Mar. 15 at 6:53 PM
$CVS spent
$88B acquiring Aetna, Oak Street Health, and Signify Health to build a vertically integrated healthcare company.
The result:
$63.7B in debt, a
$5.7B goodwill impairment, and an insurance segment that saw
$5.3B in operating income vanish in a single year.
At ~11x forward earnings, the stock is priced for a recovery that depends almost entirely on Aetna's margins. Here's what has to go right and what happens if it doesn't.
Full breakdown: https://www.theinvestmentlog.com/posts/cvs/2026-03-15
