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Elevance Health key statistics and ratios

In fiscal 2025, Elevance Health had return on equity of 13.3%, an operating margin of 3.6%, debt equal to 73.0% of equity and a current ratio of 1.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin————————100.0%100.0%98.1%92.7%92.1%91.7%89.9%88.8%89.4%89.0%
Operating margin6.4%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 margin7.3%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 margin4.1%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%
Return on equity19.1%11.9%11.2%11.3%10.3%10.5%10.8%10.3%14.9%13.6%16.0%14.1%17.8%16.3%15.8%14.8%13.3%11.6%
Return on assets9.1%5.6%5.2%4.8%4.2%4.2%4.1%3.9%5.7%5.3%6.5%5.6%6.7%5.9%5.7%5.3%4.8%4.1%
Asset turnover1.251.151.191.111.201.221.281.341.331.301.401.491.511.561.621.571.671.62
Current ratio1.911.871.701.831.821.701.621.611.551.561.661.551.471.401.441.451.541.47
Debt to equity33.8%37.6%42.3%65.3%58.5%62.0%68.8%62.7%75.2%67.3%63.3%61.1%63.9%66.5%63.9%75.6%73.0%68.8%
Interest cover (operating income ÷ interest)9.3x9.7x8.8x7.1x6.6x7.4x7.3x6.6x5.6x7.2x8.0x8.1x9.5x9.7x8.3x6.6x5.1x3.8x
Effective tax rate35.9%33.7%33.1%31.3%31.4%41.4%44.7%45.8%3.1%26.0%19.7%26.7%23.1%22.5%22.3%24.5%15.6%18.4%
SG&A as % of revenue13.9%14.9%13.9%14.1%14.0%15.9%15.8%14.8%14.0%15.2%12.8%14.3%11.5%11.3%11.7%11.3%10.5%11.4%
Capital spending as % of revenue0.6%0.8%0.9%0.9%0.9%1.0%0.8%0.7%0.9%1.3%1.0%0.8%0.8%0.7%0.8%0.7%0.6%0.5%
Free cash flow ÷ net income56.1%33.4%107.9%82.8%96.6%103.3%139.6%108.7%88.3%69.8%103.7%211.4%118.2%123.0%113.0%76.1%56.1%126.8%
Dividends ÷ net income—0.0%13.5%13.8%18.0%18.7%25.6%27.7%18.3%20.7%17.0%20.9%17.9%20.9%23.3%25.2%27.0%29.2%
Dividends and buybacks ÷ free cash flow99.2%451.7%119.0%130.2%86.0%131.1%60.8%25.5%79.6%94.0%50.5%37.8%41.3%48.9%60.2%96.8%130.2%56.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CNC vs ELVELV vs HUMELV vs UNHELV vs MOH

More: Managed Health Care stocks compared, Health Care sector, rankings of US companies

Figures from Elevance Health's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Elevance Health.