What is CVS HEALTH Corp worth?
With the base-case assumptions below, a discounted cash flow model on CVS HEALTH Corp's reported free cash flow gives $99.44 per share. The share price was $89.01 on November 10, 2026, 10% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 3.5% | 10.0% | $47.42 | -47% |
| Base | 8.5% | 9.0% | $99.44 | +12% |
| Bull | 13.5% | 8.0% | $203.14 | +128% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $138.33 | $150.27 | $164.86 | $183.10 | $206.55 |
| 8.0% | $109.26 | $117.00 | $126.15 | $137.13 | $150.55 |
| 9.0% | $88.04 | $93.33 | $99.44 | $106.56 | $114.98 |
| 10.0% | $71.89 | $75.65 | $79.92 | $84.79 | $90.42 |
| 11.0% | $59.20 | $61.96 | $65.05 | $68.52 | $72.45 |
Where the presets come from
Base: years 1 to 5 grow at CVS HEALTH Corp's revenue growth rate over the last 5 fiscal years (8.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions