Latest Ratios: P/E Ratio 16.0x · EV/EBITDA 11.5x · ROE 13.3%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87.3B | $77.8B | $85.9B | $111.9B | $124.5B | $114.4B | $81.7B | $78.6B | $66.8B | $60.3B | $38.5B |
| Enterprise Value | $111.0B | $101.5B | $110.3B | $132.1B | $143.0B | $134.4B | $97.8B | $94.9B | $82.1B | $76.6B | $50.2B |
| P/E Ratio → | 16.02 | 13.96 | 14.37 | 18.70 | 21.13 | 18.74 | 17.86 | 16.35 | 18.51 | 15.68 | 15.61 |
| P/S Ratio | 0.44 | 0.39 | 0.49 | 0.65 | 0.80 | 0.83 | 0.67 | 0.75 | 0.73 | 0.67 | 0.45 |
| P/B Ratio | 2.03 | 1.77 | 2.07 | 2.84 | 3.43 | 3.17 | 2.46 | 2.48 | 2.34 | 2.27 | 1.54 |
| P/FCF | 27.50 | 24.50 | 18.87 | 16.55 | 17.19 | 15.72 | 8.45 | 15.77 | 25.50 | 17.75 | 14.71 |
| P/OCF | 20.34 | 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
| 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 | 11.49 | 10.51 | 10.73 | 12.59 | 14.12 | 13.12 | 11.03 | 12.06 | 11.78 | 13.03 | 7.93 |
| EV / EBIT | 13.69 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.7% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 7.2% | 7.0% | 5.3% | 4.7% | 5.3% | 5.6% | 6.1% | 5.4% | 6.4% | 6.4% |
| FCF Yield | 3.6% | 4.1% | 5.3% | 6.0% | 5.8% | 6.4% | 11.8% | 6.3% | 3.9% | 5.6% | 6.8% |
| Buyback Yield | 3.0% | 3.4% | 3.4% | 2.4% | 1.9% | 1.7% | 3.3% | 2.2% | 2.5% | 3.3% | 0.2% |
| Total Shareholder Yield | 4.7% | 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 |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ELV stock.
Elevance Health Inc.'s current P/E ratio is 16.0x. The historical average is 14.6x. This places it at the 64th percentile of its historical range.
Elevance Health Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
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 16.0x. This is at the 64th 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 1.71% with a payout ratio of 27.0%.
Elevance Health Inc. has 25.6% gross margin and 4.1% operating margin.
Elevance Health Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Reserve release dependence and utilization pressure
Metrics are mathematically derived from official filings.
Underwriting Discipline Amidst Volatility
Elevance's combined ratio improved to 95.9% in 2026Q2 from 98.8% in 2025Q4, per reported financials, indicating sustained underwriting profitability despite revenue deceleration and seasonal claims volatility.
The combined ratio has remained below 100% for all ten quarters, with a low of 92.5% in 2024Q1 and a high of 98.8% in 2025Q4. The 2026Q2 loss ratio of 10.9% is anomalously low, likely reflecting significant prior-year reserve releases, which may be masking underlying claims trends. Investors should monitor the sustainability of these releases, as they appear to be flattering current underwriting results.
ROE Decomposition: Underwriting Drives Returns
ROE averaged 3.3% in 2026Q2, down from 5.6% in 2024Q1, as reported in financial statements, with underwriting margins contributing positively but investment income on float appearing minimal.
The underwriting margin, derived from the combined ratio, has been consistently positive, ranging from 1.2% to 7.5% over the period. However, ROE has been volatile, dipping to 1.0% in 2024Q4 and 1.2% in 2025Q4, suggesting that investment income and other factors are not fully offsetting underwriting swings. The implied ROE from the current P/B of 2.00 and P/E of 15.83 suggests investors expect a normalized ROE in the mid-teens, which appears optimistic given the recent trajectory.
Leverage Stable but Capital Buffer Thin
Elevance's premium-to-surplus ratio, approximated by D/E of 0.69 in 2026Q2, per reported data, remains within manageable range, but equity-to-assets of 35.5% is below peers like UNH, suggesting limited capital buffer.
The D/E ratio has fluctuated between 0.62 and 0.79 over the ten quarters, with a slight improvement to 0.69 in 2026Q2. Interest coverage, however, dropped sharply to 1.59 in 2025Q4 from 12.09 in 2024Q1, indicating a temporary earnings dip that could strain debt servicing if sustained. The equity base grew 10.6% year-over-year, but the thin capital buffer relative to peers warrants monitoring, especially given the decelerating premium growth.
Valuation Discount Reflects Quality Gap
Elevance trades at a P/B of 2.00 and P/E of 15.83, per current market data, a discount to UNH's 3.66 P/B and 30.89 P/E, suggesting investors are pricing in lower growth and underwriting quality.
Compared to peers, Elevance's ROE of 3.3% in 2026Q2 is below UNH's 13.5% and CI's 15.2%, but above CNC's negative ROE. The P/B discount to UNH may reflect Elevance's lower profitability and higher exposure to Medicaid redetermination pressures. However, Elevance's combined ratio is competitive, and its P/E is lower than HUM's 39.17, suggesting the market may be overly punitive on growth concerns.
Misapplied Ratio: P/E Distorted by Reserve Releases
The P/E ratio is commonly misapplied to insurers like Elevance, as per reported data, because it can be distorted by reserve releases and catastrophe losses, obscuring underlying underwriting profitability.
Elevance's P/E of 15.83 appears reasonable, but the anomalous 10.9% loss ratio in 2026Q2 suggests earnings are being boosted by reserve releases, which are not sustainable. A more appropriate metric is the combined ratio adjusted for reserve development, or P/B relative to ROE. Investors should focus on the quality of earnings, as the cash flow statement shows OCF/NI ranging from 0.15 to 2.63, indicating that net income is not consistently backed by cash generation.