Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

CVS Health Corp., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to CVS Health	4,614)	8,344)	4,149)	7,910)	7,179)
Add: Net income attributable to noncontrolling interest	(28)	24)	16)	(12)	13)
Less: Loss from discontinued operations, net of tax	—)	—)	—)	—)	(9)
Add: Income tax expense	1,562)	2,805)	1,463)	2,522)	2,569)
Earnings before tax (EBT)	6,148)	11,173)	5,628)	10,420)	9,770)
Add: Interest expense	2,958)	2,658)	2,287)	2,503)	2,907)
Earnings before interest and tax (EBIT)	9,106)	13,831)	7,915)	12,923)	12,677)
Add: Depreciation and amortization	4,597)	4,366)	4,247)	4,512)	4,441)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,703)	18,197)	12,162)	17,435)	17,118)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	CVS Health Corp. EBITDA increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

CVS Health Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	141,156)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,703)
Valuation Ratio
EV/EBITDA	10.30
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	21.76
Cigna Group	12.00
Elevance Health Inc.	9.07
Intuitive Surgical Inc.	55.21
Medtronic PLC	15.94
UnitedHealth Group Inc.	18.95
EV/EBITDA, Sector
Health Care Equipment & Services	16.93
EV/EBITDA, Industry
Health Care	19.81

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

CVS Health Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	135,154)	146,035)	151,066)	181,495)	146,595)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	13,703)	18,197)	12,162)	17,435)	17,118)
Valuation Ratio
EV/EBITDA³	9.86	8.03	12.42	10.41	8.56
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	22.28	19.49	15.85	17.42	25.99
Cigna Group	11.20	12.11	8.88	9.06	6.31
Elevance Health Inc.	8.15	10.24	10.26	10.05	7.57
Intuitive Surgical Inc.	63.79	53.82	41.52	44.54	59.12
Medtronic PLC	14.63	15.28	14.99	24.41	17.92
UnitedHealth Group Inc.	17.17	13.60	15.11	17.39	13.39
EV/EBITDA, Sector
Health Care Equipment & Services	16.32	13.82	13.98	15.40	13.12
EV/EBITDA, Industry
Health Care	19.95	18.98	13.71	13.87	16.50

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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 135,154 ÷ 13,703 = 9.86

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	CVS Health Corp. EV/EBITDA ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

CVS Health Corp. (NYSE:CVS)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical