Price to Earnings (P/E)
since 2005
Calculation
CVS Health Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to CVS Health common shareholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2025 | 17.28 | = | 63.22 | ÷ | 3.66 | 3.66 | = | 4,614 | ÷ | 1,260,795,063 | |
| Feb 7, 2024 | 11.47 | = | 76.05 | ÷ | 6.63 | 6.63 | = | 8,344 | ÷ | 1,258,449,553 | |
| Feb 8, 2023 | 27.53 | = | 88.96 | ÷ | 3.23 | 3.23 | = | 4,149 | ÷ | 1,284,111,667 | |
| Feb 9, 2022 | 17.39 | = | 104.79 | ÷ | 6.03 | 6.03 | = | 7,910 | ÷ | 1,312,510,426 | |
| Feb 16, 2021 | 12.88 | = | 70.53 | ÷ | 5.47 | 5.47 | = | 7,179 | ÷ | 1,311,354,926 | |
| Feb 18, 2020 | 14.15 | = | 72.00 | ÷ | 5.09 | 5.09 | = | 6,634 | ÷ | 1,304,159,680 | |
| Feb 28, 2019 | — | = | 57.83 | ÷ | -0.46 | -0.46 | = | -594 | ÷ | 1,297,082,165 | |
| Feb 14, 2018 | 10.69 | = | 69.79 | ÷ | 6.53 | 6.53 | = | 6,622 | ÷ | 1,014,532,157 | |
| Feb 9, 2017 | 14.91 | = | 77.31 | ÷ | 5.18 | 5.18 | = | 5,317 | ÷ | 1,025,699,605 | |
| Feb 9, 2016 | 18.98 | = | 90.51 | ÷ | 4.77 | 4.77 | = | 5,237 | ÷ | 1,098,490,835 | |
| Feb 10, 2015 | 24.64 | = | 101.68 | ÷ | 4.13 | 4.13 | = | 4,644 | ÷ | 1,125,252,739 | |
| Feb 11, 2014 | 17.71 | = | 68.77 | ÷ | 3.88 | 3.88 | = | 4,592 | ÷ | 1,182,427,156 | |
| Feb 15, 2013 | 16.23 | = | 51.12 | ÷ | 3.15 | 3.15 | = | 3,877 | ÷ | 1,231,194,296 | |
| Feb 17, 2012 | 16.66 | = | 44.27 | ÷ | 2.66 | 2.66 | = | 3,461 | ÷ | 1,302,378,570 | |
| Feb 18, 2011 | 13.20 | = | 33.06 | ÷ | 2.50 | 2.50 | = | 3,427 | ÷ | 1,368,174,000 | |
| Feb 26, 2010 | 12.70 | = | 33.75 | ÷ | 2.66 | 2.66 | = | 3,696 | ÷ | 1,390,515,000 | |
| Feb 27, 2009 | 11.72 | = | 25.74 | ÷ | 2.20 | 2.20 | = | 3,198 | ÷ | 1,455,515,000 | |
| Feb 27, 2008 | 22.10 | = | 40.48 | ÷ | 1.83 | 1.83 | = | 2,623 | ÷ | 1,431,879,000 | |
| Feb 27, 2007 | 19.24 | = | 31.50 | ÷ | 1.64 | 1.64 | = | 1,355 | ÷ | 827,838,000 | |
| Mar 14, 2006 | 20.64 | = | 30.57 | ÷ | 1.48 | 1.48 | = | 1,211 | ÷ | 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 financial trajectory from 2006 to 2025 is characterized by a long-term expansion in both share price and earnings per share, followed by a period of heightened volatility in valuation metrics. Share prices experienced a general upward trend from $30.57 in 2006 to a peak of $104.79 in 2022, while earnings per share grew from $1.48 in 2006 to a peak of $6.53 in 2018.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio has exhibited significant fluctuations, indicating shifting market sentiment and valuation adjustments. An initial range between 19.24 and 22.10 (2006–2008) was followed by a contraction to a low of 11.72 in 2009. A subsequent period of valuation expansion occurred between 2012 and 2015, where the ratio peaked at 24.64. This was followed by a downward correction, reaching a low of 10.69 in 2018. In the most recent period, a sharp spike to 27.53 occurred in 2023, before normalizing to 17.28 by February 2025.
- Earnings Per Share (EPS) Performance
- Earnings demonstrated a consistent growth pattern for over a decade, rising steadily from $1.48 in 2006 to $6.53 in 2018. A critical anomaly is observed in 2019, where EPS fell to -0.46, resulting in an undefined P/E ratio for that year. Following a recovery to $5.09 in 2020, earnings have become more volatile, dropping to $3.23 in 2023, peaking again at $6.63 in 2024, and most recently declining to $3.66 in 2025.
- Correlation Between Price and Earnings
- A divergence between share price and earnings is evident in the later years of the sequence. While the share price reached its historical maximum in 2022, the P/E ratio peaked in 2023; this was not driven by price appreciation, but by a contraction in earnings per share. The most recent data indicates a simultaneous decline in both share price (to $63.22) and earnings per share (to $3.66), resulting in a P/E ratio of 17.28, which aligns more closely with historical averages seen between 2012 and 2014.
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Comparison to Competitors
CVS Health Corp., P/E, 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 | 17.28 | 17.46 | 14.85 | 87.82 | 27.97 | 29.75 |
| Feb 7, 2024 | 11.47 | 34.57 | 19.80 | 74.11 | 30.94 | 20.53 |
| Feb 8, 2023 | 27.53 | 26.76 | 9,358,713.46 | 64.99 | 23.38 | 22.46 |
| Feb 9, 2022 | 17.39 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 16, 2021 | 12.88 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 18, 2020 | 14.15 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 28, 2019 | — | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 14, 2018 | 10.69 | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 9, 2017 | 14.91 | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 9, 2016 | 18.98 | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 10, 2015 | 24.64 | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 11, 2014 | 17.71 | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 15, 2013 | 16.23 | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 17, 2012 | 16.66 | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
| Feb 18, 2011 | 13.20 | 15.68 | 8.74 | 33.85 | 12.65 | 10.01 |
| Feb 26, 2010 | 12.70 | 14.69 | 5.53 | 54.30 | 17.11 | 9.91 |
| Feb 27, 2009 | 11.72 | 17.11 | 8.26 | 21.99 | 26.02 | 11.66 |
| Feb 27, 2008 | 22.10 | 23.82 | 12.02 | 79.87 | 20.81 | 12.85 |
| Feb 27, 2007 | 19.24 | 48.17 | 16.05 | 58.08 | 21.31 | 17.58 |
| Mar 14, 2006 | 20.64 | 20.03 | 20.66 | 36.68 | 35.12 | 24.20 |
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/E, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 12, 2025 | 17.28 | 26.60 |
| Feb 7, 2024 | 11.47 | 25.86 |
| Feb 8, 2023 | 27.53 | 1,429,718.32 |
| Feb 9, 2022 | 17.39 | 28.98 |
| Feb 16, 2021 | 12.88 | 27.23 |
| Feb 18, 2020 | 14.15 | 25.22 |
| Feb 28, 2019 | — | 28.84 |
| Feb 14, 2018 | 10.69 | 28.17 |
| Feb 9, 2017 | 14.91 | 27.54 |
| Feb 9, 2016 | 18.98 | 20.20 |
| Feb 10, 2015 | 24.64 | 21.28 |
| Feb 11, 2014 | 17.71 | 14.93 |
| Feb 15, 2013 | 16.23 | 10.51 |
| Feb 17, 2012 | 16.66 | 14.07 |
| Feb 18, 2011 | 13.20 | 12.56 |
| Feb 26, 2010 | 12.70 | 11.86 |
| Feb 27, 2009 | 11.72 | 15.75 |
| Feb 27, 2008 | 22.10 | 17.58 |
| Feb 27, 2007 | 19.24 | 22.77 |
| Mar 14, 2006 | 20.64 | 24.03 |
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/E, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Feb 12, 2025 | 17.28 | 38.03 |
| Feb 7, 2024 | 11.47 | 30.62 |
| Feb 8, 2023 | 27.53 | 351,256.81 |
| Feb 9, 2022 | 17.39 | 21.55 |
| Feb 16, 2021 | 12.88 | 32.22 |
| Feb 18, 2020 | 14.15 | 22.09 |
| Feb 28, 2019 | — | 24.32 |
| Feb 14, 2018 | 10.69 | 33.04 |
| Feb 9, 2017 | 14.91 | 21.90 |
| Feb 9, 2016 | 18.98 | 19.53 |
| Feb 10, 2015 | 24.64 | 21.38 |
| Feb 11, 2014 | 17.71 | 18.67 |
| Feb 15, 2013 | 16.23 | 15.77 |
| Feb 17, 2012 | 16.66 | 15.79 |
| Feb 18, 2011 | 13.20 | 15.12 |
| Feb 26, 2010 | 12.70 | 11.71 |
| Feb 27, 2009 | 11.72 | 13.07 |
| Feb 27, 2008 | 22.10 | 19.29 |
| Feb 27, 2007 | 19.24 | 18.61 |
| Mar 14, 2006 | 20.64 | 21.71 |
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).