CVS Health Corporation

CVSActive

CIK 64803 · Healthcare Compounders

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, CVS filings, SEC EDGAR

$115,535

Market cap ($MM)

$184,338

Enterprise value ($MM)

$407,905

Revenue · LTM ($MM)

$11,132

EBITDA · LTM ($MM)

EBITDA margin

0.5x

EV / revenue

16.6x

EV / EBITDA

4.6x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01CVS is a scaled public consolidator in Healthcare, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is UNH, ELV, MCK, HCA, HUM.

Balance sheet & capacity

Indicative capacity read: 4.6x net debt / EBITDA with EBITDA of $11B.

$9,542

Cash & equiv. ($MM)

$60,531

Total debt ($MM)

$50,989

Net debt ($MM)

4.6x

Net debt / EBITDA

Valuation

Where it trades against its peer set

CVS versus the scaled public Healthcare Compounders comparables.

Indexed share-price performance

CVS versus available Healthcare Compounders peers and SPY.

+5.0%

CVS

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
CVS Health Corporation	CVS	$407,905	$11,132	3%	$115,535	$184,338	0.5x	16.6x	4.6x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

CVS's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

4.5

Acq. cash outflow ($MM)

N/A

Banker read

01CVS reads as a programmatic acquirer: 27 disclosed acquisitions across 6 active years, or 4.5 per active year. The chart shows activity in 5 of the last 8 visible years.
02In the last three years, the file shows 3 acquisitions versus 1 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $18B of disclosed spend is concentrated in lumpy years, with FY23 the largest year at $17B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

CVS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

3 / 1

Last three years is up 200% vs prior three.

Peak count year

FY15

2 disclosed acquisitions in the peak visible year.

Recent spend

$17B

is up 2252% vs prior three; peak FY23 at $17B.

Named evidence

10 rows

37% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
May 2, 2023	Oak Street Health	Healthcare compounders	$9,668	On May 2, 2023 (the “Oak Street Health Acquisition Date”), the Company acquired 100% of the outstanding shares and voting interest of Oak Street Health for cash (“Oak Street Hea...	10-K^†
Mar 29, 2023	Signify Health	Healthcare compounders	$7,353	On March 29, 2023 (the “Signify Health Acquisition Date”), the Company acquired 100% of the outstanding shares and voting interest of Signify Health for cash (“Signify Health Ac...	10-K^†
Nov 28, 2018	Aetna Inc.	Healthcare compounders	$78,000	On November 28, 2018 (the “Aetna Acquisition Date”), the Company acquired Aetna Inc. (“Aetna”) for a combination of cash and CVS Health stock (the “Aetna Acquisition”). The Comp...	10-K^†
2020	Aetna	Healthcare compounders	$69,766	On the Aetna Acquisition Date, the Company acquired 100% of the outstanding shares and voting interests of Aetna for a combination of cash and stock. Under the terms of the merg...	10-K^†
2019	Aetna	Healthcare compounders	$69,766	On the Aetna Acquisition Date, the Company acquired 100% of the outstanding shares and voting interests of Aetna for a combination of cash and stock. Under the terms of the merg...	10-K^†
Feb 7, 2023	Oak Street Health, Inc.	Healthcare compounders	$10,600	On February 7, 2023, the Company entered into a definitive merger agreement to acquire all of the outstanding shares of Oak Street Health, Inc. (“Oak Street Health”) for cash. U...	10-K^†
Sep 2, 2022	Signify Health, Inc.	Healthcare compounders	$8,000	On September 2, 2022, the Company entered into a definitive merger agreement to acquire all of the outstanding shares of Signify Health, Inc. (“Signify Health”) for cash. Under...	10-K^†
Jul 31, 2020	Divestiture of Workers’ Compensation Business	Healthcare compounders	$850	On July 31, 2020, the Company sold its Workers’ Compensation business for approximately $850 million. The results of this business have historically been reported within the Hea...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 4 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.14 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 10, 2026	Annual M&A 10-K	accepted	1	$436MM	$465MM	SEC filing
FY2024	Feb 12, 2025	Annual M&A 10-K	quarantined (1 issue)	2	$95.0MM	$17B	SEC filing
FY2023	Feb 7, 2024	Annual M&A 10-K	accepted	2	$17B	$17B	SEC filing
FY2022	Feb 8, 2023	Annual M&A 10-K	warning (1 warn)	N/A	$139MM	N/A	SEC filing
FY2021	Feb 9, 2022	Annual M&A 10-K	warning (1 warn)	N/A	$146MM	N/A	SEC filing
FY2020	Feb 16, 2021	Annual M&A 10-K	accepted	1	$866MM	$70B	SEC filing
FY2019	Feb 18, 2020	Annual M&A 10-K	accepted	1	$444MM	$70B	SEC filing
FY2018	Feb 28, 2019	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2016	Feb 9, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Feb 9, 2016	Annual M&A 10-K	accepted	2	N/A	N/A	SEC filing
FY2006	Feb 27, 2007	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2005	Mar 14, 2006	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2004	Mar 16, 2005	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2003	Mar 12, 2004	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 12, 2025	10-K	Oak Street Health; Signify Health	Annual M&ANamed deals	SEC filing
Feb 8, 2023	10-K	Oak Street Health, Inc.; Signify Health, Inc.; PayFlex; bswift LLC	Annual M&ANamed deals	SEC filing
Feb 16, 2021	10-K	Aetna; Divestiture of Workers’ Compensation Business	Annual M&ANamed deals	SEC filing
Feb 18, 2020	10-K	Aetna Inc.; Aetna	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Oak Street Health Acquisition

10-K - Feb 12, 2025

Medium

On May 2, 2023 (the “Oak Street Health Acquisition Date”), the Company acquired 100% of the outstanding shares and voting interest of Oak Street Health for cash (“Oak Street Health Acquisition”). U...

SEC source

Signify Health Acquisition

10-K - Feb 12, 2025

Medium

On March 29, 2023 (the “Signify Health Acquisition Date”), the Company acquired 100% of the outstanding shares and voting interest of Signify Health for cash (“Signify Health Acquisition”). Under t...

SEC source

Aetna Acquisition

10-K - Feb 18, 2020

Medium

On November 28, 2018 (the “Aetna Acquisition Date”), the Company acquired Aetna Inc. (“Aetna”) for a combination of cash and CVS Health stock (the “Aetna Acquisition”). The Company acquired Aetna t...

SEC source

Acquisition of Aetna

10-K - Feb 16, 2021

Medium

On the Aetna Acquisition Date, the Company acquired 100% of the outstanding shares and voting interests of Aetna for a combination of cash and stock. Under the terms of the merger agreement, Aetna ...

SEC source

Acquisition of Aetna

10-K - Feb 18, 2020

Medium

SEC source

Oak Street Health Acquisition

10-K - Feb 8, 2023

Medium

On February 7, 2023, the Company entered into a definitive merger agreement to acquire all of the outstanding shares of Oak Street Health, Inc. (“Oak Street Health”) for cash. Under the terms of th...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive