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Elevance Health, Inc.

ELV· NYSE· Hospital & Medical Service Plans

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
1.6%
ROIC, 5 yr avg
19.6%
Revenue, 5 yr CAGR
+10.3%
We record prices for the companies we cover; ELV is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
224.6M
Revenue
$199.1B
Free cash flow
$3.2B
Owner earnings
$2.9B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
3.6%
Net
2.8%
Free cash flow
1.6%
Owner earnings
1.5%
Stock pay
0.1%

Returns

ROIC, FY2025
15.0%
ROIC, 5 yr avg
19.6%
ROE, FY2025
12.9%
ROE, 5 yr avg
15.2%

Growth (CAGR)

Revenue, 3 yr
8.3%
Revenue, 5 yr
10.3%
Revenue, 9 yr
9.9%
Diluted EPS, 3 yr
1.3%
Diluted EPS, 5 yr
7.0%
Diluted EPS, 9 yr
11.8%
Free cash flow, 3 yr
-24.1%
Free cash flow, 5 yr
-20.0%
Free cash flow, 9 yr
1.9%

Financial health · FY2025

Cash and investments
$35.4B
Total debt
$32.0B
Net cash
$3.3B
Debt/Equity
0.7x
Debt/FCF
10.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
27.0%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.5%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$199.1B

+9.9% a year over 9 years

FY2016: Revenue $84.9BFY2017: Revenue $90.0BFY2018: Revenue $92.1BFY2019: Revenue $104.2BFY2020: Revenue $121.9BFY2021: Revenue $138.6BFY2022: Revenue $156.6BFY2023: Revenue $171.3BFY2024: Revenue $177.0BFY2025: Revenue $199.1B
FY2016FY2025

Margins

Operating3.6%Net2.8%

FY2025

FY2016: Operating 5.7%, Net 2.9%FY2017: Operating 4.6%, Net 4.3%FY2018: Operating 5.9%, Net 4.1%FY2019: Operating 5.8%, Net 4.6%FY2020: Operating 5.2%, Net 3.8%FY2021: Operating 5.5%, Net 4.4%FY2022: Operating 5.3%, Net 3.8%FY2023: Operating 5.0%, Net 3.5%FY2024: Operating 4.4%, Net 3.4%FY2025: Operating 3.6%, Net 2.8%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$3.2BOwner earnings$2.9B

Free cash flow +1.9% a year

FY2016: Free cash flow $2.7B, Owner earnings $2.5BFY2017: Free cash flow $3.4B, Owner earnings $3.2BFY2018: Free cash flow $2.6B, Owner earnings $2.4BFY2019: Free cash flow $5.0B, Owner earnings $4.7BFY2020: Free cash flow $9.7B, Owner earnings $9.4BFY2021: Free cash flow $7.3B, Owner earnings $7.0BFY2022: Free cash flow $7.2B, Owner earnings $7.0BFY2023: Free cash flow $6.8B, Owner earnings $6.5BFY2024: Free cash flow $4.6B, Owner earnings $4.4BFY2025: Free cash flow $3.2B, Owner earnings $2.9B
FY2016FY2025

Diluted shares

224.6M

-16.2% over 9 years, net buybacks

FY2016: Diluted shares 268.1MFY2017: Diluted shares 267.8MFY2018: Diluted shares 264.2MFY2019: Diluted shares 260.3MFY2020: Diluted shares 254.3MFY2021: Diluted shares 246.8MFY2022: Diluted shares 242.8MFY2023: Diluted shares 237.4MFY2024: Diluted shares 232.9MFY2025: Diluted shares 224.6M
FY2016FY2025

Return on invested capital

15.0%

FY2025

FY2016: ROIC 13.3%FY2017: ROIC 15.9%FY2018: ROIC 14.8%FY2019: ROIC 17.7%FY2020: ROIC 19.4%FY2021: ROIC 20.8%FY2022: ROIC 23.8%FY2023: ROIC 23.3%FY2024: ROIC 15.2%FY2025: ROIC 15.0%
FY2016FY2025

Net cash

$3.3B

$3.3B more cash than debt

FY2016: Net cash $5.5BFY2017: Net cash $1.1BFY2018: Net cash $1.4BFY2019: Net cash $4.5BFY2020: Net cash $9.1BFY2021: Net cash $8.1BFY2022: Net cash $9.2BFY2023: Net cash $11.0BFY2024: Net cash $2.3BFY2025: Net cash $3.3B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$84.9B$90.0B$92.1B$104.2B$121.9B$138.6B$156.6B$171.3B$177.0B$199.1B
Revenue growth7.2%6.1%2.3%13.1%16.9%13.8%13.0%9.4%3.3%12.5%
Gross margin––––––––––
Operating margin5.7%4.6%5.9%5.8%5.2%5.5%5.3%5.0%4.4%3.6%
Net income$2.5B$3.8B$3.8B$4.8B$4.6B$6.2B$5.9B$6.0B$6.0B$5.7B
Net margin2.9%4.3%4.1%4.6%3.8%4.4%3.8%3.5%3.4%2.8%
Diluted EPS$9.21$14.35$14.19$18.47$17.98$24.95$24.28$25.22$25.68$25.21
Return on invested capital?13.3%15.9%14.8%17.7%19.4%20.8%23.8%23.3%15.2%15.0%
Cash
Operating cash flow$3.3B$4.2B$3.8B$6.1B$10.7B$8.4B$8.4B$8.1B$5.8B$4.3B
Capital expenditure$584.0M$791.0M$1.2B$1.1B$1.0B$1.1B$1.2B$1.3B$1.3B$1.1B
Free cash flow$2.7B$3.4B$2.6B$5.0B$9.7B$7.3B$7.2B$6.8B$4.6B$3.2B
Stock-based compensation$165.0M$170.0M$226.0M$294.0M$283.0M$255.0M$264.0M$289.0M$191.0M$276.0M
Owner earnings?$2.5B$3.2B$2.4B$4.7B$9.4B$7.0B$7.0B$6.5B$4.4B$2.9B
Free cash flow per share$10.02$12.67$9.91$19.15$38.01$29.49$29.85$28.50$19.54$14.13
Capital allocation
Dividends paid$684.0M$705.0M$776.0M$818.0M$954.0M$1.1B$1.2B$1.4B$1.5B$1.5B
Share repurchases$0$2.0B$1.7B$1.7B$2.7B$1.9B$2.3B$2.7B$2.9B$2.6B
Diluted shares268.1M267.8M264.2M260.3M254.3M246.8M242.8M237.4M232.9M224.6M
Share count change?-1.8%-0.1%-1.3%-1.5%-2.3%-2.9%-1.6%-2.2%-1.9%-3.6%
Balance sheet
Cash and equivalents$4.1B$3.6B$3.9B$4.9B$5.7B$4.9B$7.4B$6.5B$8.3B$9.5B
Short-term investments$17.2B$17.4B$16.7B$19.7B$23.4B$26.3B$26.0B$29.6B$25.2B$25.9B
Total debt$15.7B$19.9B$19.2B$20.1B$20.0B$23.0B$24.1B$25.1B$31.2B$32.0B
Net debt-$5.5B-$1.1B-$1.4B-$4.5B-$9.1B-$8.1B-$9.2B-$11.0B-$2.3B-$3.3B
Shareholders' equity$25.1B$26.5B$28.5B$31.7B$33.2B$36.1B$36.2B$39.3B$41.3B$43.9B

Latest filings

All on EDGAR
2026-10-2110-QQuarterly report
2026-10-218-KEarnings release
2026-07-1510-QQuarterly report
2026-07-158-KEarnings release
2026-04-2210-QQuarterly report
2026-04-228-KEarnings release
2026-03-27DEF 14AProxy statement
2026-02-0610-KAnnual report
2026-01-288-KEarnings release
2025-10-2110-QQuarterly report

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