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6Apr 22, 2026·SEC
Mar 10, 2026·SEC
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Elevance Health Inc. (ELV) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Elevance Health Inc. (ELV) stock price & volume — 10-year historical chart
Elevance Health Inc. (ELV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Elevance Health Inc. (ELV) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 22, 2026 | $12.58vs $11.03+14.1% | $49.5Bvs $48.2B+2.7% |
| Q1 2026 | Jan 28, 2026 | $3.33vs $3.10+7.4% | $49.3Bvs $49.8B-1.1% |
| Q4 2025 | Oct 21, 2025 | $6.03vs $4.93+22.3% | $50.7Bvs $49.4B+2.7% |
| Q3 2025 | Jul 17, 2025 | $8.84vs $8.91-0.8% | $49.8Bvs $48.2B+3.3% |
Elevance Health Inc. (ELV) competitors in National Multi-Line Health Insurers — business model, growth, and fundamentals comparison
Elevance Health Inc. (ELV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Elevance Health Inc. (ELV) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 90.04B | 92.11B | 104.21B | 121.87B | 138.64B | 156.59B | 171.34B | 176.81B | 199.13B | 200.41B |
| Revenue Growth % | 5.96% | 2.29% | 13.15% | 16.94% | 13.76% | 12.95% | 9.42% | 3.19% | 12.62% | 9.44% |
| Medical Costs & Claims | 72.24B | 71.89B | 81.79B | 88.05B | 102.64B | 116.64B | 124.33B | 127.57B | 148.22B | 153.99B |
| 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 Expenses | 12.82B | 14.37B | 15.69B | 26.11B | 27.05B | 31.5B | 38.27B | 40.35B | 42.79B | 38.79B |
| OpEx / Revenue % | 14.24% | 15.61% | 15.06% | 21.43% | 19.51% | 20.12% | 22.33% | 22.82% | 21.49% | 19.36% |
| Depreciation & Amortization | 891M | 1.13B | 1.13B | 1.15B | 1.3B | 1.68B | 1.75B | 1.39B | 1.55B | 1.28B |
| 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% | - |
| EBITDA | 5.88B | 6.97B | 7.87B | 8.87B | 10.25B | 10.13B | 10.49B | 10.28B | 9.66B | 8.92B |
| EBITDA Margin % | 6.53% | 7.57% | 7.55% | 7.27% | 7.39% | 6.47% | 6.12% | 5.81% | 4.85% | 4.45% |
| Interest Expense | 739M | 753M | 746M | 784M | 798M | 851M | 1.03B | 1.19B | 1.4B | 1.42B |
| Non-Operating Income | 282.4M | 16M | 2M | 689M | 223M | 0 | 0 | -201M | 0 | 0 |
| 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 Tax | 121M | 1.32B | 1.18B | 1.67B | 1.83B | 1.71B | 1.72B | 1.93B | 1.05B | 980M |
| 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) | 14.70 | 14.53 | 18.81 | 18.23 | 25.25 | 24.56 | 25.38 | 25.81 | 25.18 | - |
| Diluted Shares Outstanding | 267.8M | 254.3M | 260.3M | 254.3M | 246.8M | 242.8M | 237.4M | 232.9M | 221.8M | 220.4M |
Elevance Health Inc. (ELV) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 71.46B | 72.47B | 78.25B | 88.28B | 97.46B | 102.75B | 108.93B | 116.89B | 121.49B | 125.83B |
| Asset Growth % | 7.64% | 1.41% | 7.98% | 12.81% | 10.4% | 5.43% | 6.01% | 7.31% | 3.94% | 22.3% |
| Total Investment Assets | 24.93B | 22.45B | 25.46B | 29.84B | 34.01B | 33.34B | 36.83B | 37.18B | 38.58B | 4M |
| Long-Term Investments | 24.93B | 22.45B | 25.46B | 29.84B | 34.01B | 33.34B | 36.83B | 37.18B | 38.58B | 127.75B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.91B |
| Total Current Assets | 9.79B | 10.68B | 12.52B | 13.87B | 14.57B | 19.13B | 18.99B | 21.34B | 24.73B | 67.03B |
| Cash & Equivalents | 3.61B | 3.93B | 4.94B | 5.74B | 4.88B | 7.39B | 6.53B | 8.29B | 9.49B | 9.66B |
| Receivables | 6.18B | 6.74B | 7.58B | 8.13B | 9.69B | 11.75B | 12.46B | 13.05B | 15.23B | 68.6B |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.68B |
| Goodwill & Intangibles | 27.6B | 29.51B | 29.17B | 31.1B | 34.84B | 34.7B | 35.59B | 40.37B | 39.54B | 158.61B |
| Goodwill | 19.23B | 20.5B | 20.5B | 21.69B | 24.23B | 24.38B | 25.32B | 28.28B | 28.34B | 28.34B |
| Intangible Assets | 8.37B | 9.01B | 8.67B | 9.4B | 10.62B | 10.31B | 10.27B | 12.09B | 11.2B | 11.09B |
| PP&E (Net) | 2.17B | 2.73B | 3.71B | 4.13B | 4.55B | 4.92B | 4.94B | 5.22B | 5.13B | 4.66B |
| Other Assets | 6.04B | 6.2B | 6.59B | 7.68B | 9.39B | 10.53B | 12.36B | 12.57B | 13.21B | 2.58B |
| Total Liabilities | 44.96B | 43.93B | 46.53B | 55.08B | 61.33B | 66.42B | 69.52B | 75.46B | 77.47B | 81.78B |
| Total Debt | 19.93B | 19.21B | 21.21B | 21.84B | 24.89B | 25.8B | 26.65B | 32.7B | 33.23B | 31.84B |
| Net Debt | 16.32B | 15.28B | 16.27B | 16.1B | 20.01B | 18.41B | 20.13B | 24.41B | 23.74B | 22.18B |
| Long-Term Debt | 17.38B | 17.22B | 18.27B | 20.18B | 22.02B | 23.1B | 23.93B | 29.88B | 31.33B | 31.12B |
| Short-Term Debt | 2.55B | 1.99B | 2.46B | 810M | 2.01B | 1.95B | 2.04B | 2.17B | 1.38B | 724M |
| Total Current Liabilities | 10.54B | 9.45B | 11.3B | 12.17B | 15.53B | 18.65B | 19.55B | 19.42B | 19.96B | 45.31B |
| Accounts Payable | 7.99B | 7.45B | 8.84B | 11.36B | 13.52B | 15.6B | 16.11B | 15.75B | 17.08B | 6.21B |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 1.11B | 1.4B | 1.51B | 1.49B | 1.76B |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.62B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 8.22B |
| Other Liabilities | 13.53B | 13.5B | 12.43B | 16.94B | 18.96B | 20.79B | 23.39B | 23.36B | 23.55B | 3.57B |
| 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 Equity | 26.5B | 28.54B | 31.73B | 33.2B | 36.06B | 36.24B | 39.31B | 41.31B | 43.88B | 43.9B |
| Minority Interest | 0 | 0 | 0 | 0 | 68M | 87M | 99M | 111M | 144M | 140M |
| Retained Earnings | 18.05B | 19.99B | 22.57B | 23.8B | 27.09B | 29.65B | 31.75B | 33.55B | 35.39B | 35.8B |
| Common Stock | 2.6M | 3M | 3M | 3M | 2M | 2M | 2M | 2M | 2M | 2M |
| Accumulated OCI | -101.5M | -986M | -296M | 150M | -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 / Assets | 37.09% | 39.38% | 40.54% | 37.61% | 37.07% | 35.36% | 36.18% | 35.44% | 36.24% | 35% |
| Debt / Equity | 0.75x | 0.67x | 0.67x | 0.66x | 0.69x | 0.71x | 0.68x | 0.79x | 0.75x | 0.75x |
| Book Value per Share | 98.97 | 112.23 | 121.89 | 130.55 | 146.39 | 149.63 | 165.99 | 177.87 | 198.49 | 199.83 |
| Tangible BV per Share | -4.10 | -3.81 | 9.81 | 8.27 | 5.21 | 6.72 | 16.07 | 4.53 | 20.21 | 20.91 |
Elevance Health Inc. (ELV) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 4.18B | 3.83B | 6.06B | 10.69B | 8.36B | 8.4B | 8.06B | 5.81B | 4.29B | 4.29B |
| 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 Income | 3.84B | 3.75B | 4.81B | 4.57B | 6.09B | 6.02B | 5.99B | 5.97B | 5.66B | 5.24B |
| Depreciation & Amortization | 890.4M | 1.13B | 1.13B | 1.15B | 1.3B | 1.68B | 1.75B | 1.39B | 1.55B | 1.53B |
| Stock-Based Compensation | 169.6M | 226M | 294M | 283M | 255M | 264M | 289M | 191M | 276M | 250M |
| Deferred Taxes | -1.27B | 91M | 81M | -540M | 173M | -76M | -602M | -374M | -279M | -379M |
| Other Non-Cash Items | 186.2M | 235M | -62M | 16M | -245M | 264M | 1.18B | 346M | 363M | 1.41B |
| Working Capital Changes | 367.9M | -1.6B | -192M | 5.2B | 784M | 253M | -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 | -1.76B | 0 | -1.98B | -3.48B | -649M | -1.55B | -4.45B | 88M | 89M |
| 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 Investments | 13.53B | 11.6B | 21.04B | 16.06B | 14.61B | 22.61B | 13.54B | 18.57B | 15.1B | 14.17B |
| Other Investing | 636.4M | -220M | 204M | -894M | -1.02B | -421M | -24M | -51M | -385M | -392M |
| Cash from Financing | 426.9M | -2.24B | -2.27B | -2.57B | 423M | -1.32B | -3.35B | 1.19B | -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 Issued | 0 | 1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37M |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 2M |
| Other Financing | -820.7M | -355M | -271M | 899M | 1.08B | 432M | -17M | 39M | 69M | -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 Effect | 4.3M | -2M | 0 | 7M | -10M | -14M | -1M | -72M | -5M | -15M |
| Cash at Beginning | 4.08B | 3.61B | 3.93B | 4.94B | 5.74B | 4.88B | 7.39B | 6.53B | 8.29B | 9.49B |
| Cash at End | 3.61B | 3.93B | 4.94B | 5.74B | 4.88B | 7.39B | 6.53B | 8.29B | 9.49B | 9.66B |
| 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 Share | 12.68 | 10.3 | 19.15 | 38.01 | 29.49 | 29.85 | 28.5 | 19.54 | 14.31 | 14.31 |
Elevance Health Inc. (ELV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Combined Ratio | 94.46% | 93.66% | 93.54% | 93.67% | 93.55% | 94.6% | 94.9% | 94.97% | 95.93% | 96.19% |
| Medical Cost Ratio | 80.23% | 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 / Assets | 37.09% | 39.38% | 40.54% | 37.61% | 37.07% | 35.36% | 36.18% | 35.44% | 36.24% | 35% |
| Book Value / Share | 98.97 | 112.23 | 121.89 | 130.55 | 146.39 | 149.63 | 165.99 | 177.87 | 198.49 | 199.83 |
| Debt / Equity | 0.75x | 0.67x | 0.67x | 0.66x | 0.69x | 0.71x | 0.68x | 0.79x | 0.75x | 0.75x |
| Revenue Growth | 5.96% | 2.29% | 13.15% | 16.94% | 13.76% | 12.95% | 9.42% | 3.19% | 12.62% | 9.44% |
Elevance Health Inc. (ELV) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 22, 2026·SEC
Mar 10, 2026·SEC
Mar 2, 2026·SEC
Elevance Health Inc. (ELV) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
Elevance Health Inc. (ELV) has a combined ratio of 95.9%. A ratio below 100% indicates underwriting profitability.
Elevance Health Inc. (ELV) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates