Price to Sales (P/S)
since 2005
Calculation
CVS Health Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues from customers1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2025 | 0.22 | = | 63.22 | ÷ | 293.99 | 293.99 | = | 370,656 | ÷ | 1,260,795,063 | |
| Feb 7, 2024 | 0.27 | = | 76.05 | ÷ | 283.38 | 283.38 | = | 356,623 | ÷ | 1,258,449,553 | |
| Feb 8, 2023 | 0.36 | = | 88.96 | ÷ | 250.47 | 250.47 | = | 321,629 | ÷ | 1,284,111,667 | |
| Feb 9, 2022 | 0.47 | = | 104.79 | ÷ | 221.65 | 221.65 | = | 290,912 | ÷ | 1,312,510,426 | |
| Feb 16, 2021 | 0.35 | = | 70.53 | ÷ | 204.30 | 204.30 | = | 267,908 | ÷ | 1,311,354,926 | |
| Feb 18, 2020 | 0.37 | = | 72.00 | ÷ | 196.11 | 196.11 | = | 255,765 | ÷ | 1,304,159,680 | |
| Feb 28, 2019 | 0.39 | = | 57.83 | ÷ | 149.50 | 149.50 | = | 193,919 | ÷ | 1,297,082,165 | |
| Feb 14, 2018 | 0.38 | = | 69.79 | ÷ | 182.12 | 182.12 | = | 184,765 | ÷ | 1,014,532,157 | |
| Feb 9, 2017 | 0.45 | = | 77.31 | ÷ | 173.08 | 173.08 | = | 177,526 | ÷ | 1,025,699,605 | |
| Feb 9, 2016 | 0.65 | = | 90.51 | ÷ | 139.55 | 139.55 | = | 153,290 | ÷ | 1,098,490,835 | |
| Feb 10, 2015 | 0.82 | = | 101.68 | ÷ | 123.85 | 123.85 | = | 139,367 | ÷ | 1,125,252,739 | |
| Feb 11, 2014 | 0.64 | = | 68.77 | ÷ | 107.20 | 107.20 | = | 126,761 | ÷ | 1,182,427,156 | |
| Feb 15, 2013 | 0.51 | = | 51.12 | ÷ | 100.01 | 100.01 | = | 123,133 | ÷ | 1,231,194,296 | |
| Feb 17, 2012 | 0.54 | = | 44.27 | ÷ | 82.23 | 82.23 | = | 107,100 | ÷ | 1,302,378,570 | |
| Feb 18, 2011 | 0.47 | = | 33.06 | ÷ | 70.47 | 70.47 | = | 96,413 | ÷ | 1,368,174,000 | |
| Feb 26, 2010 | 0.48 | = | 33.75 | ÷ | 71.00 | 71.00 | = | 98,729 | ÷ | 1,390,515,000 | |
| Feb 27, 2009 | 0.43 | = | 25.74 | ÷ | 60.10 | 60.10 | = | 87,472 | ÷ | 1,455,515,000 | |
| Feb 27, 2008 | 0.76 | = | 40.48 | ÷ | 53.31 | 53.31 | = | 76,330 | ÷ | 1,431,879,000 | |
| Feb 27, 2007 | 0.60 | = | 31.50 | ÷ | 52.93 | 52.93 | = | 43,814 | ÷ | 827,838,000 | |
| Mar 14, 2006 | 0.68 | = | 30.57 | ÷ | 45.27 | 45.27 | = | 37,006 | ÷ | 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 relationship between market valuation and revenue generation reflects a long-term trend of valuation compression despite substantial growth in top-line performance per share. While sales per share have increased consistently over the twenty-year period, the market's valuation of those sales has diminished, leading to a significant decline in the price-to-sales ratio.
- Revenue Growth Performance
- A consistent and aggressive upward trajectory in sales per share is observed, rising from 45.27 USD in 2006 to 293.99 USD by 2025. This represents a steady expansion of the revenue base generated for each outstanding share, indicating strong operational growth over the two decades.
- Equity Valuation Volatility
- The share price exhibited significant volatility with several distinct cycles. Initial growth peaked in 2015 at 101.68 USD and saw a secondary peak in 2022 at 104.79 USD. However, a notable downward trend is evident in the final three years of the period, with the price falling to 63.22 USD by 2025.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio experienced moderate fluctuations between 2006 and 2015, reaching a historical peak of 0.82 in 2015. Following this peak, a sustained period of ratio compression occurred. Despite temporary price recoveries, the ratio steadily declined, reaching 0.22 by 2025. This suggests that the growth in sales per share has significantly outpaced the growth in share price, resulting in a lower valuation multiple for the company's revenue.
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Comparison to Competitors
CVS Health Corp., P/S, 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 | 0.22 | 5.58 | 0.51 | 24.42 | 3.18 | 1.08 |
| Feb 7, 2024 | 0.27 | 4.93 | 0.70 | 18.71 | 3.72 | 1.25 |
| Feb 8, 2023 | 0.36 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Feb 9, 2022 | 0.47 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 16, 2021 | 0.35 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Feb 18, 2020 | 0.37 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Feb 28, 2019 | 0.39 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Feb 14, 2018 | 0.38 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 9, 2017 | 0.45 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 9, 2016 | 0.65 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 10, 2015 | 0.82 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 11, 2014 | 0.64 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 15, 2013 | 0.51 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 17, 2012 | 0.54 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Feb 18, 2011 | 0.47 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Feb 26, 2010 | 0.48 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Feb 27, 2009 | 0.43 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Feb 27, 2008 | 0.76 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 27, 2007 | 0.60 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Mar 14, 2006 | 0.68 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| CVS Health Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 12, 2025 | 0.22 | 1.62 |
| Feb 7, 2024 | 0.27 | 1.66 |
| Feb 8, 2023 | 0.36 | 100,807.66 |
| Feb 9, 2022 | 0.47 | 2.07 |
| Feb 16, 2021 | 0.35 | 1.86 |
| Feb 18, 2020 | 0.37 | 1.74 |
| Feb 28, 2019 | 0.39 | 1.69 |
| Feb 14, 2018 | 0.38 | 1.58 |
| Feb 9, 2017 | 0.45 | 1.30 |
| Feb 9, 2016 | 0.65 | 1.17 |
| Feb 10, 2015 | 0.82 | 1.23 |
| Feb 11, 2014 | 0.64 | 0.95 |
| Feb 15, 2013 | 0.51 | 0.85 |
| Feb 17, 2012 | 0.54 | 1.04 |
| Feb 18, 2011 | 0.47 | 0.96 |
| Feb 26, 2010 | 0.48 | 1.02 |
| Feb 27, 2009 | 0.43 | 1.08 |
| Feb 27, 2008 | 0.76 | 1.48 |
| Feb 27, 2007 | 0.60 | 1.64 |
| Mar 14, 2006 | 0.68 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| CVS Health Corp. | Health Care | |
|---|---|---|
| Feb 12, 2025 | 0.22 | 3.36 |
| Feb 7, 2024 | 0.27 | 3.52 |
| Feb 8, 2023 | 0.36 | 51,413.66 |
| Feb 9, 2022 | 0.47 | 3.28 |
| Feb 16, 2021 | 0.35 | 3.31 |
| Feb 18, 2020 | 0.37 | 3.21 |
| Feb 28, 2019 | 0.39 | 3.07 |
| Feb 14, 2018 | 0.38 | 3.06 |
| Feb 9, 2017 | 0.45 | 2.80 |
| Feb 9, 2016 | 0.65 | 2.72 |
| Feb 10, 2015 | 0.82 | 3.08 |
| Feb 11, 2014 | 0.64 | 2.81 |
| Feb 15, 2013 | 0.51 | 2.20 |
| Feb 17, 2012 | 0.54 | 1.90 |
| Feb 18, 2011 | 0.47 | 1.80 |
| Feb 26, 2010 | 0.48 | 2.08 |
| Feb 27, 2009 | 0.43 | 1.70 |
| Feb 27, 2008 | 0.76 | 2.42 |
| Feb 27, 2007 | 0.60 | 2.85 |
| Mar 14, 2006 | 0.68 | 3.17 |
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).