A Business at a Glance
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Elevance Health, Inc.
ELV
$84.8B
Mkt Cap
$377.68
-0.43%
Elevance Health, Inc. (ELV) has a current P/E ratio of 15.0, compared to its historical median P/E of 15.8. The stock is currently considered Fair based on its historical valuation range.
Elevance Health, Inc. (ELV) has a 5-year average return on invested capital (ROIC) of 9.6%. This is below average and may indicate limited pricing power.
Elevance Health, Inc. (ELV) has a market capitalization of $82.1B. It is classified as a large-cap stock.
Yes, Elevance Health, Inc. (ELV) pays a dividend with a trailing twelve-month yield of 1.85%. The company also returns capital through share buybacks, with a buyback yield of 3.47%.
Based on historical P/E analysis, Elevance Health, Inc. (ELV) appears fair. The current P/E of 15.0 is 5% below its historical median of 15.8. The estimated fair value CAGR (P/E method) is 8.4%.
Elevance Health, Inc. (ELV) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
Elevance Health, Inc. (ELV) reported annual revenue of $199.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Elevance Health is one of the largest health insurers in the United States, serving approximately 45.2 million medical members through affiliated health plans as of December 31, 2025, and operates across four reportable segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. The company generates revenue through risk-based premiums from Individual, Employer Group, Medicaid, and Medicare markets; administrative fees from self-funded employers; and pharmacy and health service fees through its Carelon businesses, with approximately 32% of consolidated revenues derived from federal government agencies in 2025. The Health Benefits segment offers comprehensive managed care plans and administrative services across multiple markets, while CarelonRx provides integrated pharmacy services including home delivery, specialty pharmacies, and ambulatory infusion centers, and Carelon Services delivers whole-health solutions combining physical, behavioral, pharmacy, and social-care capabilities to both internal and external customers. The company operates as an independent licensee of the Blue Cross and Blue Shield Association, conducting business under the Anthem Blue Cross, Anthem Blue Cross and Blue Shield, Wellpoint, Carelon, and other brands across all 50 states, the District of Columbia, and Puerto Rico. Elevance's business model emphasizes local market presence combined with national scale, disciplined pricing and underwriting, value-based payment models that align provider incentives with quality outcomes, and integrated medical and pharmacy management to control costs and improve health outcomes for its diverse membership base.
【Disciplined execution and margin stabilization】 Management is focused on executing a strategy to lower healthcare costs and simplify member navigation through targeted cost management initiatives, improved care coordination using advanced analytics, and disciplined pricing approaches across all business lines. The company expects to manage elevated medical cost trends through enhanced clinical oversight, proactive member interventions, and provider enablement programs, with confidence in achieving its full-year operating margin guidance despite near-term membership headwinds in Medicare Advantage, Medicaid, and employer group risk segments. Looking beyond 2026, management expects to return to at least 12% adjusted earnings per share growth in 2027 off the revised 2026 earnings baseline, supported by the earnings power of its diversified platform and the scaling of Carelon's capabilities, while maintaining disciplined capital allocation and targeted investments in technology, digital capabilities, and operational efficiency.
| Metric | Target | Period |
|---|---|---|
| Adjusted diluted earnings per share | at least $26.75 | FY2026 |
| Operating cash flow | at least $5.5 billion | FY2026 |
| Medicaid operating margin | approximately -1.75% | FY2026 |
| Medicare operating margin | at least 2% | FY2026 |
| Medicaid membership decline | high single-digit % range | FY2026 |
| Adjusted EPS growth | at least 12% | FY2027 |
Adjusted diluted earnings per share (FY2026): “We are raising our full-year adjusted diluted earnings per share guidance to at least $26.75.”
Operating cash flow (FY2026): “we continue to expect full-year operating cash flow of at least $5.5 billion, inclusive of potential cash payments related to the CMS matter.”
Medicaid operating margin (FY2026): “We remain confident in our full-year operating margin outlook of approximately -1.75%”
Medicare operating margin (FY2026): “we remain on track to achieve an operating margin of at least 2% this year.”
Medicaid membership decline (FY2026): “We remain quite comfortable with our Medicaid membership guidance range that we provided for 2026, which, just as a reminder, reflects a high single-digit % decline driven by ongoing eligibility reverifications and disenrollment activity.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 200.4B | 199.1B | 177.0B | 171.3B | 156.6B | 138.6B |
| Net Income | 5.2B | 5.7B | 6.0B | 6.0B | 5.9B | 6.2B |
| EPS | $23.70 | $25.21 | $25.68 | $25.22 | $24.28 | $24.95 |
| Free Cash Flow | 6.5B | 3.2B | 4.6B | 6.8B | 7.2B | 7.3B |
| ROIC | 13.2% | 7.8% | 9.0% | 9.9% | 10.2% | 11.2% |
| Gross Margin | - | 14.9% | 16.8% | 17.3% | 17.2% | 18.2% |
| Debt/Equity | 0.73 | 0.73 | 0.76 | 0.64 | 0.67 | 0.64 |
| Dividends/Share | $6.99 | $6.81 | $6.48 | $5.92 | $5.12 | $4.52 |
| Operating Income | 6.1B | 7.2B | 7.9B | 8.5B | 8.3B | 7.6B |
| Operating Margin | 3.1% | 3.6% | 4.4% | 5.0% | 5.3% | 5.5% |
| ROE | 11.9% | 13.3% | 14.8% | 15.8% | 16.3% | 17.8% |
| Shares Outstanding | 217M | 225M | 233M | 237M | 243M | 247M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 73.9B | 79.2B | 84.9B | 90.0B | 92.1B | 104.2B | 121.9B | 138.6B | 156.6B | 171.3B | 177.0B | 199.1B | 200.4B |
| Gross Margin | 5.9% | 5.9% | 5.4% | 19.8% | 21.9% | 19.6% | 20.4% | 18.2% | 17.2% | 17.3% | 16.8% | 14.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11.7B | 12.5B | 12.6B | 12.7B | 14.0B | 13.4B | 17.4B | 15.9B | 17.7B | 20.1B | 20.0B | 21.0B | 22.0B |
| EBIT | 4.4B | 4.8B | 4.8B | 4.2B | 5.4B | 6.0B | 6.4B | 7.6B | 8.3B | 8.5B | 7.9B | 7.2B | 6.1B |
| Op. Margin | 6.0% | 6.0% | 5.7% | 4.6% | 5.9% | 5.8% | 5.2% | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% | 3.1% |
| Net Income | 2.6B | 2.6B | 2.5B | 3.8B | 3.8B | 4.8B | 4.6B | 6.2B | 5.9B | 6.0B | 6.0B | 5.7B | 5.2B |
| Net Margin | 3.5% | 3.2% | 2.9% | 4.3% | 4.1% | 4.6% | 3.8% | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% | 2.6% |
| Non-Recurring | 9.6M | -14M | 40M | -13M | -13M | -3.0M | 851M | 275M | 46M | 446M | 304M | 284M | 284M |
| Returns on Capital | |||||||||||||
| ROIC | 6.7% | 6.7% | 6.3% | 9.2% | 8.4% | 10.1% | 9.0% | 11.2% | 10.2% | 9.9% | 9.0% | 7.8% | 13.2% |
| ROE | 10.5% | 10.8% | 10.3% | 14.9% | 13.6% | 16.0% | 14.1% | 17.8% | 16.3% | 15.8% | 14.8% | 13.3% | 11.9% |
| ROA | 4.2% | 4.1% | 3.9% | 5.7% | 5.3% | 6.5% | 5.6% | 6.7% | 5.9% | 5.7% | 5.3% | 4.8% | 4.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.4B | 4.2B | 3.3B | 4.2B | 3.8B | 6.1B | 10.7B | 8.4B | 8.4B | 8.1B | 5.8B | 4.3B | 7.6B |
| Free Cash Flow | 2.7B | 3.6B | 2.7B | 3.4B | 2.6B | 5.0B | 9.7B | 7.3B | 7.2B | 6.8B | 4.6B | 3.2B | 6.5B |
| Owner Earnings | 2.9B | 3.7B | 2.8B | 3.7B | 3.1B | 5.3B | 9.9B | 7.5B | 7.2B | 6.8B | 4.9B | 3.3B | 3.3B |
| CapEx | 715M | 638M | 584M | 791M | 1.2B | 1.1B | 1.0B | 1.1B | 1.2B | 1.3B | 1.3B | 1.1B | 1.2B |
| Maint. CapEx | 327M | 336M | 296M | 280M | 482M | 485M | 537M | 577M | 890M | 992M | 685M | 722M | 4.0B |
| Growth CapEx | 387M | 302M | 288M | 511M | 726M | 592M | 484M | 510M | 262M | 304M | 571M | 394M | 0 |
| D&A | 327M | 336M | 296M | 280M | 482M | 485M | 537M | 577M | 890M | 992M | 685M | 722M | 4.0B |
| CapEx/OCF | 21.2% | 15.5% | 17.8% | 19.1% | 31.6% | 17.8% | 9.6% | 13.0% | 13.7% | 16.1% | 21.6% | 26.0% | 15.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 481M | 657M | 684M | 705M | 776M | 818M | 954M | 1.1B | 1.2B | 1.4B | 1.5B | 1.5B | 1.5B |
| Dividend Yield | 1.8% | 1.9% | 2.2% | 1.6% | 1.3% | 1.2% | 1.5% | 1.3% | 1.1% | 1.3% | 1.3% | 1.9% | 1.9% |
| Share Buybacks | 3.0B | 1.5B | 0 | 2.0B | 1.7B | 1.7B | 2.7B | 1.9B | 2.3B | 2.7B | 2.9B | 2.6B | 2.8B |
| Buyback Yield | 9.7% | 4.6% | N/A | 3.6% | 2.7% | 2.3% | 3.6% | 1.8% | 1.9% | 2.5% | 3.4% | 3.3% | 3.5% |
| Stock-Based Comp | 169M | 148M | 165M | 170M | 226M | 294M | 283M | 255M | 264M | 289M | 191M | 276M | 250M |
| Debt Repayment | 1.7B | 2.7B | 0 | 2.8B | 1.7B | 1.1B | 1.9B | 1.1B | 1.9B | 1.9B | 1.6B | 2.1B | 2.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 12.9B | 13.7B | 11.6B | 16.3B | 15.3B | 15.1B | -9.1B | -8.1B | -10.0B | -11.9B | -3.3B | -4.5B | -4.8B |
| Cash & Equiv. | 2.2B | 2.1B | 4.1B | 3.6B | 3.9B | 4.9B | 5.7B | 4.9B | 7.4B | 6.5B | 8.3B | 9.5B | 36.7B |
| Long-Term Debt | 14.0B | 15.3B | 14.4B | 17.4B | 17.2B | 17.8B | 19.3B | 21.2B | 22.3B | 23.2B | 29.2B | 30.8B | 30.8B |
| Debt/Equity | 0.62 | 0.69 | 0.63 | 0.75 | 0.67 | 0.63 | 0.60 | 0.64 | 0.67 | 0.64 | 0.76 | 0.73 | 0.73 |
| Interest Coverage | 7.4 | 7.3 | 6.6 | 5.6 | 7.2 | 8.0 | 8.1 | 9.5 | 9.7 | 8.3 | 6.6 | 5.1 | 4.3 |
| Equity | 24.3B | 23.0B | 25.1B | 26.5B | 28.5B | 31.7B | 33.2B | 36.1B | 36.2B | 39.3B | 41.3B | 43.9B | 43.9B |
| Total Assets | 61.7B | 61.7B | 65.1B | 70.5B | 71.6B | 77.5B | 86.6B | 97.5B | 102.8B | 108.9B | 116.9B | 121.5B | 125.8B |
| Total Liabilities | 37.4B | 38.7B | 40.0B | 44.0B | 43.0B | 45.7B | 53.4B | 61.3B | 66.4B | 69.5B | 75.5B | 77.5B | 81.8B |
| Intangibles | 8.0B | 8.2B | 8.0B | 8.4B | 9.0B | 8.7B | 9.4B | 10.6B | 10.3B | 10.3B | 12.1B | 11.2B | 11.1B |
| Retained Earnings | 14.0B | 14.8B | 16.6B | 18.1B | 20.0B | 22.6B | 23.8B | 27.1B | 29.6B | 31.7B | 33.5B | 35.4B | 35.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 8.99 | 9.38 | 9.21 | 14.35 | 14.19 | 18.47 | 17.98 | 24.95 | 24.28 | 25.22 | 25.68 | 25.21 | 23.70 |
| Owner EPS | 10.05 | 13.66 | 10.47 | 13.95 | 11.80 | 20.30 | 38.81 | 30.52 | 29.85 | 28.56 | 21.18 | 14.66 | 15.26 |
| Book Value | 84.84 | 84.44 | 93.60 | 98.96 | 108.00 | 121.91 | 130.56 | 146.10 | 149.30 | 165.57 | 177.42 | 195.38 | 201.97 |
| Cash Flow/Share | 11.79 | 15.43 | 12.19 | 15.63 | 14.48 | 23.29 | 42.03 | 33.89 | 34.60 | 33.96 | 24.94 | 19.10 | 42.69 |
| Dividends/Share | 1.75 | 2.50 | 2.60 | 2.70 | 3.00 | 3.20 | 3.80 | 4.52 | 5.12 | 5.92 | 6.48 | 6.81 | 6.99 |
| Shares Out. | 285.8M | 272.9M | 268.2M | 267.8M | 264.3M | 260.3M | 254.3M | 246.8M | 242.8M | 237.4M | 232.9M | 224.6M | 217.4M |
| Valuation | |||||||||||||
| P/E Ratio | 12.0 | 13.0 | 13.9 | 14.3 | 16.6 | 15.3 | 16.3 | 17.8 | 20.2 | 18.0 | 14.2 | 13.9 | 15.9 |
| P/FCF | 11.6 | 9.3 | 12.8 | 16.1 | 23.8 | 14.8 | 7.7 | 14.9 | 16.4 | 15.9 | 18.6 | 24.8 | 12.7 |
| EV/EBIT | 8.8 | 8.9 | 8.7 | 15.1 | 13.3 | 10.3 | 9.3 | 11.5 | 13.0 | 11.1 | 9.1 | 9.3 | 12.6 |
| Price/Book | 1.3 | 1.4 | 1.4 | 2.1 | 2.2 | 2.3 | 2.2 | 3.0 | 3.3 | 2.7 | 2.1 | 1.8 | 1.9 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | 0.6 | 0.5 | 0.6 | 0.7 | 0.6 | 0.6 | 0.4 | 0.4 |
| FCF Yield | 8.6% | 10.7% | 7.8% | 6.2% | 4.2% | 6.8% | 13.0% | 6.7% | 6.1% | 6.3% | 5.4% | 4.0% | 7.9% |
| Market Cap | 30.9B | 33.3B | 34.4B | 54.8B | 62.4B | 73.5B | 74.3B | 108.4B | 118.9B | 107.7B | 84.8B | 78.6B | 82.1B |
| Avg. Price | 91.58 | 127.11 | 117.16 | 165.43 | 226.54 | 254.09 | 258.50 | 352.17 | 459.97 | 445.75 | 482.10 | 358.20 | 377.68 |
| Year-End Price | 108.18 | 121.95 | 128.12 | 204.49 | 236.13 | 282.52 | 292.37 | 439.03 | 489.97 | 453.68 | 364.03 | 349.88 | 377.68 |
Elevance Health, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Elevance Health, Inc. trades at 15.0x trailing earnings, compared to its 15-year median P/E of 15.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.3x vs a median of 16.0x. The company's 5-year average ROIC is 9.6% with a gross margin of 16.9%. Total shareholder yield (dividends + buybacks) is 5.3%. At current prices, the estimated annualized return to fair value is -4.1%.
Elevance Health, Inc. (ELV) has a net profit margin of 2.8%. This is a modest margin.
Elevance Health, Inc. (ELV) generated $3.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Elevance Health, Inc. (ELV) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
Elevance Health, Inc. (ELV) reported earnings per share (EPS) of $25.21 in its most recent fiscal year.
Elevance Health, Inc. (ELV) has a return on equity (ROE) of 13.3%. This indicates moderate shareholder returns.
Elevance Health, Inc. (ELV) has a 5-year average gross margin of 16.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Elevance Health, Inc. (ELV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Elevance Health, Inc. (ELV) has a book value per share of $195.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is focused on executing a strategy to lower healthcare costs and simplify member navigation through targeted cost management initiatives, improved care coordination using advanced analytics, and disciplined pricing approaches across all business lines. The company expects to manage elevated medical cost trends through enhanced clinical oversight, proactive member interventions, and provider enablement programs, with confidence in achieving its full-year operating margin guidance despite near-term membership headwinds in Medicare Advantage, Medicaid, and employer group risk segments. Looking beyond 2026, management expects to return to at least 12% adjusted earnings per share growth in 2027 off the revised 2026 earnings baseline, supported by the earnings power of its diversified platform and the scaling of Carelon's capabilities, while maintaining disciplined capital allocation and targeted investments in technology, digital capabilities, and operational efficiency.
Based on recent SEC filings and earnings calls, Elevance Health, Inc. (ELV) has provided the following forward guidance: Adjusted diluted earnings per share: at least $26.75 (FY2026); Operating cash flow: at least $5.5 billion (FY2026); Medicaid operating margin: approximately -1.75% (FY2026); Medicare operating margin: at least 2% (FY2026); Medicaid membership decline: high single-digit % range (FY2026), plus 1 additional metric.
Adjusted EPS growth (FY2027): “In 2027, we expect to return to at least 12% adjusted EPS growth off of our revised 2026 earnings baseline of $25.75.”