Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel LibreOffice Calc

Historical Valuation Ratios (Summary)

CVS Health Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Price to earnings (P/E) 16.78 14.94 14.44 12.88 10.69 10.20 10.94 14.15 20.65 17.46 25.50 23.08 10.05 10.69 13.42 15.08 15.71 14.91
Price to operating profit (P/OP) 9.43 7.87 7.61 6.65 5.89 5.98 6.19 7.83 9.44 8.02 15.80 18.65 12.59 11.14 6.90 7.44 7.19 8.21 8.07 7.65
Price to sales (P/S) 0.45 0.39 0.40 0.35 0.32 0.32 0.30 0.37 0.38 0.33 0.36 0.39 0.42 0.37 0.36 0.38 0.37 0.44 0.45 0.45
Price to book value (P/BV) 1.71 1.47 1.51 1.33 1.24 1.24 1.21 1.47 1.47 1.23 1.25 1.29 2.17 1.95 1.73 1.88 1.94 2.34 2.38 2.15 2.18 3.01 3.10

Based on: 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. CVS Health Corp. P/E ratio increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. CVS Health Corp. P/OP ratio increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. CVS Health Corp. P/S ratio decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. CVS Health Corp. P/BV ratio decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.

Price to Earnings (P/E)

CVS Health Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 1,320,058,657 1,319,574,744 1,316,567,871 1,311,354,926 1,308,913,498 1,308,703,450 1,307,090,830 1,304,159,680 1,300,964,007 1,300,496,722 1,299,092,100 1,297,082,165 1,018,799,080 1,018,063,785 1,016,646,347 1,014,532,157 1,012,992,425 1,016,564,728 1,018,795,398 1,025,699,605 1,066,439,174 1,066,214,990 1,074,022,092
Selected Financial Data (US$)
Net income (loss) attributable to CVS Health (in millions) 1,598  2,783  2,223  973  1,224  2,975  2,007  1,747  1,530  1,936  1,421  (419) 1,390  (2,563) 998  3,287  1,285  1,098  952  1,707  1,540  924  1,146 
Earnings per share (EPS)2 5.74 5.46 5.62 5.47 6.08 6.31 5.52 5.09 3.43 3.33 -0.13 -0.46 3.05 2.95 6.56 6.53 4.98 5.21 5.03 5.18 0.00 0.00 0.00
Share price1, 3 96.34 81.55 81.12 70.53 64.95 64.40 60.41 72.00 70.93 58.12 57.33 57.83 77.90 68.17 65.94 69.79 66.80 78.57 79.00 77.31 73.53 98.06 103.92
Valuation Ratio
P/E ratio4 16.78 14.94 14.44 12.88 10.69 10.20 10.94 14.15 20.65 17.46 25.50 23.08 10.05 10.69 13.42 15.08 15.71 14.91
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 31.42 33.80 36.79 48.49 58.45 58.36 45.61 41.83 44.92 53.17 52.98 56.47 136.66 122.73 213.07 220.29 45.00 73.04 50.48 55.16
Anthem Inc. 18.65 22.10 19.99 15.87 14.35 11.97 14.80 15.96 15.55 18.14 16.19 21.45 15.64 14.84 14.70 15.44 17.72 17.04 17.09 17.48
Becton, Dickinson & Co. 37.43 42.70 49.11 86.01 95.62 75.45 90.00 65.09 83.38 66.87 72.88 408.36 105.60 206.04 49.63 59.56 30.05 28.94 36.65
Bristol-Myers Squibb Co. 144.77 41.99 16.53 11.97 14.51 16.81 56.09 251.38 92.56 103.55 23.59 19.40 18.96 20.56
Danaher Corp. 38.81 37.87 39.26 44.49 46.61 41.91 35.88 38.34 40.31 41.93 37.63 29.77 25.70 27.06 27.78 27.25 26.31 26.25 25.00 23.02
Edwards Lifesciences Corp. 50.64 47.85 70.70 66.48 61.28 65.79 39.74 46.05 61.52 61.07 47.99 51.14 41.12 45.24 48.67 48.16 28.95 34.05 35.04 33.48
HCA Healthcare Inc. 11.89 16.18 14.47 16.06 12.48 12.95 11.02 14.30 12.96 11.89 11.68 12.84 14.56 15.73 12.60 15.92 10.36 9.98 10.81 11.00
Intuitive Surgical Inc. 71.86 69.15 89.95 87.47 82.17 70.73 44.27 48.72 49.80 51.02 53.16 53.03 73.32 73.33 69.50 70.95 45.87 42.21 38.18 37.16
Medtronic PLC 55.13 42.80 32.34 26.30 25.38 31.86 32.75 28.78 25.11 57.38 41.16 37.80 37.82 21.55 26.35 29.96 28.24 23.20 32.64 33.17
Stryker Corp. 52.83 48.64 69.46 57.72 43.23 45.35 31.33 39.24 23.72 22.60 19.64 18.96 48.55 58.86 62.59 54.36 33.60 32.52 29.96 27.92
UnitedHealth Group Inc. 27.92 27.41 23.06 20.54 17.70 16.88 19.91 20.48 17.79 17.98 17.93 21.09 21.18 20.91 20.02 20.77 23.90 23.24 22.18 21.73

Based on: 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
EPS = (Net income (loss) attributable to CVS HealthQ3 2021 + Net income (loss) attributable to CVS HealthQ2 2021 + Net income (loss) attributable to CVS HealthQ1 2021 + Net income (loss) attributable to CVS HealthQ4 2020) ÷ No. shares of common stock outstanding
= (1,598,000,000 + 2,783,000,000 + 2,223,000,000 + 973,000,000) ÷ 1,320,058,657 = 5.74

3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.

4 Q3 2021 Calculation
P/E ratio = Share price ÷ EPS
= 96.34 ÷ 5.74 = 16.78

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. CVS Health Corp. P/E ratio increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Price to Operating Profit (P/OP)

CVS Health Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 1,320,058,657 1,319,574,744 1,316,567,871 1,311,354,926 1,308,913,498 1,308,703,450 1,307,090,830 1,304,159,680 1,300,964,007 1,300,496,722 1,299,092,100 1,297,082,165 1,018,799,080 1,018,063,785 1,016,646,347 1,014,532,157 1,012,992,425 1,016,564,728 1,018,795,398 1,025,699,605 1,066,439,174 1,066,214,990 1,074,022,092
Selected Financial Data (US$)
Operating income (loss) (in millions) 3,061  4,326  3,577  2,524  3,249  4,680  3,458  3,037  2,928  3,332  2,690  824  2,574  (1,373) 1,996  3,108  2,499  2,117  1,793  3,000  2,824  2,357  2,185 
Operating profit per share2 10.22 10.36 10.66 10.61 11.02 10.78 9.76 9.19 7.51 7.24 3.63 3.10 6.19 6.12 9.56 9.38 9.29 9.58 9.79 10.11 0.00 0.00 0.00
Share price1, 3 96.34 81.55 81.12 70.53 64.95 64.40 60.41 72.00 70.93 58.12 57.33 57.83 77.90 68.17 65.94 69.79 66.80 78.57 79.00 77.31 73.53 98.06 103.92
Valuation Ratio
P/OP ratio4 9.43 7.87 7.61 6.65 5.89 5.98 6.19 7.83 9.44 8.02 15.80 18.65 12.59 11.14 6.90 7.44 7.19 8.21 8.07 7.65
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 26.84 29.01 31.39 40.69 45.82 45.19 35.87 34.03 34.32 37.50 36.74 36.64 38.12 38.00 39.99 60.88 47.72 41.32 30.85 24.25
Anthem Inc. 15.81 19.93 15.79 12.10 10.93 9.03 11.95 13.55 12.60 14.74 12.58 15.87 15.01 14.22 14.34 14.81 12.35 11.12 10.24 9.36
Becton, Dickinson & Co. 27.29 30.61 33.30 44.46 56.20 43.34 49.82 40.02 29.43 29.40 30.27 43.37 47.87 95.72 67.53 34.59 40.06 21.15 20.05 25.02
Bristol-Myers Squibb Co. 39.45 33.97 27.33 24.42 13.51 10.89 13.68 16.16 19.56 27.48 23.10 28.87 24.60 20.23 19.09 19.79
Danaher Corp. 32.12 30.83 32.62 36.91 46.28 43.09 35.22 34.47 29.97 30.85 26.85 23.18 20.95 21.72 22.58 22.48 22.35 21.13 20.83 21.37
Edwards Lifesciences Corp. 44.87 42.81 65.18 60.98 56.78 61.66 35.77 42.04 57.30 56.37 47.70 49.37 26.74 28.00 25.96 25.66 22.59 26.24 26.76 25.38
HCA Healthcare Inc. 7.23 9.33 8.24 8.31 6.21 6.07 4.90 6.93 6.35 6.18 6.13 6.88 6.71 6.76 5.19 5.82 4.62 4.61 4.99 5.11
Intuitive Surgical Inc. 67.95 69.51 89.18 88.37 83.88 71.30 43.68 48.89 50.00 49.12 51.89 49.87 48.90 50.69 46.82 44.40 41.74 35.53 31.07 28.93
Medtronic PLC 49.88 42.55 35.86 26.29 21.01 23.52 22.21 21.26 19.74 21.13 20.04 17.64 16.73 17.82 19.53 22.64 21.53 18.18 22.35 22.18
Stryker Corp. 39.93 36.20 47.78 41.52 31.40 33.20 24.04 30.13 32.94 33.22 27.96 26.55 23.52 25.45 27.41 24.21 26.70 25.11 22.99 21.23
UnitedHealth Group Inc. 19.63 19.05 16.12 14.12 12.35 11.85 13.80 14.40 12.43 12.51 12.48 14.58 15.82 15.19 14.17 14.42 14.30 13.54 12.56 11.79

Based on: 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
Operating profit per share = (Operating income (loss)Q3 2021 + Operating income (loss)Q2 2021 + Operating income (loss)Q1 2021 + Operating income (loss)Q4 2020) ÷ No. shares of common stock outstanding
= (3,061,000,000 + 4,326,000,000 + 3,577,000,000 + 2,524,000,000) ÷ 1,320,058,657 = 10.22

3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.

4 Q3 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 96.34 ÷ 10.22 = 9.43

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. CVS Health Corp. P/OP ratio increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Price to Sales (P/S)

CVS Health Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 1,320,058,657 1,319,574,744 1,316,567,871 1,311,354,926 1,308,913,498 1,308,703,450 1,307,090,830 1,304,159,680 1,300,964,007 1,300,496,722 1,299,092,100 1,297,082,165 1,018,799,080 1,018,063,785 1,016,646,347 1,014,532,157 1,012,992,425 1,016,564,728 1,018,795,398 1,025,699,605 1,066,439,174 1,066,214,990 1,074,022,092
Selected Financial Data (US$)
Revenues from customers (in millions) 73,548  72,327  68,800  69,306  66,852  65,157  66,593  66,683  64,547  63,138  61,397  54,249  47,269  46,708  45,693  48,385  46,181  45,685  44,514  45,971  44,615  43,725  43,215 
Sales per share2 215.13 210.13 205.17 204.30 202.68 200.95 199.65 196.11 187.04 173.82 161.36 149.50 184.58 183.65 182.90 182.12 180.01 177.84 175.53 173.08 0.00 0.00 0.00
Share price1, 3 96.34 81.55 81.12 70.53 64.95 64.40 60.41 72.00 70.93 58.12 57.33 57.83 77.90 68.17 65.94 69.79 66.80 78.57 79.00 77.31 73.53 98.06 103.92
Valuation Ratio
P/S ratio4 0.45 0.39 0.40 0.35 0.32 0.32 0.30 0.37 0.38 0.33 0.36 0.39 0.42 0.37 0.36 0.38 0.37 0.44 0.45 0.45
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 5.38 5.36 5.64 6.30 6.13 5.77 5.09 4.83 4.72 4.98 4.52 4.37 3.98 3.84 3.57 3.84 3.77 3.62 3.40 3.70
Anthem Inc. 0.78 0.73 0.76 0.60 0.61 0.63 0.65 0.74 0.67 0.77 0.69 0.88 0.79 0.72 0.68 0.67 0.60 0.56 0.55 0.51
Becton, Dickinson & Co. 3.51 3.71 4.07 3.85 4.45 4.00 3.94 4.07 3.82 3.64 3.82 4.06 4.45 4.49 4.94 4.23 3.72 3.21 3.05 2.87
Bristol-Myers Squibb Co. 2.85 3.44 3.28 3.16 3.66 3.97 4.45 5.52 3.87 3.11 3.21 3.67 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72
Danaher Corp. 7.91 7.72 7.27 7.01 8.15 7.48 6.34 6.29 5.32 5.43 4.67 3.97 3.62 3.74 3.77 3.70 3.52 3.32 3.35 3.48
Edwards Lifesciences Corp. 14.68 14.21 13.45 12.48 11.14 11.32 9.82 11.09 11.46 11.17 9.61 9.92 8.06 8.37 7.91 8.18 6.51 7.55 7.31 6.43
HCA Healthcare Inc. 1.35 1.43 1.26 1.17 0.84 0.86 0.65 0.98 0.91 0.89 0.90 1.04 1.01 1.00 0.77 0.81 0.65 0.67 0.74 0.77
Intuitive Surgical Inc. 22.12 21.73 23.19 21.29 20.09 18.44 13.33 15.01 15.41 15.28 15.83 16.06 16.36 17.01 16.16 14.97 13.83 12.00 10.69 10.11
Medtronic PLC 5.71 5.43 5.11 4.36 4.34 4.82 4.72 4.36 4.04 4.27 4.35 3.92 3.57 3.65 3.62 4.06 3.82 3.39 4.14 4.07
Stryker Corp. 6.02 6.24 6.65 6.43 5.34 5.16 4.53 5.49 5.59 5.65 4.98 4.95 4.52 4.88 5.01 4.46 4.93 4.62 4.29 4.06
UnitedHealth Group Inc. 1.55 1.47 1.49 1.24 1.18 1.17 1.12 1.18 1.00 1.00 0.98 1.12 1.22 1.17 1.09 1.10 1.05 0.98 0.89 0.83

Based on: 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
Sales per share = (Revenues from customersQ3 2021 + Revenues from customersQ2 2021 + Revenues from customersQ1 2021 + Revenues from customersQ4 2020) ÷ No. shares of common stock outstanding
= (73,548,000,000 + 72,327,000,000 + 68,800,000,000 + 69,306,000,000) ÷ 1,320,058,657 = 215.13

3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.

4 Q3 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 96.34 ÷ 215.13 = 0.45

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. CVS Health Corp. P/S ratio decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.

Price to Book Value (P/BV)

CVS Health Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 1,320,058,657 1,319,574,744 1,316,567,871 1,311,354,926 1,308,913,498 1,308,703,450 1,307,090,830 1,304,159,680 1,300,964,007 1,300,496,722 1,299,092,100 1,297,082,165 1,018,799,080 1,018,063,785 1,016,646,347 1,014,532,157 1,012,992,425 1,016,564,728 1,018,795,398 1,025,699,605 1,066,439,174 1,066,214,990 1,074,022,092
Selected Financial Data (US$)
Total CVS Health shareholders’ equity (in millions) 74,308  73,244  70,850  69,389  68,807  68,022  65,140  63,864  62,614  61,282  59,686  58,225  36,618  35,607  38,673  37,691  34,863  34,142  33,837  36,830  35,949  34,760  36,025 
Book value per share (BVPS)2 56.29 55.51 53.81 52.91 52.57 51.98 49.84 48.97 48.13 47.12 45.94 44.89 35.94 34.98 38.04 37.15 34.42 33.59 33.21 35.91 33.71 32.60 33.54
Share price1, 3 96.34 81.55 81.12 70.53 64.95 64.40 60.41 72.00 70.93 58.12 57.33 57.83 77.90 68.17 65.94 69.79 66.80 78.57 79.00 77.31 73.53 98.06 103.92
Valuation Ratio
P/BV ratio4 1.71 1.47 1.51 1.33 1.24 1.24 1.21 1.47 1.47 1.23 1.25 1.29 2.17 1.95 1.73 1.88 1.94 2.34 2.38 2.15 2.18 3.01 3.10
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 6.61 6.38 6.27 6.65 6.30 5.94 5.40 4.96 4.65 4.86 4.49 4.38 3.94 3.72 3.23 3.40 2.95 2.71 2.42 3.76 2.72 3.20 2.70
Anthem Inc. 2.88 2.67 2.78 2.19 2.10 2.06 2.23 2.42 2.13 2.40 2.15 2.82 2.45 2.24 2.26 2.24 2.04 1.84 1.82 1.72 1.31 1.45 1.62
Becton, Dickinson & Co. 2.89 2.82 3.00 2.78 3.13 3.32 3.23 3.34 3.04 2.91 3.05 3.09 3.07 2.87 2.85 3.95 3.60 4.96 4.99 4.69 4.55 4.56 3.97
Bristol-Myers Squibb Co. 3.48 4.15 3.73 3.55 2.87 2.82 2.77 2.80 5.30 4.63 4.91 5.89 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38
Danaher Corp. 5.11 4.82 4.46 3.93 4.38 3.90 3.68 3.72 3.02 3.19 2.88 2.80 2.56 2.65 2.61 2.58 2.47 2.35 2.42 2.56 2.39 2.24 2.70
Edwards Lifesciences Corp. 13.50 13.63 12.91 11.97 11.56 12.74 11.29 11.62 12.48 12.65 10.65 11.76 8.72 9.39 8.40 9.51 6.82 8.30 8.39 7.28 7.64 9.86 9.78
HCA Healthcare Inc. 269.16 105.40
Intuitive Surgical Inc. 10.64 10.35 10.40 9.53 9.35 9.19 7.22 8.13 8.43 8.49 8.68 8.96 9.30 10.03 9.71 9.91 8.35 7.62 7.21 4.73 4.77 5.22 5.00
Medtronic PLC 3.14 3.02 2.84 2.48 2.60 2.94 2.87 2.66 2.48 2.62 2.59 2.31 2.11 2.10 2.14 2.40 2.27 1.96 2.34 2.25 2.08 2.09 1.86
Stryker Corp. 7.08 7.33 7.24 7.05 5.85 5.69 5.17 6.38 6.60 6.72 5.92 5.74 6.09 6.72 6.92 5.56 5.73 5.51 5.21 4.82 4.59 4.81 4.65
UnitedHealth Group Inc. 6.13 5.76 5.86 4.83 4.54 4.53 4.81 4.92 4.32 4.40 4.37 4.89 5.32 5.13 4.72 4.59 4.55 4.37 4.01 3.98 3.61 3.75 3.57

Based on: 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
BVPS = Total CVS Health shareholders’ equity ÷ No. shares of common stock outstanding
= 74,308,000,000 ÷ 1,320,058,657 = 56.29

3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.

4 Q3 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 96.34 ÷ 56.29 = 1.71

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. CVS Health Corp. P/BV ratio decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.