Price to Operating Profit (P/OP)
since 2005
Calculation
CVS Health Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2025 | 9.36 | = | 63.22 | ÷ | 6.75 | 6.75 | = | 8,516 | ÷ | 1,260,795,063 | |
| Feb 7, 2024 | 6.96 | = | 76.05 | ÷ | 10.92 | 10.92 | = | 13,743 | ÷ | 1,258,449,553 | |
| Feb 8, 2023 | 14.75 | = | 88.96 | ÷ | 6.03 | 6.03 | = | 7,746 | ÷ | 1,284,111,667 | |
| Feb 9, 2022 | 10.43 | = | 104.79 | ÷ | 10.05 | 10.05 | = | 13,193 | ÷ | 1,312,510,426 | |
| Feb 16, 2021 | 6.65 | = | 70.53 | ÷ | 10.61 | 10.61 | = | 13,911 | ÷ | 1,311,354,926 | |
| Feb 18, 2020 | 7.83 | = | 72.00 | ÷ | 9.19 | 9.19 | = | 11,987 | ÷ | 1,304,159,680 | |
| Feb 28, 2019 | 18.65 | = | 57.83 | ÷ | 3.10 | 3.10 | = | 4,021 | ÷ | 1,297,082,165 | |
| Feb 14, 2018 | 7.44 | = | 69.79 | ÷ | 9.38 | 9.38 | = | 9,517 | ÷ | 1,014,532,157 | |
| Feb 9, 2017 | 7.65 | = | 77.31 | ÷ | 10.11 | 10.11 | = | 10,366 | ÷ | 1,025,699,605 | |
| Feb 9, 2016 | 10.49 | = | 90.51 | ÷ | 8.63 | 8.63 | = | 9,475 | ÷ | 1,098,490,835 | |
| Feb 10, 2015 | 13.00 | = | 101.68 | ÷ | 7.82 | 7.82 | = | 8,799 | ÷ | 1,125,252,739 | |
| Feb 11, 2014 | 10.12 | = | 68.77 | ÷ | 6.80 | 6.80 | = | 8,037 | ÷ | 1,182,427,156 | |
| Feb 15, 2013 | 8.71 | = | 51.12 | ÷ | 5.87 | 5.87 | = | 7,228 | ÷ | 1,231,194,296 | |
| Feb 17, 2012 | 9.11 | = | 44.27 | ÷ | 4.86 | 4.86 | = | 6,330 | ÷ | 1,302,378,570 | |
| Feb 18, 2011 | 7.34 | = | 33.06 | ÷ | 4.51 | 4.51 | = | 6,165 | ÷ | 1,368,174,000 | |
| Feb 26, 2010 | 7.29 | = | 33.75 | ÷ | 4.63 | 4.63 | = | 6,438 | ÷ | 1,390,515,000 | |
| Feb 27, 2009 | 6.20 | = | 25.74 | ÷ | 4.15 | 4.15 | = | 6,046 | ÷ | 1,455,515,000 | |
| Feb 27, 2008 | 12.09 | = | 40.48 | ÷ | 3.35 | 3.35 | = | 4,793 | ÷ | 1,431,879,000 | |
| Feb 27, 2007 | 10.68 | = | 31.50 | ÷ | 2.95 | 2.95 | = | 2,442 | ÷ | 827,838,000 | |
| Mar 14, 2006 | 12.37 | = | 30.57 | ÷ | 2.47 | 2.47 | = | 2,020 | ÷ | 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 between 2006 and 2025 reveals a complex relationship between market valuation and operational performance. While the share price exhibited a long-term growth trend peaking in 2022, the valuation multiple relative to operating profit remained highly volatile, reflecting periodic operational disruptions and shifts in market sentiment.
- Share Price Evolution
- An overall upward trajectory was maintained for the majority of the period, with the share price rising from $30.57 in 2006 to a peak of $104.79 in 2022. However, a notable downward trend emerged following this peak, with the price contracting to $63.22 by February 2025.
- Operating Profit Performance
- Operating profit per share showed steady expansion from 2006 ($2.47) through 2017 ($10.11). A significant anomaly occurred in 2019, where profit per share plummeted to $3.10. Following this contraction, profitability recovered, reaching a high of $10.92 in 2024 before declining to $6.75 in 2025.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio fluctuated significantly, typically oscillating between 6.20 and 13.00. A critical spike to 18.65 was recorded in 2019, which was not driven by a surge in share price but by the sharp collapse in operating profit. In more recent years, the ratio has shown instability, ranging from a low of 6.65 in 2021 to a peak of 14.75 in 2023, before settling at 9.36 in 2025.
The data indicates that the valuation multiple has not moved in a linear correlation with profit growth. The divergence observed in 2019 and the recent volatility between 2022 and 2025 suggest that external market factors or non-operating variables have heavily influenced the share price independently of the underlying operating profit trends.
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Comparison to Competitors
CVS Health Corp., P/OP, long-term trends, comparison to competitors
| CVS Health Corp. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Feb 12, 2025 | 9.36 | 34.28 | 86.83 | 19.98 | 13.27 |
| Feb 7, 2024 | 6.96 | 30.54 | 75.42 | 21.20 | 14.20 |
| Feb 8, 2023 | 14.75 | 22.18 | 54.49 | 20.48 | 15.89 |
| Feb 9, 2022 | 10.43 | 24.45 | 56.11 | 37.44 | 18.77 |
| Feb 16, 2021 | 6.65 | 40.69 | 88.37 | 26.29 | 14.12 |
| Feb 18, 2020 | 7.83 | 34.03 | 48.89 | 21.26 | 14.40 |
| Feb 28, 2019 | 18.65 | 36.64 | 49.87 | 17.64 | 14.58 |
| Feb 14, 2018 | 7.44 | 60.88 | 44.40 | 22.64 | 14.42 |
| Feb 9, 2017 | 7.65 | 24.25 | 28.93 | 22.18 | 11.79 |
| Feb 9, 2016 | 10.49 | 19.80 | 27.25 | 28.81 | 9.59 |
| Feb 10, 2015 | 13.00 | 27.50 | 34.42 | 16.68 | 10.12 |
| Feb 11, 2014 | 10.12 | 22.79 | 17.96 | 11.80 | 7.22 |
| Feb 15, 2013 | 8.71 | 6.82 | 26.21 | — | 6.32 |
| Feb 17, 2012 | 9.11 | 15.35 | 27.83 | — | 6.55 |
| Feb 18, 2011 | 7.34 | 11.92 | 23.28 | — | 5.90 |
| Feb 26, 2010 | 7.29 | 13.54 | 33.47 | — | 5.95 |
| Feb 27, 2009 | 6.20 | 14.66 | 14.45 | — | 6.59 |
| Feb 27, 2008 | 12.09 | 18.76 | 55.84 | — | 7.62 |
| Feb 27, 2007 | 10.68 | 40.49 | 38.98 | — | 10.47 |
| Mar 14, 2006 | 12.37 | 15.48 | 50.21 | — | 14.87 |
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).