ELV · Elevance Health, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $199.13B | $177.01B | $171.34B | $156.59B | $138.64B | $121.87B |
| Cost of Revenue | $21.18B | $19.75B | $17.29B | $13.04B | $10.89B | $8.95B |
| Gross Profit | $177.95B | $157.26B | $154.05B | $143.56B | $127.74B | $112.91B |
| R&D | - | - | - | - | - | - |
| SG&A | $20.98B | $20.02B | $20.09B | $17.69B | $15.91B | $17.45B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $94.00M | $105.00M | $107.00M | $123.00M | $136.00M | $176.00M |
| Operating Income | $7.20B | $7.86B | $8.50B | $8.45B | $7.49B | $6.36B |
| Interest Expense | $1.40B | $1.19B | $1.03B | $851.00M | $798.00M | $784.00M |
| Income Tax | $1.05B | $1.93B | $1.72B | $1.75B | $1.83B | $1.67B |
| Net Income | $5.66B | $5.98B | $5.99B | $6.03B | $6.10B | $4.57B |
| EPS - Basic | $25.28 | $25.81 | $25.38 | $25.10 | $25.04 | $18.23 |
| EPS - Diluted | $25.21 | $25.68 | $25.22 | $24.81 | $24.73 | $17.98 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.49B | $8.29B | $6.53B | $7.39B | $4.88B | $5.74B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $63.00B | $58.94B | $60.03B | $55.62B | $51.12B | $45.75B |
| Total Assets | $121.49B | $116.89B | $108.93B | $102.77B | $97.46B | $86.61B |
| Current Liabilities | $41.03B | $40.58B | $41.79B | $39.70B | $34.88B | $29.45B |
| Long-term Debt | $30.80B | $29.22B | $23.25B | $22.35B | $21.16B | $19.34B |
| Total Liabilities | $77.47B | $75.46B | $69.52B | $66.38B | $61.33B | $53.42B |
| Stockholders' Equity | $43.88B | $41.31B | $39.31B | $36.31B | $36.06B | $33.20B |
| Retained Earnings | $35.39B | $33.55B | $31.75B | $29.72B | $27.09B | $23.80B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.29B | $5.81B | $8.06B | $8.40B | $8.36B | $10.69B |
| Investing Cash Flow | ($1.34B) | ($5.17B) | ($5.57B) | ($4.56B) | ($9.64B) | ($7.32B) |
| Financing Cash Flow | ($1.74B) | $1.19B | ($3.35B) | ($1.32B) | $423.00M | ($2.57B) |
| CapEx | $1.12B | $1.26B | $1.30B | $1.15B | $1.09B | $1.02B |
| Free Cash Flow | $3.17B | $4.55B | $6.76B | $7.25B | $7.28B | $9.67B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 89.4% | 88.8% | 89.9% | 91.7% | 92.1% | 92.7% |
| Operating margin | 3.6% | 4.4% | 5.0% | 5.4% | 5.4% | 5.2% |
| EBITDA margin | 3.7% | 4.5% | 5.0% | 5.5% | 5.5% | 5.4% |
| Net margin | 2.8% | 3.4% | 3.5% | 3.8% | 4.4% | 3.8% |
| Free cash flow margin | 1.6% | 2.6% | 3.9% | 4.6% | 5.2% | 7.9% |
| FCF / Net income | 0.56 | 0.76 | 1.13 | 1.20 | 1.19 | 2.11 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 10.5% | 11.3% | 11.7% | 11.3% | 11.5% | 14.3% |
| Effective tax rate | 15.6% | 24.4% | 22.4% | 22.5% | 23.1% | 26.7% |
| Return on assets | 4.7% | 5.1% | 5.5% | 5.9% | 6.3% | 5.3% |
| Return on equity | 12.9% | 14.5% | 15.2% | 16.6% | 16.9% | 13.8% |
| Return on invested capital | 8.1% | 8.4% | 10.5% | 11.2% | 10.1% | 8.9% |
| Liquidity | ||||||
| Current ratio | 1.54 | 1.45 | 1.44 | 1.40 | 1.47 | 1.55 |
| Quick ratio | 1.54 | 1.45 | 1.44 | 1.40 | 1.47 | 1.55 |
| Cash ratio | 0.23 | 0.20 | 0.16 | 0.19 | 0.14 | 0.19 |
| Leverage | ||||||
| Debt / Equity | 0.70 | 0.71 | 0.59 | 0.62 | 0.59 | 0.58 |
| Debt / Assets | 0.25 | 0.25 | 0.21 | 0.22 | 0.22 | 0.22 |
| Debt / EBITDA | 4.22 | 3.67 | 2.70 | 2.61 | 2.77 | 2.96 |
| Interest coverage | 5.1x | 6.6x | 8.3x | 9.9x | 9.4x | 8.1x |
| Equity multiplier | 2.77 | 2.83 | 2.77 | 2.83 | 2.70 | 2.61 |
| Liabilities / Assets | 0.64 | 0.65 | 0.64 | 0.65 | 0.63 | 0.62 |
| Efficiency | ||||||
| Asset turnover | 1.64 | 1.51 | 1.57 | 1.52 | 1.42 | 1.41 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 13.9x | 14.4x | - | - | - | - |
| P / B | 1.8x | 2.1x | - | - | - | - |
| P / S | 0.4x | 0.5x | - | - | - | - |
| EV / EBITDA | 13.7x | 13.4x | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 12.5% | 3.3% | 9.4% | 13.0% | 13.8% | 16.9% |
| Revenue CAGR (3y) | 8.3% | 8.5% | 12.0% | 14.5% | 14.6% | 10.6% |
| Revenue CAGR (5y) | 10.3% | 11.2% | 13.2% | 11.7% | 10.3% | 9.0% |
| Gross profit growth (YoY) | 13.2% | 2.1% | 7.3% | 12.4% | 13.1% | 8.3% |
| Operating income growth (YoY) | -8.4% | -7.5% | 0.6% | 12.9% | 17.8% | 6.0% |
| Net income growth (YoY) | -5.3% | -0.1% | -0.6% | -1.3% | 33.5% | -4.9% |
| EPS growth (YoY) | -1.8% | 1.8% | 1.7% | 0.3% | 37.5% | -2.7% |
| EPS CAGR (3y) | 0.5% | 1.3% | 11.9% | 10.3% | 20.3% | 7.8% |
| EPS CAGR (5y) | 7.0% | 6.8% | 12.2% | 11.6% | 21.8% | 13.9% |
| FCF growth (YoY) | -30.3% | -32.7% | -6.7% | -0.4% | -24.7% | 94.0% |
| FCF CAGR (5y) | -20.0% | -1.8% | 20.9% | 16.4% | 22.7% | 22.7% |
| Book value growth (YoY) | 6.2% | 5.1% | 8.3% | 0.7% | 8.6% | 4.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$199.13B totalReportable Segments$199.13B · 100.0%
Product / service
$32.95B totalProduct$24.47B · 74.3%
Service Fees$8.47B · 25.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.43
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Hospital & Medical Service Plans
Comparing Elevance Health against the 5 most active filers in the same SIC group.
Dividends
$6.85/share trailing 12 months · +3.8% YoY
| Ex-date | Per share |
|---|---|
| Mar 10, 2026 | $1.7200 |
| Dec 5, 2025 | $1.7100 |
| Sep 10, 2025 | $1.7100 |
| Jun 10, 2025 | $1.7100 |
| Mar 10, 2025 | $1.7100 |
| Dec 5, 2024 | $1.6300 |
| Sep 10, 2024 | $1.6300 |
| Jun 10, 2024 | $1.6300 |
| Mar 7, 2024 | $1.6300 |
| Dec 5, 2023 | $1.4800 |
| Sep 7, 2023 | $1.4800 |
| Jun 8, 2023 | $1.4800 |
| Mar 9, 2023 | $1.4800 |
| Dec 2, 2022 | $1.2800 |
| Sep 8, 2022 | $1.2800 |
| Jun 9, 2022 | $1.2800 |
| Mar 9, 2022 | $1.2800 |
| Dec 2, 2021 | $1.1300 |
| Sep 9, 2021 | $1.1300 |
| Jun 9, 2021 | $1.1300 |
| Mar 9, 2021 | $1.1300 |
| Dec 4, 2020 | $0.9500 |
| Sep 9, 2020 | $0.9500 |
| Jun 9, 2020 | $0.9500 |