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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. In the quarter to June 2026, revenue grew 1.40%, EPS fell 13.1%, free cash flow fell 9.01% and total debt rose 4.08%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten; insiders bought in the last twelve months.

428.26 0.17 −0.04%
Market cap
$92.9B
P/E
19.0×
Fwd P/E
20.3×
Dividend yield
1.60%
F-score
6/9
Altman Z
3.09
Beneish M
−2.26
Dividend safety
96/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 2.24
Total sells 1.74
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — 2 — — —
Sell — — — — 2 — 1 2 — — — —
Insider Ownership 0.29%

Capital & Financial Ratios $m

Market Cap 92,910.00
Revenue 201,113.00
Net Income 4,947.00
Free Cash Flow 6,289.00
Net Debt (6,470.00)
Current Ratio 1.52 (at or above 1.5: strong)
Debt/Equity 0.69
P/E ratio 19.03
Fwd P/E 20.30
P/S ratio 0.46
P/B ratio 2.06
Past 5Y EPS Growth 6.99%
This Y EPS Growth (10.06%) (below 0%: weak)
Next Y EPS Growth 8.77%
Next Y revenue growth (1.35%) (below 0%: weak)
Next 5Y EPS Growth 3.92%

Green and red mark values outside typical ranges. 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 77.77%
10-year low 10-year high
P/S against its own 10 years 20.49%
10-year low 10-year high
P/B against its own 10 years 34.39%
10-year low 10-year high
EV/Sales against its own 10 years 26.13%
10-year low 10-year high
EV/FCF against its own 10 years 54.81%
10-year low 10-year high

Dividends

Payout Ratio 0.31
Annual Dividend Rate 6.87
Annual Dividend Yield 1.60%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 6.89
1.72
1.72
1.72
2025 6.84
1.71
1.71
1.71
1.71
2024 6.52
1.63
1.63
1.63
1.63
2023 5.92
1.48
1.48
1.48
1.48
2022 5.12
1.28
1.28
1.28
1.28
2021 4.52
1.13
1.13
1.13
1.13
2020 3.80
0.95
0.95
0.95
0.95
2019 3.20
0.80
0.80
0.80
0.80
2018 3.00
0.75
0.75
0.75
0.75
2017 2.70
0.65
0.65
0.70
0.70
2016 2.60
0.65
0.65
0.65
0.65
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 36,369 34,681 36,115 37,514
Receivables 17,865 19,071 21,542 23,392
Inventory — — — —
Other 5,795 5,190 5,344 6,278
60,029 58,942 63,001 67,184
2023 2024 2025 Q'26
Payables 23,021 22,673 24,406 25,095
ST’ Debt 1,649 1,649 1,099 375
Other 9,894 10,182 10,255 13,681
41,791 40,581 41,035 44,254

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%

Revenue $m

Mar Jun Sep Dec Year
’26 50,181 50,474 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 8.00 6.71 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 114.85 140.50 215.52 227.16 171.03 286.04 420.73 412.00 362.21 273.71

Analyst estimates 2026–2028

Powerpack
High 148.26 236.39 300.57 317.99 338.20 470.02 549.52 511.97 567.26 458.75
People
People Employees 53,000 56,000 63,900 70,600 83,400 98,200 102,300 104,900 104,200 97,100
Revenue/emp, $m 1.60 1.61 1.44 1.48 1.46 1.41 1.53 1.63 1.70 2.05
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
Gross margin, % 21.24 19.77 21.94 19.61 20.41 18.16 17.19 17.34 16.78 14.93
EBT 4,555 3,964 5,068 5,985 6,238 7,995 7,600 7,715 7,904 6,710
EBT margin, % 5.37 4.40 5.50 5.74 5.12 5.77 4.85 4.50 4.47 3.37
Net income 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971 5,661
Depreciation 912 891 1,132 1,133 1,154 1,302 1,675 1,745 1,393 1,546
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
Earnings 9.21 14.35 14.19 18.47 17.98 24.73 24.81 25.22 25.68 25.21
Cash flow 12.44 16.00 14.83 23.72 42.62 34.31 35.00 34.17 25.07 19.15
Capex (2.22) (3.02) (4.68) (4.22) (4.07) (4.46) (4.80) (5.49) (5.42) (4.98)
Free cash flow 10.22 12.98 10.15 19.51 38.54 29.85 30.20 28.68 19.65 14.17
Book value 95.48 101.35 110.58 124.18 132.37 148.19 151.38 167.04 178.79 196.54
Shares, m 263 262 258 256 251 244 240 236 232 224
Valuation, ×
Valuation, × P/E 15.55 15.74 18.50 16.38 17.93 18.75 20.26 19.02 14.40 13.96
P/S 0.44 0.66 0.74 0.74 0.66 0.82 0.77 0.66 0.48 0.39
P/B 1.50 2.23 2.38 2.43 2.43 3.13 3.32 2.87 2.06 1.78
EV/Sales 0.34 0.59 0.69 0.68 0.57 0.74 0.70 0.59 0.46 0.37
EV/FCF 10.85 15.53 24.10 14.23 7.22 14.12 15.19 15.00 17.94 23.41
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
Capex (584) (791) (1,208) (1,077) (1,021) (1,087) (1,152) (1,296) (1,256) (1,116)
Free cash flow 2,686 3,394 2,619 4,984 9,667 7,277 7,247 6,765 4,552 3,174
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
Total debt 15,287 18,657 18,066 19,385 20,035 22,756 23,849 24,895 30,867 31,896
Net debt (8,516) (6,400) (4,678) (6,237) (10,698) (10,272) (10,443) (11,474) (3,814) (4,219)
Shareholders’ equity 25,100 26,503 28,541 31,728 33,199 36,128 36,330 39,405 41,426 44,026
Returns, %
Returns, % ROA 3.90 5.67 5.28 6.45 5.57 6.69 5.89 5.66 5.30 4.75
ROIC 19.89 15.50 15.27 16.51 19.60 21.31 20.40 19.57 15.10 12.74
ROE 10.26 14.89 13.63 15.95 14.08 17.77 16.27 15.81 14.80 13.25
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $365.0B 25.8× 23.3× −0.41% (below 0%: shrinking) +61.50% (above 0%: growing) −15.65% (below 0%: shrinking) 100.00% 5.82% Compare
CVS CVS Health Corporation $118.4B 24.1× 15.4× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43% Compare
ELV Elevance Health, Inc. $92.9B 19.0× 20.3× +1.40% (above 0%: growing) −13.08% (below 0%: shrinking) −9.01% (below 0%: shrinking) 15.77% 4.56%
CI Cigna Group $79.0B 12.5× 11.4× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $51.9B 38.8× 42.9× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $34.8B — (loss-making) 24.8× +9.92% (above 0%: growing) n/m +116.61% (above 0%: growing) 8.59% 2.24% Compare
MOH Molina Healthcare, Inc $11.1B — (loss-making) 55.0× −4.84% (below 0%: shrinking) −74.95% (below 0%: shrinking) +5.81% (above 0%: growing) 13.19% 1.33% Compare
OSCR Oscar Health, Inc. $10.3B 18.6× 29.7× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.5B — (loss-making) 292× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $43.4B 24.1× 27.3× +8.59% +27.88% +91.77% 21.42% 3.75%

All 12 Healthcare Plans stocks →

ELV metrics, ten years each

Elevance Health, Inc. (ELV) key facts

  • Concern: Net income was $5.7 billion, or $25.21 per share (basic), a net margin of 2.84%.
  • Strength: Elevance Health, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $199.1 billion, up 12.5% from fiscal 2024.
  • Elevance Health, Inc. (ELV) is a Healthcare Plans company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ELV traded at $428.26, a market capitalization of $92.9 billion.
  • At that price the stock trades at 19.0× trailing-twelve-month earnings and 0.5× sales; its P/E is higher than 78% of its own readings over the past ten years.
  • Elevance Health, Inc. pays an annual dividend of $6.87 per share, a yield of 1.60%, with a payout ratio of 30.5%.
  • Return on equity was 13.3% and debt-to-equity 0.69.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.09 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Elevance Health, Inc. (ELV) Latest News

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stockrow.com/ELV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com