Elevance Health Inc. (ELV) 10-Year Financial Performance & Capital Metrics

ELV • • Insurance & Managed Care

HealthcareHealth InsuranceDiversified Health Insurance & ServicesMajor 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 $176.81B +3.2%
Combined Ratio 95.53%
Net Income $5.98B -0.1%
Return on Equity 14.8% -6.4%
Medical Cost Ratio 0%
Operating Margin 4.47% -0.7%
Net Margin 3.38% -3.2%
ROA 5.3% -6.4%
Equity / Assets 35.44% -2.0%
Book Value per Share 177.87 +7.2%
Tangible BV/Share 4.53 -71.8%
Debt/Equity 0.75 +18.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓14 consecutive years of dividend growth
✓Good 3Y average ROE of 15.6%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.12%

5Y11.15%

3Y8.44%

TTM11.96%

Profit (Net Income) CAGR

10Y8.81%

5Y4.46%

3Y-0.97%

TTM-13.79%

EPS CAGR

10Y11.12%

5Y6.81%

3Y1.26%

TTM-10.83%

ROCE

10Y Avg9.48%

5Y Avg9.86%

3Y Avg9.51%

Latest9.12%

Peer Comparison

Major Health Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CICigna Corporation	72.61B	271.81	22.43	26.56%	2.29%	14.63%	12.34%	0.78
ELVElevance Health Inc.	82.38B	370.68	14.43	3.19%	2.84%	12.55%	5.53%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	79.16B	84.86B	90.04B	92.11B	104.21B	121.87B	138.64B	156.59B	171.34B	176.81B
Revenue Growth %	0.07%	0.07%	0.06%	0.02%	0.13%	0.17%	0.14%	0.13%	0.09%	0.03%
Medical Costs & Claims+	0	0	0	0	0	0	0	0	0	0
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	79.16B	84.86B	90.04B	92.11B	104.21B	121.87B	138.64B	156.59B	171.34B	176.81B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.07%	0.07%	0.06%	0.02%	0.13%	0.17%	0.14%	0.13%	0.09%	0.03%
Operating Expenses+	74.53B	80.31B	86.08B	87.04B	98.23B	115.63B	130.64B	149B	163.63B	168.91B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	907.9M	912M	891M	1.13B	1.13B	1.15B	1.3B	1.68B	1.75B	1.39B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	4.63B	4.55B	3.96B	5.07B	5.99B	6.24B	8B	7.6B	7.71B	7.9B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.06%	-0.02%	-0.13%	0.28%	0.18%	0.04%	0.28%	-0.05%	0.02%	0.02%
EBITDA+	5.54B	5.47B	4.86B	6.2B	7.12B	7.39B	9.3B	9.28B	9.46B	9.3B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	653M	723M	739M	753M	746M	784M	798M	851M	1.03B	1.19B
Non-Operating Income	-653M	-723M	-739M	-753M	-746M	-784M	-798M	-851M	-1.03B	-1.19B
Pretax Income+	4.63B	4.55B	3.96B	5.07B	5.99B	6.24B	8B	7.6B	7.71B	7.9B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.07B	2.08B	121M	1.32B	1.18B	1.67B	1.85B	1.71B	1.72B	1.93B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.56B	2.47B	3.84B	3.75B	4.81B	4.57B	6.16B	5.89B	5.99B	5.98B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0%	-0.04%	0.56%	-0.02%	0.28%	-0.05%	0.35%	-0.04%	0.02%	-0%
EPS (Diluted)+	9.38	9.21	14.35	14.19	18.47	17.98	24.73	24.28	25.22	25.68
EPS Growth %	0.05%	-0.02%	0.56%	-0.01%	0.3%	-0.03%	0.38%	-0.02%	0.04%	0.02%
EPS (Basic)	9.73	9.39	14.70	14.53	18.81	18.23	25.25	24.56	25.38	25.81
Diluted Shares Outstanding	272.9M	268.1M	267.8M	254.3M	260.3M	254.3M	246.8M	242.8M	237.4M	232.9M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	61.72B	65.08B	70.54B	71.57B	77.45B	86.61B	97.46B	102.75B	108.93B	116.89B
Asset Growth %	0%	0.05%	0.08%	0.01%	0.08%	0.12%	0.13%	0.05%	0.06%	0.07%
Total Investment Assets+	35.91B	21.44B	24.93B	22.45B	40.87B	48.99B	26.27B	25.95B	29.61B	25.2B
Long-Term Investments	18.97B	19.2B	21.59B	18.73B	21.19B	25.55B	0	0	0	0
Short-Term Investments	16.94B	17.18B	17.39B	16.71B	19.68B	23.43B	26.27B	25.95B	29.61B	25.2B
Total Current Assets+	26.39B	29.82B	29.8B	29.96B	35B	40.13B	44.59B	49.38B	54.01B	52.56B
Cash & Equivalents	2.11B	4.08B	3.61B	3.93B	4.94B	5.74B	4.88B	7.39B	6.53B	8.29B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	316.6M	168.7M	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	25.72B	25.53B	27.6B	29.51B	29.17B	31.1B	34.84B	34.7B	35.59B	40.37B
Goodwill	17.56B	17.56B	19.23B	20.5B	20.5B	21.69B	24.23B	24.38B	25.32B	28.28B
Intangible Assets	8.16B	7.96B	8.37B	9.01B	8.67B	9.4B	10.62B	10.31B	10.27B	12.09B
PP&E (Net)	2.02B	1.98B	2.17B	2.73B	3.71B	4.13B	4.55B	4.92B	4.94B	5.22B
Other Assets	-11.39B	1.93B	10.02B	8.44B	-11.62B	-14.3B	13.38B	13.62B	14.16B	18.74B
Total Liabilities	38.67B	39.98B	44.04B	43.03B	45.73B	53.42B	61.33B	66.42B	69.52B	75.46B
Total Debt+	15.86B	15.73B	19.93B	19.21B	20.09B	20.04B	23.03B	24.11B	25.12B	31.23B
Net Debt	13.75B	11.65B	16.32B	15.28B	15.15B	14.29B	18.15B	16.73B	18.59B	22.94B
Long-Term Debt	15.32B	14.36B	17.38B	17.22B	17.79B	19.34B	21.16B	22.35B	23.25B	29.22B
Short-Term Debt	540M	1.37B	2.55B	1.99B	2.3B	700M	1.87B	1.76B	1.87B	2.01B
Total Current Liabilities+	12.57B	14.25B	16.43B	15.31B	16.36B	18.81B	21.52B	24.08B	26.3B	26.2B
Accounts Payable	10.89B	11.91B	13.02B	12.41B	13.04B	16.85B	18.49B	21.2B	23.02B	22.67B
Deferred Revenue	1.15B	971.9M	860M	902M	1.02B	1.26B	1.15B	1.11B	1.4B	1.51B
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	8.14B	8.6B	8.5B	8.54B	9.36B	13.25B	15.86B	17.98B	18.01B	17.9B
Total Equity+	23.04B	25.1B	26.5B	28.54B	31.73B	33.2B	36.13B	36.33B	39.41B	41.43B
Equity Growth %	-0.05%	0.09%	0.06%	0.08%	0.11%	0.05%	0.09%	0.01%	0.08%	0.05%
Shareholders Equity	23.04B	25.1B	26.5B	28.54B	31.73B	33.2B	36.06B	36.24B	39.31B	41.31B
Minority Interest	0	0	0	0	0	0	68M	87M	99M	111M
Retained Earnings	14.78B	16.56B	18.05B	19.99B	22.57B	23.8B	27.09B	29.65B	31.75B	33.55B
Common Stock	2.6M	2.6M	3M	3M	3M	3M	2M	2M	2M	2M
Accumulated OCI	-292.6M	-267.9M	-101M	-986M	-296M	150M	-178M	-2.49B	-1.31B	-1.15B
Return on Equity (ROE)	0.11%	0.1%	0.15%	0.14%	0.16%	0.14%	0.18%	0.16%	0.16%	0.15%
Return on Assets (ROA)	0.04%	0.04%	0.06%	0.05%	0.06%	0.06%	0.07%	0.06%	0.06%	0.05%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.69x	0.63x	0.75x	0.67x	0.63x	0.60x	0.64x	0.66x	0.64x	0.75x
Book Value per Share	84.44	93.62	98.97	112.23	121.89	130.55	146.39	149.63	165.99	177.87
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.12B	3.2B	4.18B	3.83B	6.06B	10.69B	8.36B	8.4B	8.06B	5.81B
Operating CF Growth %	0.22%	-0.22%	0.31%	-0.09%	0.58%	0.76%	-0.22%	0%	-0.04%	-0.28%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.56B	2.47B	3.84B	3.75B	4.81B	4.57B	6.09B	6.02B	5.99B	5.97B
Depreciation & Amortization	907.9M	911.8M	890.4M	1.13B	1.13B	1.15B	1.3B	1.68B	1.75B	1.39B
Stock-Based Compensation	148.2M	164.6M	169.6M	226M	294M	283M	255M	264M	289M	191M
Deferred Taxes	-65.9M	126.9M	-1.27B	91M	81M	-540M	173M	-76M	-602M	0
Other Non-Cash Items	-161.4M	106.3M	186.2M	235M	-62M	16M	-245M	264M	1.18B	-28M
Working Capital Changes	727.2M	-574.9M	367.9M	-1.6B	-192M	5.2B	784M	253M	-535M	-1.72B
Cash from Investing+	-1.15B	-513.9M	-5.08B	-1.26B	-2.79B	-7.32B	-9.64B	-4.56B	-5.57B	-5.17B
Capital Expenditures	-602.9M	-583.6M	-790.2M	-1.21B	-1.08B	-1.02B	-1.09B	-1.15B	-1.3B	-1.26B
Acquisitions	-638.9M	0	-2.08B	-1.76B	0	-1.98B	-3.48B	-649M	-1.55B	-4.45B
Purchase of Investments	-11.9B	-12.1B	-16.37B	-9.67B	-22.95B	-19.49B	-18.67B	-24.95B	-16.24B	-17.99B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	206.2M	219M	636.4M	-220M	204M	-894M	-1.02B	-421M	-24M	-51M
Cash from Financing+	-3B	-732.9M	426.9M	-2.24B	-2.27B	-2.57B	423M	-1.32B	-3.35B	1.19B
Dividends Paid	-656.6M	-684M	-704.9M	-776M	-818M	-954M	-1.1B	-1.23B	-1.4B	-1.51B
Share Repurchases	-1.52B	-67M	-2B	-1.69B	-1.7B	-2.7B	-1.9B	-2.32B	-2.68B	-2.9B
Stock Issued	0	0	0	1.25B	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	67.3M	-408.9M	-820.7M	-355M	-271M	899M	1.08B	432M	-17M	39M
Net Change in Cash+	-38.2M	1.96B	-466.4M	325M	1B	804M	-861M	2.51B	-861M	1.76B
Exchange Rate Effect	-1000K	1000K	1000K	-1000K	0	1000K	-1000K	-1000K	-1000K	-1000K
Cash at Beginning	2.15B	2.11B	4.08B	3.61B	3.93B	4.94B	5.74B	4.88B	7.39B	6.53B
Cash at End	2.11B	4.08B	3.61B	3.93B	4.94B	5.74B	4.88B	7.39B	6.53B	8.29B
Free Cash Flow+	3.51B	2.62B	3.39B	2.62B	4.98B	9.67B	7.28B	7.25B	6.76B	4.55B
FCF Growth %	0.28%	-0.25%	0.3%	-0.23%	0.9%	0.94%	-0.25%	-0%	-0.07%	-0.33%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	12.87	9.78	12.68	10.3	19.15	38.01	29.49	29.85	28.5	19.54

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	94.15%	94.63%	95.6%	94.5%	94.26%	94.88%	94.23%	95.15%	95.5%	95.53%
Medical Cost Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Return on Equity (ROE)	10.83%	10.26%	14.89%	13.63%	15.95%	14.08%	17.77%	16.27%	15.81%	14.8%
Return on Assets (ROA)	4.15%	3.9%	5.67%	5.28%	6.45%	5.57%	6.69%	5.89%	5.66%	5.3%
Equity / Assets	37.34%	38.57%	37.57%	39.88%	40.96%	38.33%	37.07%	35.36%	36.18%	35.44%
Book Value / Share	84.44	93.62	98.97	112.23	121.89	130.55	146.39	149.63	165.99	177.87
Debt / Equity	0.69x	0.63x	0.75x	0.67x	0.63x	0.60x	0.64x	0.66x	0.64x	0.75x
Revenue Growth	7.15%	7.21%	6.1%	2.29%	13.15%	16.94%	13.76%	12.95%	9.42%	3.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Health Benefits	-	-	-	-	-	-	-	-	148.57B	150.28B
Health Benefits Growth	-	-	-	-	-	-	-	-	-	1.15%
Carelon Services	-	-	-	-	-	-	-	-	95.96B	53.92B
Carelon Services Growth	-	-	-	-	-	-	-	-	-	-43.81%
Other	21M	24.2M	30.9M	-8M	3.09B	2.15B	10.25B	13.29B	479M	-
Other Growth	-	15.24%	27.69%	-125.89%	38700.00%	-30.28%	376.08%	29.70%	-96.40%	-
Segment Eliminations	-	-	-	-	-	-	-20.47B	-24.64B	-340M	-
Segment Eliminations Growth	-	-	-	-	-	-	-	-20.41%	98.62%	-
Government Business	40.81B	45.48B	48.28B	55.57B	-	71.57B	82.92B	96.81B	-	-
Government Business Growth	-	11.43%	6.15%	15.10%	-	-	15.85%	16.75%	-	-
Commercial Specialty Business	37.57B	38.69B	40.75B	35.78B	-	36.7B	38.81B	41.67B	-	-
Commercial Specialty Business Growth	-	2.98%	5.33%	-12.20%	-	-	5.75%	7.38%	-	-
IngenioRx	-	-	-	-	-	10.38B	12.78B	14.97B	-	-
IngenioRx Growth	-	-	-	-	-	-	23.04%	17.20%	-	-

Frequently Asked Questions

Valuation & Price

Elevance Health Inc. (ELV) has a price-to-earnings (P/E) ratio of 14.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Elevance Health Inc. (ELV) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, Elevance Health Inc. (ELV) is profitable, generating $5.53B in net income for fiscal year 2024 (3.4% net margin).

Dividend & Returns

Yes, Elevance Health Inc. (ELV) pays a dividend with a yield of 1.75%. This makes it attractive for income-focused investors.

Elevance Health Inc. (ELV) has a return on equity (ROE) of 14.8%. This is reasonable for most industries.

Industry Metrics

Elevance Health Inc. (ELV) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

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