CVS Health Corp (CVS) is slightly overvalued and Elevance Health Inc (ELV) is undervalued.
Against our estimates of intrinsic value, ELV trades at the wider discount: a margin of safety of +33%, against -10% for CVS.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $79.35; the price of $87.10 is 10% above that value, and 82% of that value comes from beyond year five.
Leak Score 36/100 on 9 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $602.54; the price of $402.43 is 33% below that value, and 80% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
| Metric | CVS | ELV |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $87.10 | $402.43 |
| Intrinsic value | $79.35 | $602.54 |
| Margin of safety | -10% | +33% |
| Leak Score | 36/100 (9/12) | 61/100 (10/12) |
| Market cap | $111.4B | $87.3B |
| Revenue growth, 5 years | 8.4% | 10.3% |
| Operating margin | 3.5% | 3.6% |
| Net margin | 1.2% | 2.5% |
| Return on equity | 6.2% | 11.2% |
| Debt to equity | 0.96 | 0.69 |
| P/E | 23.0x | 17.9x |
| Forward P/E | 10.2x | 13.6x |
| P/B | 1.4x | 1.9x |
| Dividend yield | 3.1% | 1.7% |