CVS Credit Rating & NNN Cap Rate (2026)

Bond vs NNN Comparison: See how CVS Health corporate bond yields compare to CVS Health NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. CVS Health Bonds vs NNN →

CVS NNN Net Lease Quick Stats

Metric	Figure
Credit Rating(s)	S&P: BBB (Stable) / Moody’s: Baa3 (Stable) / Fitch: BBB (Negative)
Rated Entity	CVS Health Corporation (long-term debt ratings)
Rating Source	S&P Global Ratings BBB, Stable, as of June 30, 2026; Moody’s Baa3, Stable, as of June 30, 2026; Fitch Ratings BBB, Negative, as of June 30, 2026. Ratings checked October 8, 2026.
Investment Grade Status	Investment Grade (CVS Health Corporation; confirm the tenant and guarantor in each lease)
Median asking cap rate	See the live table below
Median Asking Cap Rate, 10+ Years Remaining	6.00% across the 43 listings that state both an asking cap rate and 10 or more years remaining (as of October 8, 2026, in the listings InvestmentGrade.com tracks)
Properties on Market (live)	154
Median Asking Price (live)	$4.07M
Rent Increases	Varies; some leases have flat primary-term rent with increases in renewal options; confirm in the lease
US Retail Locations	~9,000 (Dec. 31, 2025, Form 10-K)

CVS Pharmacy Business Snapshot

CVS was founded in 1963 in Lowell, Massachusetts as Consumer Value Stores; Stanley Goldstein was one of its founders. Its later parent, Melville Corporation, divested other retail chains in 1995 and 1996 and changed its name to CVS Corporation in November 1996. The company, now CVS Health Corporation, decided in 2014 to stop selling tobacco products, and its 2018 acquisition of Aetna added a health insurer to the pharmacy and pharmacy benefit businesses.

CVS Health reported total revenues of $402.1 billion for 2025, up 7.8% from $372.8 billion in 2024. As of December 31, 2025, the company had approximately 9,000 retail locations, including more than 7,000 CVS retail stores (about 4% of them owned) and about 1,870 pharmacies inside other retail chains, plus more than 1,000 walk-in and primary care medical clinics. Its pharmacy segment filled 1.8 billion prescriptions on a 30-day equivalent basis during the year, according to its 2025 Form 10-K. CVS Health trades on the New York Stock Exchange under the ticker CVS.

CVS Pharmacy Credit Rating & Financial Health

CVS Health Corporation’s long-term debt ratings are BBB (Stable) from S&P, Baa3 (Stable) from Moody’s and BBB (Negative) from Fitch, which our ratings database classifies as investment grade, with an outlook shown where our ratings database holds a sourced one. In its Form 10-Q for the quarter ended June 30, 2026, CVS Health said it believes the agencies considered, among other things, its capital structure and financial policies, its consolidated balance sheet, its historical acquisition activity and its expectations for future earnings and cash flows.

CVS stores are company-operated rather than franchised, but the lease tenant may be a CVS operating subsidiary rather than CVS Health Corporation, so confirm in the lease and guaranty whether CVS Health Corporation is the guarantor. For any CVS property, review the lease, the guaranty and a tenant estoppel to confirm which entity is liable for rent.

CVS Pharmacy Net Lease Structure & Economics

CVS lease structures vary. Listings we track include absolute NNN, NNN, double net (NN) and ground leases; under an NN lease the landlord keeps some property costs, such as roof and structure, depending on the lease, so confirm the expense split in each lease. CVS’s 2025 Form 10-K notes that some of its real estate leases use one fixed payment that already includes taxes, common area maintenance and insurance. CVS says it leases most of its stores with initial terms of typically 15 to 25 years and renewal options of up to five years each. Some CVS leases carry flat rent in the primary term, with any increases in the option periods, so confirm the rent schedule in each lease. Where primary-term rent is flat, the investment case rests on the credit, the remaining term and the real estate rather than on rent growth.

CVS Cap Rate & Pricing Trends

The median asking cap rate across current CVS listings is 6.50%, and the live table below compares it with other pharmacy and retail tenants. Pricing for a specific property depends on the remaining lease term, rent level, location and guarantor. As of October 8, 2026, CVS listings we track with 10 or more years remaining asked a median of 6.00% (43 listings), versus 7.00% for five to under 10 years (33) and 6.50% for under five years (16); 58 listings that state a cap rate but no remaining term are left out, and the small samples limit what this shows. Asking cap rates are not closed-sale cap rates.

CVS Pharmacy Real Estate Prototype & Site Selection

Site characteristics in the CVS listings InvestmentGrade.com tracks, plus the trade-area points that matter in underwriting:

• Building: as of October 8, 2026, the 153 listings that report building size had a median of 12,290 square feet and a middle half of 10,260 to 13,504 square feet (rounded to the nearest square foot)
• Site: as of October 8, 2026, the 145 listings that report lot size had a median of 1.54 acres and a middle half of 1.32 to 1.95 acres (rounded to two decimals)
• Trade area: underwrite traffic counts and household density, which drive prescription volume
• Co-tenancy: nearby grocery and medical office uses can support pharmacy traffic
• Clinics: CVS Health operated more than 800 MinuteClinic locations in the U.S. at December 31, 2025, according to its 2025 Form 10-K; this is a company footprint figure, so confirm whether a specific listed store has a clinic

CVS Store Footprint & Strategic Moves

CVS has been shrinking its store base. In the fourth quarter of 2021 it announced plans to close about 900 retail stores from 2022 through 2024, and it had closed about 900 by December 31, 2024 (2024 Form 10-K). In the third quarter of 2024 it planned 271 retail store closures for 2025, and during 2025 it closed 221 retail stores under that restructuring action; including other closures, it closed 243 locations and opened 87 during the year (2025 Form 10-K). In May 2025 CVS agreed to acquire the prescription files of certain Rite Aid pharmacies and to acquire and operate certain Rite Aid stores in Idaho, Oregon and Washington for $465 million, with the closings completed in the third quarter of 2025 (2025 Form 10-K); CVS said it acquired and now operates 63 former Rite Aid and Bartell Drugs stores in those states and bought the prescription files of 626 former Rite Aid and Bartell Drugs pharmacies in 15 states (CVS Health news release, October 15, 2025). CVS ended 2025 with approximately 9,000 retail locations. For landlords, the closures mean store-level performance and trade-area strength need underwriting alongside the CVS credit rating.

Pros & Cons for Investors

• Pros
  • Parent credit: our ratings database classifies CVS Health Corporation’s long-term debt ratings as investment grade; a lease may carry its guaranty, so confirm the tenant and guarantor in the lease
  • Large prescription business: CVS Health’s Pharmacy & Consumer Wellness segment filled 1.8 billion prescriptions on a 30-day equivalent basis in 2025 (Form 10-K)
  • Long initial lease terms with renewal options; some leases include rent increases in the option periods
• Cons
  • Leverage from the Aetna acquisition and Medicare Advantage margin pressure could weigh on ratings
  • Store closures raise dark-store risk in weaker trade areas
  • Where primary-term rent is flat, the lease offers no inflation protection until the option periods

Comparable-Tenant Benchmarks

Median asking prices from listings InvestmentGrade.com tracks, calculated from our listings database; the latest CVS listing observation is dated October 5, 2026. Asking prices are not closed-sale prices.

CVS NNN Cap Rates

Live asking cap rates for CVS and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 5, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.

How the live figures are counted: listings InvestmentGrade.com tracks that pass our net lease screen, are observed as active, are not marked under contract, contract pending, closed or on hold, are not suppressed, and ask at least $150,000 or show no price. Ground lease offerings are included without separate adjustment; listings that bundle several properties or tenants, leasehold interests, vacant or dark stores, land or owner-user sales, and listings with billboard, ATM or cell tower income are excluded. As of October 8, 2026, each of the 150 CVS listings with a cap rate in these figures states its asking cap rate; none is computed from income and price. The latest CVS listing observation is dated October 5, 2026. For CVS, the ratings shown are CVS Health Corporation long-term debt ratings, as reported in its Form 10-Q for the quarter ended June 30, 2026.

CVS Credit Rating FAQ