Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder and interrupting as usual. We have read CVS Health's 10-Q for the quarter ended June 30, 2026, filed this week, along with the earnings release and call commentary. Let us say up front what the market is celebrating: this was a genuinely good quarter. Net income nearly tripled to $2.98 billion, the Aetna insurance operation is healing fast, management raised full-year adjusted EPS guidance by sixty cents to $7.90–$8.10, and the stock — at roughly $97 — trades at about 12 times that figure. And yet our rating is two stars.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 8-K (2026-05-18), 10-Q (2026-05-06).
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