Elevance Health, Inc. (ELV)

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits. The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers. In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.

Symbol
ELV
Exchange
NYSE
Sector
Healthcare
Industry
Healthcare Plans
Market cap
$83.79B
52 week range
274.84 - 436.24

Valuation

Share price
$386.43 (close of 2026-10-02)
P/E (TTM)
17.05x
Price to book
1.86x
Price to free cash flow
13.32x
Enterprise value
$104.61B
Book value per share
$207.63

Price performance

PeriodChange
1 day+1.25%
5 days-2.44%
1 month-4.78%
3 months-7.53%
6 months+28.49%
Year to date+10.24%
1 year+13.58%
3 years-12.21%
5 years+2.79%
10 years+208.38%
All time+1789.63%

Members of Congress who disclosed ELV trades

Gilbert Ray Cisneros · Jared Moskowitz · Lisa McClain · Jefferson Shreve · Robert Bresnahan · Val Hoyle · Alan Armstrong · Dan Newhouse · Markwayne Mullin

Super investors holding ELV

Bill Nygren (Harris Associates LP) · First Eagle Investment (First Eagle Investment Management, LLC) · Seth Klarman (Baupost Group) · Ruane Cunniff (Ruane, Cunniff & Goldfarb L.P.) · Glenn Greenberg (Brave Warrior Advisors, LLC) · Ken Griffin (Citadel) · Yacktman Asset Mgmt (Yacktman Asset Management LP) · Harry Burn (Sound Shore Management) · Richard Pzena (Pzena Investment Management) · Vulcan Value Partners (Vulcan Value Partners, LLC) · Tweedy Browne (Tweedy Browne Company LLC) · Dodge & Cox (Dodge & Cox Funds)

Profitability and growth

Return on equity
12.86%
Return on invested capital
9.24%
Return on assets
4.66%
Return on capital employed
8.95%
Gross margin
89.36%
Net margin
2.84%
EBITDA margin
4.39%
Revenue growth
12.49%
Net income growth
-5.32%
Free cash flow growth
-30.27%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.51%
Current ratio
1.52x
Net debt to EBITDA
3.58x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$199.13B
Cost of revenue
$21.18B
Gross profit
$177.95B
EBITDA
$8.74B
Net income
$5.66B
Earnings per share
$25.28
Shares outstanding
224.00M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$199.13B$177.95B$5.66B$25.28
2024-12-31$177.01B$157.26B$5.98B$25.81
2023-12-31$171.34B$154.05B$5.99B$25.38
2022-12-31$156.59B$143.56B$5.89B$24.56
2021-12-31$138.64B$127.74B$6.16B$25.26
2020-12-31$121.87B$112.91B$4.57B$18.23
2019-12-31$104.21B$102.22B$4.81B$18.81
2018-12-31$92.11B$19.83B$3.75B$14.53
2017-12-31$90.04B$15.77B$3.84B$14.70
2016-12-31$84.86B$16.21B$2.47B$9.39

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3189.36%2.84%12.86%9.24%
2024-12-3188.84%3.38%14.44%9.21%
2023-12-3189.91%3.49%15.19%11.68%
2022-12-3191.68%3.76%16.22%12.38%
2021-12-3192.14%4.44%17.04%10.38%
2020-12-3192.65%3.75%13.78%9.69%
2019-12-3198.09%4.61%15.17%10.45%
2018-12-3121.53%4.07%13.13%9.62%
2017-12-3117.51%4.27%14.50%9.76%
2016-12-3119.11%2.91%9.84%7.48%

Cash and debt by year

Period endCashDebt
2025-12-31$9.49B$30.80B
2024-12-31$8.29B$29.22B
2023-12-31$6.53B$23.25B
2022-12-31$7.39B$22.35B
2021-12-31$4.88B$21.16B
2020-12-31$5.74B$19.34B
2019-12-31$4.94B$17.79B
2018-12-31$3.93B$17.22B
2017-12-31$3.61B$17.38B
2016-12-31$4.08B$14.36B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$3.17B$276.00M
2024-12-31$4.55B$191.00M
2023-12-31$6.76B$289.00M
2022-12-31$7.25B$264.00M
2021-12-31$7.28B$255.00M
2020-12-31$9.67B$283.00M
2019-12-31$4.98B$294.00M
2018-12-31$2.62B$226.00M
2017-12-31$3.39B$170.00M
2016-12-31$2.69B$165.00M

Dividend history

Most recent payment
2026-09-10
Paid in the last twelve months
$6.87
Payment dateDividend per share
2026-09-10$1.72
2026-06-10$1.72
2026-03-10$1.72
2025-12-05$1.71
2025-09-10$1.71
2025-06-10$1.71
2025-03-10$1.71
2024-12-05$1.63

Investor relations

Next earnings report

Next confirmed report
2026-10-20
Consensus EPS estimate
$4.70

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-15Jun/2026$6.18
2026-04-22Mar/2026$10.68
2026-01-28Dec/2025$3.10
2025-10-21Sep/2025$4.98
2025-07-17Jun/2025$9.16
2025-04-22Mar/2025$11.97
2025-01-23Dec/2024$3.80
2025-01-22--

Filings and sources

Company website
elevancehealth.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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