CVS Health Corp (CVS) is slightly overvalued and Unitedhealth Group Inc (UNH) is slightly undervalued.
Against our estimates of intrinsic value, UNH trades at the wider discount: a margin of safety of +15%, 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 8.4% (average of 3 methods) values the shares at $440.71; the price of $372.95 is 15% below that value, and 78% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
| Metric | CVS | UNH |
|---|---|---|
| Verdict | Slightly overvalued | Slightly undervalued |
| Price | $87.10 | $372.95 |
| Intrinsic value | $79.35 | $440.71 |
| Margin of safety | -10% | +15% |
| Leak Score | 36/100 (9/12) | 54/100 (10/12) |
| Market cap | $111.4B | $334.8B |
| Revenue growth, 5 years | 8.4% | 11.7% |
| Operating margin | 3.5% | 4.8% |
| Net margin | 1.2% | 3.1% |
| Return on equity | 6.2% | 14.6% |
| Debt to equity | 0.96 | 0.74 |
| P/E | 23.0x | 24.0x |
| Forward P/E | 10.2x | 16.6x |
| P/B | 1.4x | 3.4x |
| Dividend yield | 3.1% | 2.4% |