Cvs Health Corp
CVS高于价值15 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-03-31 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- +7.8%
- 净利率
- 0.4%
- ROE
- 2.4%
- FCF 利润率
- 1.9%
估值 · 价值带
高于合理价值
零增长底
$17
中枢 IV
$23
乐观上沿
$26
Cvs Health Corp（CVS）：保守价值带 $17–$26 / 股（零增长底到增速封顶的乐观上沿），中枢约 $23。今日价格高于这条带（价格 $104 截至 2026-07-31）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 最新盈利低于多年均值，价值带按更低的运行率计。
营收增 0%（历史下滑，封顶为零） · 护城河 0 年 · 折现 14.6% · 零增长下行 $17
价格截至 2026-07-31 · yahoo · DGS10 4.7% @ 2026-07-29.
方法与数字
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $21.38 – $25.97 · Greenwald 零增长 $26.31 · 零增长基准 $26.31 · 重置 $17.34
护城河 低于资产基础 · 终值占现值 26% · 所有者盈利收益率 3% 对 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$4.67 – $14.56 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：TTM 2026-03-31, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 103% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$22.80 – $26.31 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-03-31, 2024, 2023, 2022, 2021
v1 简化：Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 103% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 11.7 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
资产地板：Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
护城河读数：Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 TTM 2026-03-31, FY 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 11.7 年所有者盈利 → 加 4.0 个百分点风险溢价 → 实际 13.0%–15.0%。
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY TTM 2026-03-31, 2024, 2023, 2022, 2021 · Discount band: 13.17%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-07-29). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
估值口径：截至 2026-03-31 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 高于 30.0%（已超出常规区间）；公司过去营收年增 8.5%。
市场要它明显快过自己一贯的水平。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
15 位持有 · 合计 $6.07B · 本季 +1 新建 / -0 清仓
- 市值$3.72B权重（上季→本季）2.7% → 2.0% ▼
- 市值$989.2M权重（上季→本季）3.7% → 3.2% ▼
- 市值$879.1M权重（上季→本季）4.6% → 4.0% ▼
- 市值$194.8M权重（上季→本季）10.3% → 10.0% ▼
- 市值$97.5M权重（上季→本季）3.8% → 3.6% ▼
- 市值$50.4M权重（上季→本季）0.7% → 0.6% ▼
- 市值$45.6M权重（上季→本季）0.1% → 0.1% ▼
- 市值$44.4M权重（上季→本季）0.3% → 0.2% ▼
- 市值$35.5M权重（上季→本季）0.1% → 0.0% ▼
- 市值$4.8M权重（上季→本季）3.6% → 3.4% ▼
展开全部 15 位持有人 ▸收起 ▾
- 市值$3.6M权重（上季→本季）0.9% → 0.8% ▼
- 市值$1.4M权重（上季→本季）0.1% → 0.1% ▲
- 市值$680,279权重（上季→本季）新建 · 0.0%
- 市值$638,804权重（上季→本季）0.0% → 0.1% ▲
- 市值$340,786权重（上季→本季）0.0% → 0.0% ▼
SEC 13F · 说明
文字说明
文字说明
Cvs Health Corp（CVS）被 Compounder 追踪的 15 位超级投资者持有，合计申报市值 $6.07B。仓位最大的是 Dodge & Cox，占其组合 2.0%。
按市值，其他主要持有人包括 Richard Pzena（占其组合 3.2%），Christopher Davis（占其组合 4.0%） 和 Prem Watsa（占其组合 10.0%）。
最近一个季度，追踪范围内有 1 位新建 CVS 仓位，2 位加仓，9 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Cvs Health Corp（CVS）的这些人还共同重仓 →
看哪些股票相对价值带便宜。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-07-15 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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