CVS Health Corp
CVS - Insider Information
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+ FollowMarket Cap$115.1B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Strong Q3 performance; raised full-year 2026 outlook (core “good” news)
- Q3 delivered ~$108B revenue and ~$4.2B adjusted operating income.
- Adjusted EPS: $2.09, +30% YoY+.
- Cash flow from operations (CFO): ~$4.7B in Q3; $15.3B YTD.
- Full-year 2026 adjusted EPS raised to ≥$8.20 (from prior $7.90–$8.10; +$0.20 from prior midpoint).
- Full-year 2026 CFO raised to ≥$15.5B (increase of ~$5.5B vs earlier outlook per management).
Updated 2026 segment guidance (investor “what changes”)
- Healthcare Benefits (Aetna): full-year adjusted operating income ≥$5.4B (+$200M vs prior midpoint); expects Medical Benefit Ratio (MBR) in lower half of 89.75% ±25 bps (i.e., still “prudent” on medical cost trend).
- Health Services: reiterated enterprise adjusted operating income outlook (no upward change cited).
- Pharmacy & Consumer Wellness: full-year adjusted operating income $6.5B (+$100M vs prior guidance; ~8% growth YoY).
- Management reiterated that elevated medical trends remain above historical levels but broadly in line with expectations (important for underwriting risk monitoring).
Separation plan: intention to split into two independent listed companies (major strategic “surprising/important”)
- Announced intention to separate into:
- CVS Health (healthcare solutions): retains Aetna, Caremark, Pharmacy Services, Specialty Pharmacy, Oak Street, Signify Health.
- CVS Pharmacy (retail pharmacy/community health): includes retail stores, mail order, MinuteClinic, Health 100.
- Timing: expected completion 1H 2028, tax-free for US federal income tax purposes (subject to conditions/approvals).
- Rationale: focus, tailored capital allocation, agility, and simplicity—while claiming integration only where it truly matters via commercial agreements.
- Shareholders will own shares in both companies post-separation.
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$240.71
168.1% upside
Current Fair Value
168.1% upsideUndervalued by 168.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $115.10 Billion |
|---|---|
| Enterprise Value | $177.77 Billion |
| Annual dividend | $2.66 |
| Dividend yield | 3.17% |
| Earnings per Share | $1.4 |
| Beta | 0.58 |
| Outstanding Shares | 1,282,000,000 |
Return
| Return on Equity | 13.99% |
|---|---|
| Return on Assets | 4.36% |
| Return on Invested Capital | 9.37% |
Valuation & Multiples
| P/E Ratio | 9.68 |
|---|---|
| PEG | -6.21 |
| Price to Sales | 0.27 |
| Price to Book Ratio | 1.45 |
| Enterprise Value to Revenue | 0.42 |
| Enterprise Value to EBIT | 11.66 |
| Enterprise Value to Net Income | 16 |
| Total Debt to Enterprise | 0.42 |
| Debt to Equity | 0.94 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$2.09
Est. $1.65Revenue
$108.40 B
Est. $104.72 BNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.08
Consensus analyst estimateRevenue Estimate
$107.39 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.94, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.9352▲ 19.74% |
|---|---|
| Total Calls | 118,905▼ 99.33% |
| Total Puts | 111,200▼ 99.15% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.72%▼ 77.54% |
|---|---|
| Total Invested | $13.90B▼ 88.31% |
| Investors Holding | 1,143▼ 1039.00% |
About CVS Health Corp
300,000 employees
CEO: Larry Merlo
CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and O...