CVS vs HUM: CVS Health and Humana 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 2.1 times Humana.
- Humana grew revenue faster over the last year (+25.7% vs +7.3%).
- Humana keeps more of each dollar of revenue as operating profit (39.6% vs 2.0%).
- On earnings, CVS Health is the cheaper stock (37.7x vs 46.9x).
- Humana's price assumes faster free cash flow growth: about 31% 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 | HUM |
|---|---|---|
| Market cap | $109.7B | $52.8B |
| Share price | $87.95 | $431.87 |
| Revenue (last fiscal year) | $402.1B | $5.8B |
| Free cash flow (last fiscal year) | $7.8B | $375M |
| Revenue growth, last year | +7.3% | +25.7% |
| Revenue growth per year, last 5 fiscal years | +8.3% | +17.5% |
| Operating margin | 2.0% | 39.6% |
| Net margin | 1.2% | 18.3% |
| Return on equity | 6.1% | 6.1% |
| P/E (trailing) | 37.7x | 46.9x |
| Price / free cash flow | 14.0x | 140.9x |
| EV / EBITDA | 12.6x | 20.6x |
| FCF growth the price implies | 0.36% | 31.1% |
| Dividend yield | 3.1% | 0.82% |
| Debt / equity | 2.18x | 1.97x |
| Fundamental grade | C | D |
| Superinvestors holding it | 14 | 9 |
| Insider purchases, last 12 months | 6 | 3 |
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% |
Humana
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $920M | 103.0% |
| 2022 | $4.8B | $3.5B | 79.6% |
| 2023 | $4.0B | $3.0B | 99.5% |
| 2024 | $4.4B | $2.4B | 57.8% |
| 2025 | $5.8B | $375M | 46.4% |
Where the revenue comes from
CVS Health · by segments, 2025
Health Services$190.4B40%
Health Care Benefits$143.4B30%
Pharmacy & Consumer Wellness$139.4B29%
Humana · by segments, 2025
Insurance$124.6B85%
CenterWell$22.5B15%
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 Humana?
CVS Health (CVS), at $109.7B against $52.8B.
Is CVS or HUM cheaper?
By trailing P/E, CVS Health (37.7x) is cheaper than Humana (46.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVS or HUM?
Humana: revenue grew +25.7% over the last year, against +7.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.