What is CVS Health's free cash flow margin?

CVS Health (CVS) reported free cash flow margin of 1.8% in Q1 2026.

What does free cash flow margin mean?

How much real, spendable cash each sales dollar generates after reinvestment.

How do you interpret free cash flow margin?

A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.

How does free cash flow margin compare across companies?

Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.

CVS Health CVS Free cash flow margin

Free cash flow margin at other companies

Dollar GeneralDG

5.1%+0.4pp

Walmart WMT

1.7%-0.2pp

UnitedHealth GroupUNH

4.4%-1.7pp

AmazonAMZN

1.4%-1.8pp

CenteneCNC

3.6%+2.7pp

Elevance HealthELV

3.3%+1.3pp

Other financials

Income statement

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Revenue$100.43B+6.2%

Gross profit$45.0B+3.3%

Operating income$4.7B+38.7%

Net income$2.9B+65.4%

EPS (diluted)$2.30+63.1%

Balance sheet

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Cash & equivalents$9.8B-5.6%

Total debt$15.2B-14.2%

Total equity$77.5B+0.7%

Total assets$252.97B-1.0%

Cash flow

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Operating cash flow$4.2B-6.7%

CapEx$849.0M+14.3%

Free cash flow$3.4B-10.8%

Valuation

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Market cap$125.45B+7.0%

Enterprise value$130.91B+4.3%

P/E42.8×+20.6×

P/S0.3×0.0×

Profitability

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Gross margin44.7%-0.1pp

Operating margin1.5%-1.1pp

Net margin0.7%-0.7pp

Returns & leverage

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Return on equity3.8%-3.2pp

Debt / equity0.2×0.0×

Current ratio0.9×0.0×

Where this comes from

Calculated from CVS Health’s reported figures.

free cash flow/total revenue=1.8%

Based on trailing twelve months.

The official record: CVS Health’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CVS Health's free cash flow margin?: CVS Health (CVS) reported free cash flow margin of 1.8% in Q1 2026.
What does free cash flow margin mean?: How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?: A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?: Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.