Elevance Health, Inc.ELV
NYSE•Healthcare•Healthcare Plans
Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits. The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers. In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.
as of March 2026
Are revenues and earnings expanding?
$200.41B in TTM revenue grew 9.3% YoY, reaching $50.18B last quarter. TTM EBITDA of $6.12B on operating income of $2.09B shows growth is flowing through. Net income of $5.24B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 4.2% is down 2.3% YoY — costs are rising relative to revenue. Net margin at 3.5% and gross margin of 29.0%. ROE of 11.9% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 16.4x P/E, the stock trades in line with market averages — fairly valued. P/S of 0.4x and P/B of 2.0x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $125.83B in assets and $30.77B in long-term debt, the D/E of 0.7 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $4.10B on $4.33B in operating cash flow. The FCF / Net Income ratio of 0.8x means earnings are well backed by actual cash — high-quality earnings. Cash reserves of $9.66B provide financial flexibility. Shares outstanding declined 2.9% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 64 quarters of fundamental data
Operating margins are positive at ~3.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 64 quarters
Operating margins dropped 29.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.3% — net buybacks are reducing shares outstanding and boosting per-share value.