Comprehensive Stock Comparison
Compare Elevance Health Inc. (ELV) vs CVS Health Corporation (CVS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ELV | 12.4% revenue growth vs CVS's 7.8% |
| Value | CVS | Lower P/E (11.1x vs 12.3x) |
| Quality / Margins | ELV | 2.8% net margin vs CVS's 0.4% |
| Stability / Safety | ELV | Beta 0.20 vs CVS's 0.27, lower leverage |
| Dividends | ELV | 2.2% yield, 15-year raise streak, vs CVS's 3.3% |
| Momentum (1Y) | CVS | +25.6% vs ELV's -17.6% |
| Efficiency (ROA) | ELV | 4.7% ROA vs CVS's 0.7%, ROIC 8.0% vs 5.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Elevance Health is a major health benefits company that provides medical insurance and integrated health services to millions of Americans. It generates revenue primarily through health insurance premiums — accounting for the vast majority of its income — supplemented by pharmacy benefit management and care delivery services. The company's competitive advantage lies in its massive scale, diversified portfolio of health solutions, and deep integration across insurance, pharmacy, and clinical care.
CVS Health is an integrated healthcare company that operates retail pharmacies, provides pharmacy benefit management services, and offers health insurance plans. It generates revenue primarily from its Pharmacy Services segment (~60%), Health Care Benefits segment (~35%), and Retail/LTC segment (~5%) through prescription sales, PBM services, and insurance premiums. Its key competitive advantage is its vertically integrated model—combining retail pharmacies, PBM services, and insurance—which creates a closed-loop healthcare ecosystem with significant scale and data advantages.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ELV leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). CVS leads in 2 (Valuation Metrics, Total Returns). 2 tied.
Financial Metrics (TTM)
CVS is the larger business by revenue, generating $402.1B annually — 2.0x ELV's $198.7B. Profitability is closely matched — net margins range from 2.8% (ELV) to 0.4% (CVS).
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| RevenueTrailing 12 months | $198.7B | $402.1B |
| EBITDAEarnings before interest/tax | $8.5B | $9.3B |
| Net IncomeAfter-tax profit | $5.7B | $1.8B |
| Free Cash FlowCash after capex | $3.2B | $7.8B |
| Gross MarginGross profit ÷ Revenue | +56.2% | +13.8% |
| Operating MarginEBIT ÷ Revenue | +3.5% | +1.2% |
| Net MarginNet income ÷ Revenue | +2.8% | +0.4% |
| FCF MarginFCF ÷ Revenue | +1.6% | +1.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.5% | +8.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +36.5% | +76.9% |
Valuation Metrics
At 12.7x trailing earnings, ELV trades at a 78% valuation discount to CVS's 57.5x P/E. On an enterprise value basis, ELV's 10.9x EV/EBITDA is more attractive than CVS's 12.4x.
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| Market CapShares × price | $70.6B | $101.6B |
| Enterprise ValueMkt cap + debt − cash | $93.2B | $186.6B |
| Trailing P/EPrice ÷ TTM EPS | 12.74x | 57.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.31x | 11.15x |
| PEG RatioP/E ÷ EPS growth rate | 1.84x | — |
| EV / EBITDAEnterprise value multiple | 10.91x | 12.45x |
| Price / SalesMarket cap ÷ Revenue | 0.36x | 0.25x |
| Price / BookPrice ÷ Book value/share | 1.61x | 1.35x |
| Price / FCFMarket cap ÷ FCF | 22.25x | 13.01x |
Profitability & Efficiency
ELV delivers a 12.9% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $2 for CVS. ELV carries lower financial leverage with a 0.73x debt-to-equity ratio, signaling a more conservative balance sheet compared to CVS's 1.24x. On the Piotroski fundamental quality scale (0–9), ELV scores 6/9 vs CVS's 5/9, reflecting solid financial health.
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| ROE (TTM)Return on equity | +12.9% | +2.3% |
| ROA (TTM)Return on assets | +4.7% | +0.7% |
| ROICReturn on invested capital | +8.0% | +5.0% |
| ROCEReturn on capital employed | +8.9% | +6.1% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.73x | 1.24x |
| Net DebtTotal debt minus cash | $22.6B | $85.1B |
| Cash & Equiv.Liquid assets | $9.5B | $8.5B |
| Total DebtShort + long-term debt | $32.0B | $93.6B |
| Interest CoverageEBIT ÷ Interest expense | 6.04x | 1.68x |
Total Returns (with DRIP)
A $10,000 investment in CVS five years ago would be worth $13,280 today (with dividends reinvested), compared to $11,202 for ELV. Over the past 12 months, CVS leads with a +25.6% total return vs ELV's -17.6%. The 3-year compound annual growth rate (CAGR) favors CVS at 1.6% vs ELV's -10.3% — a key indicator of consistent wealth creation.
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| YTD ReturnYear-to-date | -9.7% | +0.5% |
| 1-Year ReturnPast 12 months | -17.6% | +25.6% |
| 3-Year ReturnCumulative with dividends | -27.8% | +5.0% |
| 5-Year ReturnCumulative with dividends | +12.0% | +32.8% |
| 10-Year ReturnCumulative with dividends | +178.7% | +4.7% |
| CAGR (3Y)Annualised 3-year return | -10.3% | +1.6% |
Risk & Volatility
ELV is the less volatile stock with a 0.20 beta — it tends to amplify market swings less than CVS's 0.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CVS currently trades 93.8% from its 52-week high vs ELV's 69.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.20x | 0.27x |
| 52-Week HighHighest price in past year | $458.75 | $85.15 |
| 52-Week LowLowest price in past year | $273.71 | $58.35 |
| % of 52W HighCurrent price vs 52-week peak | +69.8% | +93.8% |
| RSI (14)Momentum oscillator 0–100 | 38.5 | 51.6 |
| Avg Volume (50D)Average daily shares traded | 1.3M | 7.3M |
Analyst Outlook
Wall Street rates ELV as "Buy" and CVS as "Buy". Consensus price targets imply 21.0% upside for ELV (target: $387) vs 18.8% for CVS (target: $95). For income investors, CVS offers the higher dividend yield at 3.35% vs ELV's 2.15%.
| Metric | ELVElevance Health I… | CVSCVS Health Corpor… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $387.14 | $94.92 |
| # AnalystsCovering analysts | 37 | 41 |
| Dividend YieldAnnual dividend ÷ price | +2.2% | +3.3% |
| Dividend StreakConsecutive years of raises | 15 | 0 |
| Dividend / ShareAnnual DPS | $6.89 | $2.67 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.7% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Elevance Health Inc. (ELV) | 100 | 126.01 | +26.0% |
| CVS Health Corporat… (CVS) | 100 | 117.79 | +17.8% |
CVS Health Corporat… (CVS) returned +33% over 5 years vs Elevance Health Inc. (ELV)'s +12%. A $10,000 investment in CVS 5 years ago would be worth $13,280 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Elevance Health Inc. (ELV) | $84.9B | $198.7B | +134.1% |
| CVS Health Corporat… (CVS) | $177.5B | $402.1B | +126.5% |
Elevance Health Inc.'s revenue grew from $84.9B (2016) to $198.7B (2025) — a 9.9% CAGR. CVS Health Corporation's revenue grew from $177.5B (2016) to $402.1B (2025) — a 9.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Elevance Health Inc. (ELV) | 2.9% | 2.8% | -2.1% |
| CVS Health Corporat… (CVS) | 3.0% | 0.4% | -85.3% |
Elevance Health Inc.'s net margin went from 3% (2016) to 3% (2025). CVS Health Corporation's net margin went from 3% (2016) to 0% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Elevance Health Inc. (ELV) | 15.7 | 14 | -10.8% |
| CVS Health Corporat… (CVS) | 11.3 | 57.1 | +405.3% |
Elevance Health Inc. has traded in a 14x–21x P/E range over 9 years; current trailing P/E is ~13x. CVS Health Corporation has traded in a 11x–57x P/E range over 8 years; current trailing P/E is ~57x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Elevance Health Inc. (ELV) | 9.21 | 25.12 | +172.7% |
| CVS Health Corporat… (CVS) | 4.9 | 1.39 | -71.6% |
Elevance Health Inc.'s EPS grew from $9.21 (2016) to $25.12 (2025) — a 12% CAGR. CVS Health Corporation's EPS grew from $4.90 (2016) to $1.39 (2025) — a -13% CAGR.
Chart 6Free Cash Flow — 5 Years
Elevance Health Inc. generated $3B FCF in 2025 (-56% vs 2021). CVS Health Corporation generated $8B FCF in 2025 (-50% vs 2021).
ELV vs CVS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ELV or CVS a better buy right now?
Elevance Health Inc. (ELV) offers the better valuation at 12.7x trailing P/E (12.3x forward), making it the more compelling value choice. Analysts rate Elevance Health Inc. (ELV) a "Buy" — based on 37 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ELV or CVS?
On trailing P/E, Elevance Health Inc. (ELV) is the cheapest at 12.7x versus CVS Health Corporation at 57.5x. On forward P/E, CVS Health Corporation is actually cheaper at 11.1x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — ELV or CVS?
Over the past 5 years, CVS Health Corporation (CVS) delivered a total return of +32.8%, compared to +12.0% for Elevance Health Inc. (ELV). A $10,000 investment in CVS five years ago would be worth approximately $13K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ELV returned +178.7% versus CVS's +4.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ELV or CVS?
By beta (market sensitivity over 5 years), Elevance Health Inc. (ELV) is the lower-risk stock at 0.20β versus CVS Health Corporation's 0.27β — meaning CVS is approximately 34% more volatile than ELV relative to the S&P 500. On balance sheet safety, Elevance Health Inc. (ELV) carries a lower debt/equity ratio of 73% versus 124% for CVS Health Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — ELV or CVS?
Elevance Health Inc. (ELV) is the more profitable company, earning 2.8% net margin versus 0.4% for CVS Health Corporation — meaning it keeps 2.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ELV leads at 3.5% versus 2.6% for CVS. At the gross margin level — before operating expenses — ELV leads at 56.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ELV or CVS more undervalued right now?
On forward earnings alone, CVS Health Corporation (CVS) trades at 11.1x forward P/E versus 12.3x for Elevance Health Inc. — 1.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ELV: 21.0% to $387.14.
07Which pays a better dividend — ELV or CVS?
All stocks in this comparison pay dividends. CVS Health Corporation (CVS) offers the highest yield at 3.3%, versus 2.2% for Elevance Health Inc. (ELV).
08Is ELV or CVS better for a retirement portfolio?
For long-horizon retirement investors, Elevance Health Inc. (ELV) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.20), 2.2% yield, +178.7% 10Y return). Both have compounded well over 10 years (ELV: +178.7%, CVS: +4.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ELV and CVS?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: ELV is a mid-cap deep-value stock; CVS is a mid-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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