Elevance Health (ELV)
Health Care · $88.4B market cap · SEC CIK 0001156039
fundamentals score out of 100
Next reports on Oct 19, 2026, before the open, with analysts expecting $4.71 in earnings per share.
The case for ELV
- Reasonably priced at 17.8× earnings.
- Has compounded revenue at 10.3% a year over five years.
- Moves less than the market (beta 0.65).
- Pays a modest 1.2% dividend.
- Price/sales of 0.4× is lower than 88% of Health Care companies.
The case against
- Long-term debt of $30.8B would take 7 years of operating cash flow to repay.
- Net margin of 2.5% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.23).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 78 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 51 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 29 |
| Momentumhow the price has behaved lately | 73 |
| Stabilityhow violently it moves, what it owes and what it pays you | 43 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 17.8× |
|---|---|
| Price / book | 1.87× |
| Price / sales | 0.4× |
| Revenue growth (YoY) | +6.3% |
| EPS growth (YoY) | -4.2% |
| Gross margin | — |
| Operating margin | 4% |
| Net margin | 2% |
| Return on equity | 11% |
| Debt / equity | 0.69× |
| Current ratio | 0.23 |
| Dividend yield | 1.24% |
| Beta | 0.65 |
| 52-week range | $274.84 – $436.24 |
| Position in that range | 79% of the way up |
| 3-month return | +5.4% |
| 1-year return | +30.5% |
Five years of financials, as filed
Pulled from Elevance Health's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $199B | $177B | $171B | $157B | $139B |
| Operating income | $7.2B | $7.9B | $8.5B | $8.3B | $7.6B |
| Net income | $5.7B | $6.0B | $6.0B | $5.9B | $6.2B |
| Operating cash flow | $4.3B | $5.8B | $8.1B | $8.4B | $8.4B |
| Capital expenditure | $1.1B | $1.3B | $1.3B | $1.2B | $1.1B |
| Total assets | $121B | $117B | $109B | $103B | $97.5B |
| Total liabilities | $77.5B | $75.5B | $69.5B | $66.4B | $61.3B |
| Shareholder equity | $43.9B | $41.3B | $39.3B | $36.2B | $36.1B |
| Cash | $9.5B | $8.3B | $6.5B | $7.4B | $4.9B |
| Long-term debt | $30.8B | $29.2B | $23.2B | $22.3B | $21.2B |
| Free cash flow | $3.2B | $4.6B | $6.8B | $7.2B | $7.3B |
| Operating margin | 3.6% | 4.4% | 5.0% | 5.3% | 5.5% |
| Net margin | 2.8% | 3.4% | 3.5% | 3.8% | 4.4% |
| Diluted shares | 225M | 233M | 237M | 243M | 247M |
Share count is down 9.0% over 4 years. Buybacks have been shrinking the pie.
What Elevance Health says it does
Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as "we," "us," "our," the "Company" or "Elevance Health," is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve. We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture. -3- With an unyielding commitment to meeting the needs of our diverse customers, we are…
Risk factors ELV lists in its 10-K
- If we fail to responsibly use and protect data, or if such data is found to be inaccurate or unreliable, our business and customers could suffer adverse consequences
- A change in our healthcare product mix may impact our profitability
- We are dependent on the success of our relationships with third parties for various services and functions
- The failure to properly maintain the integrity or availability of our data, or to successfully maintain, protect and upgrade our information systems could adversely affect our business
- We are subject to risks associated with our use of AI, which could adversely affect our business, reputation or financial results
- We are subject to various risks associated with our international operations
- We face risks related to litigation
- There are various risks associated with providing health benefits and other healthcare diversified products and services
- Our pharmacy services business and pharmacy related operations are subject to various risks and uncertainties
- The health benefits industry is subject to negative publicity and sentiment, which could adversely affect our business, cash flows, financial condition and results of operations
- We face competition in many of our markets, and if we fail to adequately adapt to changes in our industry and develop and implement strategic growth opportunities, our ability to compete and grow may be adversely affected
- We face intense competition to attract and retain associates. Further, managing key executive succession and retention is critical to our success
- A downgrade in our credit ratings could have an adverse effect on our business, cash flows, financial condition and results of operations
- The value of our intangible assets may become impaired