Elevance Health, Inc. ELV
Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as "we," "us," "our," the "Company" or "Elevance Health," is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve. We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199.12B | $177.01B | $171.34B | $156.59B | $138.64B | $121.87B | $104.21B | $92.11B | $90.04B | $84.86B |
| Cost of revenue | $21.18B | $19.75B | $17.29B | $13.04B | $10.89B | $8.95B | $1.99B | $0 | $0 | — |
| Gross profit | $177.95B | $157.26B | $154.05B | $143.56B | $127.74B | $112.91B | $102.22B | $92.11B | $90.04B | — |
| SG&A | $20.98B | $20.02B | $20.09B | $17.70B | $15.92B | $17.45B | $13.36B | $14.02B | $12.65B | $12.56B |
| Operating income | $7.20B | $7.86B | $8.50B | $8.28B | $7.56B | $6.36B | $6.00B | $5.43B | $4.17B | $4.80B |
| Interest expense | $1.40B | $1.19B | $1.03B | $851.0M | $798.0M | $784.0M | $746.0M | $753.0M | $739.0M | $723.0M |
| Pre-tax income | $6.71B | $7.90B | $7.71B | $7.60B | $8.00B | $6.24B | $5.99B | $5.07B | $3.96B | $4.55B |
| Income tax | $1.05B | $1.93B | $1.72B | $1.71B | $1.85B | $1.67B | $1.18B | $1.32B | $121.0M | $2.08B |
| Net income | $5.66B | $5.98B | $5.99B | $5.89B | $6.16B | $4.57B | $4.81B | $3.75B | $3.84B | $2.47B |
| EPS, basic | 25.28 | 25.81 | 25.38 | 24.56 | 25.26 | 18.23 | 18.81 | 14.53 | 14.70 | 9.39 |
| EPS, diluted | 25.21 | 25.68 | 25.22 | 24.28 | 24.95 | 17.98 | 18.47 | 14.19 | 14.35 | 9.21 |
| Shares, diluted (wtd. avg.) | $224.6M | $232.9M | $237.4M | $242.8M | $246.8M | $254.3M | $260.3M | $264.2M | $267.8M | $268.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $9.49B | $8.29B | $6.53B | $7.39B | $4.88B | $5.74B | $4.94B | $3.93B | $3.61B | $4.08B |
| Short-term investments | $25.88B | $25.20B | $29.61B | $25.95B | $26.27B | $23.43B | $19.68B | $16.69B | $17.38B | $17.16B |
| Total current assets | $63.00B | $58.94B | $60.03B | $55.62B | $51.12B | $45.75B | $39.03B | $34.32B | $36.26B | $34.31B |
| Property, plant and equipment | $4.68B | $4.65B | $4.36B | $4.32B | $3.92B | $3.48B | $3.13B | $2.73B | $2.17B | $1.98B |
| Goodwill | $28.34B | $28.28B | $25.32B | $24.38B | $24.23B | $21.69B | $20.50B | $20.50B | $19.23B | $17.56B |
| Other intangibles | $11.20B | $12.09B | $10.27B | $10.31B | $10.62B | $9.40B | $8.67B | $9.01B | $8.37B | $7.96B |
| Total assets | $121.49B | $116.89B | $108.93B | $102.75B | $97.46B | $86.61B | $77.45B | $71.57B | $70.54B | $65.08B |
| Accounts payable | $7.32B | $6.93B | $6.91B | $5.61B | $4.97B | $5.49B | $4.20B | $4.96B | $5.02B | $4.01B |
| Short-term debt | $1.10B | $1.65B | $1.65B | $1.50B | $1.60B | $700.0M | $1.60B | $849.0M | $1.27B | $928.4M |
| Total current liabilities | $41.03B | $40.58B | $41.79B | $39.70B | $34.88B | $29.45B | $23.53B | $21.96B | $23.36B | $21.29B |
| Long-term debt | $30.80B | $29.22B | $23.25B | $22.35B | $21.16B | $19.34B | $17.79B | $17.22B | $17.38B | $14.36B |
| Total liabilities | $77.47B | $75.46B | $69.52B | $66.42B | $61.33B | $53.42B | $45.73B | $43.03B | $44.04B | $39.98B |
| Retained earnings | $35.39B | $33.55B | $31.75B | $29.65B | $27.09B | $23.80B | $22.57B | $19.99B | $18.05B | $16.56B |
| Total equity | $43.88B | $41.31B | $39.41B | $36.33B | $36.14B | $33.19B | $31.69B | $28.57B | $26.50B | $25.10B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.29B | $5.81B | $8.06B | $8.40B | $8.36B | $10.69B | $6.06B | $3.83B | $4.18B | $3.27B |
| Depreciation and amortisation | $1.55B | $1.39B | $1.75B | $1.68B | $1.30B | $1.15B | $1.13B | $1.13B | $111.0M | $104.0M |
| Stock-based compensation | $276.0M | $191.0M | $289.0M | $264.0M | $255.0M | $283.0M | $294.0M | $226.0M | $170.0M | $165.0M |
| Capital expenditure | $1.12B | $1.26B | $1.30B | $1.15B | $1.09B | $1.02B | $1.08B | $1.21B | $791.0M | $584.0M |
| Investing cash flow | -$1.34B | -$5.17B | -$5.57B | -$4.56B | -$9.64B | -$7.32B | -$2.79B | -$1.26B | -$5.08B | -$514.0M |
| Financing cash flow | -$1.74B | $1.19B | -$3.35B | -$1.32B | $423.0M | -$2.57B | -$2.27B | -$2.24B | $427.0M | -$799.0M |
| Dividends paid | $1.53B | $1.51B | $1.40B | $1.23B | $1.10B | $954.0M | $818.0M | $776.0M | $705.0M | $684.0M |
| Buybacks | $2.60B | $2.90B | $2.68B | $2.32B | $1.90B | $2.70B | $1.70B | $1.69B | $2.00B | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001156039-26-000013.
Others in SIC 6324
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|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | $356.47B | 30.0x | 11.8% |
| CI | Cigna Group | $74.65B | 12.7x | 11.2% |
| HUM | HUMANA INC | $48.21B | 40.8x | 31.6% |
| CNC | CENTENE CORP | $33.12B | — | 20.0% |
| MOH | MOLINA HEALTHCARE, INC. | $10.48B | 22.5x | 11.7% |
| OSCR | Oscar Health, Inc. | $9.75B | — | 39.0% |
| ALHC | Alignment Healthcare, Inc. | $2.81B | — | 46.1% |
| CLOV | CLOVER HEALTH INVESTMENTS, CORP. /DE | $2.23B | — | 40.3% |