undamentalytics Newsletter
Sign in

Elevance Health (ELV) stock

Add to watchlist

Add holding +

NYSE: ELV NYSE Managed Health Care Next results ~January 27, 2027

B Fundamentals grade

Elevance Health is a US health company providing medical, pharmacy and behavioural health benefits and services. It offers network-based managed care plans for Individual, Employer Group, Medicaid and Medicare markets, alongside fee-based services such as claims processing, stop loss insurance, provider network access, medical and care management, wellness programmes and actuarial support. It serves around 45.2 million medical members through its affiliated health plans as of 31 December 2025.

Revenue comes from risk-based insurance premiums, administrative fees charged to self-funded employers, and pharmacy and health service fees through its Carelon businesses. It also administers the Federal Employee Program for the federal government and provides specialty services, including pharmacy, dental, vision and supplemental health cover, to both its own and unaffiliated health plans.

The company operates through four reportable segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It is an independent licensee of the Blue Cross and Blue Shield Association, trading under that brand in numerous states, as well as under the Wellpoint, Carelon, MMM and Simply Healthcare names. It holds insurance licences across all 50 US states, the District of Columbia and Puerto Rico.

Based on Elevance Health's 10-K filed February 6, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$570

Cash-flow model

Base case. Range ~$400–$790 across our lower- and higher-growth cases (-0.1%–9.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 28% below our base value.

Price used: $413.60, November 2, 2026

Elevance Health valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 5 selling4 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds831 adding, 644 cuttingOf 114 active managers that changed their stake, 58 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Elevance Health files

10-Q filed October 21: Elevance Health

Model value −3.1%

Revenue for the twelve months to September 2026 reached $201.8bn, a gain of 3.6% on a year earlier. That pace has eased from the 6.3% recorded a quarter earlier. More encouraging is the free-cash-flow margin, which climbed to 3.2% from 1.9% a year ago. Elevance has also trimmed its diluted share count by 3.3% over the year, so each remaining share now carries a larger claim on the business. Reflecting the softer top line, our model value slips from $541 to $525 a share. Against a current price of $445, that still leaves a margin, and the rating stays Buy.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Elevance Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $201.1bn, up 6.3% on a year earlier, slower than 9.3% a quarter earlier. Free-cash-flow margin held at 3.1%. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $318 a share, against a share price of $439. At that price, our model says the market is pricing in about 11.1% a year of cash-flow growth for five years, faster than the 7.7% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Elevance Health's trailing-twelve-month revenue grew 3.6% year on year, with a free-cash-flow margin of 3.2%. Where it stands out: stock pay as % of revenue of 0.1% ranks 2 of 8 managed health care companies we cover. Where it lags: revenue growth of 3.6% ranks 7 of 8 managed health care companies we cover.

Our discounted-cash-flow model values the business at ~$570 per share in the base case (~$400–$790 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 72.9% while net income fell 7.1%: a 80pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $413.60 is 20% below our value per share of $490.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 2.7 points lower than a quarter earlier.
  • Below peers: revenue growth. Revenue growth of 3.6% ranks 7 of 8 managed health care companies we cover (median 18.3%).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$6.99 against an average estimate of $4.69: beat by 48.9%
Revenue
$51.43bn, up 1.4% on a year earlier
Share reaction
+1.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
diluted EPS guidance $22 (FY 2026); adjusted diluted EPS guidance $29 (FY 2026)
Next report
October 21, 2026; average EPS estimate $2.07

Elevance Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week-4.1%
  • 1 month+7.0%
  • This year+19.7%
  • 1 year+33.0%
  • 5 years+4.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$202B
Operating margin
2.7%
Net margin
2.5%
EPS (TTM, diluted)
$23.42

Growth

Revenue growth
+3.6%
Change in growth rate
−2.7 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$6.5B
FCF margin
3.2%
Stock pay % of revenue
0.1%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Insider trade
  3. Leadership
  4. Results
  5. Guidance
  6. Announcement
  7. Announcement
  8. Announcement
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Elevance Health valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$490
Price used
$412.00close November 3, 2026
Implied change
▲ +20%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like Elevance Health (see the models table below and how they are combined) , with a 7.37% cost of equity. The models span ~$420–~$570; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Elevance Health's free cash flow after stock-based pay ( $7.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Elevance Health as a health plan, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$420 ~$350–$590 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$570 ~$400–$790 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$510 ~$350–$780 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$550 ~$450–$710 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$490 ~$420–$570 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Elevance Health with health plans in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −31%
  • Last year's free-cash-flow margin change, if it persists ▲ +67%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $417$600$843$1163$1579$2118
8.5% $297$430$605$833$1130$1513
10% $224$327$462$637$863$1153

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$119.68$125.84$199.74$235.91$274.45$295.70$432.06$483.17$449.88$356.67$345.49$413.60
Market value$32.7bn$33.7bn$53.5bn$62.3bn$71.4bn$75.2bn$106.6bn$117.3bn$106.8bn$83.1bn$77.6bn$90.7bn
+ Net debt (− = net cash)$13.8bn$11.7bn$16.3bn$15.3bn$15.1bn$14.5bn$18.2bn$16.7bn$18.6bn$22.9bn$22.6bn$20.4bn
Enterprise value$46.4bn$45.4bn$69.8bn$77.6bn$86.6bn$89.7bn$124.8bn$134.0bn$125.4bn$106.0bn$100.2bn$111.2bn
Multiples
Price / sales 0.4x0.4x0.6x0.7x0.7x0.6x0.8x0.7x0.6x0.5x0.4x0.4x
Price / earnings 12.8x13.7x13.9x16.6x14.9x16.4x17.3x19.9x17.8x13.9x13.7x17.7x
Price / free cash flow 9.1x12.6x15.8x23.8x14.3x7.8x14.7x16.2x15.8x18.2x24.4x13.9x
EV / EBITDA 9.6x9.3x16.3x11.8x12.1x11.9x14.1x13.5x12.2x11.5x11.5x16.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Elevance Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 91.2%, moving by 3.2 percentage points (standard deviation) across 8 years.

  • Durability 8 / 20

    Operating margin has been a median 5.1%; its worst year was 2.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.6% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $29.14 −4% $198.8bn +1%
Next $30.30 +4% $203.7bn +3%

Next year's EPS estimate has moved +2.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.3% on 90 days ago. In the last 30 days, 3 analysts raised Elevance Health's forecast and 0 cut it.

Consensus EPS forecast Elevance Health, last 90 days
$27.00 $28.00 $29.00 $30.00 $31.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $27.16 Current fiscal year, 60 days ago: $27.16 Current fiscal year, 30 days ago: $27.17 Current fiscal year, 7 days ago: $27.24 Current fiscal year, Now: $29.14 $29.14 Next fiscal year, 90 days ago: $29.63 Next fiscal year, 60 days ago: $29.61 Next fiscal year, 30 days ago: $29.54 Next fiscal year, 7 days ago: $29.60 Next fiscal year, Now: $30.30 $30.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $27.16$29.63
60 days ago $27.16$29.61
30 days ago $27.17$29.54
7 days ago $27.24$29.60
Now $29.14$30.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.69 $6.99 +48.9%
Jun 2026 $6.21 $7.45 +20.0%
Mar 2026 $10.81 $12.58 +16.4%
Dec 2025 $3.09 $3.33 +7.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • diluted EPS guidance FY 2026 about $22.00 GAAP Raised
    “FY 2026 diluted EPS 1 guidance raised to at least $22.00; adjusted diluted EPS 2 guidance raised to at least $29.00 on continued operating momentum” source
  • adjusted diluted EPS guidance FY 2026 about $29.00 Non-GAAP Raised
    “FY 2026 diluted EPS 1 guidance raised to at least $22.00; adjusted diluted EPS 2 guidance raised to at least $29.00 on continued operating momentum” source
  • adjusted diluted EPS growth 2027 about 12% growth Non-GAAP
    “We are raising our 2026 earnings outlook and remain confident in delivering at least 12% growth in adjusted diluted earnings per share in 2027 from our higher earnings baseline of at least $26.75 3 .” source
  • adjusted diluted EPS earnings baseline FY 2026 about $26.75 Non-GAAP
    “We are raising our 2026 earnings outlook and remain confident in delivering at least 12% growth in adjusted diluted earnings per share in 2027 from our higher earnings baseline of at least $26.75 3 .” source
  • operating cash flow guidance FY 2026 about $6.5bn Raised
    “FY 2026 operating cash flow guidance raised to at least $6.5 billion” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Elevance Health's revenue by +2.3% next year and +4.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.1%, weight 69%) and the company's own record (+4.9%, weight 31%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1464%
Hold836%
Sell00%

Monthly trend

  1. Oct 2026212822
  2. Sep 2026212822
  3. Aug 2026312722
  4. Jul 2026312722

Counts of recommendations published by analysts covering Elevance Health, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
4.04
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.2%
of shares
Employees
96,129
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +33.0%

$311.02 on October 31, 2025 to $413.60

ThenNowEffect
Revenue (last 12 months) $189.2bn $201.1bn +6.3%
Net margin 2.8% 2.5% −12.9%
P/E multiple 13.3x 18.4x +38.4%
Share count 229m 221m +3.8%

Biggest factor: p/e multiple.

Last 3 years −3.3%

$427.86 on November 3, 2023 to $413.60

ThenNowEffect
Revenue (last 12 months) $165.7bn $201.1bn +21.4%
Net margin 3.8% 2.5% −35.2%
P/E multiple 16.3x 18.4x +13.0%
Share count 240m 221m +8.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ELV+46%+12%−7%−21%−3%+20%
Industry peers (median)+37%−1%+1%−2%−25%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ELV58%50%33%67%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ELV−15%−16%−19%−35%−39%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from September 3, 2024 to August 1, 2025. Getting back needed a 102% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$276.69 – $445.28
From 52-week high
−7.1%
vs 50-day average
+0.8%
vs 200-day average
+11.7%
Volatility (1 year)
35%
Beta vs S&P 500
0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.5%
After a week
5 up, 7 down
typical move ±7.8%
After a month
2 up, 9 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +1.2% −0.7% −5.9% —
July 15, 2026 −12.6% −0.1% −8.8% −6.7%
April 22, 2026 +5.5% +0.6% +14.8% +18.8%
January 28, 2026 +7.5% −0.2% +5.5% −0.9%
October 21, 2025 −2.5% −0.5% −4.1% −10.6%
July 17, 2025 −19.6% +0.5% −18.6% −10.2%
April 22, 2025 +5.0% +4.2% +1.7% −1.6%
April 17, 2025 −6.5% −2.2% −3.1% −7.2%
January 23, 2025 +2.6% +0.3% +2.2% −1.4%
October 17, 2024 −13.3% +0.4% −15.7% −19.4%
July 17, 2024 −8.8% −2.2% −7.4% −2.1%
April 18, 2024 +4.4% −1.1% +6.0% +7.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Elevance Health’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.45× the last 60 days’ realised volatility , richer than 91% of the 175 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is 1.45x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Elevance Health in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Elevance Health
$170B $180B $190B $200B $210B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $171.3B Revenue (TTM), FY24 Q1: $171.7B Revenue (TTM), FY24 Q2: $172B Revenue (TTM), FY24 Q3: $174.2B Revenue (TTM), FY24 Q4: $177B Revenue (TTM), FY25 Q1: $183.3B Revenue (TTM), FY25 Q2: $189.2B Revenue (TTM), FY25 Q3: $194.8B Revenue (TTM), FY25 Q4: $199.1B Revenue (TTM), FY26 Q1: $200.4B Revenue (TTM), FY26 Q2: $201.1B Revenue (TTM), FY26 Q3: $201.8B $201.8B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $171.3B
FY24 Q1 $171.7B
FY24 Q2 $172B
FY24 Q3 $174.2B
FY24 Q4 $177B
FY25 Q1 $183.3B
FY25 Q2 $189.2B
FY25 Q3 $194.8B
FY25 Q4 $199.1B
FY26 Q1 $200.4B
FY26 Q2 $201.1B
FY26 Q3 $201.8B
Revenue growth, TTM YoY Elevance Health
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.4% Revenue growth, TTM YoY, FY24 Q1: 6.9% Revenue growth, TTM YoY, FY24 Q2: 3.8% Revenue growth, TTM YoY, FY24 Q3: 3.3% Revenue growth, TTM YoY, FY24 Q4: 3.3% Revenue growth, TTM YoY, FY25 Q1: 6.7% Revenue growth, TTM YoY, FY25 Q2: 10.0% Revenue growth, TTM YoY, FY25 Q3: 11.8% Revenue growth, TTM YoY, FY25 Q4: 12.5% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: 6.3% Revenue growth, TTM YoY, FY26 Q3: 3.6% 3.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.4%
FY24 Q1 6.9%
FY24 Q2 3.8%
FY24 Q3 3.3%
FY24 Q4 3.3%
FY25 Q1 6.7%
FY25 Q2 10.0%
FY25 Q3 11.8%
FY25 Q4 12.5%
FY26 Q1 9.3%
FY26 Q2 6.3%
FY26 Q3 3.6%
Operating margin (TTM) Elevance Health
2% 3% 4% 5% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.0% Operating margin (TTM), FY24 Q1: 5.1% Operating margin (TTM), FY24 Q2: 5.1% Operating margin (TTM), FY24 Q3: 4.9% Operating margin (TTM), FY24 Q4: 4.4% Operating margin (TTM), FY25 Q1: 4.4% Operating margin (TTM), FY25 Q2: 4.1% Operating margin (TTM), FY25 Q3: 3.9% Operating margin (TTM), FY25 Q4: 3.6% Operating margin (TTM), FY26 Q1: 3.1% Operating margin (TTM), FY26 Q2: 2.7% Operating margin (TTM), FY26 Q3: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.0%
FY24 Q1 5.1%
FY24 Q2 5.1%
FY24 Q3 4.9%
FY24 Q4 4.4%
FY25 Q1 4.4%
FY25 Q2 4.1%
FY25 Q3 3.9%
FY25 Q4 3.6%
FY26 Q1 3.1%
FY26 Q2 2.7%
FY26 Q3 2.7%
FCF margin (TTM) Elevance Health
0% 1% 2% 3% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 3.9% FCF margin (TTM), FY24 Q1: 1.3% FCF margin (TTM), FY24 Q2: 0.5% FCF margin (TTM), FY24 Q3: 0.5% FCF margin (TTM), FY24 Q4: 2.6% FCF margin (TTM), FY25 Q1: 2.0% FCF margin (TTM), FY25 Q2: 2.8% FCF margin (TTM), FY25 Q3: 1.9% FCF margin (TTM), FY25 Q4: 1.6% FCF margin (TTM), FY26 Q1: 3.2% FCF margin (TTM), FY26 Q2: 3.1% FCF margin (TTM), FY26 Q3: 3.2% 3.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 3.9%
FY24 Q1 1.3%
FY24 Q2 0.5%
FY24 Q3 0.5%
FY24 Q4 2.6%
FY25 Q1 2.0%
FY25 Q2 2.8%
FY25 Q3 1.9%
FY25 Q4 1.6%
FY26 Q1 3.2%
FY26 Q2 3.1%
FY26 Q3 3.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Elevance Health took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $199B
  2. Cost of revenue $21.2B · 10.6%
  3. Gross profit $178B · 89.4%
  4. Selling, general and admin $21B · 10.5%
  5. Other operating costs $150B · 75.2%
  6. Operating income $7.2B · 3.6%
  7. Income tax $1B · 0.5%
  8. Net income $5.7B · 2.8%

Shares of revenue. Source: Elevance Health's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 64.9 58.7 60.7 61.5 71.0 73.9 79.2 84.9 90.0 92.1 104.2 121.9 138.6 156.6 171.3 177.0 199.1 201.8
Gross profit — — — — — — — — 90.0 92.1 102.2 112.9 127.7 143.6 154.0 157.3 177.9 179.7
EBITDA 4.3 4.2 3.9 3.7 4.1 4.5 4.9 4.9 4.3 6.6 7.1 7.5 8.9 10.0 10.2 9.3 8.7 6.9
Operating income 4.2 4.1 3.8 3.6 4.0 4.4 4.8 4.8 4.2 5.4 6.0 6.4 7.6 8.3 8.5 7.9 7.2 5.4
Net income 4.7 2.9 2.6 2.7 2.5 2.6 2.6 2.5 3.8 3.8 4.8 4.6 6.2 5.9 6.0 6.0 5.7 5.1
Diluted EPS $9.88 $6.94 $7.25 $8.18 $8.20 $8.99 $9.38 $9.21 $14.35 $14.19 $18.47 $17.98 $24.95 $24.28 $25.22 $25.68 $25.21 $23.42
Growth (year on year)
Revenue +6.0% −9.6% +3.4% +1.3% +15.5% +4.0% +7.2% +7.2% +6.1% +2.3% +13.1% +16.9% +13.8% +13.0% +9.4% +3.3% +12.5% +3.6%
EBITDA −3.7% −2.5% −7.2% −3.9% +10.3% +10.1% +7.4% +0.9% −12.6% +53.0% +8.8% +5.4% +17.9% +12.4% +2.9% −9.7% −5.5% −26.5%
Operating income −3.9% −2.4% −7.2% −4.3% +10.5% +10.4% +7.6% +1.0% −13.0% +30.0% +10.6% +6.0% +18.9% +9.6% +2.6% −7.5% −8.4% −28.2%
Net income +90.5% −39.2% −8.3% +0.3% −6.2% +3.2% −0.4% −3.5% +55.6% −2.4% +28.2% −4.9% +34.7% −4.3% +1.6% −0.1% −5.3% −7.1%
Diluted EPS +107.6% −29.8% +4.5% +12.8% +0.2% +9.6% +4.3% −1.8% +55.8% −1.1% +30.2% −2.7% +38.8% −2.7% +3.9% +1.8% −1.8% −3.9%
Margins
Gross margin — — — — — — — — 100.0% 100.0% 98.1% 92.7% 92.1% 91.7% 89.9% 88.8% 89.4% 89.0%
EBITDA margin 6.6% 7.1% 6.4% 6.1% 5.8% 6.1% 6.1% 5.8% 4.8% 7.1% 6.8% 6.2% 6.4% 6.4% 6.0% 5.2% 4.4% 3.4%
Operating margin 6.4% 6.9% 6.2% 5.9% 5.6% 6.0% 6.0% 5.7% 4.6% 5.9% 5.8% 5.2% 5.5% 5.3% 5.0% 4.4% 3.6% 2.7%
Net margin 7.3% 4.9% 4.4% 4.3% 3.5% 3.5% 3.2% 2.9% 4.3% 4.1% 4.6% 3.8% 4.4% 3.8% 3.5% 3.4% 2.8% 2.5%
Free-cash-flow margin 4.1% 1.6% 4.7% 3.6% 3.4% 3.6% 4.5% 3.2% 3.8% 2.8% 4.8% 7.9% 5.2% 4.6% 3.9% 2.6% 1.6% 3.2%
Cash flow
Cash from operations 3.0 1.4 3.4 2.7 3.1 3.4 4.2 3.3 4.2 3.8 6.1 10.7 8.4 8.4 8.1 5.8 4.3 7.6
Capital spending 0.4 0.5 0.5 0.5 0.6 0.7 0.6 0.6 0.8 1.2 1.1 1.0 1.1 1.2 1.3 1.3 1.1 1.1
Free cash flow 2.7 1.0 2.9 2.2 2.4 2.7 3.6 2.7 3.4 2.6 5.0 9.7 7.3 7.2 6.8 4.6 3.2 6.5
Stock-based pay 0.2 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.2
Free cash flow after stock pay 2.5 0.8 2.7 2.1 2.3 2.5 3.4 2.5 3.2 2.4 4.7 9.4 7.0 7.0 6.5 4.4 2.9 6.3
Balance sheet
Cash 4.8 1.8 2.2 2.5 1.6 2.2 2.1 4.1 3.6 3.9 4.9 5.7 4.9 7.4 6.5 8.3 9.5 10.3
Total debt 8.4 9.0 9.8 15.5 14.5 15.0 15.9 15.7 19.9 19.2 20.1 20.3 23.1 24.1 25.1 31.2 32.0 30.8
Net debt (negative = net cash) 3.6 7.2 7.6 13.1 12.9 12.9 13.8 11.7 16.3 15.3 15.1 14.5 18.2 16.7 18.6 22.9 22.6 20.4
Diluted shares 481m 416m 365m 325m 304m 286m 273m 268m 268m 264m 260m 254m 247m 243m 237m 233m 225m 219m
Returned to shareholders
Dividends — 0.0 0.4 0.4 0.4 0.5 0.7 0.7 0.7 0.8 0.8 1.0 1.1 1.2 1.4 1.5 1.5 1.5
Buybacks 2.6 4.4 3.0 2.5 1.6 3.0 1.5 0.0 2.0 1.7 1.7 2.7 1.9 2.3 2.7 2.9 2.6 2.2
Total returned 2.6 4.4 3.4 2.9 2.1 3.5 2.2 0.7 2.7 2.5 2.5 3.7 3.0 3.5 4.1 4.4 4.1 3.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $127.8bn
Short-term assets $68.5bnLonger-term assets $59.3bn
What it owes, and who funded it · $127.7bn
Short-term liabilities $46.7bnLonger-term liabilities $36.3bnShareholders' equity $44.7bn
  • Short-term assets cover short-term liabilities $68.5bn of assets due within a year against $46.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $68.5bn short-term assets against $36.3bn of longer-dated liabilities.
  • More cash than debt $10.3bn of cash against $30.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 69% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 69% over five years.
  • A year's operating cash flow covers at least 20% of debt $7.6bn of operating cash flow against $30.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.4bn against $1.4bn of interest.

From Elevance Health's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.2B
Dividends (TTM)
$1.5B
Returned to shareholders
56%
of free cash flow
Buybacks, last 3 fiscal years
$8.2B
Diluted share count
−3.3%
year over year
Total shareholder yield
4.1%
dividends 1.7% + buybacks 2.4% of market value
Dividend payout ratio
29%
of net income paid out
Sales & admin spending
11.4%
of revenue

Competitors: side by side with peers

Closest by revenue in managed health care
Last 12 months unless stated ELV CNC HUM UNH MOH OSCR Median
Revenue, last 12 months $201.8bn $203.9bn $145.7bn $450.1bn $44.1bn $15.3bn $94.9bn
Revenue growth, last 12 months 3.6% 9.7% 18.3% 6.5% −0.9% 42.8% 14.0%
Revenue growth, 3-year average 6.2% 10.7% 13.8% 8.9% 9.9% 45.6% 12.3%
Revenue growth, latest quarter 1.4% 1.9% 26.2% 0.4% −3.4% 70.4% 14.1%
Gross margin 89.0% 7.9% — 88.6% 12.6% — 24.9%
Operating margin 2.7% 0.5% 1.9% 4.8% 0.4% 4.1% 1.4%
Operating margin, 3-year average 3.8% −0.3% 2.5% 6.8% 2.5% 1.2% 1.8%
Net margin 2.5% 0.7% 0.9% 3.1% −0.1% 3.6% 0.8%
Cash from operations / revenue 3.8% 2.3% 1.7% 6.0% 0.8% 28.8% 2.7%
Free-cash-flow margin 3.2% 1.9% 1.3% 5.2% 0.5% 28.6% 2.5%
Free-cash-flow margin, 3-year average 1.9% 1.3% −0.4% 4.3% −0.2% 14.4% 0.6%
Stock pay / revenue 0.1% 0.1% 0.2% 0.2% 0.2% 0.5% 0.2%
Change in share count −3.3% −0.4% 0.1% −1.7% −6.1% 12.1% −0.2%

Median of all 8 companies we cover in managed health care. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 managed health care companies
Measure Company Peer median Rank
Revenue growth Growth 3.6% 18.3% 7 of 8
Change in growth rate Growth -2.7pp -1.3pp 5 of 8
Operating margin Profitability 2.7% 1.9% 3 of 8
Net margin Profitability 2.5% 0.9% 3 of 8
Stock pay as % of revenue Cash generation 0.1% 0.2% 2 of 8
Long-term debt as % of assets Balance sheet 23.8% 22.4% 5 of 7
Change in share count Balance sheet -3.3% 0.1% 2 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $24.5B ▲ 8.1%
Service Fees $8.5B ▲ 0.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Elevance Health's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$78.5B
Institutions reporting
1,600
Shares held vs prior quarter
▲ 4.4%
Positions opened / closed
239 / 102

Top buyers and sellers, Q2 2026: 831 institutions bought and 644 sold ; the biggest buyer was First Eagle Investment Management, LLC (+4.2M shares) and the biggest seller Amundi (−1.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.3B 19.0M 9.4% ▼ 4.5%
Vanguard Capital Management LLC $5.4B 14.1M 6.9% ▼ 2.0%
State Street Corp $4B 10.4M 5.1% ▲ 1.3%
Wellington Management Group LLP $3.6B 9.2M 4.5% ▲ 12.0%
First Eagle Investment Management, LLC $3.2B 8.4M 4.1% ▲ 102.7%
Vanguard Portfolio Management LLC $2.4B 6.2M 3.1% ▼ 2.2%
Sanders Capital, LLC $2.3B 5.8M 2.9% ▼ 1.2%
Geode Capital Management, LLC $2B 5.2M 2.5% ▼ 0.5%
Harris Associates L P $1.9B 4.9M 2.4% ▲ 2.7%
Artisan Partners Limited Partnership $1.8B 4.6M 2.3% ▼ 10.6%
Invesco Ltd. $1.6B 4.2M 2.1% ▼ 12.1%
Price T Rowe Associates Inc $1.6B 4.0M 2.0% ▼ 15.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Elevance Health's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.2M 4 trades by 3 insiders, last 12 months Insider sales History → $6.4M 18 trades by 5 insiders · 0% under pre-set plans
Net ▼ $4.2M net selling
Insider Date Trade Shares Price Value
Kaye Mark EVP & CFO October 22, 2026 Sell 273 $447.19 $122,083
Kaye Mark EVP & CFO October 22, 2026 Sell 827 $446.05 $368,883
Kaye Mark EVP & CFO October 22, 2026 Sell 160 $444.85 $71,176
Kaye Mark EVP & CFO October 22, 2026 Sell 440 $443.81 $195,276
Kaye Mark EVP & CFO October 22, 2026 Sell 480 $442.61 $212,453
Kaye Mark EVP & CFO October 22, 2026 Sell 2,343 $441.34 $1M
Kaye Mark EVP & CFO October 22, 2026 Sell 1,720 $440.44 $757,557
Kaye Mark EVP & CFO October 22, 2026 Sell 1,160 $439.25 $509,530
Kaye Mark EVP & CFO October 22, 2026 Sell 240 $438.22 $105,173
Kaye Mark EVP & CFO October 22, 2026 Sell 560 $437.07 $244,759
Kaye Mark EVP & CFO October 22, 2026 Sell 1,660 $436.20 $724,092
Kaye Mark EVP & CFO October 22, 2026 Sell 321 $435.25 $139,715

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 60 trades and filings

No trades in Elevance Health disclosed in the last 12 months; 60 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 5, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 15, 2026
  • April 22, 2026
  • January 28, 2026
  • October 21, 2025
  • July 17, 2025

Recent SEC filings

Data status

When each part of this page on Elevance Health was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Elevance Health in brief

What does Elevance Health do?
Elevance Health is a US-listed company in the managed health care industry. Its financial year ends in December.
What is Elevance Health's stock ticker?
Elevance Health trades under the ticker ELV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Elevance Health's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Elevance Health reported revenue of $202B, 3.6% higher than a year earlier, according to its SEC filings.
What is Elevance Health's free cash flow?
Elevance Health's free-cash-flow margin is 3.2% of revenue over the trailing twelve months.
What is Elevance Health's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Elevance Health's free cash flow after stock-based pay gives ~$570 per share in the base case, and ~$400–$790 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Elevance Health's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Elevance Health buying back stock, and does it pay a dividend?
Elevance Health spent $2.2B on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is Elevance Health's market cap?
On November 2, 2026, Elevance Health's market capitalisation was about $90.7B, with a price-to-earnings ratio of 17.7 and net debt of $20.4B. Market figures come from third-party market data and may be delayed.
Does Elevance Health pay a dividend?
Yes: Elevance Health paid $1.5B in dividends over the trailing twelve months, a dividend yield of 1.68% and a payout ratio of 29.2%.
How much debt does Elevance Health have?
Elevance Health's debt-to-equity ratio is 68.8%, from its latest balance sheet (55.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Elevance Health's competitors?
In our Managed Health Care peer group, the companies closest to Elevance Health are Centene Corporation, Humana, UnitedHealth Group, Molina Healthcare, Inc. and Oscar Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Elevance Health's.
Are insiders buying or selling Elevance Health stock?
Over the last 12 months, Elevance Health's directors and officers reported 4 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Elevance Health's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Elevance Health announces its own schedule.