CVS Net Debt / EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
Net Debt / EBITDA History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
CVS Net Debt / EBITDA by year
Yearly range of CVS’s net debt / ebitda from 2016 to 2026. Over the full period it ranged from 1.9 to 11.3, averaging 4.6.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 4.8 | 5.5 | 6.2 | 4.8 |
| 2025 | 4.8 | 6.3 | 8.6 | 8.6 |
| 2024 | 4.2 | 4.8 | 5.4 | 5.4 |
| 2023 | 3.6 | 4.8 | 6.4 | 3.9 |
| 2022 | 3.5 | 4.3 | 4.9 | 4.7 |
| 2021 | 3.8 | 4.1 | 4.4 | 3.8 |
| 2020 | 4.2 | 4.4 | 4.8 | 4.5 |
| 2019 | 5.1 | 7.3 | 11.3 | 5.1 |
| 2018 | 1.9 | 4.3 | 10.3 | 10.3 |
| 2017 | 2.0 | 2.1 | 2.1 | 2.1 |
| 2016 | 2.0 | 2.0 | 2.1 | 2.0 |
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How many years of operating earnings it would take to pay off the company's net debt. The most common leverage ratio — higher means more financial risk and less flexibility.
Formula
(Total Debt − Cash) / EBITDAHow to read this chart
Watch the trend more than the level. Declining ratio = deleveraging, growing financial flexibility. Rising ratio = increasing leverage, which constrains dividends, buybacks, and future investment.
Key caveats
- Sector context is essential: 3× is aggressive for a consumer brand but normal for a regulated utility. Always compare to sector peers.
- Large acquisitions spike the ratio temporarily — check whether the integration plan credibly drives paydown.
Pro — up to 30-year history
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