Elevance Health Inc ELV

Health CareHealthcare Providers & ServicesUnited States of America

Last close 413.60 USD on Nov 2, 2026, +19.7% year to date

Quant rating

Quant rating B Rank 99 of 565 in Health Care

Growth C 273 of 565
Valuation A 40 of 565
Quality B 219 of 565
Revisions B 90 of 565
Momentum B 205 of 565

Wall Street consensus Buy (2.08)Average target 479.13 USD +15.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 89.4B
Enterprise value: 109.9B
52-week range: 274.90 – 450.15
3-year range: 274.66 – 562.29
Dividend yield: 1.64%
Beta (5 years): 0.63
Shares outstanding: 216M
Next earnings: Jan 26, 2027

About the company

Elevance Health, Inc. is a health company. It operates as a health insurer in the United States. The Company operates through four segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. The Health Benefits segment offers a comprehensive suite of health plans and services to its Individual, Employer Group risk-based, Employer Group fee-based, BlueCard, Medicare, Medicaid and Federal Employee Program (FEP) members. The Health Benefits segment also offers health products on a full-risk basis. The CarelonRx segment includes its pharmacy services business. CarelonRx markets and offers pharmacy services to its affiliated health plan customers, as well as to external customers outside of the health plans. The Carelon Services segment integrates physical, behavioral, pharmacy, and social services by offering an array of healthcare-related services and capabilities to internal and external customers through its Carelon Health and Carelon Insights businesses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	199,125	176,810	171,340	156,595	138,639	–
Revenue growth	12.6%	3.2%	9.4%	13.0%	13.8%	10.3%
EPS (basic, normalized)	30.29	33.04	33.14	29.07	25.98	–
EPS growth	−8.3%	−0.3%	14.0%	11.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	2.8%	3.4%	3.5%	3.8%	4.4%	3.6%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	30,382
Net debt (mil)	–
Total equity (mil)	44,681
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	199,125	+12.6%	0.6x	10,110	−11.7%	10.9x	30.29	−8.3%	13.7x
2026	199,454	+0.2%	0.6x	10,989	+8.7%	10.0x	29.05	−4.1%	14.2x
2027	204,190	+2.4%	0.5x	10,715	−2.5%	10.3x	30.25	+4.1%	13.7x
2028	212,891	+4.3%	0.5x	11,898	+11.0%	9.2x	34.59	+14.4%	12.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	199,454	+1.5%	+1.5%	+2.6%	29.05	+7.0%	+7.0%	+8.0%
2027	204,190	+1.6%	+1.6%	+2.5%	30.25	+2.5%	+2.4%	+3.5%
2028	212,891	+0.3%	+0.3%	+1.5%	34.59	+1.6%	+1.5%	+2.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	42,273	43,223	44,719	44,989	48,765	49,421	50,087	49,311	49,494	49,826
Sales mean (mil)	42,626	43,054	43,367	44,863	46,290	48,234	49,369	49,816	48,204	48,699
Surprise	−0.8%	+0.4%	+3.1%	+0.3%	+5.3%	+2.5%	+1.5%	−1.0%	+2.7%	+2.3%
EPS reported	10.64	10.12	8.37	3.84	11.97	8.84	6.03	3.33	12.58	7.45
EPS mean	10.53	10.01	9.66	3.80	11.38	8.95	4.93	3.10	10.82	6.21
Surprise	+1.0%	+1.1%	−13.3%	+1.2%	+5.2%	−1.3%	+22.2%	+7.5%	+16.2%	+20.0%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ELV Elevance Health Inc	89.4B	–	2.8%	2.00x	14.2x	13.7x	10.0x	10.3x
UNH UnitedHealth Group Incorporated	359.4B	–	2.7%	3.45x	19.4x	17.1x	13.1x	11.9x
CVS CVS Health Corporation	113.2B	2.50x	0.4%	1.42x	11.0x	10.4x	8.3x	7.9x
HCA HCA Healthcare, Inc.	97.7B	3.41x	9.0%	−12.21x	15.6x	14.9x	9.5x	9.4x
CI The Cigna Group	78.0B	2.49x	2.2%	1.83x	9.7x	8.8x	7.7x	7.2x
HUM Humana Inc.	49.3B	–	0.9%	2.57x	44.8x	24.0x	19.9x	13.1x
Mean		2.80x	3.0%	−0.16x	19.1x	14.8x	11.4x	10.0x
Median		2.50x	2.4%	1.91x	14.9x	14.3x	9.7x	9.8x

Technical analysis

1M+7.0%
3M+10.5%
1Y+33.0%
3Y−3.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Elevance Health Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	199,125	176,810	171,340	156,595	138,639	121,867
Cost of revenue	–	–	–	–	–	–
Gross profit	199,125	176,810	171,340	156,595	138,639	121,867
Selling, general & administrative expenses	–	–	–	–	–	16,797
Research & development	–	–	–	–	–	–
Depreciation/amortization	628	580	885	767	441	361
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	67.0	752	39.0	21.0	689
Other operating expenses	190,385	167,074	160,958	147,338	129,384	96,998
Operating income	8,112	9,089	8,745	8,451	8,793	7,022
Net interest income (expense)	−1,402	−1,185	−1,030	−851	−798	−784
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	6,710	7,904	7,715	7,600	7,995	6,238
Provision for taxes	1,049	1,933	1,724	1,712	1,846	1,666
Minority interest	1.0	9.0	−4.0	6.0	9.0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,662	5,980	5,987	5,894	6,158	4,572
Extraordinary items	–	–	–	–	–	–
Net income	5,662	5,980	5,987	5,894	6,158	4,572
EBIT, normalized	–	–	–	–	–	–
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	30.29	33.04	33.14	29.07	25.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Elevance Health Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	–	–	–	–	–	–
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	5,131	5,219	4,943	4,920	4,547	4,129
Goodwill	28,344	28,277	25,317	24,383	24,228	21,691
Intangibles	11,200	12,094	10,273	10,315	10,615	9,405
Long-term investments	38,584	37,177	36,826	33,342	34,005	29,839
Note receivable	6,894	6,083	5,948	4,298	3,749	2,830
Other long-term assets	31,341	28,039	25,621	25,497	20,316	18,721
Total assets	121,494	116,889	108,928	102,755	97,460	86,615
Liabilities
Accounts payable	7,322	6,927	6,910	5,607	4,970	5,493
Payable/accrued	–	–	–	–	–	–
Accrued expenses	660	811	849	932	997	957
Short-term debt	150	365	225	265	275	0
Current portion of long-term debt	1,099	1,649	1,649	1,500	1,599	700
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	30,797	29,218	23,246	22,349	21,157	19,335
Minority interest	144	111	99.0	87.0	68.0	–
Other liabilities	46,671	46,245	46,277	44,076	40,175	34,081
Total liabilities	77,612	75,574	69,622	66,512	61,400	53,416
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	2.0	2.0	2.0	2.0	2.0	3.0
Additional paid-in capital	8,938	8,911	8,868	9,084	9,148	9,244
Retained earnings (accumulated deficit)	35,393	33,549	31,749	29,647	27,088	23,802
Treasury stock	–	–	–	–	–	–
Other equity	−451	−1,147	−1,313	−2,490	−178	150
Total equity	43,882	41,315	39,306	36,243	36,060	33,199
Total liabilities & shareholders' equity	121,494	116,889	108,928	102,755	97,460	86,615

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Elevance Health Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,661	5,971	5,991	6,019	6,095	4,572
Depreciation, depletion & amortization	1,546	1,393	1,745	1,675	1,302	1,154
Deferred taxes	−279	−374	−602	−76.0	326	−540
Non-cash items	384	93.0	735	271	349	481
Changes in working capital	−3,022	−1,341	192	510	292	5,021
Cash from operations	4,290	5,742	8,061	8,399	8,364	10,688
Investing activities
Capital expenditures	−1,116	−1,256	−1,296	−1,152	−1,087	−1,021
Other investing cash flows	−228	−3,911	−4,276	−3,408	−8,551	−6,303
Cash from investing	−1,344	−5,167	−5,572	−4,560	−9,638	−7,324
Financing activities
Financing cash flow items	376	−182	−169	250	505	1,209
Cash dividends paid	−1,529	−1,508	−1,395	−1,229	−1,104	−954
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−585	2,883	−1,785	−339	1,022	−2,822
Cash from financing	−1,738	1,193	−3,349	−1,318	423	−2,567
Foreign exchange effects	−5.0	−6.0	−1.0	−14.0	−10.0	7.0
Net change in cash	1,203	1,762	−861	2,507	−861	804
Free cash flow	3,174	4,486	6,765	7,247	7,277	9,667

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.