Cvs Health
Cvs Health returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 5.34% | 5.01% | — | 6.23% | 1.91% | -2.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 3.81% | 3.58% | — | 3.8% | 1.15% | -3.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 2.85% | 2.8% | — | 2.35% | 0.7% | -4.9 pp |
| FY 2025 Q3 | Sep 30, 2025 | 0.55% | 2.98% | — | 0.63% | 0.18% | -7.2 pp |
| FY 2025 Q2 | Jun 30, 2025 | 4.74% | 5.34% | -93.43% | 5.95% | 1.77% | -3 pp |
| FY 2025 Q1 | Mar 31, 2025 | 5.4% | 5.78% | -71.82% | 7% | 2.09% | -2.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 4.82% | 5.02% | -117.14% | 6.07% | 1.83% | -2.9 pp |
| FY 2024 Q3 | Sep 30, 2024 | 5.52% | 5.64% | -32.03% | 6.72% | 1.99% | -2.2 pp |
| FY 2024 Q2 | Jun 30, 2024 | 7.34% | 7.24% | 78.42% | 9.74% | 2.86% | -0.4 pp |
| FY 2024 Q1 | Mar 31, 2024 | 7.68% | 7.6% | 28.74% | 10.07% | 2.99% | -0 pp |
| FY 2023 Q4 | Dec 31, 2023 | 8.55% | 8.35% | 23.48% | 11.32% | 3.49% | 0.9 pp |
| FY 2023 Q3 | Sep 30, 2023 | 9.08% | 8.51% | 31.7% | 12.08% | 3.56% | 1.4 pp |
| FY 2023 Q2 | Jun 30, 2023 | 3.79% | 3.83% | -116.67% | 4.17% | 1.22% | -3.9 pp |
| FY 2023 Q1 | Mar 31, 2023 | 4.66% | 4.71% | — | 5.7% | 1.68% | -3 pp |
| FY 2022 Q4 | Dec 31, 2022 | 4.93% | 4.79% | — | 5.68% | 1.8% | -2.8 pp |
| FY 2022 Q3 | Sep 30, 2022 | 4.29% | 3.86% | — | 4.47% | 1.35% | -3.4 pp |
| FY 2022 Q2 | Jun 30, 2022 | 8.35% | 8% | — | 11.13% | 3.54% | 0.6 pp |
| FY 2022 Q1 | Mar 31, 2022 | 8.07% | 7.88% | — | 11.18% | 3.46% | 0.4 pp |
| FY 2021 Q4 | Dec 31, 2021 | 8.04% | 7.9% | — | 10.95% | 3.41% | 0.3 pp |
| FY 2021 Q3 | Sep 30, 2021 | 8.12% | 7.91% | — | 10.59% | 3.24% | 0.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 8.08% | 7.96% | -42.16% | 10.2% | 3.09% | 0.4 pp |
| FY 2021 Q1 | Mar 31, 2021 | 8.2% | 8.24% | 362.76% | 10.88% | 3.21% | 0.5 pp |
| FY 2020 Q4 | Dec 31, 2020 | 8.09% | 8.24% | — | 10.77% | 3.17% | 0.4 pp |
| FY 2020 Q3 | Sep 30, 2020 | 8.32% | 8.52% | 7,200.29% | 12.1% | 3.51% | 0.6 pp |
| FY 2020 Q2 | Jun 30, 2020 | 8.26% | 8.26% | — | 12.77% | 3.64% | 0.6 pp |
| FY 2020 Q1 | Mar 31, 2020 | 7.31% | 7.5% | — | 11.57% | 3.21% | -0.4 pp |
| FY 2019 Q4 | Dec 31, 2019 | 6.93% | 7.45% | — | 10.87% | 3.17% | -0.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | 6.98% | 7.25% | 2.97% | 9% | 2.54% | -0.7 pp |
| FY 2019 Q2 | Jun 30, 2019 | 6.63% | 6.78% | 2.71% | 8.93% | 2.46% | -1.1 pp |
| FY 2019 Q1 | Mar 31, 2019 | — | 3.12% | — | -0.35% | -0.09% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | 3.71% | — | -1.24% | -0.41% | — |
| FY 2018 Q3 | Sep 30, 2018 | 7.59% | 7% | — | 8.71% | 2.77% | -0.1 pp |
| FY 2018 Q2 | Jun 30, 2018 | 7.25% | 7.13% | — | 8.62% | 2.66% | -0.4 pp |
| FY 2018 Q1 | Mar 31, 2018 | 13.01% | 11.36% | 62.57% | 18.39% | 5.85% | 5.3 pp |
| FY 2017 Q4 | Dec 31, 2017 | 12.31% | 14.34% | 63.03% | 17.77% | 6.99% | 4.6 pp |
| FY 2017 Q3 | Sep 30, 2017 | — | 14.27% | — | 14.24% | 5.39% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 14.75% | — | 15.38% | 5.72% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 14.92% | — | 14.67% | 5.53% | — |
| FY 2016 Q4 | Dec 31, 2016 | 10.34% | 14.91% | — | 14.37% | 5.65% | 2.6 pp |
| FY 2016 Q3 | Sep 30, 2016 | — | 14.56% | — | 13.97% | 5.48% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 15.92% | — | 13.39% | 5.75% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 15.53% | — | 14.14% | 6.2% | — |
| FY 2015 Q4 | Dec 31, 2015 | 10.37% | 15.04% | 3.02% | 13.94% | 6.24% | 2.7 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 14.33% | — | 13.44% | 6.1% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 16.26% | — | 12.66% | 6.47% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 16.07% | — | 12.6% | 6.45% | — |
| FY 2014 Q4 | Dec 31, 2014 | 11.13% | 15.81% | 34.75% | 12.24% | 6.37% | 3.4 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 16.09% | — | — | 6.49% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 15.72% | — | — | 7.05% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 15.29% | — | — | 6.87% | — |
| FY 2013 Q4 | Dec 31, 2013 | 10.52% | 14.85% | 43.27% | 12.15% | 6.68% | 2.8 pp |
| FY 2013 Q3 | Sep 30, 2013 | 10.78% | 15.6% | 54.71% | — | 6.73% | 3.1 pp |
| FY 2013 Q2 | Jun 30, 2013 | 10.29% | 14.68% | 44.36% | — | 6.39% | 2.6 pp |
| FY 2013 Q1 | Mar 31, 2013 | 10.1% | 14.27% | 55.28% | — | 6.14% | 2.4 pp |
| FY 2012 Q4 | Dec 31, 2012 | 9.56% | 13.81% | — | — | 5.94% | 1.9 pp |
| FY 2012 Q3 | Sep 30, 2012 | 9.07% | 13.18% | — | — | 5.86% | 1.4 pp |
| FY 2012 Q2 | Jun 30, 2012 | 8.75% | 12.53% | — | — | 5.6% | 1.1 pp |
| FY 2012 Q1 | Mar 31, 2012 | 8.64% | 12.38% | — | — | 5.47% | 0.9 pp |
| FY 2011 Q4 | Dec 31, 2011 | 8.27% | 12.21% | 23.62% | — | 5.46% | 0.6 pp |
| FY 2011 Q3 | Sep 30, 2011 | 8.08% | 11.96% | — | 9.24% | 5.39% | 0.4 pp |
| FY 2011 Q2 | Jun 30, 2011 | 7.92% | 11.67% | -74.75% | 9.08% | 5.3% | 0.2 pp |
| FY 2011 Q1 | Mar 31, 2011 | 8.11% | 12.09% | — | 9.15% | 5.43% | 0.4 pp |
| FY 2010 Q4 | Dec 31, 2010 | 8.17% | 12.28% | -57.24% | 9.33% | 5.54% | 0.5 pp |
| FY 2010 Q3 | Sep 30, 2010 | 8.11% | 12.68% | — | 9.54% | 5.58% | 0.4 pp |
| FY 2010 Q2 | Jun 30, 2010 | 8.62% | 12.96% | — | 10.17% | 5.98% | 0.9 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CVS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.