CVS vs ELV: CVS Health and Elevance Health compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CVS Health is the larger company, worth $109.7B, about 1.2 times Elevance Health.
- CVS Health grew revenue faster over the last year (+7.3% vs +1.4%).
- Elevance Health keeps more of each dollar of revenue as operating profit (2.7% vs 2.0%).
- On earnings, Elevance Health is the cheaper stock (17.3x vs 37.7x).
- Elevance Health's price assumes faster free cash flow growth: about 9% a year, against 0% for CVS Health (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CVS | ELV |
|---|---|---|
| Market cap | $109.7B | $88.9B |
| Share price | $87.95 | $412.70 |
| Revenue (last fiscal year) | $402.1B | $199.1B |
| Free cash flow (last fiscal year) | $7.8B | $3.2B |
| Revenue growth, last year | +7.3% | +1.4% |
| Revenue growth per year, last 5 fiscal years | +8.3% | +9.5% |
| Operating margin | 2.0% | 2.7% |
| Net margin | 1.2% | 2.5% |
| Return on equity | 6.1% | 11.1% |
| P/E (trailing) | 37.7x | 17.3x |
| Price / free cash flow | 14.0x | 28.0x |
| EV / EBITDA | 12.6x | 12.6x |
| FCF growth the price implies | 0.36% | 9.4% |
| Dividend yield | 3.1% | 1.6% |
| Debt / equity | 2.18x | 1.81x |
| Fundamental grade | C | C |
| Superinvestors holding it | 14 | 18 |
| Insider purchases, last 12 months | 6 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CVS Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $292.1B | $15.7B | 4.6% |
| 2022 | $322.5B | $13.4B | 2.5% |
| 2023 | $357.8B | $10.4B | 3.8% |
| 2024 | $372.8B | $6.3B | 2.3% |
| 2025 | $402.1B | $7.8B | 1.2% |
Elevance Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $138.6B | $7.3B | 5.5% |
| 2022 | $156.6B | $7.2B | 5.3% |
| 2023 | $171.3B | $6.8B | 5.0% |
| 2024 | $177.0B | $4.6B | 4.4% |
| 2025 | $199.1B | $3.2B | 3.6% |
Where the revenue comes from
CVS Health · by segments, 2025
Health Services$190.4B40%
Health Care Benefits$143.4B30%
Pharmacy & Consumer Wellness$139.4B29%
Elevance Health
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CVS in InvestinglyQuestions
Which is bigger, CVS Health or Elevance Health?
CVS Health (CVS), at $109.7B against $88.9B.
Is CVS or ELV cheaper?
By trailing P/E, Elevance Health (17.3x) is cheaper than CVS Health (37.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVS or ELV?
CVS Health: revenue grew +7.3% over the last year, against +1.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.