CVS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	110.2B EUR	132.21B EUR	91.43B EUR	100.87B EUR
Enterprise Value	174.84B EUR	197.19B EUR	160.23B EUR	172.36B EUR
Valuation Multiples
Trailing P/E	23.1x	27.04x	31.18x	--
Forward P/E	10.1x	--	--	--
Price to Sales	0.27x	0.32x	0.22x	0.33x
Price to Book	1.38x	1.66x	1.18x	1.34x
EV/Revenue	0.42x	0.48x	0.39x	0.56x
EV/EBITDA	10.48x	10.57x	9.79x	16.34x
Price to FCF (P/FCF)	13.64x	11.24x	12.37x	25.25x
EV/FCF	21.65x	16.77x	21.67x	43.16x
FCF Yield	7.33%	8.89%	8.09%	3.96%