CVS Health Corporation
CVSHIGH VELOCITYFILING INTENSITYCVS Health Corporation reads as an High Velocity (composite 78/100); Transformational Buyer deploying $17B across 3 disclosed transactions, up 5915% vs the prior cycle · primary market Healthcare, ranked #10 on disclosed spend.
Lens
Disclosed M&A capital (2023–2025)
$17.1B
vs $285M in 2020–2022
Disclosed transactions
3
3/3 active fiscal years in window
Buyer archetype
Transformational Buyer
Episodic but very large disclosed transactions drive the profile.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $17.9B disclosed buyer spend
- Filed within 20d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 20d
- 7 acquisition-history signals
- 388 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 7 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 7 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 7 activism filings
- Latest activism 15y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 7 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 auditor change
- Latest event 19y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 388 8-Ks
- Filed within 20d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $184.3B
- 10-Q 20d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $16,612M · Peak count: 2
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $436M | $436M | N/A |
| 2024 | N/A | $95M | N/A | N/A |
| 2023 | 2 | $16.6B | $8.3B | N/A |
| 2022 | N/A | $139M | N/A | N/A |
| 2021 | N/A | $146M | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Platform25%
- Geographic Expansion25%
- Bolt On25%
- Horizontal Consolidation25%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- platform
- horizontal_consolidation
- geographic_expansion
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“The Company acquired Signify Health to advance its health care services strategy, growth in value-based care and new product offerings for other payers.”
“The Company acquired Oak Street Health to advance its value-based care strategy and broaden its platform into primary care.”
“The Company acquired Aetna to help improve the consumer health care experience by combining Aetna’s health care benefits products and services with CVS Health’s more than 9,900 retail locations, approximately 1,100 walk-in medical clinics and integrated pharmacy capabilities with the goal of becoming the new, trusted front door to health care.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Healthcare
- Market spend (2023–2025)
- $195B
- Market spend (2020–2022)
- $253.6B
- Recent vs prior
- −23%
- Issuer rank in market
- #10 of 391
- Share of market capital
- 2.0%
Valuation positioning
CVS trades at a +2.8-turn premium to the Healthcare peer median of 13.7×.
- EV / Revenue
- 0.5×
- Net debt / EBITDA
- 4.6×
- Peer median EV / EBITDA
- 13.7×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 17.2× | 0.9× | 1.9× | $449.7B | $28.1B | |
CVS Health CorporationCVS | 16.6× | 0.5× | 4.6× | $407.9B | $17.1B |
Humana Inc.HUM | 14.8× | 0.3× | 2.6× | $137.2B | $403M |
| 13.7× | 0.2× | 0.4× | $403.4B | $1.2B | |
| 11.7× | 0.5× | 2.5× | $200.4B | $6.4B | |
| 9.3× | 1.9× | 2.8× | $76.4B | $1.3B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Healthcare. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)312026-02-10
- 10-Q (quarterly)1012026-05-06
- 8-K (event)3882026-05-06
- Proxy / DEF 14A712026-04-03
- Activism (13D / DFAN / PREC)72011-01-07
Signals on file
- elevated
Auditor change
2007-10-011 Item 4.01 filing on file; certifying accountant change.
- elevated
Activism on file
2011-01-077 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.