Elevance Health, Inc. (ELV)
Health Care · Managed Health Care · US stock · S&P 500 component
$445.28
▲ +11.15 (2.57%)
Fair valueFair
$483 +8.6% to fair value
$242fair band $411–$586$725
Day's range
$431.20 – $449.95
52-week range
$274.84 – $450.69
About Elevance Health, Inc.
Elevance Health is one of the largest health insurers in the United States and operates Anthem-branded Blue Cross Blue Shield plans in several states. It offers commercial, Medicare and Medicaid coverage, and it also runs pharmacy benefit, care delivery and data services through its Carelon businesses. Revenue comes mainly from premiums paid by employers, individuals and government programs, and profit depends on how medical costs compare with those premiums.
Revenue has grown 8.3% a year over three years, leaving the last twelve months at $201.1 billion. Operating margin is 2.7%. Return on invested capital comes to 12%. Net debt to EBITDA is -0.7 times, which means the company holds more cash than debt. A dividend is paid, with a yield of 1.5%. This gives an X-Ray Score of 60 out of 100.
Price chart
52-wk range $274.84 – $450.69Volume 1,427,866Daily, split-adjusted
Vitals
Market cap$97.0B
52-week range$274.84 – $450.69
Volume (last day)1,427,866
P/E (TTM)19.9
EBIT / EV yield5.9%
Free-cash-flow yield6.5%
Dividend yield1.5%
Revenue (TTM)$201.1B
Net income (TTM)$5.0B
Operating margin2.7%
Return on capital11.5%
Debt incl. leases$31.0B
Cash & securities$36.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$483middle half of models $438 – $520
Fair
+8.6% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $445
Undervalued < $411Fair $411 – $586Overvalued > $586
P/E multiple
$438
P/B multiple
$520
P/S multiple
$494
Dividend discount, stable
$320
Dividend discount, multi-stage
$646
Growth the price implies
9.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
74/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.9%
Free-cash-flow yield6.5%
Fair value vs price1.1×
Growth
Fair
53/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)8.3%
EPS growth (3y)1.3%
Growth consistency100%
Profitability
Fair
55/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital11.5%
Operating margin2.7%
Gross profitability141.8%
Financial health
Fair
53/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA-0.7×
Interest cover3.8×
Dividends
Fair
65/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.5%
Dividends vs free cash flow24%
Dividend growth7.6%
Quarterly results: last 6 quarters
+14.8%
Mar '25
+13.4%
Jun '25
+12.4%
Sep '25
+9.5%
Dec '25
+2.6%
Mar '26
+1.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $50.5B, diluted EPS $6.71.
Compare with peers
UNH Unitedhealth Group Inc58 HUM Humana Inc47 CNC Centene Corp42Other Managed Health Care companies by X-Ray Score.
SWOT analysis: Elevance Health, Inc.
Strengthsinside the company
- Free cash flow equals 6.5% of the market value, which funds dividends, buybacks or debt paydown.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Operating margin of 2.7% is thin against 1.8% for industry peers.
Opportunitiesvaluation and setting
- Revenue growth picked up to 12.5% last year from 8.3% a year over three years.
- Dividends use only 24% of free cash flow, which leaves room to raise them.
- Trades at 19.5x earnings, 31% below the 28.4x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ELV with peers and sector
Medians of 3 Managed Health Care peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): UNH 58, HUM 47, CNC 42.
| Metric | ELV | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 60 | 47 | 49 |
| Valuation | 74 | 58 | 52 |
| Growth | 53 | 52 | 47 |
| Profitability | 55 | 47 | 49 |
| Financial health | 53 | 43 | 48 |
| Dividends | 65 | – | 50 |
Sector leaders: highest X-Ray Score in Health Care
ELV ranks #17 of 60 in Health Care and #1 of 4 in Managed Health Care by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ELV
Each factor is rated by where ELV stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 7 Average · 6 Bad of 21
Growth: 1 · 2 · 0
Profitability: 1 · 2 · 2
Financial strength: 1 · 2 · 1
Valuation: 5 · 0 · 0
Cash flow: 0 · 1 · 3
| Factor | ELV | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.3% | Average beats 64% | +5.5% | – | – |
| Revenue growth, last year | +12.5% | Good beats 84% | +7.1% | +12.5% | ≈ In line |
| EPS growth, 3 years a year | +1.3% | Average beats 38% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 89.1% | Good beats 97% | 65.0% | 89.9% | ≈ In line |
| Operating margin | 2.7% | Bad beats 19% | 16.4% | 5.0% | ▼ Worse |
| Net margin | 2.5% | Bad beats 22% | 11.1% | 3.5% | ▼ Worse |
| Return on invested capital | 11.5% | Average beats 48% | 12.2% | – | – |
| Return on equity | 11.1% | Average beats 37% | 13.7% | 15.2% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -0.7x | Good beats 91% | 2.0x | -0.9x | ≈ In line |
| Interest cover | 3.8x | Bad beats 18% | 9.4x | 8.3x | ▼ Worse |
| Current ratio | 1.52 | Average beats 49% | 1.52 | 1.45 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 19.5x | Good beats 80% | 28.2x | 18.6x | ≈ In line |
| Price / book | 2.2x | Good beats 81% | 3.7x | 2.8x | ▲ Better |
| Price / sales | 0.5x | Good beats 88% | 3.7x | 0.7x | ≈ In line |
| EV / EBITDA | 13.2x | Good beats 78% | 17.6x | 9.9x | ▼ Worse |
| Free cash flow yield | 6.5% | Good beats 78% | 4.4% | 5.8% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 3.1% | Bad beats 13% | 16.3% | 3.9% | ≈ In line |
| Cash from operations / net income | 1.50 | Average beats 44% | 1.61 | 1.35 | ▲ Better |
| Free cash flow growth, 3 years a year | −24.1% | Bad beats 7% | +4.3% | – | – |
| Accruals (lower is better) | −2.0% | Bad beats 22% | −3.9% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 7 Average · ● 4 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 55/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $138.6B | $156.6B | $171.3B | $177.0B | $199.1B |
| Operating income | $7.6B | $8.3B | $8.5B | $7.9B | $7.2B |
| Net income | $6.2B | $5.9B | $6.0B | $6.0B | $5.7B |
| Operating cash flow | $8.4B | $8.4B | $8.1B | $5.8B | $4.3B |
| Operating margin | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Free cash flow | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| Diluted EPS | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 429.5 | Bullish |
| EMA 10 | 428.9 | Bullish |
| SMA 20 | 411.7 | Bullish |
| EMA 20 | 419.6 | Bullish |
| SMA 50 | 406.6 | Bullish |
| EMA 50 | 408.4 | Bullish |
| SMA 100 | 400.4 | Bullish |
| EMA 100 | 396.4 | Bullish |
| SMA 200 | 368.3 | Bullish |
| EMA 200 | 380.2 | Bullish |
Oscillators (daily)
| RSI (14) | 71.57 | Bearish |
| MACD (12, 26) | 10.16 | Bullish |
| Momentum (12) | 11.29 | Bullish |
| Stochastic %K (14) | 91.76 | Bearish |
| Williams %R (14) | -8.24 | Bearish |
| CCI (20) | 116.2 | Bearish |
Pivot points (classic, last session)
S3 415.6 | S2 423.4 | S1 434.3 | Pivot 442.1 | R1 453.1 | R2 460.9 | R3 471.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.87 USD
Yield on today's price
1.54%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.7200 | |
| 1.7200 | |
| 1.7200 | |
| 1.7100 | |
| 1.7100 | |
| 1.7100 | |
| 1.7100 | |
| 1.6300 | |
| 1.6300 | |
| 1.6300 | |
| 1.6300 | |
| 1.4800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ELV
| ETF | Share of the fund |
|---|---|
| IHF iShares U.S. Healthcare Providers | 7.13% |
| FEGE First Eagle Global Equity | 1.92% |
| QLTY GMO U.S. Quality | 1.75% |
| BKDV BNY Mellon Dynamic Value | 1.65% |
| EAGL The 2023 ETF Series | 1.58% |
| RPV Invesco S&P 500 Pure Value | 1.47% |
| XLV Health Care Select Sector SPDR | 1.46% |
| VHT Vanguard Health Care | 1.35% |
The eight funds with the largest weight in ELV among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ELV stock splits
ELV has split its stock once since 2005. The latest was a 2-for-1 split on 1 Jun 2005.
Full ELV stock split history →ELV SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.