Elevance Health Inc.

ELV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$77,906	$85,556	$110,797	$122,511	$113,011	$80,529	$77,169	$66,787	$57,622	$37,919	$36,427	$33,693	$27,096	$18,563	$22,483	$21,478	$28,166	$22,089	$52,059	$49,399	$48,781	–	–	$7,476	$5,117	$4,216	$4,216	$4,216
Enterprise value	$75,910	$84,879	$101,410	$115,056	$106,824	$73,194	$73,763	$65,372	$56,567	$32,408	$33,259	$29,118	$22,967	$14,153	$14,209	$12,574	$16,052	$27,182	$58,335	$53,811	$52,846	–	–	$2,492	$1,768	$4,814	$4,738	$4,518
P/E (TTM) at period end	13.76×	14.31×	18.51×	20.79×	18.35×	17.61×	16.05×	17.81×	14.99×	15.35×	14.23×	13.11×	10.88×	6.99×	8.49×	7.44×	5.93×	8.87×	15.56×	15.96×	19.80×	–	–	13.61×	14.95×	18.66×	93.90×	24.46×
P/S (TTM) at period end	0.39×	0.48×	0.65×	0.78×	0.82×	0.66×	0.74×	0.73×	0.64×	0.45×	0.46×	0.46×	0.38×	0.30×	0.37×	0.37×	0.43×	0.36×	0.85×	0.87×	1.08×	–	–	0.56×	0.49×	0.24×	0.34×	0.38×
P/B at period end	1.78×	2.07×	2.82×	3.38×	3.13×	2.43×	2.43×	2.34×	2.17×	1.51×	1.58×	1.39×	1.09×	0.78×	0.97×	0.90×	1.13×	1.03×	2.26×	2.01×	1.95×	–	–	1.39×	2.48×	2.20×	2.54×	2.48×
EV / EBITDA (TTM)	8.68×	9.17×	9.90×	11.55×	12.06×	9.74×	12.00×	11.78×	13.20×	6.61×	6.84×	6.44×	5.59×	3.80×	3.66×	3.01×	3.74×	6.10×	9.60×	9.79×	11.09×	–	–	2.58×	2.74×	–	–	–
EV / Sales (TTM)	0.38×	0.48×	0.59×	0.73×	0.77×	0.60×	0.71×	0.71×	0.63×	0.38×	0.42×	0.39×	0.32×	0.23×	0.23×	0.21×	0.25×	0.44×	0.95×	0.94×	1.17×	–	–	0.19×	0.17×	0.28×	0.38×	0.41×
Returns
Return on equity	12.9%	14.5%	15.2%	16.3%	17.1%	13.8%	15.2%	13.1%	14.5%	9.8%	11.1%	10.6%	10.1%	11.2%	11.4%	12.1%	19.1%	11.6%	14.6%	12.6%	9.9%	4.9%	12.9%	10.2%	16.6%	11.8%	2.7%	10.1%
Return on invested capital	9.0%	9.0%	11.1%	11.7%	10.4%	9.5%	10.0%	9.2%	9.5%	7.1%	7.1%	7.0%	7.3%	6.9%	8.2%	8.7%	9.4%	12.3%	12.9%	11.7%	9.0%	5.3%	10.1%	12.8%	12.3%	–	–	–
Dividend yield	2.0%	1.8%	1.3%	1.0%	1.0%	1.2%	1.1%	1.2%	1.2%	1.8%	1.8%	1.4%	1.7%	2.0%	1.6%	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.54×	1.45×	1.44×	1.40×	1.47×	1.55×	1.66×	1.56×	1.55×	1.61×	1.62×	1.70×	1.82×	1.83×	1.70×	1.87×	1.91×	0.81×	0.81×	0.75×	2.14×	0.60×	–	–	–	–	–	–
Debt / equity	0.73×	0.75×	0.63×	0.66×	0.63×	0.60×	0.61×	0.63×	0.70×	0.61×	0.66×	0.60×	0.57×	0.62×	0.42×	0.37×	0.34×	0.41×	0.39×	0.29×	0.27×	0.23×	0.34×	0.31×	0.55×	0.31×	0.31×	0.18×
Effective tax rate	15.6%	24.5%	22.3%	22.5%	23.1%	26.7%	19.7%	26.0%	3.1%	45.8%	44.7%	41.4%	31.4%	31.3%	33.1%	33.7%	35.9%	20.2%	36.4%	37.0%	36.7%	33.5%	36.1%	–	35.0%	–	–	–
Share count
Diluted shares outstanding	225	233	237	243	247	254	260	264	268	268	273	286	304	325	365	416	480	523	602	642	625	286	284	243	207	206	206	206

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$201,831	$199,125	$177,011	$171,340	$156,595	$138,639	$121,867	$104,213	$92,105	$90,040	$84,863	$79,156	$73,874	$71,024	$61,497	$60,711	$58,698	$64,940	$61,251	$61,168	$57,009	$45,151	$20,816	$16,751	$13,255	$10,445	$17,314	$12,351	$11,072
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($468)	($433)	($42,520)	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$60,783	$60,735	$14,489	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($23,044)	($20,984)	($20,025)	($20,087)	($17,700)	($15,918)	($17,450)	($13,364)	($14,020)	($12,650)	($12,559)	($12,535)	($11,748)	($9,953)	($8,680)	($8,436)	($8,733)	($9,019)	($8,497)	($8,702)	–	–	($3,478)	($3,110)	($12,346)	($1,986)	–	–	–
Total operating expenses	($190,764)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($56,435)	($54,780)	($9,126)	–	–	–	–	–	–	–	–
Total costs and expenses	($196,404)	($191,926)	($169,149)	($162,841)	($148,312)	($131,080)	($115,507)	($98,214)	($86,679)	($85,865)	($80,062)	($74,403)	($69,456)	($67,022)	($57,877)	($56,929)	($54,621)	($60,760)	($56,903)	($55,213)	($51,646)	($41,019)	($19,022)	($15,552)	($12,444)	($9,920)	–	–	–
Operating income	$5,427	$7,199	$7,862	$8,499	$8,283	$7,559	$6,360	$5,999	$5,426	$4,175	$4,801	$4,753	$4,418	$4,001	$3,620	$3,782	$4,078	$4,179	$4,348	$5,955	$5,363	$4,132	$1,794	$1,199	$810	$525	–	–	–
Earnings
EBITDA	$6,916	$8,745	$9,255	$10,244	$9,958	$8,861	$7,514	$6,146	$5,550	$4,286	$4,905	$4,859	$4,525	$4,109	$3,727	$3,878	$4,181	$4,286	$4,453	$6,075	$5,496	$4,766	$2,073	$1,444	$968	$645	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	$769	$706	$728	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,445)	($1,402)	($1,185)	($1,030)	($851)	($798)	($784)	($746)	($753)	($739)	($723)	($653)	($601)	($603)	($512)	($430)	($419)	($447)	($470)	($448)	($404)	($226)	($142)	($131)	($98)	($60)	–	–	–
Pre-tax income	$6,250	$6,710	$7,904	$7,715	$7,600	$7,995	$6,238	$5,985	$5,068	$3,964	$4,555	$4,631	$4,368	$3,840	$3,858	$3,958	$4,354	$7,403	$3,122	$5,258	$4,914	$3,890	$1,443	$1,219	–	$525	–	–	–
Income tax expense	($1,147)	($1,049)	($1,933)	($1,724)	($1,712)	($1,846)	($1,666)	($1,178)	($1,318)	($121)	($2,085)	($2,071)	($1,808)	($1,206)	($1,207)	($1,311)	($1,467)	($2,657)	($632)	($1,912)	($1,820)	($1,426)	($483)	($440)	($255)	($183)	–	–	–
Net income	$5,139	$5,662	$5,980	$5,987	$5,894	$6,158	$4,572	$4,807	$3,750	$3,843	$2,470	$2,560	$2,570	$2,490	$2,656	$2,647	$2,887	$4,746	$2,491	$3,345	$3,095	$2,464	$960	$774	$549	$342	$226	$45	$172
Per share
Diluted EPS (GAAP)	$23.45	$25.21	$25.68	$25.22	$24.28	$24.95	$17.98	$18.47	$14.19	$14.35	$9.21	$9.38	$8.99	$8.20	$8.18	$7.25	$6.94	$9.88	$4.76	$5.56	$4.82	$3.94	$3.05	$2.73	$2.26	$1.65	$1.10	$0.22	$0.84
Basic EPS (GAAP)	$23.54	$25.28	$25.81	$25.38	$24.56	$25.26	$18.23	$18.81	$14.53	$14.70	$9.39	$9.73	$9.31	$8.34	$8.26	$7.35	$7.03	$9.96	$4.79	$5.64	$4.93	$4.03	$3.15	$2.80	$2.31	$1.66	$1.10	$0.22	$0.84
Basic shares outstanding	219	224	232	236	240	244	251	256	258	262	263	263	276	298	322	360	411	476	520	593	628	611	277	277	238	207	206	206	206
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	99.2%	99.3%	25.4%	–	–	–	–	–	–	–	–
Operating margin	2.7%	3.6%	4.4%	5.0%	5.3%	5.5%	5.2%	5.8%	5.9%	4.6%	5.7%	6.0%	6.0%	5.6%	5.9%	6.2%	6.9%	6.4%	7.1%	9.7%	9.4%	9.2%	8.6%	7.2%	6.1%	5.0%	–	–	–
Net margin	2.5%	2.8%	3.4%	3.5%	3.8%	4.4%	3.8%	4.6%	4.1%	4.3%	2.9%	3.2%	3.5%	3.5%	4.3%	4.4%	4.9%	7.3%	4.1%	5.5%	5.4%	5.5%	4.6%	4.6%	4.1%	3.3%	1.3%	0.4%	1.6%

Analyst consensus

Buy38 analysts

Bearish · 0 · Hold · 11 · Bullish · 27

Earnings history

	EPS	Estimate
Q4 2024	$3.84	$3.80	Beat
Q1 2025	$11.97	$11.41	Beat
Q2 2025	$8.84	$8.91	Miss
Q3 2025	$6.03	$4.93	Beat
Q4 2025	$3.33	$3.10	Beat
Q1 2026	$12.58	$10.82	Beat
Q2 2026	$7.45	$6.21	Beat
Q3 2026	$6.99	$4.71	Beat

Peers

Company overview

IPO dateOct 30, 2001

CEOGail Koziara Boudreaux

Employees96,615

SectorHealthcare

IndustryMedical - Healthcare Plans

CountryUS

ExchangeNew York Stock Exchange

Websitewww.elevancehealth.com

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.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.