Elevance Health, Inc.

ELV

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.

Country: United StatesPrice: $400.32Market Cap: $86.8B

Company Profile

Industry: Insurance
SIC Sector: Insurance Carriers
Size: Large Cap($86.8B)
Revenue: $199.1B+12.5% YoY
Net Income: $5.7B-5.3% YoY

Financial Snapshot

Operating Margin3.6%
Return on Equity12.9%
Debt / Equity0.75
Current Ratio1.54
EPS (Diluted)$25.21−1.8%
Buybacks (1y)$2.6B
Buybacks (2y)$5.5B
Shares Retired3.0% / 5.3% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC
$360.6B
PGRPROGRESSIVE CORP/OH/
$121.9B
CICigna Group
$74.7B
AEFCAEGON LTD.
$28.5B

Shareholder Return

Fiscal 2025

Retired 3.0% of shares last year, 5.3% over two.

Buybacks
$2.6B
Dividends
$1.5B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
−2.7% = −4.3% + 1.7%
FY23
3.9% = 1.6% + 2.3%
FY24
1.8% = −0.1% + 1.9%
FY25
−1.8% = −5.3% + 3.7%
Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$86.8B$87.8Best.$110.6Best.$113.0Best.$100.2Best.
Revenue$199.1B↑12%$177.0B↑3%$171.3B↑9%$156.6B↑13%$138.6B
Operating Income$7.2B↓8%$7.9B↓7%$8.5B↑3%$8.3B↑10%$7.6B
Net Income$5.7B↓5%$6.0B$6.0B↑2%$5.9B↓4%$6.2B
EPS (Diluted)$25.21↓2%$25.68↑2%$25.22↑4%$24.28↓3%$24.95
Gross Margin89.4%↑1%88.8%↓1%89.9%↓2%91.7%↓1%92.1%
Operating Margin3.6%↓19%4.4%↓10%5.0%↓6%5.3%↓3%5.5%
ROE12.9%↓11%14.5%↓5%15.2%↓6%16.3%↓5%17.1%
Total Debt$33.0B↑1%$32.5B↑22%$26.5B↑5%$25.3B↑4%$24.4B
Shareholders' Equity$43.9B↑6%$41.3B↑5%$39.3B↑8%$36.2B↑1%$36.1B
Current Ratio1.54↑6%1.45↑1%1.44↑3%1.40↓4%1.47
Debt / Equity0.75↓4%0.79↑17%0.68↓3%0.70↑4%0.68
Operating Cash Flow$4.3B↓26%$5.8B↓28%$8.1B↓4%$8.4B$8.4B
Free Cash Flow$3.2B↓30%$4.6B↓33%$6.8B↓7%$7.2B$7.3B
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDFAILHOLDBUYBUYHOLDHOLDHOLDNot rankedFAILPASSPASS
Score
Analysis
Intrinsic Value
Margin of Safety-33.7%+18.6%-58.8%-71.5%-30.2%-68.2%-17.6%-101.4%-42.4%-127.1%-44.9%-19.2%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

    Where They Disagree

    • Profitability

      2 of 11 pass — Marks, Akre, Druckenmiller +6 more object

      Discount to Intrinsic Value15.9% (IV=$380.55 vs Price=$320.00)
      ✗Marks>= 20% below intrinsic value
      Positive Net Income Frequency28/28 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      Return on Equity14.2% (3-yr avg)
      ✗AkreROE > 20% (3-year avg)
      EPS Growth AccelerationLatest: -1.8%, Prior: 1.8%
      ✗DruckenmillerAccelerating EPS growth
      Show 19 more metrics ▾
      Margin of SafetyP/E=12.7x, P/B=1.6x
      ✓SpierP/E < 15 AND P/B < 2.0✓PabraiP/B < 1.5 or P/E < 15
      Operating Income / Revenue3.6%
      ✗Ackman>= 15%
      Net Income / Shareholders Equity12.9%
      ✗Ackman>= 15%
      Net Income / Total Assets4.66%
      ✓PiotroskiROA > 0
      ROA Change YoY5.12% -> 4.66% (delta: -0.46%)
      ✗PiotroskiCurrent ROA > Prior ROA
      (CFO / Total Assets) vs ROACFO/Assets=3.53%, ROA=4.66%
      ✗PiotroskiCFO/Assets > ROA
      Gross Margin Change YoY88.8% -> 89.4%
      ✓PiotroskiImproved YoY
      EBIT / Enterprise Value7.6%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=7.6%, ROC=37.2%
      ✗GreenblattBoth EY > 10% and ROC > 25%
      3-5 Year EPS CAGR7.0%
      ✓Lynch15-30% (Fast Grower); > 0% to pass
      ROE12.9%
      ✗Lynch> 15%
      Net Income Positive (10+ years)28/28 years positive
      ✓BuffettPositive every year for 10+ years
      ROE (5-yr avg)15.2%
      ✓Buffett> 15% (5-yr avg)
      Operating Margin (10-yr trend)3.6% (latest)
      ✗BuffettStable or rising over 10 years
      Free Cash Flow Proxy$5.2B
      ✓BuffettPositive and growing
      Earnings Variance (10-yr CoV)
      ✗BuffettCoV < 0.3
      Retained Earnings Effectiveness-1.79x
      ✗Buffett$1 retained -> > $1 market value created
      Positive EPS (10 years)28/28 years positive
      ✓GrahamPositive EPS every year for 10 years
      EPS Growth (3-yr avg, 10-yr window)
      ✗Graham>= 33% growth
    • Debt & Leverage

      1 of 8 pass — Marks, Akre, Munger +4 more object

      Interest Coverage & Debt/EBITDAIC=N/A (no interest expense), D/EBITDA=4.5x
      ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
      Debt Levels0.75
      ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
      Total Debt / Shareholders Equity0.75
      ✓Ackman<= 1.0
      LT Debt / Total Assets Change25.00% -> 25.35%
      ✗PiotroskiDecreased YoY
      Show 4 more metrics ▾
      Total Debt / Equity0.75
      ✗Lynch< 0.33
      Cash - Long-term Debt$-21.3B
      ✗LynchPositive preferred
      Debt/Equity & Interest CoverageD/E: 0.75, IC: N/A
      ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
      LT Debt vs Net Current AssetsLT Debt $30.8B vs NCA $22.0B
      ✗GrahamLT Debt <= Net Current Assets
    • Valuation

      5 of 9 pass — Marks, Greenblatt, Lynch +1 more object

      P/B or P/E vs. Historical AverageP/E=12.7x, P/B=1.6x
      ✓MarksP/E < 15 or P/B < 2.0
      Discount to Intrinsic Value15.9% (IV=$380.55 vs Price=$320.00)
      ✗Marks>= 20% below intrinsic value
      Price vs. 200-day MAQualitative
      ✓DruckenmillerPrice above 200-day moving average
      Margin of SafetyP/E=12.7x, P/B=1.6x
      ✓SpierP/E < 15 AND P/B < 2.0
      Show 9 more metrics ▾
      P/E or FCF YieldP/E=12.7x, FCF Yield=4.5%
      ✓PabraiP/E < 15 or FCF Yield > 10%
      Valuation ReasonablenessP/E=12.7x, OE Yield=6.6%
      ✓MungerP/E < 25 or Owner Earnings Yield > 5%
      Price / FCF per Share22.3x
      ✓Ackman<= 25
      EBIT / Enterprise Value7.6%
      ✗Greenblatt> 10%
      Earnings Yield + ROC AssessmentEY=7.6%, ROC=37.2%
      ✗GreenblattBoth EY > 10% and ROC > 25%
      P/E / EPS Growth Rate1.82
      ✗Lynch< 1.0 (ideally < 0.5)
      Price / 3-yr avg EPS12.6x
      ✓Graham<= 15x
      Price-to-Book Ratio1.6x
      ✗Graham<= 1.5x
      P/E x P/B20.30
      ✓Graham<= 22.5
    • Cash Flow

      4 of 6 pass — Piotroski and Lynch object

      FCF Positive18/18 years FCF positive
      ✓MarksPositive FCF in majority of recent years
      P/E or FCF YieldP/E=12.7x, FCF Yield=4.5%
      ✓PabraiP/E < 15 or FCF Yield > 10%
      (OCF - CapEx) / Market Cap4.5%
      ✓Ackman>= 4%
      Price / FCF per Share22.3x
      ✓Ackman<= 25
      Show 4 more metrics ▾
      Operating Cash Flow$4.3B
      ✓PiotroskiCFO > 0
      (CFO / Total Assets) vs ROACFO/Assets=3.53%, ROA=4.66%
      ✗PiotroskiCFO/Assets > ROA
      FCF Positive and Growing$3.2B
      ✗LynchPositive and growing
      Free Cash Flow Proxy$5.2B
      ✓BuffettPositive and growing
    • Growth

      2 of 5 pass — Druckenmiller, Lynch and Graham object

      Positive Net Income Frequency28/28 years positive
      ✓MarksPositive net income in >= 7 of last 10 years
      EPS Growth AccelerationLatest: -1.8%, Prior: 1.8%
      ✗DruckenmillerAccelerating EPS growth
      Revenue Growth RateLatest: 12.5%, Prior: 3.3%
      ✓DruckenmillerRevenue growth accelerating
      3yr Median Revenue Growth9.4%
      ✓Ackman>= 5%
      Show 5 more metrics ▾
      Positive EPS Growth Frequency3/5 years with positive EPS growth
      ✓AckmanPositive EPS growth in >= 3 of last 5 years
      P/E / EPS Growth Rate1.82
      ✗Lynch< 1.0 (ideally < 0.5)
      3-5 Year EPS CAGR7.0%
      ✓Lynch15-30% (Fast Grower); > 0% to pass
      Inventory Growth vs Revenue GrowthN/A (no inventory)
      ✓LynchInventory growth < Revenue growth
      EPS Growth (3-yr avg, 10-yr window)
      ✗Graham>= 33% growth
    • Efficiency

      3 of 6 pass — Akre, Munger and Graham object

      ROIC (high and growing)0/18 years ROIC > 15% (latest: 7.4%)
      ✗AkreROIC > 15% for 3+ years
      Reinvestment Rate x ROIC5.4% (RR=73% x ROIC=7.4%)
      ✗AkreReinvestment Rate * ROIC > 10%
      Return on Invested Capital7.4%
      ✗Munger> 15%
      Current Ratio Change YoY1.45 -> 1.54
      ✓PiotroskiIncreased YoY
      Show 5 more metrics ▾
      Revenue / Total Assets Change YoY1.51x -> 1.64x
      ✓PiotroskiImproved YoY
      EBIT / (NWC + Net Fixed Assets)37.2%
      ✓Greenblatt> 25%
      ROIC (3-5 yr avg)10.4%
      ✓Buffett> 10%
      ROIC - WACC+0.4%
      ✓BuffettPositive (WACC = 10%)
      Current Ratio1.54
      ✗Graham>= 2.0
    • Verdicts

      Split decision: 5 HOLD · 2 FAIL · 2 BUY · 2 PASS

      Overall verdict
      •MarksHOLD (6/8)✗AkreFAIL (2/7)•DruckenmillerHOLD (5/7)✓SpierBUY (8/8)✓PabraiBUY (7/8)•MungerHOLD (5/7)•AckmanHOLD (7/9)•PiotroskiHOLD (F-Score 6)•GreenblattNot ranked✗LynchFAIL (PEG 1.82)✓BuffettPASS (5/9)✓GrahamPASS (5/9)
    • Valuation models

      Models split on ELV at $400.32 — fair values range $176.30–$491.60

      Marks fair value$299.31
      ✗Marks-33.7% margin vs $400.32
      Akre fair value$491.60
      ✓Akre+18.6% margin vs $400.32
      Druckenmiller fair value$252.05
      ✗Druckenmiller-58.8% margin vs $400.32
      Spier fair value$233.37
      ✗Spier-71.5% margin vs $400.32
      Show 8 more metrics ▾
      Pabrai fair value$307.53
      ✗Pabrai-30.2% margin vs $400.32
      Munger fair value$238.07
      ✗Munger-68.2% margin vs $400.32
      Ackman fair value$340.29
      ✗Ackman-17.6% margin vs $400.32
      Piotroski fair value$198.81
      ✗Piotroski-101.4% margin vs $400.32
      Greenblatt fair value$281.08
      ✗Greenblatt-42.4% margin vs $400.32
      Lynch fair value$176.30
      ✗Lynch-127.1% margin vs $400.32
      Buffett fair value$276.25
      ✗Buffett-44.9% margin vs $400.32
      Graham fair value$335.81
      ✗Graham-19.2% margin vs $400.32

    Historical Score Timeline

    Industry Peers

    Similar companies in Insurance

    ELV vs Peers — Financial Grading

    Revenue$199.1BMedian
    Net Income$5.7BMedian
    ROE12.9%Top 25%
    D/E0.75Bottom 25%
    Op. Margin3.6%Median
    Curr. Ratio1.54Top 25%
    CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
    UNITEDHEALTH GROUP INCUNH$360.6B$401.73$447.6B$12.1B12.0%0.784.2%0.793/96/91/70/3F-Score 7
    PROGRESSIVE CORP/OH/PGR$121.9B$209.60$87.7B$11.3B37.3%0.00——3/93/96/70/3F-Score 6
    Cigna GroupCI$74.7B$282.56$274.9B$6.0B14.3%0.013.3%0.851/94/93/71/3F-Score 8
    AEGON LTD.AEFC$28.5B$18.36—$1.1B10.4%———0/91/91/70/3F-Score 5
    PRINCIPAL FINANCIAL GROUP INCPFG$24.4B$113.98$15.6B$1.2B10.0%0.33——2/93/93/70/3F-Score 5
    MARKEL GROUP INC.MKL$22.9B$1847.24$15.5B$2.1B11.3%0.2320.6%—4/96/95/71/3F-Score 5
    Fidelity National Financial, Inc.FNF$13.3B$49.47$14.4B$602.0M8.1%0.59——2/92/92/70/3F-Score 5
    Enact Holdings, Inc.ACT$6.9B$49.94$1.2B$674.2M12.6%0.14——5/91/94/70/3F-Score 5