Total debt has increased to $31.8 billion as of 2026Q1, with goodwill accounting for $28.3 billion of the total asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Assets | 125.83B | 121.49B | 116.89B | 108.93B | 102.75B | 97.46B | 88.28B | 78.25B | 72.47B | 71.46B | 66.39B | 63.06B | 62.93B | 60.49B | 60.21B | 53.26B | 51.28B | 52.13B | 48.4B | 52.06B | 51.76B | 51.41B | 40.63B | 13.41B | 12.44B | 6.34B |
| Asset Growth % | 22.3% | 3.94% | 7.31% | 6.01% | 5.43% | 10.4% | 12.81% | 7.98% | 1.41% | 7.64% | 5.27% | 0.21% | 4.03% | 0.47% | 13.05% | 3.86% | -1.63% | 7.69% | -7.02% | 0.58% | 0.69% | 26.53% | 202.99% | 7.79% | 96.29% | - |
| Total Investment Assets | 4M | 38.58B | 37.18B | 36.83B | 33.34B | 34.01B | 29.84B | 25.46B | 22.45B | 24.93B | 21.44B | 21.01B | 21.63B | 20.81B | 19.99B | 18.49B | 18.45B | 18.17B | 15.75B | 19.34B | 19.11B | 0 | 748.1M | 6.92B | 5.95B | 4.07B |
| Long-Term Investments | 127.75B | 38.58B | 37.18B | 36.83B | 33.34B | 34.01B | 29.84B | 25.46B | 22.45B | 24.93B | 21.44B | 21.01B | 21.63B | 20.81B | 19.99B | 18.49B | 18.45B | 18.17B | 15.75B | 19.34B | 19.11B | 0 | 748.1M | 6.92B | 5.95B | 4.07B |
| Short-Term Investments | 25.91B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.92B | 5.95B | 4.07B |
| Total Current Assets | 67.03B | 24.73B | 21.34B | 18.99B | 19.13B | 14.57B | 13.87B | 12.52B | 10.68B | 9.79B | 9.94B | 6.72B | 6.98B | 5.55B | 6.16B | 5.6B | 4.83B | 8.1B | 5.23B | 5.64B | 5.12B | 22.8B | 5.11B | 0 | 0 | 0 |
| Cash & Equivalents | 9.66B | 9.49B | 8.29B | 6.53B | 7.39B | 4.88B | 5.74B | 4.94B | 3.93B | 3.61B | 4.08B | 2.11B | 2.15B | 1.58B | 2.48B | 2.2B | 1.79B | 4.82B | 2.18B | 2.77B | 2.6B | 2.74B | 1.46B | 464.5M | 694.9M | 406.4M |
| Receivables | 68.6B | 15.23B | 13.05B | 12.46B | 11.75B | 9.69B | 8.13B | 7.58B | 6.74B | 6.18B | 5.86B | 4.6B | 4.83B | 3.97B | 3.69B | 3.4B | 3.04B | 3.28B | 3.04B | 2.87B | 2.52B | 0 | 0 | 1.43B | 76.5M | 790.9M |
| Other Current Assets | 8.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.8B | 5.11B | -9.07B | -6.02B | -5.27B |
| Goodwill & Intangibles | 158.61B | 39.54B | 40.37B | 35.59B | 34.7B | 34.84B | 31.1B | 29.17B | 29.51B | 27.6B | 25.53B | 25.72B | 25.04B | 25.36B | 25.56B | 21.79B | 21.26B | 21.52B | 22.29B | 22.66B | 22.78B | 23.16B | 18.23B | 3.68B | 3.76B | 467.4M |
| Goodwill | 28.34B | 28.34B | 28.28B | 25.32B | 24.38B | 24.23B | 21.69B | 20.5B | 20.5B | 19.23B | 17.56B | 17.56B | 17.08B | 16.92B | 16.89B | 13.86B | 13.26B | 13.26B | 13.46B | 13.44B | 13.38B | 13.47B | 10.02B | 2.45B | 2.48B | 0 |
| Intangible Assets | 11.09B | 11.2B | 12.09B | 10.27B | 10.31B | 10.62B | 9.4B | 8.67B | 9.01B | 8.37B | 7.96B | 8.16B | 7.96B | 8.44B | 8.67B | 7.93B | 8B | 8.26B | 8.83B | 9.22B | 9.4B | 9.69B | 8.21B | 1.23B | 1.27B | 467.4M |
| PP&E (Net) | 4.66B | 5.13B | 5.22B | 4.94B | 4.92B | 4.55B | 4.13B | 3.71B | 2.73B | 2.17B | 1.98B | 2.02B | 1.94B | 1.8B | 1.72B | 1.42B | 1.16B | 1.1B | 1.05B | 995.9M | 988.6M | 1.08B | 1.05B | 510.5M | 537.4M | 402.3M |
| Other Assets | 2.58B | 13.21B | 12.57B | 12.36B | 10.53B | 9.39B | 7.68B | 6.59B | 6.2B | 6.04B | 6.2B | 6.25B | 6.09B | 6.05B | 5.53B | 4.86B | 4.47B | 2.71B | 3.31B | 2.87B | 3.11B | -24.96B | 14.6B | -11.1B | -10.24B | -4.94B |
| Total Liabilities | 81.78B | 77.47B | 75.46B | 69.52B | 66.42B | 61.33B | 55.08B | 46.53B | 43.93B | 44.96B | 41.29B | 40.02B | 38.68B | 35.72B | 36.4B | 29.97B | 27.46B | 27.26B | 26.97B | 29.07B | 27.18B | 26.41B | 21.17B | 7.41B | 7.08B | 4.28B |
| Total Debt | 31.84B | 33.23B | 32.7B | 26.65B | 25.8B | 24.89B | 21.84B | 21.21B | 19.21B | 19.93B | 15.73B | 15.86B | 15.04B | 14.49B | 14.98B | 9.84B | 8.95B | 8.4B | 8.84B | 9.04B | 7.01B | 6.81B | 4.43B | 2.06B | 1.66B | 1.13B |
| Net Debt | 22.18B | 23.74B | 24.41B | 20.13B | 18.41B | 20.01B | 16.1B | 16.27B | 15.28B | 16.32B | 11.65B | 13.75B | 12.89B | 12.91B | 12.5B | 7.64B | 7.16B | 3.58B | 6.66B | 6.28B | 4.41B | 4.07B | 2.97B | 1.6B | 964.5M | 722.3M |
| Long-Term Debt | 31.12B | 31.33B | 29.88B | 23.93B | 23.1B | 22.02B | 20.18B | 18.27B | 17.22B | 17.38B | 14.36B | 15.32B | 14.02B | 13.57B | 14.17B | 8.47B | 8.15B | 8.34B | 7.83B | 9.02B | 6.49B | 6.32B | 4.28B | 1.66B | 1.3B | 818M |
| Short-Term Debt | 724M | 1.38B | 2.17B | 2.04B | 1.95B | 2.01B | 810M | 2.46B | 1.99B | 2.55B | 1.37B | 540M | 1.02B | 918M | 807.1M | 1.37B | 805.9M | 60.8M | 1.01B | 20.4M | 521M | 481.2M | 150.3M | 401.7M | 357.9M | 310.7M |
| Total Current Liabilities | 45.31B | 19.96B | 19.42B | 19.55B | 18.65B | 15.53B | 12.17B | 11.3B | 9.45B | 10.54B | 9.26B | 8.11B | 7.89B | 7.05B | 6.98B | 6.86B | 5.66B | 6.56B | 8.28B | 6.92B | 6.8B | 10.67B | 8.51B | 0 | 0 | 0 |
| Accounts Payable | 6.21B | 17.08B | 15.75B | 16.11B | 15.6B | 13.52B | 11.36B | 8.84B | 7.45B | 7.99B | 7.89B | 7.57B | 6.86B | 6.13B | 6.17B | 5.49B | 4.85B | 5.45B | 6.18B | 5.79B | 5.29B | 0 | 2.22B | 493.4M | 471.8M | 331M |
| Deferred Revenue | 1.76B | 1.49B | 1.51B | 1.4B | 1.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.05B | 1.09B | 1.11B | 987.9M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 36.62B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.19B | 5.72B | -1.23B | -939.5M | -694.1M |
| Deferred Taxes | 8.22B | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 3.57B | 23.55B | 23.36B | 23.39B | 20.79B | 18.96B | 16.94B | 12.43B | 13.5B | 13.53B | 12.61B | 11.46B | 11.5B | 10.04B | 9.88B | 9.9B | 9.07B | 9.89B | 8.76B | 10.12B | 10.54B | -9.63B | 4.9B | -2.19B | -1.69B | -818M |
| Total Equity | 44.04B | 44.03B | 41.43B | 39.41B | 36.33B | 36.13B | 33.2B | 31.73B | 28.54B | 26.5B | 25.1B | 23.04B | 24.25B | 24.77B | 23.8B | 23.29B | 23.81B | 24.86B | 21.43B | 22.99B | 24.58B | 24.99B | 19.46B | 6B | 5.36B | 2.06B |
| Equity Growth % | 13.75% | 6.28% | 5.13% | 8.46% | 0.56% | 8.82% | 4.64% | 11.17% | 7.69% | 5.59% | 8.92% | -4.98% | -2.08% | 4.04% | 2.21% | -2.2% | -4.23% | 16.01% | -6.78% | -6.45% | -1.67% | 28.44% | 224.32% | 11.89% | 160.31% | - |
| Shareholders Equity | 43.9B | 43.88B | 41.31B | 39.31B | 36.24B | 36.06B | 33.2B | 31.73B | 28.54B | 26.5B | 25.1B | 23.04B | 24.25B | 24.77B | 23.8B | 23.29B | 23.81B | 24.86B | 21.43B | 22.99B | 24.58B | 24.99B | 19.46B | 6B | 5.36B | 2.06B |
| Minority Interest | 140M | 144M | 111M | 99M | 87M | 68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 35.8B | 35.39B | 33.55B | 31.75B | 29.65B | 27.09B | 23.8B | 22.57B | 19.99B | 18.05B | 16.56B | 14.78B | 14.01B | 13.81B | 12.65B | 11.49B | 10.72B | 9.6B | 5.48B | 4.39B | 4.66B | 4.17B | 1.96B | 1.15B | 481.3M | 55.7M |
| Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 3M | 3M | 3M | 2.6M | 2.6M | 2.6M | 2.7M | 2.9M | 3M | 3.4M | 3.8M | 4.5M | 5M | 5.6M | 6.1M | 6.6M | 3M | 1.4M | 1.4M | 1.1M |
| Accumulated OCI | -741M | -451M | -1.15B | -1.31B | -2.49B | -178M | 150M | -296M | -986M | -101.5M | -267.9M | -292.6M | 171.9M | 183.2M | 299.1M | 114.9M | 224.6M | 68.1M | -895.7M | 156.1M | 50.1M | -102.4M | 62.3M | 138.7M | 122.7M | 42.4M |
| Return on Equity (ROE) | 11.92% | 13.25% | 14.8% | 15.81% | 16.27% | 17.61% | 14.08% | 15.95% | 13.63% | 14.89% | 10.26% | 10.83% | 10.48% | 10.93% | 11.28% | 11.24% | 11.86% | 20.5% | 11.21% | 14.07% | 12.49% | 11.09% | 7.54% | 13.63% | 14.8% | 16.61% |
| Return on Assets (ROA) | 4.26% | 4.75% | 5.3% | 5.66% | 5.89% | 6.57% | 5.49% | 6.38% | 5.21% | 5.58% | 3.82% | 4.06% | 4.16% | 4.4% | 4.68% | 5.06% | 5.58% | 9.44% | 4.96% | 6.44% | 6% | 5.35% | 3.55% | 5.99% | 5.85% | 5.4% |
| Equity / Assets | 35% | 36.24% | 35.44% | 36.18% | 35.36% | 37.07% | 37.61% | 40.54% | 39.38% | 37.09% | 37.81% | 36.54% | 38.54% | 40.94% | 39.54% | 43.73% | 46.44% | 47.7% | 44.28% | 44.16% | 47.48% | 48.62% | 47.9% | 44.75% | 43.11% | 32.51% |
| Debt / Equity | 0.72x | 0.75x | 0.79x | 0.68x | 0.71x | 0.69x | 0.66x | 0.67x | 0.67x | 0.75x | 0.63x | 0.69x | 0.62x | 0.59x | 0.63x | 0.42x | 0.38x | 0.34x | 0.41x | 0.39x | 0.29x | 0.27x | 0.23x | 0.34x | 0.31x | 0.55x |
| Book Value per Share | 199.83 | 198.49 | 177.87 | 165.99 | 149.63 | 146.39 | 130.55 | 121.89 | 112.23 | 98.97 | 93.62 | 84.44 | 84.82 | 81.52 | 73.28 | 63.79 | 57.27 | 51.46 | 40.88 | 38.19 | 38.27 | 39.97 | 68.12 | 21.15 | 22.07 | 9.93 |
| Tangible BV per Share | 20.91 | 20.21 | 4.53 | 16.07 | 6.72 | 5.21 | 8.27 | 9.81 | -3.81 | -4.10 | -1.59 | -9.81 | -2.76 | -1.95 | -5.40 | 4.10 | 6.13 | 6.91 | -1.63 | 0.56 | 2.80 | 2.94 | 4.30 | 8.19 | 6.60 | 7.68 |
Medical loss ratio volatility
According to recent balance sheet filings, Elevance Health has grown total assets from $108.9 billion in 2023Q4 to $125.8 billion in 2026Q1, yet this expansion has been largely debt-funded, as equity growth has failed to keep pace with the rising liability profile of the organization.
The divergence between asset growth and equity accumulation suggests that the company is increasingly reliant on leverage to drive its scale. Investors should monitor whether this trajectory indicates a diminishing return on invested capital as the company expands its footprint.
As reported in financial statements, ELV's total debt has climbed from $26.7 billion in 2023Q4 to $31.8 billion in 2026Q1, indicating a persistent reliance on external financing to support its ongoing operational and acquisition-based strategies within the competitive managed care landscape.
While the debt-to-equity ratio remains relatively contained, the absolute increase in debt obligations warrants caution given the current volatility in medical loss ratios. This leverage appears to be a strategic choice to fund growth, but it leaves the balance sheet sensitive to interest rate fluctuations and credit market tightening.
Based on the company's reported figures, the current ratio has improved from 0.97 in 2023Q4 to 1.48 in 2026Q1, suggesting a strengthening of short-term liquidity that may provide a necessary buffer against the unpredictable nature of medical claim settlements and rising outpatient utilization costs.
The improvement in the current ratio is a positive development, yet it must be interpreted alongside the company's significant IBNR liabilities. A higher liquidity position may be a defensive response to the operational uncertainty currently facing the health benefits segment.
Data from the last ten quarters reveals that goodwill has risen to $28.3 billion, representing a substantial portion of total assets, which suggests that the company's asset base is heavily reliant on the valuation of past acquisitions rather than tangible, income-generating physical infrastructure.
This high concentration of intangible assets creates a risk of future impairment charges if the acquired Carelon service entities fail to meet performance expectations. Investors should be wary of the potential for balance sheet volatility should these goodwill valuations require downward adjustments in a more challenging regulatory environment.
Quick answers to the most common questions about buying ELV stock.
As of 2025, Elevance Health Inc. (ELV) had total assets of $121.49B including $24.73B in current assets.
Elevance Health Inc. (ELV) carries total debt of $33.23B, offset by $9.49B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Elevance Health Inc. (ELV) has total shareholders' equity (book value) of $43.88B ($198.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Elevance Health Inc. (ELV) reported a current ratio of 1.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.