Elevance Health Inc. (ELV) Financial Ratios
25 years of historical data (2001–2025) · Healthcare · Medical - Healthcare Plans
EV/EBITDA
↓
10.88
↓-11% vs avg
5yr avg: 12.21
30Y Low5.2·High14.1
P/FCF
↑
25.64
↑+38% vs avg
5yr avg: 18.57
30Y Low8.4·High25.5
P/B Ratio
↓
1.89
↓-29% vs avg
5yr avg: 2.66
30Y Low0.8·High3.4
ROE
↓
13.3%
-15% vs avg
5yr avg: 15.5%
30Y Low8%·High21%
Debt/EBITDA
↑
3.44
↑+22% vs avg
5yr avg: 2.83
30Y Low1.3·High3.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ELV Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Elevance Health Inc. trades at 14.9x earnings, 14% below its 5-year average of 17.4x, sitting at the 48th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a discount of 33%. On a free-cash-flow basis, the stock trades at 25.6x P/FCF, 38% above the 5-year average of 18.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $81.4B | $77.8B | $85.9B | $111.9B | $124.5B | $114.4B | $81.7B | $78.6B | $66.8B | $60.3B | $38.5B |
| Enterprise Value | $105.1B | $101.5B | $110.3B | $132.1B | $143.0B | $134.4B | $97.8B | $94.9B | $82.1B | $76.6B | $50.2B |
| P/E Ratio → | 14.92 | 13.96 | 14.37 | 18.70 | 21.13 | 18.74 | 17.86 | 16.35 | 18.51 | 15.68 | 15.61 |
| P/S Ratio | 0.41 | 0.39 | 0.49 | 0.65 | 0.80 | 0.83 | 0.67 | 0.75 | 0.73 | 0.67 | 0.45 |
| P/B Ratio | 1.89 | 1.77 | 2.07 | 2.84 | 3.43 | 3.17 | 2.46 | 2.48 | 2.34 | 2.27 | 1.54 |
| P/FCF | 25.64 | 24.50 | 18.87 | 16.55 | 17.19 | 15.72 | 8.45 | 15.77 | 25.50 | 17.75 | 14.71 |
| P/OCF | 18.97 | 18.12 | 14.79 | 13.89 | 14.83 | 13.68 | 7.64 | 12.97 | 17.45 | 14.40 | 12.03 |
P/E links to full P/E history page with 30-year chart
ELV EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Elevance Health Inc.'s enterprise value stands at 10.9x EBITDA, 11% below its 5-year average of 12.2x. The Healthcare sector median is 14.1x, placing the stock at a 23% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.51 | 0.62 | 0.77 | 0.91 | 0.97 | 0.80 | 0.91 | 0.89 | 0.85 | 0.59 |
| EV / EBITDA | 10.88 | 10.51 | 10.73 | 12.59 | 14.12 | 13.12 | 11.03 | 12.06 | 11.78 | 13.03 | 7.93 |
| EV / EBIT | 12.96 | 12.51 | 12.14 | 15.10 | 16.92 | 15.41 | 13.92 | 14.10 | 14.10 | 16.28 | 9.51 |
| EV / FCF | — | 31.98 | 24.24 | 19.52 | 19.73 | 18.47 | 10.11 | 19.04 | 31.33 | 22.56 | 19.15 |
ELV Profitability
Margins and return-on-capital ratios measuring operating efficiency
Elevance Health Inc. earns an operating margin of 4.1%. Operating margins have compressed from 5.1% to 4.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.3% is modest. ROIC of 9.1% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6% | 25.6% | 27.9% | 27.4% | 25.5% | 26.0% | 27.8% | 21.5% | 21.9% | 19.8% | 21.4% |
| Operating Margin | 4.1% | 4.1% | 5.0% | 5.1% | 5.4% | 6.5% | 6.3% | 6.5% | 6.3% | 5.5% | 6.4% |
| Net Profit Margin | 2.8% | 2.8% | 3.4% | 3.5% | 3.8% | 4.4% | 3.8% | 4.6% | 4.1% | 4.3% | 2.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 14.8% | 15.8% | 16.3% | 17.6% | 14.1% | 16.0% | 13.6% | 14.9% | 10.3% |
| ROA | 4.8% | 4.8% | 5.3% | 5.7% | 5.9% | 6.6% | 5.5% | 6.4% | 5.2% | 5.6% | 3.8% |
| ROIC | 9.1% | 9.1% | 10.6% | 11.5% | 11.4% | 12.7% | 11.9% | 11.0% | 10.1% | 9.4% | 11.1% |
| ROCE | 8.2% | 8.2% | 9.5% | 10.1% | 10.2% | 11.3% | 10.8% | 10.4% | 9.4% | 8.4% | 9.7% |
ELV Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Elevance Health Inc. carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (10% above the sector average of 3.1x). Net debt stands at $23.7B ($33.2B total debt minus $9.5B cash). Interest coverage of 5.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.75 | 0.75 | 0.79 | 0.68 | 0.71 | 0.69 | 0.66 | 0.67 | 0.67 | 0.75 | 0.63 |
| Debt / EBITDA | 3.44 | 3.44 | 3.18 | 2.54 | 2.55 | 2.43 | 2.46 | 2.70 | 2.76 | 3.39 | 2.48 |
| Net Debt / Equity | — | 0.54 | 0.59 | 0.51 | 0.51 | 0.55 | 0.48 | 0.51 | 0.54 | 0.62 | 0.46 |
| Net Debt / EBITDA | 2.46 | 2.46 | 2.37 | 1.92 | 1.82 | 1.95 | 1.82 | 2.07 | 2.19 | 2.78 | 1.84 |
| Debt / FCF | — | 7.48 | 5.36 | 2.98 | 2.54 | 2.75 | 1.67 | 3.26 | 5.83 | 4.81 | 4.45 |
| Interest Coverage | 5.79 | 5.79 | 7.67 | 8.49 | 9.93 | 10.93 | 8.96 | 9.02 | 7.73 | 6.36 | 7.30 |
ELV Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.24x means Elevance Health Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.97x to 1.24x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.10 | 0.97 | 1.03 | 0.94 | 1.14 | 1.11 | 1.13 | 0.93 | 1.07 |
| Quick Ratio | 1.24 | 1.24 | 1.10 | 0.97 | 1.03 | 0.94 | 1.14 | 1.11 | 1.13 | 0.93 | 1.07 |
| Cash Ratio | 0.48 | 0.48 | 0.43 | 0.33 | 0.40 | 0.31 | 0.47 | 0.44 | 0.42 | 0.34 | 0.44 |
| Asset Turnover | — | 1.64 | 1.51 | 1.57 | 1.52 | 1.42 | 1.38 | 1.33 | 1.27 | 1.26 | 1.28 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ELV Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Elevance Health Inc. returns 5.0% to shareholders annually — split between a 1.8% dividend yield and 3.2% buyback yield. The payout ratio of 27.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.0% | 1.8% | 1.2% | 1.0% | 1.0% | 1.2% | 1.0% | 1.2% | 1.2% | 1.8% |
| Payout Ratio | 27.0% | 27.0% | 25.2% | 23.3% | 20.9% | 18.1% | 20.9% | 17.0% | 20.7% | 18.3% | 27.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 7.2% | 7.0% | 5.3% | 4.7% | 5.3% | 5.6% | 6.1% | 5.4% | 6.4% | 6.4% |
| FCF Yield | 3.9% | 4.1% | 5.3% | 6.0% | 5.8% | 6.4% | 11.8% | 6.3% | 3.9% | 5.6% | 6.8% |
| Buyback Yield | 3.2% | 3.4% | 3.4% | 2.4% | 1.9% | 1.7% | 3.3% | 2.2% | 2.5% | 3.3% | 0.2% |
| Total Shareholder Yield | 5.0% | 5.3% | 5.1% | 3.6% | 2.8% | 2.6% | 4.5% | 3.2% | 3.7% | 4.5% | 1.9% |
| Shares Outstanding | — | $222M | $233M | $237M | $243M | $247M | $254M | $260M | $254M | $268M | $268M |
Peer Comparison
Compare ELV with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ELVYou | $81B | 14.9 | 10.9 | 25.6 | 25.6% | 4.1% | 13.3% | 9.1% | 3.4 |
 UNH | $333B | 27.8 | 16.6 | 20.7 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CVS | $110B | 62.5 | 13.0 | 14.1 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
 CI | $74B | 12.7 | 8.3 | 8.9 | 9.5% | 3.3% | 14.3% | 10.4% | 2.7 |
 HUM | $30B | 25.0 | 16.8 | 78.9 | 14.5% | 1.1% | 7.0% | 4.1% | 5.7 |
 CNC | $27B | -4.1 | — | 6.3 | 12.2% | -3.9% | -28.7% | -21.6% | — |
 MOH | $10B | 22.1 | 10.2 | — | 9.0% | 1.7% | 11.0% | 17.4% | 4.0 |
 OSCR | $5B | -11.7 | — | 4.9 | 14.4% | -3.4% | -44.4% | — | — |
 CLOV | $1B | -15.8 | — | — | 103.6% | -4.4% | -26.3% | -34.0% | — |
 ALHC | $4B | -4902.7 | 76.6 | 32.8 | 12.4% | 0.4% | -0.5% | — | 7.5 |
 BHVN | $1B | -1.5 | — | — | — | — | -310.8% | -242.1% | — |
| Healthcare Median | — | 22.2 | 14.1 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full ELV Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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View ValuationCompare ELV vs UNH
Side-by-side business, growth, and profitability comparison vs UnitedHealth Group Incorporated.
Start ComparisonELV — Frequently Asked Questions
Quick answers to the most common questions about buying ELV stock.
What is Elevance Health Inc.'s P/E ratio?
Elevance Health Inc.'s current P/E ratio is 14.9x. The historical average is 14.6x. This places it at the 48th percentile of its historical range.
What is Elevance Health Inc.'s EV/EBITDA?
Elevance Health Inc.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
What is Elevance Health Inc.'s ROE?
Elevance Health Inc.'s return on equity (ROE) is 13.3%. The historical average is 13.4%.
Is ELV stock overvalued?
Based on historical data, Elevance Health Inc. is trading at a P/E of 14.9x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Elevance Health Inc.'s dividend yield?
Elevance Health Inc.'s current dividend yield is 1.84% with a payout ratio of 27.0%.
What are Elevance Health Inc.'s profit margins?
Elevance Health Inc. has 25.6% gross margin and 4.1% operating margin.
How much debt does Elevance Health Inc. have?
Elevance Health Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.