CVS Health (CVS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $111.3B, CVS Health's free cash flow of $7.8B (fiscal 2025) would need to grow about 1% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from CVS Health's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from CVS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from CVS Health's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| Net income | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| Free cash flow | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |
| EPS (diluted) | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 |
| Operating margin | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own CVS
From each investor's latest 13F filing (what a 13F shows). 14 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Trimmed | $5.2B | 2.7% | Q2 2026 |
| Richard Pzena Pzena Investment Management |
Trimmed | $1.2B | 3.6% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $883M | 0.73% | Q2 2026 |
| Larry Robbins Glenview Capital Management |
Trimmed | $499M | 9.1% | Q2 2026 |
| Andreas Halvorsen Viking Global Investors |
New position | $379M | 1.1% | Q2 2026 |
| Prem Watsa Fairfax Financial Holdings |
Held | $281M | 10.6% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $249M | 0.09% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $247M | 0.15% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Trimmed | $173M | 1.2% | Q2 2026 |
| John Rogers Ariel Investments |
Added | $76M | 0.75% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $48M | 0.11% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Trimmed | $35M | 0.05% | Q2 2026 |
Insider buying
Open-market purchases by CVS Health's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 20, 2026 | Michael T. Mccaul |
0 | $76.64 | — |
| Feb 20, 2026 | Michael T. Mccaul |
0 | $76.64 | — |
| Jan 29, 2026 | John Boozman |
0 | $74.33 | — |
| Jan 29, 2026 | John Boozman |
0 | $74.33 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $76.70 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $76.70 | — |
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In the full deep dive
Questions
What growth does CVS Health's stock price imply?
At a market value of $111.3B, CVS Health would need its free cash flow to grow about 1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -0% a year.
Are CVS Health insiders buying the stock?
6 open-market insider purchases of CVS in the last 12 months, from SEC Form 4 filings.
Which superinvestors own CVS Health?
14 of the superinvestors Investingly tracks hold CVS in their latest 13F, including Dodge & Cox, Richard Pzena, Hersh Cohen.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.