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.
The long-term financial trajectory is characterized by a significant divergence between the consistent growth of book value per share and the high volatility of the market share price, resulting in a cyclical Price to Book Value (P/BV) ratio.
- Book Value per Share (BVPS) Growth
- A sustained upward trend in BVPS is observed over the analyzed period. Starting at 10.19 USD in 2006, the book value per share grew consistently, reaching a peak of 60.76 USD in 2024 before slightly adjusting to 59.93 USD in 2025. This indicates a steady accumulation of net assets on a per-share basis over nearly two decades.
- P/BV Ratio Volatility and Cycles
- The P/BV ratio exhibits three distinct phases of valuation. An initial contraction occurred between 2006 and 2009, where the ratio fell from 3.00 to a low of 1.08. This was followed by a period of expansion between 2010 and 2015, peaking at 3.01, which aligned with the share price reaching 101.68 USD. A subsequent long-term trend of compression is observed from 2016 through 2025, with the ratio declining from 2.67 to 1.05.
- Share Price Dynamics
- Unlike the steady growth of the book value, the share price has experienced sharp fluctuations. Significant peaks were recorded in 2015 (101.68 USD) and 2022 (104.79 USD). However, the most recent data from 2025 shows a decline to 63.22 USD, which, when paired with the elevated book value, has compressed the valuation multiple.
- Comparative Valuation Analysis
- The P/BV ratio of 1.05 recorded in February 2025 represents a return to valuation levels not seen since 2009 (1.08). This indicates that the market is currently valuing the company very close to its accounting book value, suggesting a significant reduction in the market premium compared to the peaks observed in 2006 and 2015.
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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).