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Held by 2,009 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $92.36 today, the market must believe free cash flow compounds 0.7%/yr for a decade (off $8.18B on the 3-yr avg basis).
On the basis ($7.62B) the requirement is 1.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.7% is in line with its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.28B shares (market data) · net debt -$8.45B
mean 3.9% · volatility σ 30% · implied rate exceeded in 5/9 yrs
Central path = implied 0.7%/yr growth; shaded band = ±1σ (30%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 44% of free cash flow, leaving room to grow it and fund buybacks. Last year: $3.40B dividends + $0 buybacks = $3.40B returned on $7.81B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $8.45B covers the $4.01B due within a year 2.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash of $8.45B fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $402.07B 100.0% | $372.81B 100.0% | $357.78B 100.0% | $322.47B 100.0% | $292.11B 100.0% | $268.71B 100.0% | $256.78B 100.0% | $194.58B 100.0% | $184.79B 100.0% | $177.55B 100.0% |
| Cost of Revenue | $221.17B 55.0% | $206.29B 55.3% | $217.10B 60.7% | $196.89B 61.1% | $175.80B 60.2% | $163.98B 61.0% | $158.72B 61.8% | $156.45B 80.4% | $156.22B 84.5% | $148.67B 83.7% |
| Gross Profit | — | — | — | — | — | — | — | — | $28.55B 15.4% | $28.86B 16.3% |
| Total Operating Expenses | $397.41B 98.8% | $364.29B 97.7% | $344.03B 96.2% | $314.51B 97.5% | $278.80B 95.4% | $254.79B 94.8% | $33.54B 13.1% | $21.37B 11.0% | $18.81B 10.2% | $18.45B 10.4% |
| Operating Income | $4.66B 1.2% | $8.52B 2.3% | $13.74B 3.8% | $7.95B 2.5% | $13.31B 4.6% | $13.91B 5.2% | $11.99B 4.7% | $4.02B 2.1% | $9.54B 5.2% | $10.39B 5.8% |
| Interest Expense | $3.12B 0.8% | $2.96B 0.8% | $2.66B 0.7% | $2.29B 0.7% | $2.50B 0.9% | $2.91B 1.1% | $3.04B 1.2% | $2.62B 1.3% | $1.06B 0.6% | $1.08B 0.6% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | $21.0M 0.0% | $20.0M 0.0% |
| Other Income (Expense), net | $112.0M 0.0% | $99.0M 0.0% | $88.0M 0.0% | $169.0M 0.1% | $182.0M 0.1% | $206.0M 0.1% | $124.0M 0.0% | $4.0M 0.0% | -$208.0M -0.1% | -$28.0M -0.0% |
| Pretax Income | $2.14B 0.5% | $6.15B 1.6% | $11.17B 3.1% | $5.84B 1.8% | $10.54B 3.6% | $9.77B 3.6% | $9.00B 3.5% | $1.41B 0.7% | $8.27B 4.5% | $8.64B 4.9% |
| Income Tax Expense | $408.0M 0.1% | $1.56B 0.4% | $2.81B 0.8% | $1.51B 0.5% | $2.55B 0.9% | $2.57B 1.0% | $2.37B 0.9% | $2.00B 1.0% | $1.64B 0.9% | $3.32B 1.9% |
| Net Income | $1.77B 0.4% | $4.61B 1.2% | $8.34B 2.3% | $4.31B 1.3% | $8.00B 2.7% | $7.18B 2.7% | $6.63B 2.6% | -$594.0M -0.3% | $6.62B 3.6% | $5.32B 3.0% |
| Per Share | ||||||||||
| EPS (Basic) | $1.40 | $3.67 | $6.49 | $3.29 | $6.07 | $5.48 | $5.10 | -$0.57 | $6.47 | $4.93 |
| EPS (Diluted) | $1.39 | $3.66 | $6.47 | $3.26 | $6.02 | $5.46 | $5.08 | -$0.57 | $6.44 | $4.90 |
| Weighted Avg Shares (Basic) | 1.27B | 1.26B | 1.28B | 1.31B | 1.32B | 1.31B | 1.30B | 1.04B | 1.02B | 1.07B |
| Weighted Avg Shares (Diluted) | 1.27B | 1.26B | 1.29B | 1.32B | 1.33B | 1.31B | 1.30B | 1.04B | 1.02B | 1.08B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 38 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVS | $118.4B | 66.6× | 11.9× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | -0.9× | 2,009 |
| JD | $37.0B | 29.8× | 10.3× | 0.2× | 17.9% | 16.0% | 1.8% | 10.3% | 9.9% | -10.3× | 425 |
| CPNG | $26.6B | 134.4× | 22.1× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 578 |
| ULTA | $26.2B | 23.8× | 14.1× | 2.1× | 9.7% | 39.1% | 9.3% | 41.1% | 40.3% | -0.2× | 984 |
| CDW | $19.3B | 19.1× | 12.5× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 727 |
| W | $15.3B | — | 53.2× | 1.2× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 454 |
| DKS | $13.9B | 14.1× | 7.9× | 0.8× | 28.1% | 32.9% | 4.9% | 15.3% | 15.3% | -0.9× | 764 |
| FCFS | $9.4B | 29.2× | — | 2.6× | 8.0% | 50.3% | 9.0% | 14.5% | 7.4% | — | 472 |
| CHWY | $8.6B | 41.0× | 20.1× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 509 |
| VIPS | $6.3B | 1.3× | 2.8× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 275 |
| NSIT | $4.7B | 32.7× | 9.8× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 315 |
| SIG | $4.5B | 16.7× | 6.8× | 0.7× | 1.6% | 39.5% | 4.3% | 15.0% | 15.0% | -1.6× | 323 |
| BBWI | $4.1B | 6.6× | 5.1× | 0.6× | -0.2% | 43.7% | 8.9% | -50.7% | 24.9% | 2.1× | 453 |
| ASO | $3.6B | 10.6× | 5.9× | 0.6× | 2.0% | 34.8% | 6.2% | 17.4% | 14.2% | 0.2× | 351 |
| PTRN | $3.1B | — | 67.0× | 1.3× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 143 |
| GRDN | $2.5B | — | 25.8× | 1.7× | 17.9% | 20.2% | 3.4% | 22.6% | 22.6% | -0.7× | 181 |
| GCT | $2.1B | 16.5× | 11.3× | 1.6× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 213 |
| EZPW | $2.0B | 23.3× | 11.5× | 1.6× | 9.7% | 58.5% | 8.6% | 10.7% | 7.1% | 0.3× | 307 |
| RVLV | $1.6B | 27.0× | 17.3× | 1.4× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 205 |
| SBH | $1.6B | 9.1× | 5.4× | 0.4× | -0.4% | 51.6% | 5.3% | 24.7% | 11.7% | 1.7× | 237 |
| SVV | $1.6B | 72.3× | 10.7× | 0.9× | 9.2% | — | 1.3% | 5.2% | 2.0% | 3.1× | 144 |
| REAL | $1.3B | — | 124.7× | 1.9× | 15.4% | 74.6% | -6.0% | 10.1% | 10.1% | -16.7× | 245 |
| SPH | $1.1B | 10.6× | 8.5× | 0.8× | 7.9% | 60.6% | 7.4% | — | — | 4.3× | 146 |
| WINA | $1.1B | 27.8× | 20.2× | 13.1× | 5.9% | 96.4% | 48.4% | -77.6% | -77.6% | -0.2× | 208 |
| WOOF | $683M | 79.5× | 6.0× | 0.1× | -2.5% | 38.7% | 0.2% | 0.8% | 0.3% | 3.9× | 192 |
Peers = companies sharing CVS's sector (Retail-Drug Stores and Proprietary Stores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 73th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 2% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 80.4 | 61.8 | 61.0 | 60.2 | 61.1 | 60.7 | 55.3 | 55.0 |
| Operating Income | 2.1 | 4.7 | 5.2 | 4.6 | 2.5 | 3.8 | 2.3 | 1.2 |
| Income Tax | 1.0 | 0.9 | 1.0 | 0.9 | 0.5 | 0.8 | 0.4 | 0.1 |
| Net Income | -0.3 | 2.6 | 2.7 | 2.7 | 1.3 | 2.3 | 1.2 | 0.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CVS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -5.28pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.0% | 9.2% (today's — no rate published for this year) | -3.2pts |
| FY2020 | 12.1% | 9.2% (today's — no rate published for this year) | 2.9pts |
| FY2021 | 11.0% | 6.8% | 4.3pts |
| FY2022 | 7.2% | 7.8% | -0.6pts |
| FY2023 | 11.1% | 7.7% | 3.4pts |
| FY2024 | 6.9% | 8.2% | -1.3pts |
| FY2025 | 3.9% | 8.2% | -4.3pts |
| Now | 2.4% | 9.2% | -6.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 16.3% | 5.8% | 3.0% |
| FY2017 | 15.4% | 5.2% | 3.6% |
| FY2018 | 19.6% | 2.1% | -0.3% |
| FY2019 | 38.2% | 4.7% | 2.6% |
| FY2020 | 39.0% | 5.2% | 2.7% |
| FY2021 | 39.8% | 4.6% | 2.7% |
| FY2022 | 38.9% | 2.5% | 1.3% |
| FY2023 | 39.3% | 3.8% | 2.3% |
| FY2024 | 44.7% | 2.3% | 1.2% |
| FY2025 | 45.0% | 1.2% | 0.4% |
Return on equity (2%) and return on invested capital (2%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$85.5B of goodwill — 94% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 62.65% against 3.92% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.42x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Stressed coverage falls to 1.0x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.49x |
| 5% | 1.42x |
| 10% | 1.34x |
| 15% | 1.27x |
| 20% | 1.20x |
| 25% | 1.12x |
| 30% | 1.05x |
| 35% | 0.97x |
| 40% | 0.90x |
| 45% | 0.82x |
| 50% | 0.75x |
| 55% | 0.67x |
| 60% | 0.60x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $16,706,000,000 of the $16,706,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $92.58, free cash flow must compound 2.67%/yr for 10 years. It has done -4.65%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 29.2% | 2.7% |
| FY2021 | 17.3% | 2.7% |
| FY2022 | −14.6% | 2.7% |
| FY2023 | −22.7% | 2.7% |
| FY2024 | −39.1% | 2.7% |
| FY2025 | 23.4% | 2.7% |
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.77B | $1.77B |
| Share-based comp | $535M | $2.30B |
| Other non-cash & working capital | $8.34B | $10.64B |
| Operating cash flow | $10.64B | $10.64B |
| Capex | −$2.83B | $7.81B |
| Free cash flow | $7.81B | $7.81B |
| FCF after SBC | $7.27B | $7.27B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 4.7% | 10.8% | 6.2 points |
| FY2021 | 8.7% | 12.4% | 3.7 points |
| FY2022 | 10.4% | 11.7% | 1.3 points |
| FY2023 | 10.9% | 29.1% | 18.2 points |
| FY2024 | 4.2% | 3.5% | -0.7 points |
| FY2025 | 7.8% | 9.1% | 1.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 27.9 days | 40.3 days | 24.1 days | 44 days |
| FY2020 | 29.5 days | 41.2 days | 24.8 days | 45.9 days |
| FY2021 | 30.5 days | 36.9 days | 26 days | 41.4 days |
| FY2022 | 30.9 days | 35.4 days | 27.5 days | 38.8 days |
| FY2023 | 35.9 days | 30.3 days | 25 days | 41.2 days |
| FY2024 | 35.7 days | 32 days | 28.1 days | 39.6 days |
| FY2025 | 36.1 days | 31.8 days | 29.1 days | 38.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.8 percent |
| FY2020 | -3.8 percent |
| FY2021 | -4.4 percent |
| FY2022 | -5.2 percent |
| FY2023 | -2.0 percent |
| FY2024 | -1.8 percent |
| FY2025 | -3.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.