Question 1

What is CVS Health's EV/EBITDA ratio?

Accepted Answer

CVS Health (CVS) EV/EBITDA ratio is 17.0× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for CVS Health?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For CVS Health specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is CVS Health's EV/EBITDA ratio high or low?

Accepted Answer

CVS Health's EV/EBITDA ratio of 17.0× is above its own 5-year average of 11.9× and above the sector median of 15.0×. That places the current reading at the 95th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is CVS Health's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, CVS Health (CVS) EV/EBITDA ratio has ranged from a low of 6.5× in 2010 to a high of 23.1× in 2004. The 5-year average is 11.9× and the 5-year median is 10.9×.

Question 7

What was CVS Health's EV/EBITDA ratio in 2025?

Accepted Answer

CVS Health (CVS) EV/EBITDA ratio at the end of 2025 was 18.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does CVS Health's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$100.79B	$9.86B	18.6×	+9.3×	Dec 31, 2025
2024	$56.52B	$13.70B	9.4×	+0.1×	Dec 31, 2024
2023	$101.70B	$18.20B	9.3×	-5.1×	Dec 31, 2023
2022	$122.08B	$12.31B	14.4×	+2.9×	Dec 31, 2022
2021	$136.38B	$17.43B	11.5×	+1.9×	Dec 31, 2021
2020	$89.54B	$17.12B	9.6×	-1.3×	Dec 31, 2020
2019	$96.80B	$16.40B	10.8×	-9.9×	Dec 31, 2019
2018	$73.10B	$6.74B	20.8×	+12.4×	Dec 31, 2018
2017	$73.52B	$11.81B	8.4×	-0.5×	Dec 31, 2017
2016	$83.96B	$12.19B	8.9×	-2.6×	Dec 31, 2016
2015	$108.23B	$11.57B	11.5×	-0.1×	Dec 31, 2015
2014	$108.64B	$10.22B	11.6×	+2.1×	Dec 31, 2014
2013	$85.31B	$9.91B	9.5×	+1.6×	Dec 31, 2013
2012	$60.00B	$8.64B	7.9×	+0.1×	Dec 31, 2012
2011	$52.97B	$7.90B	7.8×	+0.5×	Dec 31, 2011
2010	$47.36B	$7.63B	7.3×	+0.3×	Dec 31, 2010
2009	$44.64B	$7.83B	7.0×	-0.1×	Dec 31, 2009
2008	$41.35B	$7.33B	7.1×	-4.3×	Dec 31, 2008
2007	$57.27B	$5.89B	11.3×	+1.9×	Dec 31, 2007
2006	$25.49B	$3.17B	9.5×	+0.6×	Dec 31, 2006
2005	$21.52B	$2.61B	8.9×	-1.8×	Dec 31, 2005
2004	$18.36B	$1.95B	10.7×	-11.4×	Dec 31, 2004
2003	$14.85B	$683.40M	22.1×	+15.3×	Dec 31, 2003
2002	$9.81B	$1.52B	6.7×	-1.7×	Dec 31, 2002
2001	$11.39B	$1.44B	8.5×	—	Dec 31, 2001


Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for CVS Health (CVS)

EV/EBITDA daily chart for CVS Health (CVS)

Historical EV/EBITDA for CVS Health (CVS) from 2001 to 2025

About EV/EBITDA at CVS Health (CVS)

CVS Health EV/EBITDA by Year

CVS Health EV/EBITDA 2025: 18.6×

CVS Health EV/EBITDA 2024: 9.4×

CVS Health EV/EBITDA 2023: 9.3×

CVS Health EV/EBITDA 2022: 14.4×

CVS Health EV/EBITDA 2021: 11.5×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

CVS Health (CVS) Key Financials

EV/EBITDA daily chart for CVS Health (CVS)

Historical EV/EBITDA for CVS Health (CVS) from 2001 to 2025

About EV/EBITDA at CVS Health (CVS)

CVS Health EV/EBITDA by Year

CVS Health EV/EBITDA 2025: 18.6×

CVS Health EV/EBITDA 2024: 9.4×

CVS Health EV/EBITDA 2023: 9.3×

CVS Health EV/EBITDA 2022: 14.4×

CVS Health EV/EBITDA 2021: 11.5×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is CVS Health's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for CVS Health?

+Is CVS Health's EV/EBITDA ratio high or low?

+What is CVS Health's historical EV/EBITDA ratio range?

+What was CVS Health's EV/EBITDA ratio in 2025?

+Why does CVS Health's EV/EBITDA ratio change over time?

CVS Health (CVS) Key Financials