25 years of historical data (2001–2025) · Healthcare · Medical - Healthcare Plans
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Elevance Health Inc. trades at 12.7x earnings, 27% below its 5-year average of 17.4x, sitting at the 24th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 46%. On a free-cash-flow basis, the stock trades at 22.3x P/FCF, 20% 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 | $70.6B | $77.8B | $85.9B | $111.9B | $124.5B | $114.4B | $81.7B | $78.6B | $66.8B | $60.3B | $38.5B |
| Enterprise Value | $93.2B | $100.3B | $108.9B | $130.5B | $141.3B | $132.6B | $95.9B | $93.8B | $82.1B | $76.6B | $50.2B |
| P/E Ratio → | 12.74 | 13.96 | 14.37 | 18.70 | 21.13 | 18.74 | 17.86 | 16.35 | 18.51 | 15.68 | 15.61 |
| P/S Ratio | 0.36 | 0.39 | 0.49 | 0.65 | 0.80 | 0.83 | 0.67 | 0.75 | 0.73 | 0.67 | 0.45 |
| P/B Ratio | 1.61 | 1.77 | 2.07 | 2.84 | 3.43 | 3.17 | 2.46 | 2.48 | 2.34 | 2.27 | 1.54 |
| P/FCF | 22.25 | 24.50 | 18.87 | 16.55 | 17.19 | 15.72 | 8.45 | 15.77 | 25.50 | 17.75 | 14.71 |
| P/OCF | 16.46 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
Elevance Health Inc.'s enterprise value stands at 10.9x EBITDA, 18% below its 5-year average of 13.3x. The Healthcare sector median is 13.8x, placing the stock at a 21% 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 | — | 0.50 | 0.62 | 0.76 | 0.90 | 0.96 | 0.79 | 0.90 | 0.89 | 0.85 | 0.59 |
| EV / EBITDA | 10.91 | 11.75 | 11.71 | 13.80 | 15.23 | 14.26 | 12.98 | 13.17 | 13.24 | 15.77 | 9.18 |
| EV / EBIT | 13.33 | 12.37 | 11.98 | 14.93 | 16.72 | 15.07 | 13.66 | 13.93 | 14.10 | 16.28 | 9.51 |
| EV / FCF | — | 31.60 | 23.91 | 19.30 | 19.49 | 18.22 | 9.93 | 18.81 | 31.33 | 22.56 | 19.15 |
Margins and return-on-capital ratios measuring operating efficiency
Elevance Health Inc. earns an operating margin of 3.5%. ROE of 13.3% is modest. ROIC of 8.0% represents adequate returns on invested capital.
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 | 56.2% | 56.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 3.5% | 3.5% | 4.5% | 4.5% | 4.9% | 5.8% | 5.1% | 5.7% | 5.5% | 4.4% | 5.4% |
| 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% |
| 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% | 17.8% | 14.1% | 16.0% | 13.6% | 14.9% | 10.3% |
| ROA | 4.8% | 4.8% | 5.3% | 5.7% | 5.9% | 6.7% | 5.6% | 6.5% | 5.3% | 5.7% | 3.9% |
| ROIC | 8.0% | 8.0% | 9.7% | 10.4% | 10.6% | 11.8% | 9.9% | 9.9% | 8.8% | 7.5% | 9.3% |
| ROCE | 8.9% | 8.9% | 7.0% | 7.3% | 7.6% | 8.7% | 7.6% | 8.0% | 7.1% | 5.8% | 7.2% |
Solvency and debt-coverage ratios — lower is generally safer
Elevance Health Inc. carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (21% above the sector average of 3.1x). Net debt stands at $22.6B ($32.0B total debt minus $9.5B cash). Interest coverage of 5.0x 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 | 0.73 | 0.73 | 0.75 | 0.64 | 0.66 | 0.64 | 0.60 | 0.63 | 0.67 | 0.75 | 0.63 |
| Debt / EBITDA | 3.75 | 3.75 | 3.36 | 2.66 | 2.60 | 2.48 | 2.71 | 2.82 | 3.10 | 4.11 | 2.88 |
| Net Debt / Equity | — | 0.51 | 0.55 | 0.47 | 0.46 | 0.50 | 0.43 | 0.48 | 0.54 | 0.62 | 0.46 |
| Net Debt / EBITDA | 2.64 | 2.64 | 2.47 | 1.97 | 1.80 | 1.95 | 1.93 | 2.13 | 2.46 | 3.36 | 2.13 |
| Debt / FCF | — | 7.11 | 5.04 | 2.75 | 2.31 | 2.49 | 1.48 | 3.04 | 5.83 | 4.81 | 4.45 |
| Interest Coverage | 4.99 | 4.99 | 6.67 | 7.49 | 8.93 | 10.02 | 7.96 | 8.02 | 6.73 | 5.36 | 6.30 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.54x means Elevance Health Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.54 | 1.54 | — | — | — | — | — | — | — | — | — |
| Quick Ratio | 1.54 | 1.54 | — | — | — | — | — | — | — | — | — |
| Cash Ratio | 0.23 | 0.23 | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 1.64 | 1.51 | 1.57 | 1.52 | 1.42 | 1.41 | 1.35 | 1.29 | 1.28 | 1.30 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Elevance Health Inc. returns 5.8% to shareholders annually — split between a 2.2% dividend yield and 3.7% buyback yield. The payout ratio of 27.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 2.2% | 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% | 17.9% | 20.9% | 17.0% | 20.7% | 18.3% | 27.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 7.2% | 7.0% | 5.3% | 4.7% | 5.3% | 5.6% | 6.1% | 5.4% | 6.4% | 6.4% |
| FCF Yield | 4.5% | 4.1% | 5.3% | 6.0% | 5.8% | 6.4% | 11.8% | 6.3% | 3.9% | 5.6% | 6.8% |
| Buyback Yield | 3.7% | 3.4% | 3.4% | 2.4% | 1.9% | 1.7% | 3.3% | 2.2% | 2.5% | 3.3% | 0.2% |
| Total Shareholder Yield | 5.8% | 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 |
Compare ELV with 1 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ELVYou | $71B | 12.7 | 10.9 | 22.3 | 56.2% | 3.5% | 13.3% | 8.0% | 3.8 |
| HUM | $23B | 19.1 | 11.8 | 9.6 | 100.0% | 1.5% | 7.4% | 5.5% | 4.1 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 25 years · Updated daily
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Start ComparisonElevance Health Inc.'s current P/E ratio is 12.7x. The historical average is 14.6x. This places it at the 24th percentile of its historical range.
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 10.5x.
Elevance Health Inc.'s return on equity (ROE) is 13.3%. The historical average is 13.4%.
Based on historical data, Elevance Health Inc. is trading at a P/E of 12.7x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Elevance Health Inc.'s current dividend yield is 2.15% with a payout ratio of 27.0%.
Elevance Health Inc. has 56.2% gross margin and 3.5% operating margin.
Elevance Health Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.