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.
Elevance Health, Inc. (ELV) reported trailing twelve months revenue of $200.41B as of March 2026, a 9.3% increase year-over-year. Quarterly revenue reached $50.18B, reflecting continued top-line momentum.
Elevance Health, Inc. generated $5.24B in TTM net income, with quarterly EBITDA of $2.09B. The operating margin contracted from 6.5% to 4.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (4.2%) and net margin (3.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.5% a year ago, reflecting increased costs or interest expense.
ELV trades at a P/E of 16.9x (in line with broad market averages) and a P/S of 0.4x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $4.10B in free cash flow over the trailing twelve months, a 399.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $125.83B in total assets with $30.77B in long-term debt against $43.90B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation