Question 1

What is CVS Health's P/FCF ratio?

Accepted Answer

CVS Health (CVS) P/FCF ratio is 16.6× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for CVS Health?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For CVS Health specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is CVS Health's P/FCF ratio high or low?

Accepted Answer

CVS Health's P/FCF ratio of 16.6× is above its own 5-year average of 12.0× and below the sector median of 19.8×. That places the current reading at the 89th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, CVS Health (CVS) P/FCF ratio has ranged from a low of 4.7× in 2023 to a high of 4481.3× in 2004. The 5-year average is 12.0× and the 5-year median is 9.3×.

Question 7

What was CVS Health's P/FCF ratio in 2025?

Accepted Answer

CVS Health (CVS) P/FCF ratio at the end of 2025 was 12.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does CVS Health's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$7.81B	12.9×	+4.0×	Dec 31, 2025
2024	$56.52B	$6.33B	8.9×	-0.8×	Dec 31, 2024
2023	$101.70B	$10.39B	9.8×	+0.7×	Dec 31, 2023
2022	$122.08B	$13.45B	9.1×	+0.4×	Dec 31, 2022
2021	$136.38B	$15.74B	8.7×	+2.0×	Dec 31, 2021
2020	$89.54B	$13.43B	6.7×	-2.6×	Dec 31, 2020
2019	$96.80B	$10.39B	9.3×	-1.4×	Dec 31, 2019
2018	$73.10B	$6.83B	10.7×	-1.4×	Dec 31, 2018
2017	$73.52B	$6.09B	12.1×	+1.5×	Dec 31, 2017
2016	$83.96B	$7.92B	10.6×	-7.3×	Dec 31, 2016
2015	$108.23B	$6.04B	17.9×	-0.2×	Dec 31, 2015
2014	$108.64B	$6.00B	18.1×	-4.4×	Dec 31, 2014
2013	$85.31B	$3.80B	22.5×	+9.5×	Dec 31, 2013
2012	$60.00B	$4.64B	12.9×	-0.4×	Dec 31, 2012
2011	$52.97B	$3.98B	13.3×	-3.8×	Dec 31, 2011
2010	$47.36B	$2.77B	17.1×	-13.0×	Dec 31, 2010
2009	$44.64B	$1.49B	30.0×	+6.6×	Dec 31, 2009
2008	$41.35B	$1.77B	23.4×	-16.8×	Dec 31, 2008
2007	$57.27B	$1.42B	40.2×	—	Dec 31, 2007
2006	$25.49B	−$26.50M	—	—	Dec 31, 2006
2005	$21.52B	$116.70M	184.4×	—	Dec 31, 2005
2004	$18.36B	−$433.50M	—	—	Dec 31, 2004
2003	$14.85B	−$152.80M	—	—	Dec 31, 2003
2002	$9.81B	$96.00M	102.2×	—	Dec 31, 2002
2001	$11.39B	−$33.00M	—	—	Dec 31, 2001


AbbVie (ABBV)	18.5×
Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for CVS Health (CVS)

P/FCF Ratio daily chart for CVS Health (CVS)

Historical P/FCF Ratio for CVS Health (CVS) from 2001 to 2025

About P/FCF Ratio at CVS Health (CVS)

CVS Health P/FCF Ratio by Year

CVS Health P/FCF Ratio 2025: 12.9×

CVS Health P/FCF Ratio 2024: 8.9×

CVS Health P/FCF Ratio 2023: 9.8×

CVS Health P/FCF Ratio 2022: 9.1×

CVS Health P/FCF Ratio 2021: 8.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

CVS Health (CVS) Key Financials

P/FCF Ratio daily chart for CVS Health (CVS)

Historical P/FCF Ratio for CVS Health (CVS) from 2001 to 2025

About P/FCF Ratio at CVS Health (CVS)

CVS Health P/FCF Ratio by Year

CVS Health P/FCF Ratio 2025: 12.9×

CVS Health P/FCF Ratio 2024: 8.9×

CVS Health P/FCF Ratio 2023: 9.8×

CVS Health P/FCF Ratio 2022: 9.1×

CVS Health P/FCF Ratio 2021: 8.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is CVS Health's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for CVS Health?

+Is CVS Health's P/FCF ratio high or low?

+What is CVS Health's historical P/FCF ratio range?

+What was CVS Health's P/FCF ratio in 2025?

+Why does CVS Health's P/FCF ratio change over time?

CVS Health (CVS) Key Financials