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ELV logoElevance Health Inc.(ELV)Earnings, Financials & Key Ratios

ELV•NYSE•Insurance & Managed Care
$369.07
$80.15B mkt cap·14.7× P/E·Price updated May 6, 2026
SectorHealthcareIndustryHealth InsuranceSub-IndustryNational Multi-Line Health Insurers
AboutElevance Health Inc. operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health Inc. in June 2022. Elevance Health Inc. was founded in 1944 and is headquartered in Indianapolis, Indiana.Show more
  • Revenue$199.13B+12.6%
  • Combined Ratio95.93%+1.0%
  • Net Income$5.66B-5.3%
  • Return on Equity13.25%-10.4%
  • Medical Cost Ratio74.44%+3.2%
  • Operating Margin4.07%-19.0%
  • Net Margin2.84%-15.9%
  • ROA4.75%-10.3%
  • Equity / Assets36.24%+2.2%
  • Book Value per Share198.49+11.6%
  • Tangible BV/Share20.21+346.1%
  • Debt/Equity0.75-4.4%
Analysis→Technical→

ELV Key Insights

Elevance Health Inc. (ELV) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓15 consecutive years of dividend growth
  • ✓Share count reduced 4.8% through buybacks

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ELV Price & Volume

Elevance Health Inc. (ELV) stock price & volume — 10-year historical chart

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ELV Growth Metrics

Elevance Health Inc. (ELV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.65%
5 Years10.32%
3 Years8.34%
TTM9.44%

Profit CAGR

10 Years8.26%
5 Years4.37%
3 Years-1.33%
TTM-11.39%

EPS CAGR

10 Years10.35%
5 Years6.92%
3 Years1.14%
TTM-8.27%

Return on Capital

10 Years9.79%
5 Years9.85%
3 Years9.25%
Last Year8.15%

ELV Recent Earnings

Elevance Health Inc. (ELV) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 22, 2026
EPS
$12.58
Est $11.03
+14.1%
Revenue
$49.5B
Est $48.2B
+2.7%
Q1 2026
Jan 28, 2026
EPS
$3.33
Est $3.10
+7.4%
Revenue
$49.3B
Est $49.8B
-1.1%
Q4 2025
Oct 21, 2025
EPS
$6.03
Est $4.93
+22.3%
Revenue
$50.7B
Est $49.4B
+2.7%
Q3 2025
Jul 17, 2025
EPS
$8.84
Est $8.91
-0.8%
Revenue
$49.8B
Est $48.2B
+3.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$12.58vs $11.03+14.1%
$49.5Bvs $48.2B+2.7%
Q1 2026Jan 28, 2026
$3.33vs $3.10+7.4%
$49.3Bvs $49.8B-1.1%
Q4 2025Oct 21, 2025
$6.03vs $4.93+22.3%
$50.7Bvs $49.4B+2.7%
Q3 2025Jul 17, 2025
$8.84vs $8.91-0.8%
$49.8Bvs $48.2B+3.3%
Based on last 12 quarters of dataView full earnings history →

ELV Peer Comparison

Elevance Health Inc. (ELV) competitors in National Multi-Line Health Insurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
UNH logoUNHUnitedHealth Group IncorporatedDirect Competitor330.28B363.8727.5011.81%2.68%11.54%4.87%0.77
CVS logoCVSCVS Health CorporationDirect Competitor102.56B80.6958.057.85%0.44%2.35%7.61%1.24
CI logoCICigna CorporationDirect Competitor72.68B275.6612.4311.26%2.26%15.08%11.54%0.75
HUM logoHUMHumana Inc.Direct Competitor28.76B239.5324.3410.06%0.82%6.17%1.3%0.73
CNC logoCNCCentene CorporationDirect Competitor26.15B52.97-3.8919.44%-3.25%-28.6%16.52%0.94
MOH logoMOHMolina Healthcare, Inc.Direct Competitor10.01B192.1721.5411.75%0.42%4.44%0.97
OSCR logoOSCROscar Health, Inc.Product Competitor4.71B17.94-10.6227.5%-3.79%-45.19%22.49%0.44
CLOV logoCLOVClover Health Investments, Corp.Product Competitor1.35B2.61-15.3540.34%-4.45%-27.71%

Compare ELV vs Peers

Elevance Health Inc. (ELV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs UNH

Most directly comparable listed peer for ELV.

Scale Benchmark

vs CVS

Larger-name benchmark to compare ELV against a more recognizable public peer.

Peer Set

Compare Top 5

vs UNH, CVS, CI, HUM

ELV Income Statement

Elevance Health Inc. (ELV) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue90.04B92.11B104.21B121.87B138.64B156.59B171.34B176.81B199.13B200.41B
Revenue Growth %5.96%2.29%13.15%16.94%13.76%12.95%9.42%3.19%12.62%9.44%
Medical Costs & Claims72.24B71.89B81.79B88.05B102.64B116.64B124.33B127.57B148.22B153.99B
Medical Cost Ratio %80.23%78.06%78.48%72.25%74.04%74.49%72.56%72.15%74.44%76.84%
Gross Profit
17.8B▲ 0%
20.21B▲ 13.5%
22.43B▲ 11.0%
33.82B▲ 50.8%
35.99B▲ 6.4%
39.95B▲ 11.0%
47.01B▲ 17.7%
49.24B▲ 4.8%
50.9B▲ 3.4%
46.43B▲ 0%
Gross Margin %19.77%21.94%21.52%27.75%25.96%25.51%27.44%27.85%25.56%23.16%
Gross Profit Growth %-1.88%13.52%10.97%50.81%6.42%11%17.66%4.75%3.37%-
Operating Expenses12.82B14.37B15.69B26.11B27.05B31.5B38.27B40.35B42.79B38.79B
OpEx / Revenue %14.24%15.61%15.06%21.43%19.51%20.12%22.33%22.82%21.49%19.36%
Depreciation & Amortization891M1.13B1.13B1.15B1.3B1.68B1.75B1.39B1.55B1.28B
Combined Ratio %94.46%93.66%93.54%93.67%93.55%94.6%94.9%94.97%95.93%96.19%
Operating Income
4.99B▲ 0%
5.84B▲ 17.1%
6.73B▲ 15.4%
7.71B▲ 14.5%
8.95B▲ 16.0%
8.45B▼ 5.5%
8.74B▲ 3.5%
8.89B▲ 1.6%
8.11B▼ 8.7%
7.63B▲ 0%
Operating Margin %5.54%6.34%6.46%6.33%6.45%5.4%5.1%5.03%4.07%3.81%
Operating Income Growth %-8.01%17.09%15.35%14.53%16.02%-5.53%3.48%1.64%-8.73%-
EBITDA5.88B6.97B7.87B8.87B10.25B10.13B10.49B10.28B9.66B8.92B
EBITDA Margin %6.53%7.57%7.55%7.27%7.39%6.47%6.12%5.81%4.85%4.45%
Interest Expense739M753M746M784M798M851M1.03B1.19B1.4B1.42B
Non-Operating Income282.4M16M2M689M223M00-201M00
Pretax Income
3.96B▲ 0%
5.07B▲ 27.9%
5.99B▲ 18.1%
6.24B▲ 4.2%
7.92B▲ 27.0%
7.6B▼ 4.1%
7.71B▲ 1.5%
7.9B▲ 2.4%
6.71B▼ 15.1%
6.22B▲ 0%
Pretax Margin %4.4%5.5%5.74%5.12%5.72%4.85%4.5%4.47%3.37%3.1%
Income Tax121M1.32B1.18B1.67B1.83B1.71B1.72B1.93B1.05B980M
Effective Tax Rate %3.05%26.01%19.68%26.71%23.09%22.53%22.35%24.46%15.63%15.76%
Net Income
3.84B▲ 0%
3.75B▼ 2.4%
4.81B▲ 28.2%
4.57B▼ 4.9%
6.1B▲ 33.5%
5.89B▼ 3.4%
5.99B▲ 1.6%
5.98B▼ 0.1%
5.66B▼ 5.3%
5.24B▲ 0%
Net Margin %4.27%4.07%4.61%3.75%4.4%3.76%3.49%3.38%2.84%2.62%
Net Income Growth %55.59%-2.41%28.19%-4.89%33.51%-3.44%1.58%-0.12%-5.32%-11.39%
EPS (Diluted)
14.35▲ 0%
14.19▼ 1.1%
18.47▲ 30.2%
17.98▼ 2.7%
24.73▲ 37.5%
24.28▼ 1.8%
25.22▲ 3.9%
25.68▲ 1.8%
25.12▼ 2.2%
23.79▲ 0%
EPS Growth %55.81%-1.11%30.16%-2.65%37.54%-1.82%3.87%1.82%-2.18%-8.27%
EPS (Basic)14.7014.5318.8118.2325.2524.5625.3825.8125.18-
Diluted Shares Outstanding267.8M254.3M260.3M254.3M246.8M242.8M237.4M232.9M221.8M220.4M

ELV Balance Sheet

Elevance Health Inc. (ELV) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets71.46B72.47B78.25B88.28B97.46B102.75B108.93B116.89B121.49B125.83B
Asset Growth %7.64%1.41%7.98%12.81%10.4%5.43%6.01%7.31%3.94%22.3%
Total Investment Assets24.93B22.45B25.46B29.84B34.01B33.34B36.83B37.18B38.58B4M
Long-Term Investments24.93B22.45B25.46B29.84B34.01B33.34B36.83B37.18B38.58B127.75B
Short-Term Investments00000000025.91B
Total Current Assets9.79B10.68B12.52B13.87B14.57B19.13B18.99B21.34B24.73B67.03B
Cash & Equivalents3.61B3.93B4.94B5.74B4.88B7.39B6.53B8.29B9.49B9.66B
Receivables6.18B6.74B7.58B8.13B9.69B11.75B12.46B13.05B15.23B68.6B
Other Current Assets0000000008.68B
Goodwill & Intangibles27.6B29.51B29.17B31.1B34.84B34.7B35.59B40.37B39.54B158.61B
Goodwill19.23B20.5B20.5B21.69B24.23B24.38B25.32B28.28B28.34B28.34B
Intangible Assets8.37B9.01B8.67B9.4B10.62B10.31B10.27B12.09B11.2B11.09B
PP&E (Net)2.17B2.73B3.71B4.13B4.55B4.92B4.94B5.22B5.13B4.66B
Other Assets6.04B6.2B6.59B7.68B9.39B10.53B12.36B12.57B13.21B2.58B
Total Liabilities44.96B43.93B46.53B55.08B61.33B66.42B69.52B75.46B77.47B81.78B
Total Debt19.93B19.21B21.21B21.84B24.89B25.8B26.65B32.7B33.23B31.84B
Net Debt16.32B15.28B16.27B16.1B20.01B18.41B20.13B24.41B23.74B22.18B
Long-Term Debt17.38B17.22B18.27B20.18B22.02B23.1B23.93B29.88B31.33B31.12B
Short-Term Debt2.55B1.99B2.46B810M2.01B1.95B2.04B2.17B1.38B724M
Total Current Liabilities10.54B9.45B11.3B12.17B15.53B18.65B19.55B19.42B19.96B45.31B
Accounts Payable7.99B7.45B8.84B11.36B13.52B15.6B16.11B15.75B17.08B6.21B
Deferred Revenue000001.11B1.4B1.51B1.49B1.76B
Other Current Liabilities00000000036.62B
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K8.22B
Other Liabilities13.53B13.5B12.43B16.94B18.96B20.79B23.39B23.36B23.55B3.57B
Total Equity
26.5B▲ 0%
28.54B▲ 7.7%
31.73B▲ 11.2%
33.2B▲ 4.6%
36.13B▲ 8.8%
36.33B▲ 0.6%
39.41B▲ 8.5%
41.43B▲ 5.1%
44.03B▲ 6.3%
44.04B▲ 0%
Equity Growth %5.59%7.69%11.17%4.64%8.82%0.56%8.46%5.13%6.28%13.75%
Shareholders Equity26.5B28.54B31.73B33.2B36.06B36.24B39.31B41.31B43.88B43.9B
Minority Interest000068M87M99M111M144M140M
Retained Earnings18.05B19.99B22.57B23.8B27.09B29.65B31.75B33.55B35.39B35.8B
Common Stock2.6M3M3M3M2M2M2M2M2M2M
Accumulated OCI-101.5M-986M-296M150M-178M-2.49B-1.31B-1.15B-451M-741M
Return on Equity (ROE)14.89%13.63%15.95%14.08%17.61%16.27%15.81%14.8%13.25%11.92%
Return on Assets (ROA)5.58%5.21%6.38%5.49%6.57%5.89%5.66%5.3%4.75%4.26%
Equity / Assets37.09%39.38%40.54%37.61%37.07%35.36%36.18%35.44%36.24%35%
Debt / Equity0.75x0.67x0.67x0.66x0.69x0.71x0.68x0.79x0.75x0.75x
Book Value per Share98.97112.23121.89130.55146.39149.63165.99177.87198.49199.83
Tangible BV per Share-4.10-3.819.818.275.216.7216.074.5320.2120.91

ELV Cash Flow Statement

Elevance Health Inc. (ELV) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations4.18B3.83B6.06B10.69B8.36B8.4B8.06B5.81B4.29B4.29B
Operating CF Growth %30.59%-8.55%58.37%76.34%-21.74%0.42%-4.02%-27.95%-26.14%539.76%
Operating CF / Revenue %4.65%4.16%5.82%8.77%6.03%5.36%4.7%3.28%2.15%2.14%
Net Income3.84B3.75B4.81B4.57B6.09B6.02B5.99B5.97B5.66B5.24B
Depreciation & Amortization890.4M1.13B1.13B1.15B1.3B1.68B1.75B1.39B1.55B1.53B
Stock-Based Compensation169.6M226M294M283M255M264M289M191M276M250M
Deferred Taxes-1.27B91M81M-540M173M-76M-602M-374M-279M-379M
Other Non-Cash Items186.2M235M-62M16M-245M264M1.18B346M363M1.41B
Working Capital Changes367.9M-1.6B-192M5.2B784M253M-535M-1.72B-3.28B-436M
Cash from Investing-5.08B-1.26B-2.79B-7.32B-9.64B-4.56B-5.57B-5.17B-1.34B-3.09B
Capital Expenditures-790.2M-1.21B-1.08B-1.02B-1.09B-1.15B-1.3B-1.26B-1.12B-1.16B
Acquisitions-2.08B-1.76B0-1.98B-3.48B-649M-1.55B-4.45B88M89M
Purchase of Investments-16.37B-9.67B-22.95B-19.49B-18.67B-24.95B-16.24B-17.99B-15.03B-15.8B
Sale/Maturity of Investments13.53B11.6B21.04B16.06B14.61B22.61B13.54B18.57B15.1B14.17B
Other Investing636.4M-220M204M-894M-1.02B-421M-24M-51M-385M-392M
Cash from Financing426.9M-2.24B-2.27B-2.57B423M-1.32B-3.35B1.19B-1.74B-2.34B
Dividends Paid-704.9M-776M-818M-954M-1.1B-1.23B-1.4B-1.51B-1.53B-1.52B
Share Repurchases-2B-1.69B-1.7B-2.7B-1.9B-2.32B-2.68B-2.9B-2.6B-2.85B
Stock Issued01.25B000000037M
Debt Issuance (Net)1000K-1000K1000K1000K1000K1000K1000K1000K1000K2M
Other Financing-820.7M-355M-271M899M1.08B432M-17M39M69M-398M
Net Change in Cash
-466.4M▲ 0%
325M▲ 169.7%
1B▲ 208.6%
804M▼ 19.8%
-861M▼ 207.1%
2.51B▲ 391.2%
-861M▼ 134.3%
1.76B▲ 304.6%
1.2B▼ 31.7%
2.16B▲ 0%
Exchange Rate Effect4.3M-2M07M-10M-14M-1M-72M-5M-15M
Cash at Beginning4.08B3.61B3.93B4.94B5.74B4.88B7.39B6.53B8.29B9.49B
Cash at End3.61B3.93B4.94B5.74B4.88B7.39B6.53B8.29B9.49B9.66B
Free Cash Flow
3.39B▲ 0%
2.62B▼ 22.8%
4.98B▲ 90.3%
9.67B▲ 94.0%
7.28B▼ 24.7%
7.25B▼ 0.4%
6.76B▼ 6.7%
4.55B▼ 32.7%
3.17B▼ 30.3%
6.45B▲ 0%
FCF Growth %29.52%-22.85%90.3%93.96%-24.72%-0.41%-6.65%-32.71%-30.27%75.56%
FCF Margin %3.77%2.84%4.78%7.93%5.25%4.63%3.95%2.57%1.59%3.22%
FCF per Share12.6810.319.1538.0129.4929.8528.519.5414.3114.31

ELV Key Ratios

Elevance Health Inc. (ELV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Combined Ratio94.46%93.66%93.54%93.67%93.55%94.6%94.9%94.97%95.93%96.19%
Medical Cost Ratio80.23%78.06%78.48%72.25%74.04%74.49%72.56%72.15%74.44%76.84%
Return on Equity (ROE)14.89%13.63%15.95%14.08%17.61%16.27%15.81%14.8%13.25%11.92%
Return on Assets (ROA)5.58%5.21%6.38%5.49%6.57%5.89%5.66%5.3%4.75%4.26%
Equity / Assets37.09%39.38%40.54%37.61%37.07%35.36%36.18%35.44%36.24%35%
Book Value / Share98.97112.23121.89130.55146.39149.63165.99177.87198.49199.83
Debt / Equity0.75x0.67x0.67x0.66x0.69x0.71x0.68x0.79x0.75x0.75x
Revenue Growth5.96%2.29%13.15%16.94%13.76%12.95%9.42%3.19%12.62%9.44%

ELV SEC Filings & Documents

Elevance Health Inc. (ELV) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Mar 10, 2026·SEC

Material company update

Mar 2, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 6, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 22, 2026·SEC

FY 2025

Oct 21, 2025·SEC

FY 2025

Jul 17, 2025·SEC

ELV Frequently Asked Questions

Elevance Health Inc. (ELV) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Elevance Health Inc. (ELV) grew revenue by 12.6% over the past year. This is steady growth.

Yes, Elevance Health Inc. (ELV) is profitable, generating $5.24B in net income for fiscal year 2025 (2.8% net margin).

Dividend & Returns

Yes, Elevance Health Inc. (ELV) pays a dividend with a yield of 1.87%. This makes it attractive for income-focused investors.

Elevance Health Inc. (ELV) has a return on equity (ROE) of 13.3%. This is reasonable for most industries.

Industry Metrics

Elevance Health Inc. (ELV) has a combined ratio of 95.9%. A ratio below 100% indicates underwriting profitability.

Explore More ELV

Elevance Health Inc. (ELV) financial analysis — history, returns, DCA and operating performance tools

Full ELV Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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