Elevance Health, Inc.
$429.69
−0.21 (−0.05%) · delayed · Nov 13, 2026
Five-year price
52w $274.84 to $450.69
- Market cap
- $92.8B
- Enterprise value
- $115.2B
- P/E
- 17.0×
- 16.9× on 3y avg EPS
- EV / EBIT
- 16.0×
- FCF yield
- 3.4%
- ROIC
- 9.2%
- Debt / equity
- 0.73
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ○ROIC > 12% (5y avg)5y avg ROIC 10.6%
- ●ROE > 15% (5y avg)5y avg ROE 15.2%
- ●Stable operating marginsMargin volatility 0.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 97% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.3%
- ●Shrinking share countDiluted shares -11.7% over 5y
Value
20
- ○P/E below 15P/E 17.0
- ○EV/EBIT below 12EV/EBIT 16.0
- ○FCF yield above 6%FCF yield 3.4%
- ○Price below Graham NumberGraham Number $339.42
- ●P/B below 3P/B 2.1
Safety
40
- ○Debt / equity below 0.5D/E 0.73
- ●Debt payable in < 4 yrs of earningsNet debt $22.4B
- ○Interest coverage > 8xCoverage 5.1x
- ●Current ratio > 1.5Current ratio 1.54
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $199.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.54
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 102%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 16.9
- ○P/E × P/B ≤ 22.5Product 35.8
Valuation lab
What do you have to believe?
At $429.69, the market is pricing in about 13.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $22.4B · 216M shares · 5y revenue CAGR 10.3%
Intrinsic value
$304.64
Price
$429.69
Premium paid
41%
What the price implies
The market is paying for 13.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 84,863 | 90,040 | 92,105 | 104,213 | 121,867 | 138,639 | 156,595 | 171,340 | 177,011 | 199,125 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 4,801 | 4,175 | 5,426 | 5,999 | 6,360 | 7,559 | 8,283 | 8,499 | 7,862 | 7,199 |
| Operating margin | 5.7% | 4.6% | 5.9% | 5.8% | 5.2% | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Pre-tax income | 4,555 | 3,964 | 5,068 | 5,985 | 6,238 | 7,995 | 7,600 | 7,715 | 7,904 | 6,710 |
| Income tax | 2,085 | 121 | 1,318 | 1,178 | 1,666 | 1,846 | 1,712 | 1,724 | 1,933 | 1,049 |
| Net income | 2,470 | 3,843 | 3,750 | 4,807 | 4,572 | 6,158 | 5,894 | 5,987 | 5,980 | 5,662 |
| EPS (diluted) | 9.21 | 14.35 | 14.19 | 18.47 | 17.98 | 24.95 | 24.28 | 25.22 | 25.68 | 25.21 |
| Diluted shares | 268 | 268 | 264 | 260 | 254 | 247 | 243 | 237 | 233 | 225 |
Who owns it
Superinvestors
Filings wire