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Elevance Health, Inc.

ELV Healthcare Healthcare Plans

Elevance Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $199.1 billion, up 12.5% from fiscal 2024.

Revenue
+1.42%
EPS
+17.9%
Free cash flow
+29.0%
Total debt
−3.65%

Quarter to September 2026, against a year earlier

425.62 6.38 −1.48%
Market cap
$93.3B
P/E
18.2×
Fwd P/E
19.0×
Dividend yield
1.61%
F-score
6/9
Altman Z
3.09
Beneish M
−2.26
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segments

Every year since 2022 →

Insider Decisions last twelve months

Bought, $m 2.24
Sold, $m 6.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — 2 — — — —
Sell — — — 2 — 1 2 — — — 1 —
Insider Ownership 0.48%

Capital & Financial Ratios $m

Size
Market Cap 93,340.00
Revenue ttm 201,831.00
Net income ttm 5,103.00
Free cash flow ttm 6,514.00
Net debt Q (7,089.00)
Valuation
P/E 18.17
Forward P/E 19.00
Price / sales 0.46
Forward P/S Powerpack
Price / FCF 14.16
Price / book 2.06
Financial health
Current ratio Q 1.47
Debt / equity Q 0.69
Interest coverage Q 6.01
Growth
Revenue growth Q +1.42% (above 0%: growing)
Operating income growth Q +22.48% (above 0%: growing)
EPS, this year −4.09% (below 0%: weak)
EPS, next year A +4.12%
Revenue, next year A −0.14% (below 0%: weak)
EPS, past 5 yrs +6.99%
EPS, next 5 yrs A +4.55%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2016 to 0.8× in 2019.
P/E against its own 10 years 64.74%
10-year low 10-year high
P/S against its own 10 years 19.32%
10-year low 10-year high
P/B against its own 10 years 34.13%
10-year low 10-year high
EV/Sales against its own 10 years 24.96%
10-year low 10-year high
EV/FCF against its own 10 years 50.04%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.61%
Annual rate
6.87
Payout ratio
29.3%
Growth, 2017–25
+12.3%/yr
  1. 2.70 ’17
  2. 3.00 ’18 +11
  3. 3.20 ’19 +7
  4. 3.80 ’20 +19
  5. 4.52 ’21 +19
  6. 5.12 ’22 +13
  7. 5.92 ’23 +16
  8. 6.52 ’24 +10
  9. 6.84 ’25 +5
  10. 6.86 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 36,369 34,681 36,115 37,846
Receivables 17,865 19,071 21,542 24,573
Inventory — — — —
Other 5,795 5,190 5,344 6,105
60,029 58,942 63,001 68,524
2023 2024 2025 Q'26
Payables 23,021 22,673 24,406 26,753
ST’ Debt 1,649 1,649 1,099 375
Other 9,894 10,182 10,255 15,262
41,791 40,581 41,035 46,662

Compound Annual Growth %

10y 5y 3y
Sales 9.66% 10.32% 8.34%
Cash Flow 0.18% (16.69%) (20.06%)
Earnings 8.26% 4.37% (1.33%)
Book Value 6.69% 5.81% 6.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.66 Actual 6.99

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.11 3.33 Beat by 0.22
Q1 FY26 10.68 12.58 Beat by 1.90
Q2 FY26 6.18 7.45 Beat by 1.27
Q3 FY26 4.66 6.99 Beat by 2.33
Q4 FY26 2.25 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 8.00 6.71 6.27 — —
’25 9.61 7.72 5.32 2.47 25.21
’24 9.59 9.85 4.36 1.81 25.68
’23 8.30 7.79 5.45 3.63 25.22
’22 7.39 6.79 6.68 3.93 24.81
’21 6.71 7.25 6.13 4.63 24.73
’20 5.94 8.91 0.87 2.19 17.98
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 50,181 50,474 51,429 — —
’25 48,891 49,776 50,711 49,747 199,125
’24 42,577 43,886 45,106 45,442 177,011
’23 42,172 43,672 42,849 42,647 171,340
’22 38,095 38,632 39,939 39,929 156,595
’21 32,385 33,851 35,822 36,581 138,639
’20 29,621 29,264 31,158 31,824 121,867
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,332 1,913 1,267 — —
’25 1,017 2,054 1,135 84 4,290
’24 1,978 447 2,677 706 5,808
’23 6,469 1,950 2,613 (2,971) 8,061
’22 2,541 2,452 4,924 (1,518) 8,399
’21 2,505 1,683 2,504 1,672 8,364
’20 2,515 5,510 (1,150) 3,813 10,688
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4,097 1,626 1,000 — —
’25 821 1,787 775 (209) 3,174
’24 1,699 124 2,345 384 4,552
’23 6,168 1,600 2,294 (3,297) 6,765
’22 2,287 2,157 4,619 (1,816) 7,247
’21 2,301 1,398 2,246 1,332 7,277
’20 2,311 5,277 (1,456) 3,535 9,667
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 0.7% a year for ten years. It grew 2.2% a year over the last ten.

Implied
0.7%
10 years, reported
2.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 84,863 90,040 92,105 104,213 121,867 138,639 156,595 171,340 177,011 199,125 201,831 +9.9% 198,847 203,748 212,179 +2.1%
Gross margin, % 21.24 19.77 21.94 19.61 20.41 18.16 17.19 17.34 16.78 14.93 15.47 (6.3) pt
EBT 4,555 3,964 5,068 5,985 6,238 7,995 7,600 7,715 7,904 6,710 6,250 +4.4%
EBT margin, % 5.37 4.40 5.50 5.74 5.12 5.77 4.85 4.50 4.47 3.37 3.10 (2.0) pt
Net income 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971 5,661 5,103 +9.7%
Per share, $
Per share, $ Revenue 322.80 344.32 356.86 407.88 485.91 568.66 652.48 726.32 763.97 888.95 931.81 +11.9%
Earnings 9.21 14.35 14.19 18.47 17.98 24.73 24.81 25.22 25.68 25.21 23.45 +11.8%
Cash flow 12.44 16.00 14.83 23.72 42.62 34.31 35.00 34.17 25.07 19.15 35.07 +4.9%
Capex (2.22) (3.02) (4.68) (4.22) (4.07) (4.46) (4.80) (5.49) (5.42) (4.98) (5.00) +9.4%
Free cash flow 10.22 12.98 10.15 19.51 38.54 29.85 30.20 28.68 19.65 14.17 30.07 +3.7%
Book value 95.48 101.35 110.58 124.18 132.37 148.19 151.38 167.04 178.79 196.54 206.81 +8.4%
Shares, m 263 262 258 256 251 244 240 236 232 224 219 (1.8%)
Valuation, ×
Valuation, × P/E 15.55 15.74 18.50 16.38 17.93 18.75 20.26 19.02 14.40 13.96 18.17 17.0
P/S 0.44 0.66 0.74 0.74 0.66 0.82 0.77 0.66 0.48 0.39 0.46 0.6
P/B 1.50 2.23 2.38 2.43 2.43 3.13 3.32 2.87 2.06 1.78 2.06 2.4
EV/Sales 0.34 0.59 0.69 0.68 0.57 0.74 0.70 0.59 0.46 0.37 0.42 0.6
EV/FCF 10.85 15.53 24.10 14.23 7.22 14.12 15.19 15.00 17.94 23.41 13.08 15.8
Cash, $m
Cash, $m Operating cash flow 3,270 4,185 3,827 6,061 10,688 8,364 8,399 8,061 5,808 4,290 7,596 +3.1%
Capex (584) (791) (1,208) (1,077) (1,021) (1,087) (1,152) (1,296) (1,256) (1,116) (1,082) +7.5%
Free cash flow 2,686 3,394 2,619 4,984 9,667 7,277 7,247 6,765 4,552 3,174 6,514 +1.9%
Balance, $m
Balance, $m Working capital 13,021 12,907 12,356 15,501 16,298 16,237 15,921 18,238 18,361 21,966 21,862 +6.0%
Net debt (8,516) (6,400) (4,678) (6,237) (10,698) (10,272) (10,443) (11,474) (3,814) (4,219) (7,089) (7.5%)
Shareholders’ equity 25,100 26,503 28,541 31,728 33,199 36,128 36,330 39,405 41,426 44,026 44,794 +6.4%
Returns, %
Returns, % ROA 3.90 5.67 5.28 6.45 5.57 6.69 5.89 5.66 5.30 4.75 4.10 +0.9 pt
ROIC 19.89 15.50 15.27 16.51 19.60 21.31 20.40 19.57 15.10 12.74 12.76 (7.1) pt
ROE 10.26 14.89 13.63 15.95 14.08 17.77 16.27 15.81 14.80 13.25 11.56 +3.0 pt
People
People Employees 53,000 56,000 63,900 70,600 83,400 98,200 102,300 104,900 104,200 97,100 — +7.0%
Revenue/emp, $m 1.60 1.61 1.44 1.48 1.46 1.41 1.53 1.63 1.70 2.05 — +2.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Elevance Health is a U.S. health company founded in 1940 and headquartered in Indianapolis. It provides health insurance plans and healthcare-related services through three principal brands: Anthem Blue Cross and Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon.

Its Health Benefits business sells managed-care plans to individuals, employers, Medicare beneficiaries, Medicaid participants and federal employees. In a risk-based plan, the member or employer pays a premium and Elevance is responsible for covered medical costs. In fee-based arrangements, employers retain much of the insurance risk while Elevance provides administration, claims processing, provider-network access, medical management and related services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segments 199,125 100.00%
Gross margin 14.93%
Operating margin 4.07%
Pre-tax margin 3.37%

Revenue by segment since 2022

Elevance Health, Inc. vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNH UnitedHealth Group Incorporated $354.6B 22.5× 20.4× −0.41% (below 0%: shrinking) +76.06% (above 0%: growing) −15.65% (below 0%: shrinking) 19.53% 5.82% Compare
CVS CVS Health Corporation $104.0B 9.6× 11.8× +5.37% (above 0%: growing) n/m +3,886.73% (above 0%: growing) 43.56% 3.29% Compare
ELV Elevance Health, Inc. $93.3B 18.2× 19.0× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18%
CI Cigna Group $79.7B 12.9× 11.9× +5.64% (above 0%: growing) −21.63% (below 0%: shrinking) −18.12% (below 0%: shrinking) 88.47% 3.25% Compare
HUM Humana Inc. $49.5B 41.9× 64.4× +26.05% (above 0%: growing) −16.67% (below 0%: shrinking) +158.73% (above 0%: growing) 11.74% 0.18% Compare
CNC Centene Corporation $36.7B 23.5× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $11.3B — (loss-making) 60.8× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $10.2B 11.0× 15.9× +72.11% (above 0%: growing) n/m −24.47% (below 0%: shrinking) 17.64% 3.46% Compare
PGNY Progyny, Inc. $2.6B 30.1× 26.4× +8.91% (above 0%: growing) +115.25% (above 0%: growing) +2.72% (above 0%: growing) 24.54% 10.31% Compare
Median of peers $43.1B 22.5× 18.9× +5.51% −16.67% −16.88% 18.59% 3.27%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • CFO Mark Kaye said Medicaid rate actions, Medicare Advantage execution and improved Individual ACA claims experience helped third-quarter results exceed Elevance Health’s outlook.
  • CEO Gail Boudreaux said Elevance expects 2027 earnings growth to come from health benefits margin improvement, broader adoption of Carelon’s solutions and greater operating efficiency.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.55%
Held by the ten largest 43.41%
Holder Shares Stake Change
Vanguard 22.51m 10.38% −519.73k
BlackRock 18.99m 8.76% −896.02k
State Street 10.43m 4.81% +137.91k
Wellington Management 9.21m 4.25% +984.98k
First Eagle Investment Management, LLC 8.38m 3.86% +4.24m
Sanders Capital 5.83m 2.69% −69.28k
Geode Capital Management 5.17m 2.38% −26.58k
HARRIS ASSOCIATES L P 4.80m 2.22% +145.59k
Artisan Partners Limited Partnership 4.58m 2.11% −545.95k
Invesco 4.23m 1.95% −583.18k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 22.58m 18.79m 117.00
2024 20.47m (3.96m) 121.00
2023 21.89m 16.22m 152.00
2022 20.93m 35.26m 163.00
2021 19.35m 50.43m 146.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Elevance Health, Inc. (ELV) Latest News

5 Nov

Impact 3 · · Trefis

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

26 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · StockStory
Impact 4 · · The Motley Fool

21 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · InvestorsHub earnings
Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 4 · · healthcaredive.com
Impact 4 · · Investing.com earnings
Impact 4 · · StockStory
Impact 4 · · Zacks earnings
Impact 4 · · Associated Press
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks

20 Oct

Impact 3 · · StockStory

19 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

ELV metrics, ten years each

stockrow.com/ELV · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com