CVS Health management check
CVS · Health Care · Health Care Services · CEO J. David Joyner
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $137, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.73 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
Insiders are selling2 insiders sold $323.7m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.7% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Karen S. Lynch, Larry J. Merlo, J. David Joyner. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 40 | 26 | |
| Pay for performance | 87 | 85 | |
| CEO cost | — | — | 44 |
| Skin in the game | — | — | 46 |
| Dilution | 59 | 68 | |
| Stable leadership | 0 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Services, by management score. CVS Health is 44th of 60 in its sector.
- 110CICigna76
- 124DVADaVita74
- 194LHLabcorp69
- 219DGXQuest Diagnostics67
- 357HUMHumana57
- 362CVSCVS Health57
Pay versus performance
From the proxy statement filed April 3, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | J. David Joyner | $21.2m | $50.5m | $10.4m | $137 | $148 | — |
| 2024 | J. David Joyner, Karen S. Lynch | $23.4m | $4.8m | $9.8m | $74 | $129 | — |
| 2023 | Karen S. Lynch | $21.6m | $7.5m | $9.3m | $125 | $126 | — |
| 2022 | Karen S. Lynch | $21.3m | $23.8m | $12.2m | $143 | $124 | — |
| 2021 | Karen S. Lynch, Larry J. Merlo | $20.4m | $66.3m | $11.9m | $155 | $126 | — |
The board says pay is tied most to Adjusted Earnings Per Share. Its other key measures: Adjusted Operating Income, TSR.
Insiders and the CEO's stake
2 insiders sold $323.7m in the last six months and none bought.
- SoldLarry RobbinsDirector$317.5mMay 21, 2026
- SoldTilak MandadiEVP, Chief Exp & Tech Officer$6.2mMay 8, 2026
Leadership and governance on file
- Aug 17, 2026Leadership change8-K 5.02
- May 18, 2026Leadership change8-K 5.02
- Mar 19, 2026Leadership change8-K 5.02
- Apr 8, 2025Leadership change8-K 5.02
- Nov 18, 2024Leadership change8-K 5.02
- Nov 6, 2024Leadership change8-K 5.02
- Oct 18, 2024Leadership change8-K 5.02
- May 22, 2024Leadership change8-K 5.02
- Jan 5, 2024Leadership change8-K 5.02
- Oct 16, 2023Leadership change8-K 5.02
- Sep 21, 2023Leadership change8-K 5.02
- Jul 20, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 18, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $24.0bn returned to owners in buybacks and dividends, 89% of net income, and $2.6bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $292.1bn | $322.5bn | $357.8bn | $372.8bn | $402.1bn |
| Net income | $8.0bn | $4.3bn | $8.3bn | $4.6bn | $1.8bn |
| Stock-based pay | $484.0m | $447.0m | $588.0m | $540.0m | $535.0m |
| Buybacks | $0 | $3.5bn | $2.0bn | $3.0bn | $0 |
| Dividends | $2.6bn | $2.9bn | $3.1bn | $3.4bn | $3.4bn |
| Diluted shares | 1329m | 1323m | 1290m | 1262m | 1271m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.