NYSE: ELV · Managed Health Care
Elevance Health
Elevance Health is one of the largest U.S. health insurers by medical membership, with about 45.2 million medical members at the end of 2025 through its affiliated health plans, which include Blue Cross and Blue Shield licensees in a number of states. It offers plans for individuals, employer groups, Medicaid and Medicare. Its Carelon businesses provide pharmacy benefit services (CarelonRx) and healthcare services. 2025 revenue rose to $199 billion, but net income fell to $5.7 billion as Health Benefits' operating gain dropped 33% on higher medical costs. In February 2026 CMS threatened sanctions over Medicare Advantage risk-adjustment data. Elevance booked a $935 million accrual, and CMS confirmed on July 13, 2026 that no sanctions would be imposed. Elevance raised its 2026 adjusted EPS guidance to at least $27.00.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:35 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-0610-Q (quarter ended 2026-09-30) · filed 2026-10-21
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.3%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 3.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.76x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 18.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.62
Higher than 64% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 10% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 37% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 15% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 3% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$421.24close on 2026-11-04
Market cap$92.98B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 18.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 10.3x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.6%
At FY2025 year-end: 13.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: 11.4x
EBITDA for FY2025
At FY2025 year-end: 4.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$50.71B → $51.43B (vs. a year earlier)↑ +1.4%$50.71B → $51.43B (vs. a year earlier)
- Operating margin2.6% → 2.5% (vs. a year earlier)↓ −0.1 pts2.6% → 2.5% (vs. a year earlier)
- Net income$1.19B → $1.37B (vs. a year earlier)↑ +14.8%$1.19B → $1.37B (vs. a year earlier)
- Diluted EPS$5.32 → $6.27 (vs. a year earlier)↑ +17.9%$5.32 → $6.27 (vs. a year earlier)
- Cash$10.23B → $10.35B (vs. previous quarter-end)↑ +1.1%$10.23B → $10.35B (vs. previous quarter-end)
- Long-term debt$31.04B → $30.76B (vs. previous quarter-end)↓ −0.9%$31.04B → $30.76B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 21, 2026.
Management outlook ↑ Raised
Raised 2026 adjusted EPS guidance to at least $29.00. Source sentence
FY 2026 diluted EPS 1 guidance raised to at least $22.00; adjusted diluted EPS 2 guidance raised to at least $29.00 on continued operating momentum
Key changes
Q3 operating revenue $50.4B, up $0.4B. Source sentence
Operating revenue was $50.4 billion in the third quarter of 2026, an increase of $0.4 billion compared to the prior year quarter.
Benefit expense ratio 90.6%, improved 70 basis points. Source sentence
The benefit expense ratio of 90.6 percent improved 70 basis points, driven by better performance in Medicare Advantage and Individual ACA compared to the prior year.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Elevance Health, Inc.
- Headquarters
- INDIANAPOLIS, IN
- Incorporated in
- Indiana
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ELV
- Industry
- Managed Health Care
- CIK
- 1156039
Workforce (as of FY2025 year-end)
Employees
97,100
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 23–28 days after quarter end (Jan 28, 2026; Jan 23, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–28 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Oct 21, 2026 10-Q (+21 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 15, 2026 (+15 days) | Jul 15, 2026 10-Q (+15 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | Apr 22, 2026 10-Q (+22 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Feb 6, 2026 10-K (+37 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 21, 2025 10-Q (+21 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Jul 17, 2025 10-Q (+17 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 23, 2025 (+23 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 17, 2024 (+17 days) | Oct 17, 2024 10-Q (+17 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 17, 2024 (+17 days) | Jul 17, 2024 10-Q (+17 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 18, 2024 (+18 days) | Apr 18, 2024 10-Q (+18 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Health Benefits
Individual, Employer Group, Medicaid and Medicare plans
CarelonRx
Pharmacy benefit management
Carelon Services
Healthcare-related services
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Health insurance (medical membership)
U.S. health insurers, by medical membership
U.S. share
One of the largest
Company-disclosedAbout 45.2 million medical members at December 31, 2025.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
2026 developments.
CMS notice
February 27, 2026 notice of intended sanctions (suspension of MA-PD enrollment); on July 13, 2026 CMS said sanctions would not be imposed and closed the matter.
Source: 8-K filed 2026-03-02; Form 10-Q (Q2 2026)
Q3 2026
Operating revenue $50.4B (+0.7%); diluted EPS $6.27, adjusted $6.99, including a net non-operating benefit of $1.85 per share. 2026 GAAP EPS guidance raised to at least $22.00 and operating cash flow to at least $6.5B.
Source: Q3 2026 earnings release
Leadership
Peter D. Haytaian stepped down as President of Carelon effective May 4, 2026.
Source: 8-K filed 2026-02-26
Capex ÷ D&A (FY2025)
0.72x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,116M ÷ $1,546M = 0.72x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$12.46B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.02B in FY2020 to $1.12B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$199.13B
As reported in the 10-K
Revenue CAGR (5 years)
+10.3%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($199,125M ÷ $121,867M) ^ (1÷5) − 1 = 10.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
3.6%▼caution
-1.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$7,199M ÷ $199,125M × 100 = 3.6%
ROE (FY2025)
13.3%▲favorable
6-year average: 15.3%
As reported in the 10-K
P/B (FY2025 end)
1.76x
formulafiscal year-end closing price ÷ book value per share
e.g.$350.55 ÷ $198.81 = 1.76x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($77,375M + $32,046M − $9,491M) ÷ ($7,199M + $1,546M) = 11.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +10.3% a year over 5 years (strong growth)
From $121.87B in FY2020 to $199.13B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 5.2% → 3.6%
How much operating profit is left per $100 of revenue. It moved -1.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 36.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 15.3% over 6 years (latest: 13.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Health Benefits
Underwriting, care management, claimsCarelon
PBM, behavioral health, care services
06 · what it draws on
Key resources
Health Benefits
Premiums and fees- Provider networks
Carelon
Pharmacy networks, care delivery capabilities
02 · why customers buy
Value propositions
- Health plans and administrative services, plus pharmacy benefits and healthcare services (Carelon).
04 · how it keeps them
Customer relationships
- Annual plan enrollment and state Medicaid contracts; Carelon serves Elevance's plans and external clients.
03 · how it reaches them
Channels
- Sold to individuals, employers and state and federal programs through brokers, consultants and direct sales.
01 · who it serves
Customer segments
Health Benefits
About 45.2M medical membersCarelon
Elevance plans and external clients
09 · where money goes
Cost structure
FY2025, share of revenue ($199.13B)
- Cost of revenue10.6%
- Selling, general & administrative10.5%
- Other operating costs75.2%
Operating profit left: 3.6% of revenue. Depreciation & amortization (inside the costs above): $1.55B. Capital spending: $1.12B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Health Benefits
Operating revenue $167.1B (2025)Carelon
CarelonRx $43.4B- Carelon Services $28.3B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Health Benefits
Risk-based health plans and fee-based administrative services for individuals, employers, Medicaid and Medicare.
01 what it draws on
Inputs & resources
- Premiums and fees
- Provider networks
02 what it does
Activities
- Underwriting, care management, claims
03 who it serves
Customers
- About 45.2M medical members
04 how money comes in
How it earns
- Operating revenue $167.1B (2025)
Health Benefits: how it makes money
- Operating margin fell to 2.5% in 2025.
Carelon (CarelonRx and Carelon Services)
Pharmacy benefit management and healthcare services, serving Elevance's plans and external clients.
01 what it draws on
Inputs & resources
- Pharmacy networks, care delivery capabilities
02 what it does
Activities
- PBM, behavioral health, care services
03 who it serves
Customers
- Elevance plans and external clients
04 how money comes in
How it earns
- CarelonRx $43.4B
- Carelon Services $28.3B (2025)
Carelon (CarelonRx and Carelon Services): how it makes money
- Carelon Services revenue grew 57.7% in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Elevance’s Medicaid and Medicare Advantage businesses depend on government rates and Star Ratings.
Government as customer
Government programs and contracts
State Medicaid capitation rates must project a minimum MLR.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Medicare Star Ratings
About 59% of Medicare Advantage members are in plans rated 4.0 Stars or higher for 2026.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
IRA provisions
IRA provisions have affected and continue to affect its business.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Health Benefits
167,094 (70%)profit 4,158 · margin 2.5%
CarelonRx
43,400 (18%)profit 2,418 · margin 5.6%
Carelon Services
28,316 (12%)profit 960 · margin 3.4%
Corporate & Other
463 (0%)profit -337 · margin -72.8%
Source: Form 10-K (FY2025) — segment results Profit is operating gain. Intersegment eliminations of −$41.7B.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals, employers, and state and federal government programs.
Named by the company
No single customer is named.
Suppliers
Care providers, hospitals and pharmacies. CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, a CVS Health subsidiary.
Named by the company
The 10-K names no other major supplier.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes intense competition without naming competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 Direct Industry comparator group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Managed care peers used for pay comparison; a separate General Industry Group of Fortune 50 companies is also used.
- Centenesite ↗
- CVS Healthsite ↗
- Humanasite ↗
- The Cigna Groupsite ↗
- UnitedHealth Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 121,867 | 138,639 | 156,595 | 171,340 | 177,011 | 199,125 |
| Operating income | 6,360 | 7,559 | 8,283 | 8,499 | 7,862 | 7,199 |
| Pretax income | 6,238 | 7,995 | 7,600 | 7,715 | 7,904 | 6,710 |
| Net income (attributable) | 4,572 | 6,158 | 5,894 | 5,987 | 5,980 | 5,662 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 13.8% | 13.0% | 9.4% | 3.3% | 12.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 5.2% | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.8% | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% |
| Balance sheet ($M) | ||||||
| Total assets | 86,615 | 97,460 | 102,755 | 108,928 | 116,889 | 121,494 |
| Total equity | 33,199 | 36,140 | 36,330 | 39,405 | 41,426 | 44,026 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 20,035 | 23,031 | 24,114 | 25,120 | 31,232 | 32,046 |
| Equity ratio | 38.3% | 37.0% | 35.3% | 36.1% | 35.3% | 36.1% |
| ROE | 13.8% | 17.8% | 16.3% | 15.8% | 14.8% | 13.3% |
| Cash flow ($M) | ||||||
| Operating CF | 10,688 | 8,364 | 8,399 | 8,061 | 5,808 | 4,290 |
| Investing CF | -7,324 | -9,638 | -4,560 | -5,572 | -5,167 | -1,344 |
| Financing CF | -2,567 | 423 | -1,318 | -3,349 | 1,193 | -1,738 |
| Free cash flowcalccash flow from operations − capital expenditures | 9,667 | 7,277 | 7,247 | 6,765 | 4,552 | 3,174 |
| Cash and equivalents | 5,741 | 4,880 | 7,387 | 6,526 | 8,288 | 9,491 |
| Per share & other | ||||||
| EPS ($) | 17.98 | 24.95 | 24.28 | 25.22 | 25.68 | 25.21 |
| BVPS ($) | 135.28 | 149.15 | 152.31 | 168.64 | 181.62 | 198.81 |
| Dividend per share ($) | 3.80 | 4.52 | 5.12 | 5.92 | 6.52 | 6.84 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 21.1% | 18.1% | 21.1% | 23.5% | 25.4% | 27.1% |
| P/E (x) | 17.9 | 18.6 | 21.1 | 18.7 | 14.4 | 13.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 12.4 | 14.7 | 13.9 | 12.5 | 11.5 | 11.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.37 | 3.11 | 3.37 | 2.80 | 2.03 | 1.76 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $51.43B+1.4% | $1.27B-2.0% | $1.37B+14.8% | $6.27 |
| 2026-06-30 | $50.47B+1.4% | $1.76B-27.3% | $1.46B-16.1% | $6.71 |
| 2026-03-31 | $50.18B+2.6% | $2.09B-34.2% | $1.76B-19.2% | $8.00 |
| 2025-12-31 † | $49.75B+9.5% | $309M-54.1% | $547M+30.9% | — |
| 2025-09-30 | $50.71B | $1.3B | $1.19B | $5.32 |
| 2025-06-30 | $49.78B | $2.43B | $1.74B | $7.72 |
| 2025-03-31 | $48.89B | $3.17B | $2.18B | $9.61 |
| 2024-12-31 † | $45.44B | $673M | $418M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2025 acquisition spending: Negative XBRL value (cash acquired exceeded cash paid) is not a purchase amount.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
7.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$7,199M × (1 − 21%) ÷ $74,365M × 100 = 7.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.92%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $77.37B ÷ ($77.37B + $32.05B) = 70.7%
e.g.Debt weight: $32.05B ÷ ($77.37B + $32.05B) = 29.3%
e.g.WACC: 8.4% × 70.7% + 4.4% × (1 − 21%) × 29.3% = 6.92%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.8%–8.3% and ROIC − WACC runs −0.6 to +1.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 6.92% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.62 (price-derived adjusted beta, but correlation with the market is low (R² 0.04), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.36%
- Cost of debt
- 4.37%
- Tax rate
- 21% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 71% : 29%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.92%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.62 (price-derived adjusted beta. Raw β 0.44, R² 0.04, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.437 + 0.33 = 0.623
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.62 × 5.5% = 8.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.9% − 3.5%
Past FCF growth (FY2020–FY2025)
-20.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+10.3%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.17B (operating CF − capex); enterprise value $89.65B = market cap $92.98B (latest close, 2026-11-04) + debt $32.05B − cash and short-term investments $35.38B; r = WACC of 6.9% using this page’s default assumptions (β 0.62, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$90.69B
FCF $3.17B ÷ (6.9% − 3.4%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.9% | 5.9% | 6.9% | 7.9% | 8.9% |
|---|---|---|---|---|---|
| 0% | 0.72x | 0.60x | 0.51x | 0.45x | 0.40x |
| 2% | 1.22x | 0.91x | 0.72x | 0.60x | 0.51x |
| 4% | 3.93x | 1.86x | 1.22x | 0.91x | 0.72x |
| 6% | — | — | 3.93x | 1.86x | 1.22x |
| 8% | — | — | — | — | 3.93x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.37x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): 1.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 107%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,290M ÷ $5,662M = 0.76x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$7,199M ÷ $6,710M × 100 = 107%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 94.0%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 6.0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 135 of 416
- Beta (adjusted)
- 0.62
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 32% of covered companies have more
above 1 = swings more than the market
- 203.8M shares reported by 1,607 13F filers ÷ 216.9M shares outstanding on 2026-07-10. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-10)
18
Strengths & weaknessesSite analysis
Strengths
1. Scale
About 45.2 million medical members.
Evidence: Form 10-K (FY2025)
2. Growing Carelon
CarelonRx operating gain rose to $2.42B and Carelon Services to $0.96B in 2025.
Evidence: Form 10-K (FY2025)
3. Improving 2026
Q2 and Q3 2026 beat its outlook; full-year adjusted EPS guidance was raised to at least $27.00 in July and at least $29.00 in October, and Elevance expects at least 12% adjusted EPS growth in 2027 from a $26.75 baseline.
Evidence: Q2 and Q3 2026 earnings releases
Weaknesses
1. Medical cost pressure
Health Benefits operating gain fell from $6.89B (2023) to $4.16B (2025).
Evidence: Form 10-K (FY2025)
2. Weaker cash flow
Operating cash flow fell from $10.7B (2020) to $4.3B (2025).
Evidence: SEC EDGAR XBRL
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.95%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
27%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.1%
(Operating CF − capex) ÷ market cap
1. Dividend growth
Quarterly dividend raised from $1.63 (2024) to $1.71 (2025) and $1.72 (2026).
- What has to hold
- Earnings recover.
- The other side
- Medical cost trends are uncertain.
Evidence: Form 10-K (FY2025)
2. Low P/E
P/E of about 14 in 2025.
- What has to hold
- Margins normalize.
- The other side
- Regulatory risk in government programs.
Evidence: SEC EDGAR XBRL
Dividends for 2024–2025 are four quarterly payments from the 10-K dividend table.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
28.3x
$35.38B vs. $1.25B
Interest coverage (operating income ÷ interest expense)
5.1x
$7.2B vs. $1.4B
Free cash flow ÷ dividends paid
2.1x
$3.17B vs. $1.53B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -8.4% in FY2025 ($7.86B → $7.2B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
$9.5B of cash and $25.9B of current investments at the end of 2025.
Source: SEC EDGAR XBRL
Diversification
Carelon earns fees and pharmacy revenue alongside insurance premiums.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Elevance Health accrued about $935 million in 2026 for resubmitting Medicare Advantage risk-adjustment data after a CMS notice; CMS closed the matter in July 2026 without sanctions. A DOJ False Claims Act suit over risk-adjustment coding continues, as do opt-out suits from the Blue Cross Blue Shield antitrust settlements.
3 open matters · 1 settled or closed
DOJ Medicare risk adjustment False Claims Act suit
PendingLawsuitUnited States v. Anthem, Inc. (S.D.N.Y.)
Filed March 2020, alleging Elevance falsely certified Medicare Part C diagnosis data and failed to delete inaccurate codes, inflating risk-adjustment payments. Elevance's 2022 motions to transfer, dismiss and strike were denied.
- Next step
- Fact discovery closes August 31, 2026 and expert discovery May 10, 2027.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Securities class action over 2024 guidance (Miller)
PendingClass actionMiller v. Elevance Health, Inc., et al. (S.D. Ind.); three related derivative suits
Filed May 2025, alleging false and misleading statements about 2024 earnings guidance. In September 2026 the court denied Elevance's motion to dismiss, letting parts of the claims proceed; the derivative suits are stayed.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
BCBSA antitrust follow-on suits
PendingAntitrustOpt-outs including Alaska Air, JetBlue and Bed Bath & Beyond (N.D. Ala.); VHS Liquidating Trust and Children's Hospital of Los Angeles (Cal. Super.); provider opt-outs
The subscriber and provider class settlements received final approval in 2022 and 2025. Entities that opted out continue suits alleging the Blue plans allocated markets.
- Next step
- The VHS trial is set for March 2027.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
CMS risk adjustment data notice
Closed, no actionRegulatory proceedingCenters for Medicare & Medicaid Services
A February 2026 notice concerned Medicare Advantage diagnosis-code submission requirements for dates of service from 2015 to April 2023. On July 13, 2026 CMS said Elevance had completed all required steps and that no sanctions would be imposed.
- Amounts
- $935 million accrued in 2026, with $342 million paid May 27, 2026 and $593 million remaining. The final liability could be $320 million lower or higher.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Elevance does not believe the outcome of known pending actions will, in aggregate, have a material impact on its financial position.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Regulation & legal
Medicare and Medicaid regulation
- Company disclosure (summarized from the 10-K)
- Risks include complex program rules, Star Ratings and funding. The 2026 CMS matter led to a $935M accrual.
- Company’s stated mitigation
- CMS closed the enforcement process in July 2026 without sanctions.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Medical cost trends
- Company disclosure (summarized from the 10-K)
- Higher benefit expense compressed Health Benefits margins in 2024–2025.
- Company’s stated mitigation
- Investments in medical cost management.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- The 10-K cites aggressive marketing, pricing, government bids, consolidation and new digital-first care models.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Regulation & legal
Litigation
- Company disclosure (summarized from the 10-K)
- It is a defendant in the Blue Cross Blue Shield antitrust litigation and other proceedings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
Furthermore, legislative or regulatory actions intended to address rising health-care costs or affordability concerns may result in the imposition of additional requirements on health insurers, including mandated benefits, restrictions on premium increases, or other pricing limitations, which could increase costs, constrain pricing flexibility, and adversely affect our financial condition and results of operations.
Recently, California enacted legislation that significantly regulates pharmacy benefit managers and pharmacy pricing practices. Read more
The law imposes requirements related to price transparency, restrictions on spread pricing, rebate pass-through obligations, licensing, and fiduciary duties. In addition, Congress recently passed the Consolidated Appropriations Act of 2026, which includes pharmacy benefit manager reforms requiring pharmacy benefit managers to remit all rebates, fees (other than bona fide service fees), and other remuneration received from entities such as manufacturers and group purchasing organizations to commercial plan sponsors, and to provide detailed commercial claims reporting, effective thirty months after enactment. The legislation also imposes extensive reporting requirements and delinks pharmacy benefit manager compensation in Medicare Part D by prohibiting pharmacy…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 6, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
24
What to watch going forwardSite analysis
- 2026 guidance: adjusted EPS of at least $27.00; operating cash flow of at least $6.0B.
- Target of at least 12% adjusted EPS growth in 2027.
- Medicare Advantage risk-adjustment resubmission costs.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:35 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Elevance Health’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.