— Know what they know.
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Not Investment Advice

ELV

NYSE · USD
Elevance Health Inc.
Healthcare · Medical - Healthcare Plans
CEO Gail Koziara Boudreaux Employees 97,100 R&D / revenue 0.0%
Last price
$428.26−0.04%last session
Market cap
$92.9B
P/E (TTM)
19.0x
From 52w high
−1.8%
From 52w low
+56.5%
1-year return
+23.6%
RSI 14 · vs SMA200
66.8 · +16.1%
IS score
57.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ELV   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124ELV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
38
Profitability
39
Growth
68
Value
69
Momentum
80
Risk (safety)
69
Quality
76
Balance sheet
84
Earnings quality

Flags

Strengths
✓ Net cash✓ FCF yield 5%+✓ Insider buying
Warnings
None of the computed warning flags fires for ELV (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 3.1Beta 0.702 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
3
$1.37M bought
Form 144 notices (12m): 5, $2.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2025-12-31
Net change in institutional holders
−2,576
10 new holders, 0 closed
26 filers hold 0.6% · 6 added, 26 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+22
464 funds adding shares
442 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
36.1%
20-day avg 52.4%, 50-day avg 56.3%
Latest 16.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$199.1B
Revenue growth YoY+12.6%
Gross margin25.6%
Operating income$8.1B
Operating margin4.1%
Net income$5.7B
Net margin2.8%
EPS (diluted)$25.12
Cash flow
Operating cash flow$4.3B
Capital expenditure$1.1B
Free cash flow$3.2B
FCF conversion (FCF / OCF)74.0%
Stock-based compensation$276.0M
FCF less SBC$2.9B
Buybacks$2.6B
Dividends$1.5B
Balance sheet & returns
Cash & short-term investments$9.5B
Total debt$32.7B
Net debt$23.2B
Shareholders' equity$44.0B
Goodwill & intangibles$39.5B
Debt / equity0.69
ROE (TTM)11.2%
ROIC (TTM)6.3%
Operating margin by fiscal year
5.7%FY20214.9%FY20224.5%FY20234.5%FY20243.7%FY2025
Revenue $138.6B (FY2021) to $199.1B (FY2025), a 9.5% CAGR.

Valuation

P/E (TTM)19.0x
EV / EBITDA13.4x
Price / sales0.46x
Price / FCF14.8x
FCF yield6.77%
Buyback yield2.80%
SBC / revenue0.1%
Price / book2.08x
Forward P/E FY202615.7x
Forward P/E FY202714.5x
Forward P/E FY202812.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $464.50 across 2 analysts last quarter is theirs, not ours.

ELV vs industry median

19 companies in Medical - Healthcare Plans
Gross margin 39.0% 22.4% Operating margin 3.5% 3.8% Net margin 2.5% 2.6% ROIC 6.3% 11.8%
ELV (TTM)Industry median Asset turnover 1.59 vs industry 1.74 · financial leverage 2.82

Earnings delivery

Next report 2026-10-21 · consensus EPS $4.70
83%
beat rate, 10 of 12 quarters
+2.0%
median EPS surprise
5
longest beat streak
+3+6+1+1+1-13+1+5-1+22+7+14
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-19 to 2026-04-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ELV Elevance Health Inc. $92.9B19.0x11.2%2.5%+12.6% +23.6%
CI Cigna Corporation $79.9B12.5x15.5%2.3%+7.7% +4.5%
CVS CVS Health Corp. $118.1B24.1x6.2%2.8%+7.4% +14.4%
HUM Humana Inc. $49.6B38.8x6.8%1.7%+18.3% +54.6%
CNC Centene Corp. $34.2Bn/m-20.4%2.5%+8.7% +94.0%
UNH UnitedHealth Group Incorpora $360.3B22.9x15.9%3.6%+3.3% —
MOH Molina Healthcare, Inc. $10.8B1,296.0x-0.2%0.6%+2.6% —
MRNA Moderna, Inc. $87.0Bn/m-39.0%—−27.2% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-10Regulation FD
2026-07-15Earnings Release; Exhibits
2026-06-10Regulation FD
2026-05-13Shareholder Vote
2026-04-22Earnings Release; Exhibits
2026-03-10Regulation FD Disclosure

Context

Shares outstanding216,869,290
Free float99.8%
Institutional ownership0.6%
Beta0.70
Dividend yield1.60%
Last dividend$1.72 on 2026-09-10
50 / 200-day average$403.11 / $368.82
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ELV sits among 11 scored companies in Medical - Healthcare Plans (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureELVIndustry medianIndustry percentileSector median
P/E (TTM) 18.7x 23.4x
29th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.5x 0.4x
60th		 3.7x
Price / book 2.1x 2.6x
30th		 3.6x
Price / tangible book 15.2x 5.5x
88th		 5.8x
Price / free cash flow 14.8x 9.8x
67th		 21.2x
Price / operating cash flow 12.4x 8.4x
60th		 17.1x
Enterprise value $86.4B $23.2B
70th		 $2.5B
EV / sales 0.4x 0.4x
60th		 3.8x
EV / EBITDA 10.5x 13.5x
25th		 16.2x
EV / EBIT 12.4x 17.1x
25th		 23.0x
EV / free cash flow 13.7x 12.7x
56th		 24.6x
Earnings yield 5.3% 3.8%
80th		 -0.3%
FCF yield 6.8% 10.0%
40th		 1.7%
Operating cash flow yield 8.0% 11.8%
40th		 2.9%
Graham number (per share) $324.90 $133.77
100th		 $26.70

Profitability (TTM)

MeasureELVIndustry medianIndustry percentileSector median
Gross margin 39.0% 16.1%
90th		 65.1%
EBITDA margin 4.1% 3.2%
60th		 6.6%
Operating margin 3.5% 2.0%
70th		 3.5%
EBIT margin 3.5% 2.1%
60th		 2.4%
Net margin 2.5% 1.2%
70th		 0.3%
NOPAT margin 3.0% 1.7%
70th		 2.7%
FCF margin 3.1% 3.2%
40th		 4.3%
Operating cash flow margin 3.7% 3.7%
50th		 7.1%
R&D / revenue 0.0% 0.0%
0th		 12.4%
SG&A / revenue 3.1% 6.8%
20th		 37.9%
Stock comp / revenue 0.1% 0.2%
30th		 4.5%
Effective tax rate 15.6% 17.8%
30th		 21.0%

Returns on capital

MeasureELVIndustry medianIndustry percentileSector median
ROE (on average equity) 11.2% 11.2%
50th		 0.8%
ROA 4.0% 3.6%
60th		 -0.3%
ROIC 15.5% 4.9%
80th		 5.5%
ROCE 7.5% 7.5%
50th		 2.3%
Return on tangible assets 5.6% 4.8%
60th		 1.7%
Cash ROIC (OCF / invested capital) 19.4% 18.5%
57th		 9.7%
Gross profitability (GP / assets) 62.0% 37.6%
90th		 29.9%
ROIC, 3-yr average 16.1% 7.5%
83rd		 2.6%
ROIC, 5-yr average 21.8% 6.3%
86th		 3.2%
ROE, 5-yr average 14.6% 12.6%
80th		 -4.9%
Incremental ROIC 71.1% 71.5%
40th		 17.2%

Growth

MeasureELVIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.3% 7.7%
30th		 10.5%
Revenue growth (QoQ) 0.6% 3.1%
20th		 7.2%
Revenue CAGR, 3 yr 6.7% 10.9%
10th		 10.7%
Revenue CAGR, 5 yr 9.3% 12.6%
10th		 12.1%
Gross profit CAGR, 3 yr -22.1% 10.9%
10th		 10.6%
Operating income CAGR, 3 yr -5.4% -5.4%
50th		 11.7%
Net income growth (TTM YoY) -7.4% 0.4%
40th		 17.5%
Net income CAGR, 3 yr -8.1% -4.7%
40th		 11.3%
EPS growth (TTM YoY) -4.0% 1.6%
40th		 19.2%
EPS CAGR, 3 yr -5.4% -1.4%
40th		 14.0%
EPS CAGR, 5 yr 5.9% 1.2%
100th		 8.1%
FCF growth (TTM YoY) 17.8% 131.1%
25th		 18.6%
FCF CAGR, 3 yr -15.9% 0.3%
11th		 15.4%
Operating cash flow CAGR, 3 yr -14.2% -4.1%
20th		 11.9%
Book value CAGR, 3 yr 8.6% 5.7%
80th		 2.1%
Dividend CAGR, 3 yr 2.6% 2.6%
50th		 2.2%
Sustainable growth rate 7.8% 9.7%
43rd		 12.2%

Margin history & stability

MeasureELVIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 79.7% 21.2%
90th		 62.6%
Operating margin, 3-yr average 4.1% 2.6%
80th		 1.0%
Net margin, 3-yr average 3.1% 1.4%
80th		 -2.6%
FCF margin, 3-yr average 2.1% 2.1%
50th		 3.2%
Revenue stability (0-1) 0.98 0.97
70th		 0.80
Earnings stability (0-1) 0.01 0.24
0th		 0.37
Margin stability (0-1) 0.69 0.83
20th		 0.93

Liquidity (latest quarter)

MeasureELVIndustry medianIndustry percentileSector median
Cash & short-term investments $37.5B $8.9B
100th		 $330.9M
Net cash (− = net debt) $6.5B $371.2M
70th		 $8.4M
Working capital $34.4B $477.0M
100th		 $381.1M
Current ratio 2.05 1.50
90th		 3.02
Quick ratio 2.05 1.50
90th		 2.51
Cash ratio (cash + ST investments / current liabilities) 1.14 0.98
90th		 1.43
Defensive interval (days) 312 days 521 days
20th		 415 days

Leverage & solvency (latest quarter)

MeasureELVIndustry medianIndustry percentileSector median
Total debt $31.0B $14.2B
70th		 $289.1M
Debt / equity 0.69 0.71
30th		 0.45
Net debt / equity −0.14 −0.49
70th		 −0.13
Debt / assets 24.6% 23.8%
60th		 24.4%
Debt / capital 40.9% 41.7%
30th		 31.1%
Debt / EBITDA 3.76 3.76
50th		 2.62
Net debt / EBITDA −0.78 −1.65
62nd		 1.42
Interest coverage (EBIT / interest) 6.2x 3.4x
75th		 2.1x
Cash interest coverage 6.6x 6.8x
38th		 3.6x
Debt payback (years of OCF) 4.2 yrs 2.8 yrs
70th		 2.7 yrs
Liabilities / assets 64.4% 68.5%
20th		 49.8%
IS credit model rating A — —
Implied credit spread (bps) 150 150
50th		 225

Efficiency

MeasureELVIndustry medianIndustry percentileSector median
Asset turnover 1.62 1.83
10th		 0.56
Fixed asset turnover 43.30 72.51
22nd		 4.87
Inventory turnover —
Receivables turnover 18.7 15.8
70th		 6.4
Days sales outstanding 19 days 23 days
30th		 57 days
Days inventory outstanding —
Days payables outstanding 74 days 35 days
100th		 59 days
Cash conversion cycle (days) −54 days 2 days
0th		 70 days
Capex / revenue 0.6% 0.4%
70th		 2.6%
Capex / depreciation 0.92 0.76
70th		 0.55
Operating expense ratio 85.0% 13.7%
90th		 56.5%

Cash flow & earnings quality

MeasureELVIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.50 2.33
14th		 1.61
FCF / net income 1.27 1.92
14th		 1.36
FCF / operating cash flow 84.3% 88.0%
30th		 81.2%
Capex / operating cash flow 15.7% 12.0%
70th		 18.8%
Accruals ratio -2.0% -3.9%
90th		 -5.4%
Sloan accruals ratio 26.7% 0.9%
90th		 -1.3%
Earnings quality score (0-1) 1.00 0.88
57th		 0.75

Dividends & buybacks

MeasureELVIndustry medianIndustry percentileSector median
Dividend yield 1.6% 0.0%
70th		 0.0%
Dividend per share (TTM) $6.87 $0.00
90th		 $0.00
Payout ratio (dividends / net income) 30.4% 27.8%
57th		 0.0%
Dividends / FCF 24.0% 0.0%
78th		 0.0%
Dividend growth (YoY) 2.6% 2.6%
50th		 4.5%
Buyback yield 2.9% 0.6%
80th		 0.0%
Shareholder yield (dividends + buybacks) 4.5% 2.9%
70th		 0.0%
Share count change (YoY) -3.5% 0.1%
20th		 2.0%
Buybacks, last 5 years $15.2B $772.4M
80th		 $0

Scores & forensic checks

MeasureELVIndustry medianIndustry percentileSector median
IS score 57 55
60th		 46
IS profitability 38 27
80th		 22
IS growth 39 50
20th		 60
IS value 68 45
90th		 39
IS momentum 69 79
40th		 67
IS risk (safety) 80 80
50th		 80
IS quality 69 67
70th		 49
IS balance sheet 76 62
70th		 55
IS earnings quality 84 65
90th		 56
IS cash flow 58 61
40th		 41
Piotroski F-score (0-9) 6 7
30th		 5
Altman Z-score 3.1 3.1
50th		 3.2
Beneish M-score −2.71 −2.82
70th		 −2.62
Ohlson O-score −8.43 −7.59
10th		 −7.16
IS credit score 74 74
50th		 62

Per share

MeasureELVIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $22.78 $1.65
90th		 −$0.03
Book value per share $205.98 $62.12
100th		 $7.10
Tangible book per share $26.16 $6.80
70th		 $1.91
Revenue per share $922.96 $389.31
80th		 $9.38
FCF per share $28.86 $9.16
90th		 $0.46
Operating cash flow per share $34.25 $11.52
90th		 $0.93
Cash per share $172.16 $25.66
80th		 $3.51

Size (TTM)

MeasureELVIndustry medianIndustry percentileSector median
Market cap $92.9B $34.2B
80th		 $2.4B
Revenue $201.1B $145.7B
70th		 $770.2M
EBITDA $8.3B $633.7M
70th		 $56.1M
Net income $5.0B $550.7M
80th		 −$3.3M
Free cash flow $6.3B $4.3B
60th		 $41.2M
Total assets $126.4B $57.2B
70th		 $1.3B
Shareholders' equity $44.9B $19.2B
80th		 $568.4M
Employees 96,615 61,100
80th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-02Kaye Mark
EVP & CFO
 Tax withholding 4,161$386.43$1.6M27,876
2026-10-02Kaye Mark
EVP & CFO
 Award / grant 2,627——30,503
2026-09-03Wessling Erin M
EVP & Chief Legal Officer
 Tax withholding 255$414.78$105,7697,230
2026-09-02Wessling Erin M
EVP & Chief Legal Officer
 Tax withholding 94$405.84$38,1497,485
2026-09-02Craig Ryan R
EVP & Chief HR Officer
 Tax withholding 144$405.84$58,4416,530
2026-07-17Boudreaux Gail
Director, President and CEO
 Open-market buy 680$366.41$249,159169,931
2026-07-17Boudreaux Gail
Director, President and CEO
 Open-market buy 2,045$368.25$753,071171,976
2026-07-17Peru Ramiro G
Director
 Open-market buy 1,000$366.05$366,05010,908
2026-06-12Penczek Ronald W
CAO & Controller
 Open-market sale 369$403.16$148,7663,740
2026-06-11Dixon Robert L Jr
Director
 Open-market sale 151$401.77$60,66710,734
2026-05-19Penczek Ronald W
CAO & Controller
 Option exercise 654$271.27$177,4114,763
2026-05-19Penczek Ronald W
CAO & Controller
 Option exercise 877$311.48$273,1685,640

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired118,257—
Open-market buyAcquired33,725$1.4M
Open-market saleDisposed32,051$826,625
Option exerciseAcquired21,531$450,579
Option exerciseDisposed21,531$450,579
Tax withholdingDisposed44,654$1.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 6,747 shares · $2.4M
FiledFilerShares proposedEst. proceeds
2026-07-07Clark R Kerry1,500$629,865
2026-06-12Ronald William Penczek369$148,767
2026-06-11Dixon Robert L Jr151$60,666
2026-05-19Ronald William Penczek1,531$617,192
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (0 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2025-09-29Ro KhannaHousePurchase$1,001 - $15,0002025-10-03
2025-09-19John FettermanSenateSale$1,001 - $15,0002025-10-07
2025-09-19John Karl FettermanSenateSale$1,001 - $15,0002025-10-07
2025-09-05Ro KhannaHousePurchase$1,001 - $15,0002025-10-03
2025-08-26Ro KhannaHousePurchase$1,001 - $15,0002025-09-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.18,991,090$7.3B8.76%
VANGUARD CAPITAL MANAGEMENT LLC14,058,204$5.4B6.48%
STATE STREET CORP10,426,610$4.0B4.81%
WELLINGTON MANAGEMENT GROUP LLP9,213,513$3.6B4.25%
VANGUARD PORTFOLIO MANAGEMENT LLC6,214,356$2.4B2.87%
Sanders Capital, LLC5,825,024$2.3B2.69%
GEODE CAPITAL MANAGEMENT, LLC5,166,124$2.0B2.38%
Artisan Partners Limited Partnership4,581,222$1.8B2.11%
Invesco Ltd.4,234,231$1.6B1.95%
First Eagle Investment Management, LLC4,188,196$1.6B1.93%
PRICE T ROWE ASSOCIATES INC /MD/4,014,991$1.6B1.85%
NORGES BANK3,958,856$1.5B1.83%
FMR LLC3,131,652$1.2B1.44%
Bank of New York Mellon Corp3,040,275$1.2B1.40%
MORGAN STANLEY2,433,851$941.2M1.12%

Institutional ownership by quarter

% of shares held by 13F filers
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
None on file.

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.1%16,601,224
2025-05-07SCHEDULE 13G/AThe Vanguard Group10.1%22,890,772
2025-04-17SCHEDULE 13G/ABlackRock, Inc.7.8%17,694,658
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.11%$2.6B
VTSAX0.11%$2.6B
VTI0.11%$2.6B
VSMPX0.11%$2.6B
VFINX0.12%$2.2B
VFIAX0.12%$2.2B

Share structure

Shares outstanding216,869,290
Float216,372,659
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$138.6B$156.6B$171.3B$176.8B$199.1B
Cost of revenue$0$0$0$0$148.2B
Gross profit$138.6B$156.6B$171.3B$176.8B$50.9B
R&D$0$0$0$0$0
SG&A$15.9B$17.7B$0$0$0
Operating income$8.0B$7.6B$7.7B$7.9B$8.1B
EBITDA$10.1B$10.1B$10.5B$10.5B$9.7B
Pretax income$8.0B$7.6B$7.7B$7.9B$6.7B
Income tax$1.8B$1.7B$1.7B$1.9B$1.0B
Net income$6.2B$5.9B$6.0B$6.0B$5.7B
EPS, diluted$24.73$24.28$25.22$25.68$25.12
Diluted shares246.8M242.8M237.4M232.9M221.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$31.1B$33.3B$36.1B$33.5B$9.5B
Receivables$13.4B$16.0B$17.9B$19.1B$15.2B
Inventory$0$0$0$0$0
Total current assets$0$0$0$0$24.7B
PP&E, net$3.9B$4.3B$4.4B$4.7B$5.1B
Goodwill & intangibles$34.8B$34.7B$35.6B$40.4B$39.5B
Total assets$97.5B$102.8B$108.9B$116.9B$121.5B
Accounts payable$18.5B$21.2B$23.0B$22.7B$17.1B
Total current liabilities$0$0$0$0$20.0B
Long-term debt$21.2B$22.3B$23.2B$29.2B$31.3B
Total liabilities$61.3B$66.4B$69.5B$75.5B$77.5B
Shareholders' equity$36.1B$36.3B$39.4B$41.4B$44.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.1B$6.0B$6.0B$6.0B$5.7B
Depreciation & amortization$1.3B$1.7B$1.7B$1.4B$1.5B
Stock-based compensation$255.0M$264.0M$289.0M$191.0M$276.0M
Change in working capital$784.0M$253.0M−$535.0M−$1.7B−$3.3B
Operating cash flow$8.4B$8.4B$8.1B$5.8B$4.3B
Capital expenditure−$1.1B−$1.2B−$1.3B−$1.3B−$1.1B
Free cash flow$7.3B$7.2B$6.8B$4.6B$3.2B
Investing cash flow−$9.6B−$4.6B−$5.6B−$5.2B−$1.3B
Net debt issued / repaid$2.3B$1.8B$739.0M$5.6B$2.3B
Buybacks−$1.9B−$2.3B−$2.7B−$2.9B−$2.6B
Dividends paid−$1.1B−$1.2B−$1.4B−$1.5B−$1.5B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin100.0%100.0%100.0%100.0%61.7%
Operating margin5.7%4.9%4.5%4.5%3.7%
Net margin4.4%3.8%3.5%3.4%2.8%
FCF margin5.2%4.6%3.9%2.6%1.6%
ROE17.6%16.5%15.8%14.8%13.3%
ROIC21.8%22.1%21.2%15.3%9.3%
ROA6.6%6.0%5.7%5.3%4.8%
Debt / equity0.640.670.640.760.76
Interest coverage10.9x10.1x8.5x7.7x5.8x
Current ratio————1.24
Revenue growth+13.8%+13.0%+9.4%+3.2%+12.6%
EPS growth+36.6%−0.3%+2.4%+1.9%−1.3%
P/E at year end17.6x19.8x18.0x14.0x13.7x
EV / EBITDA at year end9.9x10.7x9.2x7.8x10.5x
FCF yield at year end6.76%6.13%6.29%5.44%4.08%
Dividend payout18.1%20.6%23.3%25.2%27.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Health Benefits Segment——$148.6B$150.3B$167.1B
Government Business Segment$82.9B$96.8B———
Carelon Services Segment——$96.0B$53.9B$71.7B
Commercial Specialty Business Segment$38.8B$41.7B———
IngenioRx Segment$12.8B$15.0B———
Other Segment$10.2B$13.3B$479.0M——
Segment Eliminations−$20.5B−$24.6B−$340.0M—−$41.7B

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $4.70 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$197.1B$191.7B – $201.7B$27.24$27.02 – $28.221315.7x
2027$201.4B$194.1B – $213.9B$29.63$29.01 – $30.511314.5x
2028$211.9B$198.9B – $220.7B$33.99$32.14 – $36.63412.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-22$11.03$12.58+14.1%$48.2B$49.5B+2.7%
2026-01-28$3.10$3.33+7.4%$49.8B$49.3B−1.1%
2025-10-21$4.93$6.03+22.3%$49.4B$50.7B+2.7%
2025-07-17$8.91$8.84−0.8%$48.2B$49.8B+3.3%
2025-04-22$11.41$11.97+4.9%$46.3B$48.9B+5.6%
2025-01-23$3.80$3.84+1.1%$45.0B$45.4B+1.1%
2024-10-17$9.66$8.37−13.4%$43.5B$45.1B+3.9%
2024-07-17$10.01$10.12+1.1%$43.0B$43.6B+1.5%
2024-04-18$10.53$10.64+1.0%$42.5B$42.6B+0.2%
2024-01-24$5.55$5.62+1.3%$42.1B$42.6B+1.3%
2023-10-18$8.45$8.99+6.4%$42.0B$42.8B+2.1%
2023-07-19$8.80$9.04+2.7%$41.5B$43.7B+5.2%
2023-04-19$9.26$9.46+2.2%$40.8B$42.2B+3.3%
2023-01-25$5.20$5.23+0.6%$39.8B$39.9B+0.4%
2022-10-19$7.15$7.53+5.3%$39.3B$39.9B+1.6%
2022-07-20$7.74$8.04+3.9%$37.9B$38.6B+1.9%
2022-04-20$7.81$8.25+5.6%$37.4B$38.1B+1.9%
2022-01-26$5.11$5.14+0.6%$37.3B$36.6B−2.0%
2021-10-20$6.37$6.79+6.6%$35.3B$35.8B+1.5%
2021-07-21$6.33$7.03+11.1%$35.3B$33.9B−4.2%
2021-04-21$6.51$7.01+7.7%$29.9B$32.4B+8.3%
2021-01-27$2.52$2.54+0.8%$30.9B$31.8B+3.1%
2020-10-28$4.15$4.20+1.2%$30.8B$31.2B+1.2%
2020-07-29$8.87$9.20+3.7%$28.2B$29.3B+3.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.806-220.706-290.707-061.507-130.807-200.707-270.608-030.408-100.508-170.308-240.508-31
Week ofNotionalSharesTrades
2026-08-31$503.6M1,239,72848,745
2026-08-24$347.5M867,31043,889
2026-08-17$469.5M1,180,68150,502
2026-08-10$383.9M968,25247,597
2026-08-03$633.0M1,645,51264,368
2026-07-27$722.7M1,910,99166,182

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1536.1%
DateShort shareShort volumeTotal volume
2026-10-1536.1%226,721627,644
2026-10-1460.7%497,471819,891
2026-10-1366.2%397,297600,540
2026-10-1260.5%195,903323,969
2026-10-0938.7%397,8861,028,830
2026-10-0859.1%159,746270,086
2026-10-0757.7%191,806332,615
2026-10-0658.1%155,815268,225
2026-10-0575.7%186,620246,597
2026-10-0243.8%142,918325,989
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.8Jan-1.7Feb+2.3Mar+2.2Apr+2.2May-0.8Jun-1.5Jul+1.4Aug-1.3Sep+1.6Oct+4.0Nov+2.1Dec
MonthAvg returnUp yearsYears
Jan+0.8%50%20
Feb−1.7%45%20
Mar+2.3%62%21
Apr+2.2%55%20
May+2.2%65%20
Jun−0.8%40%20
Jul−1.5%55%20
Aug+1.4%55%20
Sep−1.3%40%20
Oct+1.6%55%20
Nov+4.0%70%20
Dec+2.1%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1466.8
MFI76.7
ADX20.1
Stochastic %K / %D90.0 / 89.6
Williams %R-10.3
CCI138
TSI / signal18.6 / 5.9
Chaikin money flow-0.06
ATR$10.26
Bollinger width14.2%
Volume vs 20-day avg0.73x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$404.67 (+5.8%)
SMA 50$403.53 (+6.1%)
SMA 200$368.96 (+16.1%)
EMA 21$410.22 (+4.4%)
EMA 50$403.78 (+6.1%)
EMA 200$379.93 (+12.7%)
Bollinger upper$433.39 (−1.2%)
Bollinger lower$375.95 (+13.9%)
Parabolic SAR$399.65 (+7.2%)
Open the live chart, 110+ indicators

About Elevance Health Inc.

Operating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. It facilitates access to vital care, assistance, and tools designed to enable healthier living for approximately 118 million individuals. The company's comprehensive offerings span medical, digital, pharmaceutical, behavioral health, clinical, and other care solutions. Founded in 1944 and based in Indianapolis, Indiana, this entity adopted its current name, Elevance Health Inc., in June 2022, having previously operated as Anthem, Inc.

https://www.elevancehealth.com

Key executives

NameTitlePayBorn
Gail Koziara BoudreauxPresident, Chief Executive Officer & Director$4.9M1961
Peter David HaytaianSpecial Advisor$2.1M1970
Felicia Farr NorwoodExecutive VP & Chief Health Benefits Officer$2.0M1960
Mark Bradley KayeExecutive Vice President & Chief Financial Officer$2.0M1980
Charles Morgan Kendrick Jr.EVP and President of Commercial & Specialty Health Benefits$1.9M1966
Erin WesslingExecutive VP & Chief Legal Officer—1978
Julie GoonSenior Vice President of Public Affairs——
Nathan Allen RichVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Larry C. Glasscock Chairman of the Board, President and Chief Executive Officer2005$1.2M$3.2M$0$8.9M
David C. Colby Executive Vice President and Chief Financial Officer2005$666,096$1.0M$0$3.7M
Keith R. Faller President and CEO Central Region and Corporate Executive Vice President2005$650,000$1.0M$0$3.4M
Joan E. Herman President and CEO Specialty, Senior and State Sponsored Business and Corporate Executive Vice President2005$573,022$792,000$0$2.7M
John S. Watts, Jr. President and CEO National Accounts Strategic Business Unit and Corporate Executive Vice President2005$555,667$792,000$0$2.5M

Employees

64k201871k201983k202098k2021102k2022105k2023104k202497k2025

Dividends

Ex-dateAmountPaid
2026-09-10$1.722026-09-25
2026-06-10$1.722026-06-25
2026-03-10$1.722026-03-25
2025-12-05$1.712025-12-19
2025-09-10$1.712025-09-25
2025-06-10$1.712025-06-25
2025-03-10$1.712025-03-25
2024-12-05$1.632024-12-20

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage41
Intangibles62
Switching costs30
Network effect45
Efficient scale95
Our component scores (0-100) and overall 52.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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