<ul>
<li>如果你在想，CVS Health 在最近的上涨后是否仍然是一个便宜的选择，或者你是否已经错过了最佳时机，这个分析将帮助你考虑当前价格是否合理。</li>
<li>该股票今年迄今已上涨约 77.0%，过去一年上涨 85.4%，尽管三年的回报仍略为负值。这表明市场在经历了一段长期表现不佳后，迅速重新评估了对 CVS 的预期。</li>
<li>最近，投资者一直在评估 CVS Health 在其医疗服务战略和过去收购整合方面的进展。这正在重塑市场对其长期盈利能力的看法。同时，围绕药品定价改革和报销压力的持续辩论继续影响市场情绪，为该股票带来了机遇和不确定性。</li>
<li>在这种背景下，CVS Health 目前在我们的评估中获得了 6/6 的估值评分，表明其在各方面都被视为低估。接下来，我们将逐步介绍不同的估值方法如何得出这一观点，并提供一种更直观的方式来思考该股票可能的价值。</li>
</ul>
<p>CVS Health 在过去一年中实现了 85.4% 的回报。看看这与其他医疗行业的表现相比如何。</p>
<h3>方法 1：CVS Health 折现现金流（DCF）分析</h3>
<p>折现现金流（DCF）模型通过预测公司未来能够产生的现金流并将这些现金流折现回现在，来估算公司今天的价值。</p>
<p>对于 CVS Health，该模型以过去 12 个月的自由现金流约为 61 亿美元为起点，并使用分析师预测和 Simply Wall St 的外推数据来预测增长。到 2029 年，年自由现金流预计将达到约 111 亿美元，预测将延续到未来几年，尽管现金流的增长速度会有所放缓。</p>
<p>这些未来现金流使用两阶段自由现金流折现到今天，得出每股约 225.24 美元的内在价值。与当前股价相比，这意味着该股票的交易价格大约低于其 DCF 价值的 65.2%。这表明市场对 CVS Health 的定价远低于其模型化的现金生成潜力。</p>
<p><strong>结果：低估</strong></p>
<p>我们的折现现金流（DCF）分析表明，CVS Health 被低估了 65.2%。将其添加到你的观察列表或投资组合中，或发现基于现金流的 915 只更多低估股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/dcf"/></p>
<p>截至 2025 年 12 月的 CVS 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出 CVS Health 的公允价值的更多细节。</p>
<h3>方法 2：CVS Health 市盈率与销售额</h3>
<p>对于像 CVS Health 这样的大型成熟医疗公司，市盈率与销售额（P/S）倍数是比较投资者为每美元收入支付多少的有用方式，特别是当利润率和收益可能受到一次性项目或会计噪音的影响时。</p>
<p>一般来说，较高的增长和较低的风险感知会使 “正常” P/S 倍数更高，而较慢的增长或较高的风险通常会导致较低的倍数。CVS Health 目前的 P/S 倍数约为 0.25 倍，远低于医疗行业平均水平约 1.34 倍，也远低于同行平均水平约 4.48 倍。</p>
<p>Simply Wall St 的公允比率框架估算了考虑到 CVS Health 的增长前景、利润率、行业定位、市值和风险特征，合理的 P/S 倍数。这得出了约 1.25 倍的公允比率，这比简单的同行或广泛行业比较更具针对性，因为它调整了公司特定的基本面，而不是假设它们都是相似的。由于该股票的交易价格约为 0.25 倍，而公允比率接近 1.25 倍，因此从销售的角度来看，该股票被视为明显低估。</p>
<p><strong>结果：低估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/ps-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/ps-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 NYSE:CVS P/S 比率</p>
<p>P/S 比率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1460 家内部人士正在大举押注于爆炸性增长的公司。</p>
<h3>提升你的决策能力：选择你的 CVS Health 故事</h3>
<p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向你介绍叙述，这是一种简单的方法，将你对 CVS Health 故事的看法与其未来收入、收益和利润率的明确预测联系起来，然后将其转化为一个公允价值，以便与今天的股价进行比较，帮助你做出决策。</p>
<p>在 Simply Wall St 的社区页面上，叙述易于使用，并随着新闻和收益的到来不断更新，因此故事、数字和公允价值都实时同步。</p>
<p>例如，一位投资者可能围绕医疗保险优势的利润恢复、基于价值的护理和数字整合构建一个看涨的 CVS Health 故事，支持每股接近 99 美元的公允价值。另一位可能采取更谨慎的观点，关注报销压力和监管风险，导致公允价值接近 70 美元。叙述帮助你清楚地看到这些不同假设如何驱动不同的估值，以便你可以决定哪个故事更适合你的观点。</p>
<p>你认为 CVS Health 的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1510" height="1044" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/quote-price"/></p>
<p>NYSE:CVS 1 年股票价格走势图</p>
<p>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不意图提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</p>
<p>国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

西维斯

<p>CVS Health 的股票今年迄今已上涨 77%，引发了对其估值的质疑。尽管过去表现不佳，但由于 CVS 的医疗保健战略和收购，市场的预期发生了变化。现金流折现分析表明，该股票被低估了 65.2%，每股公允价值为 225.24 美元。此外，CVS 的市销率显著低于行业平均水平，表明其被低估。投资者被鼓励考虑 CVS 的未来增长和估值故事</p>

<ul>
<li>If you are wondering whether CVS Health is still a bargain after its recent run, or if you have already missed the sweet spot, this breakdown will help you consider whether the current price makes sense.</li>
<li>The stock has climbed about 77.0% year to date and 85.4% over the last year, even though 3 year returns are still slightly negative. This suggests the market has rapidly rewritten its expectations for CVS after a long stretch of underperformance.</li>
<li>Recently, investors have been evaluating CVS Health's progress on its healthcare services strategy and the integration of past acquisitions. This is reshaping how the market views its long term earnings power. At the same time, ongoing debates around drug pricing reforms and reimbursement pressures continue to influence sentiment, adding both opportunity and uncertainty for the stock.</li>
<li>In that context, CVS Health currently earns a valuation score of 6/6 on our checks, indicating it screens as undervalued across the board. Next, we will walk through how different valuation approaches arrive at that view, followed by a more intuitive way to think about what the stock might be worth.</li>
</ul>
<div class="lb-trans"><ul>
<li>如果你在想，CVS Health 在最近的上涨后是否仍然是一个便宜的选择，或者你是否已经错过了最佳时机，这个分析将帮助你考虑当前价格是否合理。</li>
<li>该股票今年迄今已上涨约 77.0%，过去一年上涨 85.4%，尽管三年的回报仍略为负值。这表明市场在经历了一段长期表现不佳后，迅速重新评估了对 CVS 的预期。</li>
<li>最近，投资者一直在评估 CVS Health 在其医疗服务战略和过去收购整合方面的进展。这正在重塑市场对其长期盈利能力的看法。同时，围绕药品定价改革和报销压力的持续辩论继续影响市场情绪，为该股票带来了机遇和不确定性。</li>
<li>在这种背景下，CVS Health 目前在我们的评估中获得了 6/6 的估值评分，表明其在各方面都被视为低估。接下来，我们将逐步介绍不同的估值方法如何得出这一观点，并提供一种更直观的方式来思考该股票可能的价值。</li>
</ul>
</div><p>CVS Health delivered 85.4% returns over the last year. See how this stacks up to the rest of the Healthcare industry.</p>
<div class="lb-trans"><p>CVS Health 在过去一年中实现了 85.4% 的回报。看看这与其他医疗行业的表现相比如何。</p>
</div><h3>Approach 1: CVS Health Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法 1：CVS Health 折现现金流（DCF）分析</h3>
</div><p>A Discounted Cash Flow, or DCF, model estimates what a company is worth today by projecting the cash it can generate in the future and then discounting those cash flows back to the present.</p>
<div class="lb-trans"><p>折现现金流（DCF）模型通过预测公司未来能够产生的现金流并将这些现金流折现回现在，来估算公司今天的价值。</p>
</div><p>For CVS Health, the model starts with last twelve months Free Cash Flow of about $6.1 Billion and uses analyst forecasts plus Simply Wall St extrapolations to project growth. By 2029, annual Free Cash Flow is expected to reach roughly $11.1 Billion, with projections extending out over the following years as cash flows continue to rise, though at a moderating pace.</p>
<div class="lb-trans"><p>对于 CVS Health，该模型以过去 12 个月的自由现金流约为 61 亿美元为起点，并使用分析师预测和 Simply Wall St 的外推数据来预测增长。到 2029 年，年自由现金流预计将达到约 111 亿美元，预测将延续到未来几年，尽管现金流的增长速度会有所放缓。</p>
</div><p>Those future cash flows are discounted to today using a 2 Stage Free Cash Flow to Equity approach, producing an estimated intrinsic value of about $225.24 per share. Compared with the current share price, this implies the stock trades at roughly a 65.2% discount to its DCF value. This suggests the market is pricing CVS Health well below its modeled cash generation potential.</p>
<div class="lb-trans"><p>这些未来现金流使用两阶段自由现金流折现到今天，得出每股约 225.24 美元的内在价值。与当前股价相比，这意味着该股票的交易价格大约低于其 DCF 价值的 65.2%。这表明市场对 CVS Health 的定价远低于其模型化的现金生成潜力。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：低估</strong></p>
</div><p>Our Discounted Cash Flow (DCF) analysis suggests CVS Health is undervalued by 65.2%. Track this in your watchlist or portfolio, or discover 915 more undervalued stocks based on cash flows.</p>
<div class="lb-trans"><p>我们的折现现金流（DCF）分析表明，CVS Health 被低估了 65.2%。将其添加到你的观察列表或投资组合中，或发现基于现金流的 915 只更多低估股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/dcf" alt="" original-src="https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/dcf"/></p>
<p>CVS Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 CVS 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for CVS Health.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出 CVS Health 的公允价值的更多细节。</p>
</div><h3>Approach 2: CVS Health Price vs Sales</h3>
<div class="lb-trans"><h3>方法 2：CVS Health 市盈率与销售额</h3>
</div><p>For large, established healthcare companies like CVS Health, the price to sales, or P/S, multiple is a useful way to compare what investors are paying for each dollar of revenue, especially when margins and earnings can be affected by one time items or accounting noise.</p>
<div class="lb-trans"><p>对于像 CVS Health 这样的大型成熟医疗公司，市盈率与销售额（P/S）倍数是比较投资者为每美元收入支付多少的有用方式，特别是当利润率和收益可能受到一次性项目或会计噪音的影响时。</p>
</div><p>In general, higher growth and lower perceived risk justify a higher “normal” P/S multiple, while slower growth or elevated risk typically warrant a lower one. CVS Health currently trades on a P/S multiple of about 0.25x, which is far below the Healthcare industry average of roughly 1.34x and also well under the peer group average of around 4.48x.</p>
<div class="lb-trans"><p>一般来说，较高的增长和较低的风险感知会使 “正常” P/S 倍数更高，而较慢的增长或较高的风险通常会导致较低的倍数。CVS Health 目前的 P/S 倍数约为 0.25 倍，远低于医疗行业平均水平约 1.34 倍，也远低于同行平均水平约 4.48 倍。</p>
</div><p>Simply Wall St’s Fair Ratio framework estimates what P/S multiple would be reasonable for CVS Health, given its growth outlook, profit margins, industry positioning, market cap and risk profile. This produces a Fair Ratio of about 1.25x, which is more tailored than a simple comparison to peers or the broad industry because it adjusts for company specific fundamentals rather than assuming they are all alike. With the shares trading at roughly 0.25x against a Fair Ratio near 1.25x, the stock screens as materially undervalued on a sales based lens.</p>
<div class="lb-trans"><p>Simply Wall St 的公允比率框架估算了考虑到 CVS Health 的增长前景、利润率、行业定位、市值和风险特征，合理的 P/S 倍数。这得出了约 1.25 倍的公允比率，这比简单的同行或广泛行业比较更具针对性，因为它调整了公司特定的基本面，而不是假设它们都是相似的。由于该股票的交易价格约为 0.25 倍，而公允比率接近 1.25 倍，因此从销售的角度来看，该股票被视为明显低估。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：低估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/ps-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/ps-multiple-vs-industry"/></p>
<p>NYSE:CVS PS Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 NYSE:CVS P/S 比率</p>
</div><p>PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1460 companies where insiders are betting big on explosive growth.</p>
<div class="lb-trans"><p>P/S 比率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1460 家内部人士正在大举押注于爆炸性增长的公司。</p>
</div><h3>Upgrade Your Decision Making: Choose your CVS Health Narrative</h3>
<div class="lb-trans"><h3>提升你的决策能力：选择你的 CVS Health 故事</h3>
</div><p>Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple way to connect your view of CVS Health’s story with a clear set of forecasts for its future revenue, earnings and margins, and then translate that into a Fair Value you can compare to today’s share price to help inform your decision.</p>
<div class="lb-trans"><p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向你介绍叙述，这是一种简单的方法，将你对 CVS Health 故事的看法与其未来收入、收益和利润率的明确预测联系起来，然后将其转化为一个公允价值，以便与今天的股价进行比较，帮助你做出决策。</p>
</div><p>On Simply Wall St’s Community page, Narratives are easy to use and continuously updated as news and earnings arrive, so the story, the numbers and the Fair Value all move together in real time.</p>
<div class="lb-trans"><p>在 Simply Wall St 的社区页面上，叙述易于使用，并随着新闻和收益的到来不断更新，因此故事、数字和公允价值都实时同步。</p>
</div><p>For example, one investor might build a bullish CVS Health Narrative around Medicare Advantage margin recovery, value based care and digital integration that supports a Fair Value near $99 per share. Another might take a more cautious view focused on reimbursement pressure and regulatory risk that leads to a Fair Value closer to $70. Narratives help you see exactly how those different assumptions drive different valuations so you can decide which story you find more appropriate for your own view.</p>
<div class="lb-trans"><p>例如，一位投资者可能围绕医疗保险优势的利润恢复、基于价值的护理和数字整合构建一个看涨的 CVS Health 故事，支持每股接近 99 美元的公允价值。另一位可能采取更谨慎的观点，关注报销压力和监管风险，导致公允价值接近 70 美元。叙述帮助你清楚地看到这些不同假设如何驱动不同的估值，以便你可以决定哪个故事更适合你的观点。</p>
</div><p>Do you think there's more to the story for CVS Health? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>你认为 CVS Health 的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/quote-price" alt="" original-src="https://images.simplywall.st/company/4057ddde-021a-40b6-9326-26f2780b9766/chart/quote-price"/></p>
<p>NYSE:CVS 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>NYSE:CVS 1 年股票价格走势图</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不意图提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
</div>

2025 年 CVS Health 股票的上涨是否已经计入了其现金流潜力？