Cvs Health Corp
CVS高于价值13 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 2026-06-30 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
$20
中枢 IV
$39
乐观上沿
$45
Cvs Health Corp（CVS）：保守价值带 $20–$45 / 股（零增长底到增速封顶的乐观上沿），中枢约 $39。今日价格高于这条带（价格 $92 截至 2026-10-16）。
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 10 年 · 折现 13.0% · 零增长下行 $20
价格截至 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
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 $35.25 – $42.41 · Greenwald 零增长 $44.67 · 零增长基准 $44.67 · 重置 $19.15
护城河 特许经营（护城河） · 终值占现值 29% · 所有者盈利收益率 5% 对 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)$20.43 – $33.28 / 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 2026-06-30, 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 114% (> 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$37.92 – $44.67 / 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 11.2–13.2% band (9–11% base + 2.2pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-06-30, 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 114% (> 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 2.2pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 7.5 years of owner earnings, adding 2.2pp 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.
假设一般护城河 · 竞争优势期约 10 年。
增长价值无法评估 — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
窗口 TTM 2026-06-30, 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 7.5 年所有者盈利 → 加 2.2 个百分点风险溢价 → 实际 11.2%–13.2%。
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 11.83%–14.23% (DGS10 +4.5% to a 12% strict end, each +2.23pp for leverage premium, as of 2026-10-15). 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 2026-06-30 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 17.8%；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。
粗略地说，现价要它按历史营收增速再增长约 27 年，才刚好撑得起。
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
13 位持有 · 合计 $8.62B · 本季 +1 新建 / -2 清仓
- 市值$5.17B权重（上季→本季）2.0% → 2.7% ▲
- 市值$1.23B权重（上季→本季）4.0% → 5.3% ▲
- 市值$1.22B权重（上季→本季）3.2% → 3.6% ▲
- 市值$379.0M权重（上季→本季）新建 · 1.1%
- 市值$280.5M权重（上季→本季）10.0% → 10.6% ▲
- 市值$127.8M权重（上季→本季）3.6% → 4.2% ▲
- 市值$75.5M权重（上季→本季）0.6% → 0.8% ▲
- 市值$56.0M权重（上季→本季）0.1% → 0.1% ▲
- 市值$45.6M权重（上季→本季）0.2% → 0.2% ▼
- 市值$34.7M权重（上季→本季）0.0% → 0.0% ▼
展开全部 13 位持有人 ▸收起 ▾
- 市值$5.7M权重（上季→本季）3.4% → 4.2% ▲
- 市值$529,136权重（上季→本季）0.1% → 0.0% ▼
- 市值$490,870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 13 位超级投资者持有，合计申报市值 $8.62B。仓位最大的是 Dodge & Cox，占其组合 2.7%。
按市值，其他主要持有人包括 Christopher Davis（占其组合 5.3%），Richard Pzena（占其组合 3.6%） 和 Andreas Halvorsen（占其组合 1.1%）。
截至 2026-06-30 的这一季，追踪范围内有 1 位新建 CVS 仓位，1 位加仓，8 位减仓，2 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。另有 1 位投资人已提前提交截至 2026-09-30 的申报，表中他们的持仓按这份更新的申报列出；本页的动向统计只计 2026-06-30 季度的申报。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 · 2026-08-14 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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