Comprehensive Stock Comparison
Compare Humana Inc. (HUM) vs Elevance Health Inc. (ELV) 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 HUM's 10.7% |
| Value | ELV | Lower P/E (12.3x vs 19.9x) |
| Quality / Margins | ELV | 2.8% net margin vs HUM's 1.0% |
| Stability / Safety | ELV | Beta 0.20 vs HUM's 0.33 |
| Dividends | ELV | 2.2% yield, 15-year raise streak, vs HUM's 1.9% |
| Momentum (1Y) | ELV | -17.6% vs HUM's -28.2% |
| Efficiency (ROA) | ELV | 4.7% ROA vs HUM's 2.6%, ROIC 8.0% vs 5.5% |
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
Humana is a major health insurance company focused primarily on Medicare Advantage plans for seniors. It generates revenue primarily from premiums for Medicare Advantage plans (about 80% of revenue), supplemented by commercial group insurance and pharmacy services. The company's competitive advantage lies in its deep expertise in the Medicare market, extensive provider networks, and integrated care delivery model that combines insurance with clinical services.
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.
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 5 of 6 categories — strongest in Financial Metrics and Profitability & Efficiency. 1 category is tied.
Financial Metrics (TTM)
ELV is the larger business by revenue, generating $198.7B annually — 1.6x HUM's $126.4B. Profitability is closely matched — net margins range from 2.8% (ELV) to 1.0% (HUM).
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| RevenueTrailing 12 months | $126.4B | $198.7B |
| EBITDAEarnings before interest/tax | $2.6B | $8.5B |
| Net IncomeAfter-tax profit | $1.3B | $5.7B |
| Free Cash FlowCash after capex | $1.5B | $3.2B |
| Gross MarginGross profit ÷ Revenue | +100.0% | +56.2% |
| Operating MarginEBIT ÷ Revenue | +1.3% | +3.5% |
| Net MarginNet income ÷ Revenue | +1.0% | +2.8% |
| FCF MarginFCF ÷ Revenue | +1.2% | +1.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.1% | +8.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -59.3% | +36.5% |
Valuation Metrics
At 12.7x trailing earnings, ELV trades at a 33% valuation discount to HUM's 19.1x P/E. On an enterprise value basis, ELV's 10.9x EV/EBITDA is more attractive than HUM's 11.8x.
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| Market CapShares × price | $22.9B | $70.6B |
| Enterprise ValueMkt cap + debt − cash | $31.8B | $93.2B |
| Trailing P/EPrice ÷ TTM EPS | 19.09x | 12.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 19.87x | 12.31x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.84x |
| EV / EBITDAEnterprise value multiple | 11.84x | 10.91x |
| Price / SalesMarket cap ÷ Revenue | 0.19x | 0.36x |
| Price / BookPrice ÷ Book value/share | 1.40x | 1.61x |
| Price / FCFMarket cap ÷ FCF | 9.58x | 22.25x |
Profitability & Efficiency
ELV delivers a 12.9% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $7 for HUM. HUM carries lower financial leverage with a 0.68x debt-to-equity ratio, signaling a more conservative balance sheet compared to ELV's 0.73x. On the Piotroski fundamental quality scale (0–9), ELV scores 6/9 vs HUM's 5/9, reflecting solid financial health.
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| ROE (TTM)Return on equity | +6.9% | +12.9% |
| ROA (TTM)Return on assets | +2.6% | +4.7% |
| ROICReturn on invested capital | +5.5% | +8.0% |
| ROCEReturn on capital employed | +3.7% | +8.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.68x | 0.73x |
| Net DebtTotal debt minus cash | $8.9B | $22.6B |
| Cash & Equiv.Liquid assets | $2.2B | $9.5B |
| Total DebtShort + long-term debt | $11.1B | $32.0B |
| Interest CoverageEBIT ÷ Interest expense | 3.59x | 6.04x |
Total Returns (with DRIP)
A $10,000 investment in ELV five years ago would be worth $11,202 today (with dividends reinvested), compared to $5,381 for HUM. Over the past 12 months, ELV leads with a -17.6% total return vs HUM's -28.2%. The 3-year compound annual growth rate (CAGR) favors ELV at -10.3% vs HUM's -25.9% — a key indicator of consistent wealth creation.
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| YTD ReturnYear-to-date | -28.0% | -9.7% |
| 1-Year ReturnPast 12 months | -28.2% | -17.6% |
| 3-Year ReturnCumulative with dividends | -59.4% | -27.8% |
| 5-Year ReturnCumulative with dividends | -46.2% | +12.0% |
| 10-Year ReturnCumulative with dividends | +22.4% | +178.7% |
| CAGR (3Y)Annualised 3-year return | -25.9% | -10.3% |
Risk & Volatility
ELV is the less volatile stock with a 0.20 beta — it tends to amplify market swings less than HUM's 0.33 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ELV currently trades 69.8% from its 52-week high vs HUM's 60.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.33x | 0.20x |
| 52-Week HighHighest price in past year | $315.35 | $458.75 |
| 52-Week LowLowest price in past year | $169.61 | $273.71 |
| % of 52W HighCurrent price vs 52-week peak | +60.4% | +69.8% |
| RSI (14)Momentum oscillator 0–100 | 39.1 | 38.5 |
| Avg Volume (50D)Average daily shares traded | 1.7M | 1.3M |
Analyst Outlook
Wall Street rates HUM as "Hold" and ELV as "Buy". Consensus price targets imply 23.3% upside for HUM (target: $235) vs 21.0% for ELV (target: $387). For income investors, ELV offers the higher dividend yield at 2.15% vs HUM's 1.87%.
| Metric | HUMHumana Inc. | ELVElevance Health I… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $235.00 | $387.14 |
| # AnalystsCovering analysts | 43 | 37 |
| Dividend YieldAnnual dividend ÷ price | +1.9% | +2.2% |
| Dividend StreakConsecutive years of raises | 13 | 15 |
| Dividend / ShareAnnual DPS | $3.57 | $6.89 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.6% | +3.7% |
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 |
|---|---|---|---|
| Humana Inc. (HUM) | 100 | 54.2 | -45.8% |
| Elevance Health Inc. (ELV) | 100 | 126.01 | +26.0% |
Elevance Health Inc. (ELV) returned +12% over 5 years vs Humana Inc. (HUM)'s -46%. A $10,000 investment in ELV 5 years ago would be worth $11,202 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Humana Inc. (HUM) | $54.4B | $117.8B | +116.6% |
| Elevance Health Inc. (ELV) | $84.9B | $198.7B | +134.1% |
Elevance Health Inc.'s revenue grew from $84.9B (2016) to $198.7B (2025) — a 9.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Humana Inc. (HUM) | 1.1% | 1.0% | -9.2% |
| Elevance Health Inc. (ELV) | 2.9% | 2.8% | -2.1% |
Elevance Health Inc.'s net margin went from 3% (2016) to 3% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Humana Inc. (HUM) | 14.8 | 25.4 | +71.6% |
| Elevance Health Inc. (ELV) | 15.7 | 14 | -10.8% |
Humana Inc. has traded in a 15x–25x P/E range over 8 years; current trailing P/E is ~19x. Elevance Health Inc. has traded in a 14x–21x P/E range over 9 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Humana Inc. (HUM) | 4.07 | 9.98 | +145.2% |
| Elevance Health Inc. (ELV) | 9.21 | 25.12 | +172.7% |
Elevance Health Inc.'s EPS grew from $9.21 (2016) to $25.12 (2025) — a 12% CAGR.
Chart 6Free Cash Flow — 5 Years
Humana Inc. generated $2B FCF in 2024 (+160% vs 2021). Elevance Health Inc. generated $3B FCF in 2025 (-56% vs 2021).
HUM vs ELV: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is HUM or ELV 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 — HUM or ELV?
On trailing P/E, Elevance Health Inc. (ELV) is the cheapest at 12.7x versus Humana Inc. at 19.1x. On forward P/E, Elevance Health Inc. is actually cheaper at 12.3x.
03Which is the better long-term investment — HUM or ELV?
Over the past 5 years, Elevance Health Inc. (ELV) delivered a total return of +12.0%, compared to -46.2% for Humana Inc. (HUM). A $10,000 investment in ELV five years ago would be worth approximately $11K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ELV returned +178.7% versus HUM's +22.4%. 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 — HUM or ELV?
By beta (market sensitivity over 5 years), Elevance Health Inc. (ELV) is the lower-risk stock at 0.20β versus Humana Inc.'s 0.33β — meaning HUM is approximately 63% more volatile than ELV relative to the S&P 500. On balance sheet safety, Humana Inc. (HUM) carries a lower debt/equity ratio of 68% versus 73% for Elevance Health Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — HUM or ELV?
Elevance Health Inc. (ELV) is the more profitable company, earning 2.8% net margin versus 1.0% for Humana Inc. — 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 1.5% for HUM. At the gross margin level — before operating expenses — HUM leads at 100.0%, 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 HUM or ELV more undervalued right now?
On forward earnings alone, Elevance Health Inc. (ELV) trades at 12.3x forward P/E versus 19.9x for Humana Inc. — 7.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HUM: 23.3% to $235.00.
07Which pays a better dividend — HUM or ELV?
All stocks in this comparison pay dividends. Elevance Health Inc. (ELV) offers the highest yield at 2.2%, versus 1.9% for Humana Inc. (HUM).
08Is HUM or ELV 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%, HUM: +22.4%), 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 HUM and ELV?
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: HUM is a mid-cap quality compounder stock; ELV is a mid-cap deep-value 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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