Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
CVS Health Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio was not available for early 2020 but began to be recorded at the end of that year starting at 12.88. It gradually increased through 2021, peaking at 17.39 in Q1 2022. Subsequently, there was significant volatility with a sharp spike to 40.34 in Q4 2022, followed by a decline to a trough of 9.66 in Q3 2023. The ratio showed a mild recovery afterwards, reaching 17.28 by Q2 2025. Overall, the P/E ratio exhibits considerable fluctuations, reflecting changing market perceptions of earnings growth and valuation within this period.
- Price to Operating Profit (P/OP) Ratio
- This ratio started around 6.65 at the end of 2020 and generally rose through 2021 to a peak of 10.43 in Q1 2022, mirroring the pattern seen in the P/E ratio. A pronounced spike occurred in Q4 2022, reaching 20.01, possibly indicating temporary compression of operating profits or elevated market prices. After this spike, the ratio dropped to a low of 5.62 in Q3 2023 before gradually increasing again to 9.36 in Q2 2025. The patterns suggest episodic shifts in operating profitability relative to market valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio started low in early 2021 at 0.35 and increased moderately to 0.47 by the first quarter of 2022. After this peak, a downward trend emerged, reaching a low of 0.20 in mid-2024. Since then, the P/S ratio experienced a slight upward movement, ending near 0.23 by Q2 2025. This overall decline points toward either slower sales growth relative to price or market caution reducing price multiples applied to sales.
- Price to Book Value (P/BV) Ratio
- At the start of 2020, the P/BV ratio hovered around 1.21 to 1.33 and increased during 2021, reaching a peak of 1.83 in Q4 2021. Thereafter, a clear downward trend manifested, with the ratio falling to a low near 0.95 in mid-2024, before beginning a modest recovery to 1.14 by Q1 2025. This pattern suggests fluctuating investor confidence in the company’s net asset value, with a mid-period peak possibly driven by favorable market conditions or asset revaluations, followed by more conservative valuations.
Price to Earnings (P/E)
CVS Health Corp., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to CVS Health (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to CVS HealthQ1 2025
+ Net income (loss) attributable to CVS HealthQ4 2024
+ Net income (loss) attributable to CVS HealthQ3 2024
+ Net income (loss) attributable to CVS HealthQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated an overall upward trajectory from March 2020 through the end of 2021, reaching a peak of 104.79 US dollars in December 2021. Thereafter, a clear downward trend is observed with notable declines particularly from March 2023 to March 2024, where the share price dropped from 70.08 US dollars to 56.31 US dollars. A slight recovery occurs toward the end of the period, ending at 69.45 US dollars by March 2025.
Earnings per share (EPS) data starts from March 2021. The EPS values showed gradual growth from 5.47 in March 2021 to a peak of 6.22 in September 2022. However, a sharp decline follows, with a substantial dip to 2.4 in December 2022. Subsequently, the EPS fluctuated moderately, featuring another peak at 6.68 in December 2023, before decreasing again and ending at 4.17 in March 2025. This indicates significant volatility in earnings performance over the period.
The price-to-earnings (P/E) ratio reflects valuation shifts relative to earnings. Initially, P/E gradually increased from 12.88 in March 2021 to as high as 40.34 in December 2022, coinciding with the sharp EPS decrease noted in the same quarter, which inflated the P/E ratio temporarily. After this peak, the ratio declined substantially to 10.28 in December 2023, then fluctuated in a moderate range, ending at 16.64 in March 2025. These changes suggest fluctuating market sentiment and earnings expectations, influenced by the underlying volatility in EPS.
Overall, the financial ratios and share prices reveal a period of growth followed by volatility and decline, with earnings volatility exerting significant influence on valuation multiples throughout this timeframe.
Price to Operating Profit (P/OP)
CVS Health Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall fluctuating trend between the first quarter of 2020 and the first quarter of 2025. Starting at $60.41 in March 2020, the price reached a notable peak of $104.79 in December 2021, indicating a growth phase over this period. Following this peak, the share price exhibited a downward correction with intermittent recoveries, declining to a low of $56.31 in March 2024. By the end of the observed period in March 2025, the share price recovered moderately to $69.45, reflecting partial regain from earlier declines.
- Operating Profit Per Share
- Operating profit per share data is available starting from March 2021. The values have shown relative stability with minor fluctuations. The metric ranged mostly between approximately $9.84 and $10.92 from March 2021 through December 2023, indicating a steady operating profit performance during this time. A sharp drop to $4.84 was observed in December 2022, followed by a partial recovery in subsequent quarters. In the latest reported quarters of 2024 and early 2025, operating profit per share showed a declining trend, ending at $7.60 in March 2025, which is significantly lower than the earlier stable range.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflects the valuation relative to operating profit per share and provides insight into market expectations. Initially, starting at 6.65 in March 2021, the ratio increased steadily to a peak of 20.01 in December 2022, suggesting that the share price was high relative to operating profit during this period, possibly reflecting elevated investor expectations or overvaluation. After this peak, the ratio decreased considerably to a range between approximately 5.62 and 9.36 during 2023 and into early 2025. This reduction corresponds with both the share price decline and the recovery/decline in operating profit per share, indicating a normalization of valuation levels.
- Summary of Trends
- Overall, the share price and operating profit per share displayed somewhat divergent patterns through the observation period. The share price peaked sharply at the end of 2021 and early 2022 before declining, while operating profit per share remained relatively stable until late 2022 when it experienced a significant drop, followed by fluctuating recovery and decline. The P/OP ratio peaked in late 2022, reflecting a temporary overvaluation relative to operating profit, and subsequently normalized but remained somewhat volatile. These trends may signify periods of market optimism, profit performance challenges, and adjustments in investor sentiment over the duration analyzed.
Price to Sales (P/S)
CVS Health Corp., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues from customers (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Revenues from customersQ1 2025
+ Revenues from customersQ4 2024
+ Revenues from customersQ3 2024
+ Revenues from customersQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price exhibited an upward trajectory from early 2020 through the end of 2021, rising from approximately $60.41 in March 2020 to a peak of $104.79 in December 2021. However, following this peak, the share price entered a period of decline and fluctuation, decreasing to around $70.08 by March 2023. After this decline, the share price showed some volatility with minor increases and decreases, with values oscillating between $56.31 and $76.41 during 2023 and 2024. By the latest reported quarter in March 2025, the share price showed signs of recovery, rising to approximately $69.45.
- Sales per Share
- Sales per share demonstrated consistent growth from the first available data point in March 2021, increasing steadily each quarter from $204.3 to $297.81 by March 2025. This progression reflects a strong and continuous expansion in sales relative to the number of outstanding shares, indicating healthy operational growth throughout the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio initially increased from 0.35 in March 2021 to a peak of 0.47 in March 2022, likely reflecting market optimism or share price growth outpacing sales. From mid-2022 onwards, the P/S ratio declined steadily to a low of 0.20 by June 2024, with a slight upward adjustment towards 0.23 by March 2025. This pattern suggests that share price appreciation lagged relative to sales growth in the latter periods, potentially indicating changed market perceptions about valuation or profit expectations.
In summary, while sales per share exhibited a consistent and steady increase over the entire period, the share price experienced an initial significant rise followed by a correction and subsequent volatility. The P/S ratio trend reflects these dynamics, rising during early growth phases but declining as sales growth outpaced share price increases, possibly signaling a shift in investor sentiment or valuation adjustments.
Price to Book Value (P/BV)
CVS Health Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total CVS Health shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total CVS Health shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of CVS Health Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited variability over the observed periods, starting at $60.41 in March 2020 and generally rising to a peak of $104.79 in December 2021. Subsequently, the share price experienced a decline, reaching a low near $56.31 in March 2024 before modestly recovering to $69.45 by March 2025. This pattern indicates a phase of growth followed by notable depreciation and a partial rebound towards the end of the period.
The book value per share (BVPS) showed a more stable and gradual upward trend. Beginning at $49.84 in March 2020, it steadily increased through the periods with minor fluctuations, reaching $60.81 by March 2025. This trend suggests consistent accretion of equity value over the long term, despite the share price volatility.
The price-to-book value ratio (P/BV) reflected the relationship between market valuation and the underlying book value. Starting around 1.21 in March 2020, the ratio increased to a high of 1.83 in December 2021, corresponding with the peak in share price. Following this peak, the P/BV ratio declined significantly, falling below parity to about 0.95 in June 2024, indicating that the market price was occasionally below the book value per share. Toward the end of the period, the ratio inched back above 1, settling around 1.14 by March 2025.
- Key observations:
- - The share price's rise to late 2021 indicates strong market confidence or favorable conditions, followed by a protracted period of market skepticism or broader market challenges.
- - The steady rise in BVPS denotes ongoing value generation on a book basis, highlighting consistent financial performance or retained earnings growth.
- - The P/BV ratio's fluctuation mirrors the share price volatility relative to the underlying asset base, signaling changes in investor sentiment, market valuation standards, or possibly external economic factors.
- - The crossing below 1 in the P/BV ratio suggests periods during which the stock was undervalued relative to book equity, potentially highlighting market pessimism or risk concerns.
- - The partial recovery in both share price and P/BV towards March 2025 may imply restored investor confidence or improved market conditions.