investor confidence, while subsequent declines suggest market reevaluation. The alignment of P/BV closer to 1 in recent years may imply a more conservative or cautious valuation by the market relative to the company's net asset growth.
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Comparison to Competitors
CVS Health Corp., P/BV, long-term trends, comparison to competitors
| CVS Health Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 12, 2025 | 1.05 | 4.91 | 2.15 | 12.41 | 2.05 | 4.63 |
| Feb 7, 2024 | 1.25 | 5.12 | 3.02 | 10.01 | 2.26 | 5.18 |
| Feb 8, 2023 | 1.61 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Feb 9, 2022 | 1.83 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 16, 2021 | 1.33 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 18, 2020 | 1.47 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 28, 2019 | 1.29 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 14, 2018 | 1.88 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 9, 2017 | 2.15 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 9, 2016 | 2.67 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 10, 2015 | 3.01 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 11, 2014 | 2.14 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 15, 2013 | 1.67 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 17, 2012 | 1.52 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 18, 2011 | 1.20 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 26, 2010 | 1.31 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 27, 2009 | 1.08 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 27, 2008 | 1.85 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 27, 2007 | 2.63 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Mar 14, 2006 | 3.00 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
CVS Health Corp., P/BV, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 12, 2025 | 1.05 | 4.26 |
| Feb 7, 2024 | 1.25 | 4.43 |
| Feb 8, 2023 | 1.61 | 263,051.14 |
| Feb 9, 2022 | 1.83 | 5.01 |
| Feb 16, 2021 | 1.33 | 4.30 |
| Feb 18, 2020 | 1.47 | 4.00 |
| Feb 28, 2019 | 1.29 | 3.83 |
| Feb 14, 2018 | 1.88 | 3.44 |
| Feb 9, 2017 | 2.15 | 2.95 |
| Feb 9, 2016 | 2.67 | 2.39 |
| Feb 10, 2015 | 3.01 | 2.94 |
| Feb 11, 2014 | 2.14 | 2.12 |
| Feb 15, 2013 | 1.67 | 1.89 |
| Feb 17, 2012 | 1.52 | 2.39 |
| Feb 18, 2011 | 1.20 | 2.21 |
| Feb 26, 2010 | 1.31 | 2.31 |
| Feb 27, 2009 | 1.08 | 2.78 |
| Feb 27, 2008 | 1.85 | 3.52 |
| Feb 27, 2007 | 2.63 | 3.80 |
| Mar 14, 2006 | 3.00 | 3.90 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
CVS Health Corp., P/BV, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Feb 12, 2025 | 1.05 | 5.99 |
| Feb 7, 2024 | 1.25 | 5.94 |
| Feb 8, 2023 | 1.61 | 87,112.79 |
| Feb 9, 2022 | 1.83 | 5.48 |
| Feb 16, 2021 | 1.33 | 5.37 |
| Feb 18, 2020 | 1.47 | 5.14 |
| Feb 28, 2019 | 1.29 | 5.17 |
| Feb 14, 2018 | 1.88 | 4.55 |
| Feb 9, 2017 | 2.15 | 4.06 |
| Feb 9, 2016 | 2.67 | 3.62 |
| Feb 10, 2015 | 3.01 | 4.10 |
| Feb 11, 2014 | 2.14 | 3.51 |
| Feb 15, 2013 | 1.67 | 2.87 |
| Feb 17, 2012 | 1.52 | 2.51 |
| Feb 18, 2011 | 1.20 | 2.24 |
| Feb 26, 2010 | 1.31 | 2.36 |
| Feb 27, 2009 | 1.08 | 2.65 |
| Feb 27, 2008 | 1.85 | 3.45 |
| Feb 27, 2007 | 2.63 | 3.81 |
| Mar 14, 2006 | 3.00 | 3.97 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).