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CVS Health Corp. — Intrinsic Value & Fair Price

CVS
NYSEHealthcareMedical - Healthcare PlansCIK 0000064803cvshealth.comAbout CVS
Last close · Oct 16, 202692.36−0.22 (−0.24%)
Market cap$118.1B
Model value · DCF · Perpetuity growth · 5y
17.75
CVS Health closed at $92.36 — overvalued by 420% vs model.
17.75the model's range108.43

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
21.39 – 200.57
Wall St. target
112.00 18% below
Above model, 1y
16 of 21 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $92.36 · as of Oct 17, 2026
DCF · Perpetuity growth · 5yused—17.75420% overvaluedDCF · Perpetuity growth · 10y—21.39332% overvaluedDCF · EBITDA exit · 5y23.53 – 95.5756.5263% overvaluedDCF · EBITDA exit · 10y19.59 – 102.5154.8268% overvaluedP/E · peers51.56 – 219.8775.7522% overvaluedP/E · own history73.72 – 109.2584.739% overvaluedPEG—200.5754% undervaluedEV/EBITDA · peers19.50 – 74.0557.2061% overvaluedEV/Revenue · peers46.46 – 148.9883.2911% overvaluedEarnings power value49.82 – 104.0570.8630% overvaluedDividend discount41.40 – 105.0061.4650% overvaluedWall St. consensus target—112.0018% belowCost of capital (WACC)—6.70%—

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input. The price is 420% above the model value: the models see only the filed business, and a company priced on businesses with no revenue line yet is better taken apart, as Tesla is.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.88%
Past 2 years
low 2.41%high 6.08%
Dividends per share, a year at a time
$2.00Jul ’21$2.15Jul ’22$2.37Jul ’23$2.60Jul ’24$2.66Jul ’25$2.66TTM
Dividends / free cash flow, FY2025
43.5%
Raised
—
Growth, 5 yrs
5.9% a year
Last change
+9.9% · Jan 2024
Every payment, with ex-dates · latest $0.665, paid Aug 3, 2026

Research on CVS

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How it is valued

Valued asMature & stable
Low/slowing growth (~6% recent)Thin margins (0.4% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (6.6%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
66.4×
EV / EBITDA
17.7×
FCF yield
6.7%
Dividend yield, TTM
2.88%
Beta
0.60
Cost of capital (WACC)
6.70%
Full financials

Superinvestors

13F · Q2 2026
All 12 holders

Analyst actions

third-party, quoted
10-12Leerink Partners · target112.00
09-09BMO Capital · target112.00
09-09Bernstein · target112.00
03-12Bernstein · “Outperform” from “Market Perform”upgrade
Ratings, targets and estimates

Recent

filings, insider trades and key news
60 filings · 40 insider transactions

Comparable companies

by business, not by industry label
CICignaUNHUnitedHealthELVElevance HealthHUMHumanaCNCCenteneMCKMcKesson
2 more companies list CVS as a comparable
CAHCardinal HealthCORCencora
Side by side:vs UNH

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just CVS. No account.

About CVS Health

CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and Other. The Health Care Benefits segment operates as a health care benefits provider. The Health Services segment offers a full range of PBM solutions, delivers health care services in its medical clinics, virtually, and in the home. The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations. The Corporate and Other Segment is involved in management and administrative expenses. The company was founded by Stanley P. Goldstein and Ralph Hoagland in 1963 and is headquartered in Woonsocket, RI.

CEO
J. David Joyner
Headquarters
Woonsocket, RI
Employees
259,500
IPO
1973-02-21
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.