Forensic Analysis · Grocery & Drugstore · as of Nov 8, 2026

CVS Health Corp (CVS)

A forensic read on CVS Health Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

1.0

Distress distance

Clean

Earnings quality

Forensic signals

2.3%

ROE

7.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

CVS Health Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.0, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.4%

FY2025

Return on invested capital. Return on invested capital is 2.4% in the latest fiscal year and slipping across FY2023–FY2025 from 6.3%. After-tax operating profit was $10.3B in FY2023 and $3.8B in FY2025, with operating income at 3.8% of revenue in FY2023, 2.3% in FY2024 and 1.2% in FY2025. The capital base behind it went from $162.5B in FY2023 to $159.3B in FY2025 (-2%), while the revenue it carried went from $357.8B to $402.1B. FY2025's operating profit carried a $5.7B goodwill write-off that alone took about 2.9 points off that year's return, so about 2.9 of the 3.9-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.

$5.7B

FY2025

Goodwill impairments. Took $5.7B of goodwill writedowns across 1 year (FY2025 ($5.7B)) — about 324% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.

Key fundamentals

Latest Revenue$402.07B

Revenue Growth YoY+7.8%

Revenue CAGR (2yr)+6.0%

Net Margin0.4%

Free Cash Flow$7.81B

Return on Equity2.3%

Debt / Equity0.80x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.