CVS Health Corporation (CVS) FCF Payout Ratio: 45.58%
Is CVS Health Corporation’s FCF payout ratio high or low?
CVS Health Corporation's FCF payout ratio of 45.58% is 48% above its 5-year average of 30.80%, near the high end of its 5-year range (16.67%–53.32%).
The FCF payout ratio for CVS Health Corporation (CVS) is 45.58%. It is below its 12-month average by 5.86% (48.42%).
CVS FCF Payout Ratio Chart
CVS Average FCF Payout Ratio Chart
CVS Current vs Average FCF Payout Ratio Chart
CVS FCF Payout Ratio Metrics
FCF PAYOUT RATIO
45.58%
FCF PAYOUT RATIO AVG TTM
48.42%
FCF PAYOUT RATIO AVG 3Y
37.14%
FCF PAYOUT RATIO AVG 5Y
30.80%
FCF PAYOUT RATIO AVG 10Y
29.28%
FCF PAYOUT RATIO AVG 15Y
26.53%
FCF PAYOUT RATIO AVG 20Y
30.55%
CURRENT VS TTM AVG
-5.86%
CURRENT VS 3Y AVG
+22.71%
CURRENT VS 5Y AVG
+48.00%
CURRENT VS 10Y AVG
+55.65%
CURRENT VS 15Y AVG
+71.80%
CURRENT VS 20Y AVG
+49.17%
Payout Ratio Comparison
FCF Payout Ratio
45.6%
Earnings Payout Ratio
190.0%
Dividend Yield
2.74%
FCF Yield
5.96%
Annual FCF Payout Ratio History
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.81B | $3.40B | 43.5% |
| 2024 | $6.33B | $3.37B | 53.3% |
| 2023 | $10.39B | $3.13B | 30.1% |
| 2022 | $13.45B | $2.91B | 21.6% |
| 2021 | $15.74B | $2.63B | 16.7% |
| 2020 | $13.43B | $2.62B | 19.5% |
| 2019 | $10.39B | $2.60B | 25.1% |
| 2018 | $6.83B | $2.04B | 29.8% |
| 2017 | $6.09B | $2.05B | 33.7% |
| 2016 | $7.92B | $1.84B | 23.2% |
| 2015 | $6.17B | $1.58B | 25.5% |
| 2014 | $6.00B | $1.29B | 21.5% |
| 2013 | $3.80B | $1.10B | 28.9% |
| 2012 | $4.64B | $829.00M | 17.9% |
| 2011 | $3.98B | $674.00M | 16.9% |
| 2010 | $2.77B | $479.00M | 17.3% |
| 2009 | $1.49B | $439.00M | 29.5% |
| 2008 | $1.77B | $383.00M | 21.7% |
| 2007 | $1.42B | $322.40M | 22.6% |
| 2006 | ($26.50M) | $140.90M | N/A (Loss) |
| 2005 | $116.70M | $131.60M | 112.8% |
| 2004 | ($433.50M) | $119.80M | N/A (Loss) |
| 2003 | ($152.80M) | $105.20M | N/A (Loss) |
| 2002 | $96.00M | $104.90M | 109.3% |
| 2001 | ($33.00M) | $105.20M | N/A (Loss) |
| 2000 | $84.90M | $104.80M | 123.4% |
| 1999 | $3.60M | $104.70M | 2908.3% |
| 1998 | ($209.90M) | $102.50M | N/A (Loss) |
| 1997 | ($447.40M) | $87.60M | N/A (Loss) |
| 1996 | ($375.60M) | $137.50M | N/A (Loss) |
Formula: FCF Payout Ratio = Dividends Paid / Free Cash Flow × 100
FCF payout and earnings payout:
- FCF represents operating cash flow after capital expenditures
- FCF payout compares dividends paid with free cash flow
- FCF payout above 100% means dividends paid exceeded free cash flow for the period
- Earnings payout compares dividends paid with net income
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
CVS Health Corporation FCF Payout Ratio Formula & Definition
FCF Payout Ratio measures what percentage of free cash flow is paid out as dividends. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
CVS Health Corporation FCF Payout Ratio FAQ
- What is the FCF payout ratio for CVS Health Corporation (CVS)?
- The FCF payout ratio for CVS stock is 45.58%.
- Is CVS Health Corporation's FCF payout ratio high or low?
- CVS Health Corporation's FCF payout ratio of 45.58% is 48% above its 5-year average of 30.80%, near the high end of its 5-year range (16.67%–53.32%).
- What is the TTM average FCF payout ratio for CVS Health Corporation (CVS)?
- The TTM average FCF payout ratio for CVS stock is 48.42%.
- What is the 3Y average FCF payout ratio for CVS Health Corporation (CVS)?
- The 3Y average FCF payout ratio for CVS stock is 37.14%.
- What is the 5Y average FCF payout ratio for CVS Health Corporation (CVS)?
- The 5Y average FCF payout ratio for CVS stock is 30.80%.
- What is the 10Y average FCF payout ratio for CVS Health Corporation (CVS)?
- The 10Y average FCF payout ratio for CVS stock is 29.28%.
- What is the 15Y average FCF payout ratio for CVS Health Corporation (CVS)?
- The 15Y average FCF payout ratio for CVS stock is 26.53%.
- What is the 20Y average FCF payout ratio for CVS Health Corporation (CVS)?
- The 20Y average FCF payout ratio for CVS stock is 30.55%.
CVS Health Corporation FCF Payout Ratio History
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2025-12-31 | 43.51% |
| 2024-12-31 | 53.32% |
| 2023-12-31 | 30.13% |
| 2022-12-31 | 21.61% |
| 2021-12-31 | 16.67% |
| 2020-12-31 | 19.54% |
| 2019-12-31 | 25.05% |
| 2018-12-31 | 29.85% |
| 2017-12-31 | 33.65% |
| 2016-12-31 | 23.24% |
| 2015-12-31 | 25.53% |
| 2014-12-31 | 21.46% |
| 2013-12-31 | 28.88% |
| 2012-12-31 | 17.86% |
| 2011-12-31 | 16.92% |
| 2010-12-31 | 17.27% |
| 2009-12-31 | 29.52% |
| 2008-12-31 | 21.68% |
| 2007-12-31 | 22.63% |
| 2005-12-31 | 112.77% |
| 2002-12-31 | 109.27% |
| 2000-12-31 | 123.44% |
| 1999-12-31 | 2908.33% |
About CVS Health Corporation
CVS Health Corporation is a prominent healthcare services provider operating across the United States. The company's Health Care Benefits division delivers a range of health insurance offerings, including traditional plans, voluntary coverage, and consumer-directed options, alongside associated services. Its diverse clientele spans employer organizations, private individuals, university students, part-time and hourly staff, various health plans, healthcare providers, government bodies, state-sponsored programs, labor unions, and individuals living abroad. Through its Pharmacy Services segment, CVS Health manages pharmacy benefits, offering comprehensive solutions such as designing and administering plans, managing drug formularies, overseeing retail pharmacy networks, and providing mail-order, specialty pharmacy, and infusion services. This segment also delivers clinical support and helps manage disease and medical expenditures. It serves a broad array of clients, including employers, insurance carriers, trade unions, government employee groups, health plans, prescription drug programs, Medicaid managed care organizations, and plans available on both public and private health insurance marketplaces, in addition to other health benefit plan sponsors and individual consumers. Operationally, this segment encompasses specialty retail pharmacies, specialty mail-order services, general mail-order dispensing pharmacies, compounding pharmacies, and facilities dedicated to infusion and enteral nutrition support. The Retail/LTC (Long-Term Care) segment is responsible for selling both prescription and over-the-counter medications, consumer health and beauty items, and personal care products. It also delivers healthcare services via its MinuteClinic walk-in medical clinics. Furthermore, this segment handles the distribution of prescription drugs and offers pharmacy consulting along with other supplementary services to long-term care facilities and various other care environments. As of December 31, 2021, CVS Health boasted approximately 9,900 retail outlets and 1,200 MinuteClinic locations. This network is complemented by online retail pharmacy platforms, LTC pharmacies, and on-site pharmacies. Originally established in 1963 and headquartered in Woonsocket, Rhode Island, the company was known as CVS Caremark Corporation before officially rebranding to CVS Health Corporation in September 2014.
- Sector
- Healthcare
- Industry
- Medical - Healthcare Plans
- CEO
- J. David Joyner