CVS Health (BSP:CVSH34) Beneish M-Score: -2.49 (As of Jun. 25, 2026)


BSP:CVSH34 CVS Health Corp BSP:CVSH34
68 GF Score
Price R$52.70
GF Value R$40.19
Valuation Significantly Overvalued
! 10 Warning Signs
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What is CVS Health Beneish M-Score?

CVS Health BSP:CVSH34 68 Beneish M-Score is -2.49 as of Jun. 25, 2026. GuruFocus rates BSP:CVSH34 with a GF Score™ of 68/100 and a GF Value™ of R$40.19 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 18 Healthcare Plans companies, CVS Health ranks worse than 55.56% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CVS Health's Beneish M-Score or its related term are showing as below:

BSP:CVSH34' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.52   Max: -2.2
Current: -2.49

During the past 13 years, the highest Beneish M-Score of CVS Health was -2.20. The lowest was -2.82. And the median was -2.52.

CVS Health Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CVS Health's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

CVS Health Beneish M-Score Chart

CVS Health Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.53 -2.44 -2.25 -2.48 -2.49

CVS Health Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.49 0.00

BSP:CVSH34 vs ELV, CI, HUM: Beneish M-Score Comparison

For the Healthcare Plans subindustry, CVS Health's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

CVS Health Beneish M-Score vs Healthcare Plans Industry

For the Healthcare Plans industry and Healthcare sector, CVS Health's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CVS Health's Beneish M-Score falls into.


BSP:CVSH34
68GF Score
CVS Health Corp BSP:CVSH34
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CVS Health Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of CVS Health for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0114+0.528 * 1.0013+0.404 * 0.9675+0.892 * 0.9644+0.115 * 0.9721
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.014755-0.327 * 1.0162
=-2.59

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was R$217,022 Mil.
Revenue was R$2,193,557 Mil.
Gross Profit was R$302,038 Mil.
Total Current Assets was R$407,617 Mil.
Total Assets was R$1,383,227 Mil.
Property, Plant and Equipment(Net PPE) was R$153,065 Mil.
Depreciation, Depletion and Amortization(DDA) was R$25,129 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$483,877 Mil.
Long-Term Debt & Capital Lease Obligation was R$404,513 Mil.
Net Income was R$9,646 Mil.
Gross Profit was R$-27,988 Mil.
Cash Flow from Operations was R$58,043 Mil.
 Total Receivables was R$222,497 Mil.
Revenue was R$2,274,508 Mil.
Gross Profit was R$313,598 Mil.
Total Current Assets was R$418,803 Mil.
Total Assets was R$1,544,865 Mil.
Property, Plant and Equipment(Net PPE) was R$176,545 Mil.
Depreciation, Depletion and Amortization(DDA) was R$28,046 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$516,200 Mil.
Long-Term Debt & Capital Lease Obligation was R$460,174 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(217022.29 / 2193556.932) / (222497.369 / 2274507.71)
=0.098936 / 0.097822
=1.0114

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(313597.501 / 2274507.71) / (302038.463 / 2193556.932)
=0.137875 / 0.137693
=1.0013

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (407617.17 + 153065.119) / 1383227.267) / (1 - (418803.145 + 176544.637) / 1544864.715)
=0.594656 / 0.614628
=0.9675

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2193556.932 / 2274507.71
=0.9644

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(28046.297 / (28046.297 + 176544.637)) / (25128.954 / (25128.954 + 153065.119))
=0.137085 / 0.14102
=0.9721

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 2193556.932) / (0 / 2274507.71)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((404512.876 + 483876.944) / 1383227.267) / ((460174.026 + 516199.509) / 1544864.715)
=0.642259 / 0.632012
=1.0162

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(9645.678 - -27987.741 - 58043.192) / 1383227.267
=-0.014755

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

CVS Health has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.49 mean?
CVS Health (BSP:CVSH34) has a Beneish M-Score of -2.49 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CVS Health and its competitors. According to the industry distribution chart, CVS Health ranks #10 out of 18 companies in the Healthcare Plans industry, placing it in the top 55.6%.
Is CVS Health's Beneish M-Score too high?
CVS Health's current Beneish M-Score is -2.49. Based on the distribution chart, CVS Health ranks #10 out of 18 companies in the Healthcare Plans industry, which is below the industry midpoint. Overall, CVS Health has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CVS Health's Beneish M-Score compare to ELV and CI?
According to the Healthcare Plans industry distribution chart, CVS Health ranks #10 out of 18 companies for Beneish M-Score. This places CVS Health in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Healthcare Plans company?
A good Beneish M-Score depends on the Healthcare Plans industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CVS Health and its competitors. CVS Health's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CVS Health stock overvalued right now?
Based on GuruFocus' analysis, CVS Health (BSP:CVSH34) is currently considered Significantly Overvalued. The stock's GF Value™ is R$40.19, compared to a current price of R$52.70 — trading 31.1% above its estimated fair value. The current Beneish M-Score is -2.49. CVS Health's overall GF Score™ is 68/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For CVS Health (BSP:CVSH34), the current Beneish M-Score is -2.49 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CVS Health (BSP:CVSH34) Overvalued in 2026?

Based on GuruFocus' analysis, CVS Health stock appears to be overvalued. The current stock price of R$52.70 is trading 31.1% above its estimated GF Value™ of R$40.19. GuruFocus considers CVS Health to be Significantly Overvalued.

Key valuation signals for BSP:CVSH34:

  • Beneish M-Score: -2.49
  • GF Value™: R$40.19 vs. price of R$52.70 (31.1% above fair value)
  • GF Score™: 68/100 with 10 warning signs

No single metric tells the full story. See the BSP:CVSH34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CVS Health Business Description

Address One CVS Drive, Woonsocket, RI, USA, 02895
CVS Health offers a diverse set of healthcare services. Its roots are in its retail pharmacy operations, where it operates around 9,000 stores primarily in the US. CVS is also a large pharmacy benefit manager (acquired through Caremark), processing about 2 billion adjusted claims annually. It operates a top-tier health insurer (acquired through Aetna) through which it serves about 27 million medical members. The acquisition of Oak Street Health added primary care services to the mix, which could have significant synergies with all existing business lines.
68GF Score

Get the complete analysis for BSP:CVSH34

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$52.70
Price
R$40.19
GF Value