CVS Health Corporation (CVS)财务
NYSE · Healthcare · Medical - Healthcare Plans · 员工259,500人 · CEO J. David Joyner
- 股价
- $90.25 -0.09%
- 市值
- $1150亿
- 企业价值
- $1800亿
- 最近财报
- Q2 '26 2026-08-05提交
- 下次财报
- 2026-11-04 EPS预期 $1.65
营收(TTM)$4150亿+7.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)2.0%-0.3 百分点 对比去年同期营业利润 $82.9亿
净利润(TTM)$49.1亿+8.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$118亿+146.0% 对比去年同期资本支出 $30.2亿
稀释EPS(TTM)$3.78+5.6% 对比去年同期最近4个季度之和
净现金-$623亿+9.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1150亿 EV $1800亿
- 营收
- $4150亿 过去12个月
- 营收增速
- +4% FY2026年一致预期
- 净利润率
- 1.2% 净利润 / 营收,TTM
- P/E
- 23.6× 预期 11.2×(FY2026)
- P/S
- 0.3× 股价 / 营收,TTM
- EV / EBITDA
- 13.5× TTM
- 自由现金流
- $118亿 过去12个月
- 净利润
- $49.1亿 过去12个月
- 营收预期
- $4170亿 FY2026年一致预期
- 盈利
- 2026-11-04 营收预期 $1050亿
- 股息
- $2.66 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-05):营收超预期6.1%,EPS 超预期39.5%营收$1060亿,预期$1000亿(+6.1%);EPS $2.58,预期$1.85(+39.5%)。
- 营收增长平稳:同比7.3%Q2 '26营收$1060亿,此前四个季度的平均值为7.6%。
- 营业利润率2.0%(TTM),较去年同期-0.3 百分点营收增长7.4%,营业利润增长-7.4%。
- 税前利润的43.2%被营业外亏损吞噬税前利润$57.9亿,营业利润$82.9亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.7%(去年为0.7%)最近4个季度投入$30.2亿(同比+8.4%)。自由现金流$118亿,相当于净利润的239.7%。
- 股东回报$34.2亿 = 自由现金流的29.1%回购$0(去年为-$100万),股息$34.2亿,股权激励$3.16亿(TTM)。
- 稀释股数一年内增加1.0%Q2 '26稀释股数12.8亿,一年前为12.7亿。
- 净债务 $623亿现金 + 短期投资 $140亿,含租赁债务 $763亿;一年前净债务 $686亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1060亿 | $989亿 | +7.3% |
| 毛利率 | 14.8% | 13.7% | +1.1 百分点 |
| 营业利润 | $47亿 | $23.8亿 | +97.5% |
| 营业利润率 | 4.4% | 2.4% | +2.0 百分点 |
| 净利润 | $30亿 | $10.2亿 | +193.3% |
| 稀释EPS | $2.31 | $0.80 | +188.7% |
| 经营现金流 | $63.5亿 | $19亿 | +234.5% |
| 资本支出 | $6.91亿 | $6.07亿 | +13.8% |
| 自由现金流 | $56.5亿 | $12.9亿 | +338.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.76亿 | $1.36亿 | +29.4% |
实际 vs 一致预期
2026-08-05| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1060亿 | $1000亿 | +6.1% |
| EPS(一致预期口径) | $2.58 | $1.85 | +39.5% |
来自2026-08-05发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Pharmacy Revenue | $608亿 | +9.9% | 59.4% | $2390亿 | +9.2% | |
| Premiums | $351亿 | +2.7% | 34.3% | $1370亿 | +6.0% | |
| Front Store Revenue | $54.1亿 | +0.7% | 5.3% | $215亿 | +0.1% | |
| Product and Service, Other | $10.4亿 | -70.5% | 1.0% | $59.3亿 | -61.1% | |
| Corporate And Other Segment | – | – | – | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $148亿
- 资本支出
- -$30.2亿
- 股票回购
- $0
- 股息
- -$34.2亿
- 收购
- $1.23亿
- 债务净发行
- -$52.3亿
- 股权激励费用
- $3.16亿
- 自由现金流
- $118亿
- 股东回报 / FCF
- 29.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 23.6× | 25.3× | 12.2× – 56.7× |
| EV / EBITDA | 13.5× | 12.8× | 9.5× – 18.8× |
| EV / 营收 | 0.4× | 0.5× | 0.4× – 0.7× |
| 股价 / FCF | 9.8× | 9.9× | 8.6× – 12.9× |
| 股价 / 净资产 | 1.4× | 1.4× | 0.7× – 1.8× |
| FCF收益率 | 10.2% | 10.4% | 7.8% – 11.6% |
| 投入资本回报率 | 4.1% | 4.7% | 3.6% – 5.9% |
| 净资产收益率 | 6.4% | 7.2% | 2.4% – 10.9% |
分析师
一致目标价 $111.25 (+23.3%)
区间 $92.00 – $123.00 · 评级 Buy
强烈买入2
买入33
持有6
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4170亿 | +3.7% | $8.05 | +479.1% | 11.2× | 17 |
| FY2027 | $4300亿 | +3.0% | $8.53 | +5.9% | 10.6× | 18 |
| FY2028 | $4490亿 | +4.5% | $9.70 | +13.8% | 9.3× | 13 |
| FY2029 | $4750亿 | +5.6% | $10.84 | +11.7% | 8.3× | 10 |
| FY2030 | $4920亿 | +3.6% | $11.75 | +8.4% | 7.7× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
CVS Health Corp.在近期10-Q / 10-K文件中标记的全部356项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $172亿 | $173亿 | -0.5% | $176亿 | $159亿 | +11.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $403亿 | $407亿 | -0.8% | $398亿 | $365亿 | +9.1% |
| Accounts Receivable, Allowance for Credit Loss | $1.69亿 | $3.74亿 | -54.8% | $1.82亿 | $4.07亿 | -55.3% |
| Accrued Liabilities, Current | $225亿 | $231亿 | -2.7% | $224亿 | $208亿 | +7.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1.88亿 | $2.72亿 | -30.9% | $4.06亿 | -$1.2亿 | +438.3% |
| Advertising Expense | – | – | – | $9.7亿 | $9.89亿 | -1.9% |
| Amortization of Intangible Assets | $4.31亿 | $4.94亿 | -12.8% | $19.8亿 | $20.3亿 | -2.4% |
| AociLiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeTax | $1700万 | $3000万 | -43.3% | $2000万 | $100万 | +1,900.0% |
| Asset Impairment Charges | – | – | – | $1.52亿2023-12-31 | – | – |
| Assets | $2540亿 | $2580亿 | -1.8% | $2540亿 | $2530亿 | +0.1% |
| Assets Held by Insurance Regulators | $7.37亿2025-12-31 | $7.13亿 | +3.4% | $7.37亿 | $7.13亿 | +3.4% |
| Assets, Current | $753亿 | $756亿 | -0.4% | $747亿 | $686亿 | +8.8% |
| Assets, Fair Value Disclosure | $411亿 | – | – | $375亿 | $350亿 | +7.2% |
| Assumed Premiums Earned | – | – | – | $5.73亿 | $4.71亿 | +21.7% |
| Business Combination, Integration Related Costs | $1000万 | $2800万 | -64.3% | $1.17亿 | $2.43亿 | -51.9% |
| Cash and Cash Equivalents, at Carrying Value | $113亿 | $118亿 | -3.9% | $84.5亿 | $85.9亿 | -1.5% |
| Cash and Cash Equivalents, Fair Value Disclosure | $113亿 | – | – | $84.5亿 | $85.9亿 | -1.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $115亿 | $120亿 | -4.1% | $87.1亿 | $88.8亿 | -1.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $17.7亿 | $16.8亿 | +5.3% | -$1.72亿 | $3.59亿 | -147.9% |
| Ceded Premiums Earned | – | – | – | $13.1亿 | $12亿 | +8.7% |
| Commercial Paper | $02025-12-31 | $21.2亿 | -100.0% | $0 | $21.2亿 | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.67 | $0.67 | 0.0% | $2.66 | $2.66 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 32亿 | 32亿 | 0.0% | 32亿 | 32亿 | 0.0% |
| Common Stock, Shares, Issued | 18亿 | 17.9亿 | +0.6% | 17.9亿 | 17.8亿 | +0.5% |
| Common Stock, Shares, Outstanding | 12.8亿 | 12.7亿 | +0.9% | 12.7亿 | 12.6亿 | +0.9% |
| Common Stock, Value, Issued | $1800万2025-09-30 | $1800万 | 0.0% | $1800万2024-12-31 | $1800万 | 0.0% |
| Common Stocks, Including Additional Paid in Capital | $510亿 | $500亿 | +1.9% | $504亿 | $497亿 | +1.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1600万 | -$800万 | +300.0% | -$4000万 | -$2800万 | -42.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $29.7亿 | $12.3亿 | +140.4% | $22.9亿 | $47.9亿 | -52.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $29.8亿 | $12.3亿 | +143.2% | $22.5亿 | $47.6亿 | -52.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $130亿 | $105亿 | +24.1% | $106亿 | $98.8亿 | +6.9% |
| Contract with Customer, Liability, Current | $6200万2025-12-31 | $1.44亿 | -56.9% | $6200万 | $1.44亿 | -56.9% |
| Cost of Goods and Services Sold | $589亿 | $540亿 | +9.0% | $2210亿 | $2060亿 | +7.2% |
| Costs and Expenses | $1010亿 | $965亿 | +5.0% | $3970亿 | $3640亿 | +9.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$2.17亿 | $16.2亿 | -113.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.14亿 | $3600万 | +216.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.06亿 | $21.3亿 | -85.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.09亿 | $4.76亿 | -14.1% |
| Current Year Claims and Claims Adjustment Expense | $316亿 | $311亿 | +1.6% | $1270亿 | $1160亿 | +9.9% |
| Debt and Lease Obligation | $646亿2025-12-31 | $663亿 | -2.6% | $646亿 | $663亿 | -2.6% |
| Debt Instrument, Unamortized Premium | $1.56亿2025-12-31 | $1.7亿 | -8.2% | $1.56亿 | $1.7亿 | -8.2% |
| Debt Securities, Available-for-sale | $293亿 | $266亿 | +10.5% | $287亿 | $260亿 | +10.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2.07亿 | $3.47亿 | -40.3% | $4.49亿 | $1.78亿 | +152.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4.22亿 | $4.49亿 | -6.0% | $3.31亿 | $7.07亿 | -53.2% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $31.4亿 | $27.5亿 | +14.1% | $29.9亿 | $31.6亿 | -5.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $59亿 | $45.3亿 | +30.1% | $53亿 | $46.8亿 | +13.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $117亿 | $110亿 | +6.8% | $115亿 | $106亿 | +8.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $11.7亿 | $9.61亿 | +21.2% | $8.15亿 | $7.63亿 | +6.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $24.8亿 | $41.4亿 | -40.2% | $34.8亿 | $57.3亿 | -39.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $2.81亿 | $3.96亿 | -29.0% | $3.01亿 | $5.8亿 | -48.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1,831 security | 3,068 security | -40.3% | 2,465 security | 4,174 security | -40.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $123亿 | $25.1亿 | +391.9% | $28.6亿 | $75.1亿 | -62.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $1.41亿 | $5300万 | +166.0% | $3000万 | $1.27亿 | -76.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 6,098 security | 1,528 security | +299.1% | 1,578 security | 4,502 security | -64.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $29.8亿 | $25.6亿 | +16.3% | $28.5亿 | $29.1亿 | -2.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $58.8亿 | $45.6亿 | +28.8% | $53.8亿 | $45.8亿 | +17.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $118亿 | $111亿 | +6.2% | $117亿 | $105亿 | +11.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $11.7亿 | $9.63亿 | +21.3% | $8.17亿 | $7.61亿 | +7.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01