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Elevance Health (ELV) Financials

Elevance Health logo
$315.84 +6.24 (+2.01%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$317.38 +1.54 (+0.49%)
As of 08/22/2025 07:51 PM Eastern
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Annual Income Statements for Elevance Health

Annual Income Statements for Elevance Health

This table shows Elevance Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 2,570 2,560 2,470 3,843 3,750 4,807 4,572 6,158 5,894 5,987 5,980
Consolidated Net Income / (Loss)		 2,570 2,560 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971
Net Income / (Loss) Continuing Operations		 2,560 2,560 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971
Total Pre-Tax Income 		4,368 4,631 4,555 3,964 5,068 5,985 6,238 7,995 7,600 7,715 7,904
Total Operating Income		 5,050 5,275 5,278 4,985 5,832 6,733 7,058 8,793 8,451 8,745 8,888
Total Gross Profit		 17,019 18,040 18,029 17,804 20,210 20,435 24,869 25,173 26,918 29,717 29,493
Total Revenue		 73,874 79,157 84,863 90,040 92,105 104,213 121,867 138,639 156,595 171,340 176,810
Operating Revenue		 73,874 79,157 84,863 90,040 86,185 104,213 115,552 138,639 156,595 171,340 177,255
Other Revenue		 - - - - 5,920 - 6,315 - - - -445
Total Cost of Revenue		 56,855 61,117 66,834 72,236 71,895 83,778 96,998 113,466 129,677 141,623 147,317
Operating Cost of Revenue		 56,855 61,117 66,834 72,236 71,895 83,778 96,998 113,466 129,677 141,623 147,317
Total Operating Expenses		 11,969 12,765 12,751 12,819 14,378 13,702 17,811 16,380 18,467 20,972 20,605
Selling, General & Admin Expense		 11,748 12,535 12,559 12,650 14,020 13,364 17,450 15,918 17,700 20,087 20,025
Amortization Expense		 221 230 192 169 358 338 361 441 767 885 580
Total Other Income / (Expense), net		 -682 -644 -723 -1,021 -764 -748 -820 -798 -851 -1,030 -984
Interest Expense		 682 644 723 1,021 764 748 820 798 851 1,030 1,185
Other Income / (Expense), net		 - - - - - - - - 0.00 0.00 201
Income Tax Expense		 1,808 2,071 2,085 121 1,318 1,178 1,666 1,846 1,712 1,724 1,933
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - 0.00 0.00 -9.00 -6.00 4.00 -9.00
Basic Earnings per Share		 $9.31 $9.73 $9.39 $14.70 $14.53 $18.81 $18.23 $25.26 $24.56 $25.38 $25.81
Weighted Average Basic Shares Outstanding		 275.90M 263M 262.90M 261.50M 258.10M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Diluted Earnings per Share		 $8.99 $9.38 $9.21 $14.35 $14.19 $18.47 $17.98 $24.95 $24.28 $25.22 $25.68
Weighted Average Diluted Shares Outstanding		 275.90M 263M 262.90M 261.50M 258.10M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Weighted Average Basic & Diluted Shares Outstanding		 275.90M 263M 262.90M 261.50M 258.10M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Cash Dividends to Common per Share		 $1.75 $2.50 $2.60 $2.70 $3.00 $3.20 $3.80 $4.52 $5.12 $5.92 $6.52

Quarterly Income Statements for Elevance Health

This table shows Elevance Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 865 1,989 1,853 1,289 856 2,246 2,300 1,016 418 2,183 1,743
Consolidated Net Income / (Loss)		 877 2,004 1,856 1,300 831 2,249 2,301 1,008 413 2,184 1,744
Net Income / (Loss) Continuing Operations		 877 2,004 1,856 1,300 831 2,249 2,301 1,008 413 2,184 1,744
Total Pre-Tax Income 		1,045 2,619 2,441 1,654 1,001 2,939 2,986 1,373 606 2,797 2,292
Total Operating Income		 1,274 2,870 2,702 1,913 1,260 3,204 3,026 1,712 946 3,141 2,633
Total Gross Profit		 6,088 7,905 2,923 7,595 11,294 8,206 8,254 1,834 16,265 8,596 7,777
Total Revenue		 39,929 42,172 43,672 42,849 42,647 42,577 43,646 45,145 45,442 48,891 49,776
Operating Revenue		 39,929 42,285 43,793 42,849 42,413 42,577 43,646 45,270 45,516 48,891 49,776
Total Cost of Revenue		 33,841 34,267 40,749 35,254 31,353 34,371 35,392 43,311 29,177 40,295 41,999
Operating Cost of Revenue		 33,841 34,267 40,749 35,254 31,353 34,371 35,392 43,311 29,177 40,295 41,999
Total Operating Expenses		 4,814 5,035 221 5,682 10,034 5,002 5,228 122 15,319 5,455 5,144
Selling, General & Admin Expense		 4,567 4,800 - 5,470 - 4,886 5,066 - - 5,300 4,997
Amortization Expense		 247 235 221 212 217 116 162 122 180 155 147
Total Other Income / (Expense), net		 -229 -251 -261 -259 -259 -265 -40 -339 -340 -344 -341
Interest Expense		 229 251 261 259 259 265 280 300 340 344 341
Other Income / (Expense), net		 - - 0.00 0.00 - - 240 -39 - - 0.00
Income Tax Expense		 168 615 585 354 170 690 685 365 193 613 548
Net Income / (Loss) Attributable to Noncontrolling Interest		 12 15 3.00 11 -25 3.00 1.00 -8.00 -5.00 1.00 1.00
Basic Earnings per Share		 $3.66 $8.37 $7.83 $5.48 $3.70 $9.65 $9.91 $4.38 $1.87 $9.64 $7.74
Weighted Average Basic Shares Outstanding		 237.46M 237.06M 235.65M 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Diluted Earnings per Share		 $3.61 $8.30 $7.79 $5.45 $3.68 $9.59 $9.85 $4.36 $1.88 $9.61 $7.72
Weighted Average Diluted Shares Outstanding		 237.46M 237.06M 235.65M 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Weighted Average Basic & Diluted Shares Outstanding		 237.46M 237.06M 235.65M 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Cash Dividends to Common per Share		 - $1.48 $1.48 $1.48 - $1.63 $1.63 $1.63 - $1.71 $1.71

Annual Cash Flow Statements for Elevance Health

This table details how cash moves in and out of Elevance Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 565 -38 1,962 -466 325 1,003 804 -861 2,507 -861 1,828
Net Cash From Operating Activities		 3,369 4,212 3,270 4,185 3,827 6,061 10,688 8,364 8,399 8,061 5,808
Net Cash From Continuing Operating Activities		 3,369 4,212 3,270 4,185 3,827 6,128 10,688 8,364 8,399 8,061 5,808
Net Income / (Loss) Continuing Operations		 2,570 2,560 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971
Consolidated Net Income / (Loss)		 2,570 2,560 2,470 3,843 3,750 4,807 4,572 6,149 5,888 5,991 5,971
Depreciation Expense		 107 106 104 111 1,132 1,133 1,154 1,302 1,675 1,745 1,393
Non-Cash Adjustments To Reconcile Net Income		 334 21 97 235 432 201 248 -552 528 1,462 537
Changes in Operating Assets and Liabilities, net		 -385 723 -209 -784 -1,487 -13 4,714 1,465 308 -1,137 -2,093
Net Cash From Investing Activities		 -975 -1,152 -514 -5,082 -1,259 -2,792 -7,324 -9,638 -4,560 -5,572 -5,167
Net Cash From Continuing Investing Activities		 -975 -1,152 -514 -5,082 -1,259 -2,792 -7,324 -9,638 -4,560 -5,572 -5,167
Purchase of Property, Plant & Equipment		 -715 -638 -584 -791 -1,208 -1,077 -1,021 -1,087 -1,152 -1,296 -1,256
Acquisitions		 0.00 -639 0.00 -2,080 -1,760 0.00 -1,976 -3,476 -649 -1,552 -4,809
Purchase of Investments		 -11,344 -11,681 -11,845 -16,375 -9,820 -22,700 -20,341 -19,625 -25,247 -16,158 -17,913
Divestitures		 740 - - - - - - - 0.00 0.00 363
Sale and/or Maturity of Investments		 10,256 11,780 11,918 14,152 11,600 21,035 16,059 14,613 22,608 13,536 18,572
Other Investing Activities, net		 -0.10 -8.20 -3.00 12 -71 -50 -45 -63 -120 -102 -124
Net Cash From Financing Activities		 -1,823 -3,093 -799 427 -2,241 -2,266 -2,567 423 -1,318 -3,349 1,193
Net Cash From Continuing Financing Activities		 -1,823 -3,093 -799 427 -2,241 -2,266 -2,567 423 -1,318 -3,349 1,193
Repayment of Debt		 -3,780 -4,635 -2,553 -7,815 -11,227 -9,455 -3,750 -2,091 -3,533 -2,167 -1,783
Repurchase of Common Equity		 -2,999 -1,516 0.00 -1,998 -1,685 -1,701 -2,700 -1,900 -2,316 -2,676 -2,900
Payment of Dividends		 -481 -657 -684 -705 -776 -818 -954 -1,104 -1,229 -1,395 -1,508
Issuance of Debt		 4,371 3,987 2,400 11,468 9,955 9,859 3,454 4,837 4,436 2,799 7,985
Issuance of Common Equity		 - - 0.00 0.00 1,250 - - - 182 152 221
Other Financing Activities, net		 1,066 -272 38 -523 242 -151 1,383 681 1,142 -62 -822
Effect of Exchange Rate Changes		 -7.10 -5.30 5.00 4.00 -2.00 0.00 7.00 -10 -14 -1.00 -6.00

Quarterly Cash Flow Statements for Elevance Health

This table details how cash moves in and out of Elevance Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -1,485 2,755 -151 928 -4,393 -300 292 1,368 468 -788 1,060
Net Cash From Operating Activities		 -1,518 6,469 1,950 2,613 -2,971 1,978 447 2,677 706 1,017 2,054
Net Cash From Continuing Operating Activities		 -1,518 6,469 1,950 2,613 -2,971 1,978 447 2,677 706 1,017 2,054
Net Income / (Loss) Continuing Operations		 877 2,004 1,856 1,300 831 2,249 2,301 1,008 413 2,184 1,744
Consolidated Net Income / (Loss)		 877 2,004 1,856 1,300 831 2,249 2,301 1,008 413 2,184 1,744
Depreciation Expense		 473 462 433 426 424 331 335 329 398 373 380
Non-Cash Adjustments To Reconcile Net Income		 202 204 242 645 371 250 -64 322 29 419 200
Changes in Operating Assets and Liabilities, net		 -3,070 3,799 -581 242 -4,597 -852 -2,125 1,018 -134 -1,959 -270
Net Cash From Investing Activities		 289 -3,184 -672 -687 -1,029 -2,310 -818 -401 -1,638 103 -687
Net Cash From Continuing Investing Activities		 289 -3,184 -672 -687 -1,029 -2,310 -818 -401 -1,638 103 -687
Purchase of Property, Plant & Equipment		 -298 -301 -350 -319 -326 -279 -323 -332 -322 -196 -267
Acquisitions		 -26 -1,638 -13 81 18 -1,120 -4.00 - -3,685 4.00 50
Purchase of Investments		 -4,958 -7,239 -10,264 -6,779 8,124 -6,315 -4,041 -4,510 -3,047 -4,254 -4,314
Sale and/or Maturity of Investments		 5,600 6,022 9,973 6,366 -8,825 5,433 3,187 4,472 5,480 4,574 3,857
Other Investing Activities, net		 -29 -28 -18 -36 -20 -29 -36 -31 -28 -25 -13
Net Cash From Financing Activities		 -258 -531 -1,430 -994 -394 32 668 -915 1,408 -1,909 -308
Net Cash From Continuing Financing Activities		 -258 -531 -1,430 -994 -394 32 668 -915 1,408 -1,909 -308
Repayment of Debt		 -1,192 -1,906 3.00 -265 1.00 4.00 4.00 -874 -917 -1,379 113
Repurchase of Common Equity		 -568 -622 -646 -480 -928 -566 -463 -60 -1,811 -880 -378
Payment of Dividends		 -305 -351 -350 -348 -346 -379 -378 -378 -373 -386 -385
Other Financing Activities, net		 215 -551 -112 99 502 -377 275 187 -907 736 342
Effect of Exchange Rate Changes		 2.00 1.00 1.00 -4.00 1.00 0.00 -5.00 7.00 -8.00 1.00 1.00

Annual Balance Sheets for Elevance Health

This table presents Elevance Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 61,676 61,718 65,083 70,540 71,571 77,453 86,615 97,456 102,755 108,928 116,889
Total Current Assets		 31,948 30,862 34,315 36,263 34,321 39,033 45,751 51,122 55,617 60,029 58,942
Cash & Equivalents		 2,152 2,114 4,075 3,609 3,934 4,937 5,741 4,880 7,387 6,526 8,288
Short-Term Investments		 19,556 18,552 18,812 21,156 18,368 20,685 24,992 28,148 26,905 29,843 26,393
Accounts Receivable		 6,943 7,024 8,397 4,847 4,836 5,377 5,679 7,759 8,961 9,963 11,060
Other Current Assets		 2,989 2,856 2,862 6,309 7,173 8,034 9,339 10,335 12,364 13,697 13,201
Plant, Property, & Equipment, net		 1,944 2,020 1,978 2,175 2,735 3,133 3,483 3,919 4,316 4,359 4,652
Total Noncurrent Assets		 27,784 28,836 28,790 32,102 34,515 35,287 37,381 42,415 42,822 44,540 53,295
Long-Term Investments		 2,232 2,630 2,796 3,905 4,213 4,763 4,847 5,857 6,437 6,983 10,784
Goodwill		 17,082 17,562 17,561 19,231 20,504 20,500 21,691 24,228 24,383 25,317 28,277
Intangible Assets		 7,958 8,158 7,965 8,368 9,007 8,674 9,405 10,615 10,315 10,273 12,094
Other Noncurrent Operating Assets		 512 485 468 598 791 1,350 1,438 1,715 1,687 1,967 2,140
Total Liabilities & Shareholders' Equity		 61,676 61,718 65,083 70,540 71,571 77,453 86,615 97,456 102,755 108,928 116,889
Total Liabilities		 37,425 38,674 39,983 44,037 43,030 45,725 53,416 61,293 66,425 69,523 75,463
Total Current Liabilities		 18,753 19,093 21,294 23,356 21,965 23,532 29,453 34,885 39,696 41,791 40,581
Short-Term Debt		 1,024 540 1,368 2,550 1,994 2,298 700 1,874 1,765 1,874 2,014
Accounts Payable		 10,513 10,889 11,908 13,016 12,413 4,198 16,852 4,970 5,607 6,910 6,927
Other Current Liabilities		 5,632 6,291 6,868 7,266 6,879 17,036 11,901 28,041 32,324 33,007 31,487
Other Current Nonoperating Liabilities		 - - - - - - - - - 0.00 153
Total Noncurrent Liabilities		 18,672 19,581 18,688 20,681 21,065 22,193 23,963 26,408 26,729 27,732 34,882
Long-Term Debt		 14,020 15,325 14,359 17,382 17,217 17,787 19,335 21,157 22,349 23,246 29,218
Noncurrent Deferred & Payable Income Tax Liabilities		 2,946 2,631 2,780 1,727 1,960 2,227 2,019 2,815 2,015 1,970 2,148
Other Noncurrent Operating Liabilities		 1,707 1,626 1,550 1,572 1,888 2,179 2,609 2,436 2,365 2,516 3,516
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 24,251 23,044 25,100 26,503 28,541 31,728 33,199 36,163 36,330 39,405 41,426
Total Preferred & Common Equity		 24,251 23,044 25,100 26,503 28,541 31,728 33,199 36,095 36,243 39,306 41,315
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 24,251 23,044 25,100 26,503 28,541 31,728 33,199 36,095 36,243 39,306 41,315
Common Stock		 10,065 8,558 8,808 8,550 9,539 9,451 9,247 9,150 9,086 8,870 8,913
Retained Earnings		 14,014 14,779 16,561 18,054 19,988 22,573 23,802 27,142 29,647 31,749 33,549
Accumulated Other Comprehensive Income / (Loss)		 172 -293 -268 -101 -986 -296 150 -197 -2,490 -1,313 -1,147
Noncontrolling Interest		 - - - - - - 0.00 68 87 99 111

Quarterly Balance Sheets for Elevance Health

This table presents Elevance Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 102,755 109,040 109,168 110,478 108,928 111,894 112,988 116,533 116,889 119,717 121,938
Total Current Assets		 55,617 59,823 59,743 61,185 60,029 60,948 62,274 62,846 58,942 61,121 63,324
Cash & Equivalents		 7,387 10,142 9,991 10,919 6,526 6,226 6,497 7,866 8,288 7,500 8,560
Short-Term Investments		 26,905 28,028 28,293 27,976 29,843 30,041 29,494 30,067 26,393 26,152 26,232
Accounts Receivable		 8,961 8,464 9,092 9,049 9,963 9,362 11,178 11,190 11,060 11,822 12,660
Other Current Assets		 12,364 13,189 12,367 13,241 13,697 15,319 15,105 13,723 13,201 15,647 15,872
Plant, Property, & Equipment, net		 4,316 4,418 4,547 4,248 4,359 4,451 4,450 4,505 4,652 4,617 4,641
Total Noncurrent Assets		 42,822 44,799 44,878 45,045 44,540 46,495 46,264 49,182 53,295 53,979 53,973
Long-Term Investments		 6,437 6,754 6,768 6,934 6,983 7,593 7,659 10,287 10,784 11,227 11,553
Goodwill		 24,383 25,273 25,274 25,291 25,317 25,947 25,962 25,967 28,277 28,420 28,368
Intangible Assets		 10,315 10,915 10,703 10,491 10,273 10,710 10,447 10,325 12,094 11,940 11,490
Other Noncurrent Operating Assets		 1,687 1,857 2,133 2,329 1,967 2,245 2,196 2,603 2,140 2,392 2,562
Total Liabilities & Shareholders' Equity		 102,755 109,040 109,168 110,478 108,928 111,894 112,988 116,533 116,889 119,717 121,938
Total Liabilities		 66,425 71,580 70,856 71,939 69,523 71,184 70,691 72,654 75,463 77,097 78,087
Total Current Liabilities		 39,696 41,889 41,571 43,337 41,791 44,334 41,813 42,033 40,581 42,698 43,834
Short-Term Debt		 1,765 265 265 799 1,874 4,475 3,125 2,460 2,014 1,893 2,008
Accounts Payable		 5,607 4,873 5,033 5,983 6,910 5,658 5,760 6,255 6,927 7,131 7,278
Other Current Liabilities		 32,324 36,751 36,273 36,555 33,007 34,201 32,763 33,155 31,487 33,674 34,548
Other Current Nonoperating Liabilities		 - - - - 0.00 - 165 163 153 0.00 0.00
Total Noncurrent Liabilities		 26,729 29,691 29,285 28,602 27,732 26,850 28,878 30,621 34,882 34,399 34,253
Long-Term Debt		 22,349 25,201 24,859 24,045 23,246 21,976 24,561 24,688 29,218 28,110 28,178
Noncurrent Deferred & Payable Income Tax Liabilities		 2,015 2,029 1,852 1,779 1,970 2,201 2,037 2,092 2,148 2,121 2,008
Other Noncurrent Operating Liabilities		 2,365 2,461 2,574 2,778 2,516 2,673 2,280 3,841 3,516 4,168 4,067
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 36,330 37,460 38,312 38,539 39,405 40,710 42,297 43,879 41,426 42,620 43,851
Total Preferred & Common Equity		 36,243 37,356 38,205 38,423 39,306 40,608 42,191 43,775 41,315 42,503 43,722
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 36,243 37,356 38,205 38,423 39,306 40,608 42,191 43,775 41,315 42,503 43,722
Common Stock		 9,086 8,699 8,763 8,832 8,870 8,885 9,003 9,107 8,913 8,868 8,933
Retained Earnings		 29,647 30,707 31,608 32,103 31,749 33,088 34,575 35,157 33,549 34,546 35,549
Accumulated Other Comprehensive Income / (Loss)		 -2,490 -2,050 -2,166 -2,512 -1,313 -1,365 -1,387 -489 -1,147 -911 -760
Noncontrolling Interest		 87 104 107 116 99 102 106 104 111 117 129

Annual Metrics And Ratios for Elevance Health

This table displays calculated financial ratios and metrics derived from Elevance Health's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.01% 7.15% 7.21% 6.10% 2.29% 13.15% 16.94% 13.76% 12.95% 9.42% 3.19%
EBITDA Growth		 7.35% 4.77% 0.12% -5.07% 18.52% 12.95% 4.40% 22.93% 0.31% 3.59% -0.08%
EBIT Growth		 10.06% 4.45% 0.06% -5.55% 16.99% 15.45% 4.83% 24.58% -3.89% 3.48% 3.93%
NOPAT Growth		 -5.96% -1.48% -1.84% 68.86% -10.71% 25.32% -4.34% 30.73% -3.19% 3.72% -1.13%
Net Income Growth		 3.21% -0.38% -3.52% 55.59% -2.42% 28.19% -4.89% 34.49% -4.24% 1.75% -0.33%
EPS Growth		 9.63% 4.34% -1.81% 55.81% -1.12% 30.16% -2.65% 38.77% -2.69% 3.87% 1.82%
Operating Cash Flow Growth		 10.39% 25.01% -22.36% 27.98% -8.55% 58.37% 76.34% -21.74% 0.42% -4.02% -27.95%
Free Cash Flow Firm Growth		 0.80% -25.53% 25.29% -33.61% -61.87% 518.61% 71.50% -54.09% 73.85% -25.32% -89.85%
Invested Capital Growth		 -3.82% 1.67% -3.01% 17.31% 19.54% 0.90% -17.61% 15.04% -2.92% 7.40% 29.16%
Revenue Q/Q Growth		 1.49% 1.54% 1.83% 1.09% 0.76% 4.03% 3.76% 3.55% 2.18% 1.61% 1.61%
EBITDA Q/Q Growth		 7.19% -7.08% 4.92% -4.39% 3.18% -2.89% -5.05% 10.16% -2.21% -0.60% -1.31%
EBIT Q/Q Growth		 9.20% -8.57% 5.79% -5.05% 2.72% 9.07% -6.38% 10.85% -3.89% -0.16% -1.23%
NOPAT Q/Q Growth		 7.04% -9.91% 7.36% 38.90% -22.43% 10.68% -6.87% 10.20% -3.47% -0.36% -5.22%
Net Income Q/Q Growth		 16.21% -11.29% 8.22% 28.93% -17.71% 11.87% -7.73% 11.37% -4.04% -0.76% -6.54%
EPS Q/Q Growth		 16.91% -10.33% 7.47% 29.75% -17.74% 12.48% -7.18% 11.63% -4.07% 0.28% -6.55%
Operating Cash Flow Q/Q Growth		 0.97% 21.31% -19.03% -27.38% 85.51% 16.63% 30.31% -20.38% -27.53% -15.27% 172.55%
Free Cash Flow Firm Q/Q Growth		 -5.14% 1.30% -1.08% -62.71% 119.62% 11.12% 10.64% -44.15% -11.38% -24.22% -67.55%
Invested Capital Q/Q Growth		 0.43% -1.82% -0.37% 39.34% -6.08% -6.03% -12.91% 6.60% 10.91% 20.62% 19.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.04% 22.79% 21.24% 19.77% 21.94% 19.61% 20.41% 18.16% 17.19% 17.34% 16.68%
EBITDA Margin		 7.99% 7.81% 7.29% 6.53% 7.56% 7.55% 6.74% 7.28% 6.47% 6.12% 5.93%
Operating Margin		 6.84% 6.66% 6.22% 5.54% 6.33% 6.46% 5.79% 6.34% 5.40% 5.10% 5.03%
EBIT Margin		 6.84% 6.66% 6.22% 5.54% 6.33% 6.46% 5.79% 6.34% 5.40% 5.10% 5.14%
Profit (Net Income) Margin		 3.48% 3.23% 2.91% 4.27% 4.07% 4.61% 3.75% 4.44% 3.76% 3.50% 3.38%
Tax Burden Percent		 58.83% 55.28% 54.23% 96.95% 73.99% 80.32% 73.29% 76.91% 77.47% 77.65% 75.54%
Interest Burden Percent		 86.50% 87.80% 86.30% 79.52% 86.90% 88.89% 88.38% 90.92% 89.93% 88.22% 86.96%
Effective Tax Rate		 41.39% 44.72% 45.77% 3.05% 26.01% 19.68% 26.71% 23.09% 22.53% 22.35% 24.46%
Return on Invested Capital (ROIC)		 18.90% 18.83% 18.61% 29.37% 22.13% 25.35% 26.47% 35.63% 32.72% 33.22% 27.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 23.31% 23.19% 23.12% 39.96% 29.18% 32.18% 31.12% 39.54% 36.78% 37.81% 32.28%
Return on Net Nonoperating Assets (RNNOA)		 -8.41% -8.01% -8.35% -14.48% -8.50% -9.40% -12.39% -17.90% -16.47% -17.40% -12.90%
Return on Equity (ROE)		 10.49% 10.83% 10.26% 14.89% 13.63% 15.95% 14.08% 17.73% 16.24% 15.82% 14.77%
Cash Return on Invested Capital (CROIC)		 22.80% 17.17% 21.66% 13.44% 4.32% 24.45% 45.79% 21.64% 35.69% 26.09% 2.23%
Operating Return on Assets (OROA)		 8.33% 8.55% 8.32% 7.35% 8.21% 9.04% 8.60% 9.55% 8.44% 8.26% 8.05%
Return on Assets (ROA)		 4.24% 4.15% 3.90% 5.67% 5.28% 6.45% 5.57% 6.68% 5.88% 5.66% 5.29%
Return on Common Equity (ROCE)		 10.49% 10.83% 10.26% 14.89% 13.63% 15.95% 14.08% 17.71% 16.21% 15.78% 14.74%
Return on Equity Simple (ROE_SIMPLE)		 10.60% 11.11% 9.84% 14.50% 13.14% 15.15% 13.77% 17.04% 16.25% 15.24% 14.45%
Net Operating Profit after Tax (NOPAT)		 2,960 2,916 2,862 4,833 4,315 5,408 5,173 6,763 6,547 6,791 6,714
NOPAT Margin		 4.01% 3.68% 3.37% 5.37% 4.69% 5.19% 4.24% 4.88% 4.18% 3.96% 3.80%
Net Nonoperating Expense Percent (NNEP)		 -4.41% -4.36% -4.51% -10.59% -7.05% -6.83% -4.65% -3.91% -4.06% -4.59% -4.60%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 10.83% 10.52% 9.24%
Cost of Revenue to Revenue		 76.96% 77.21% 78.76% 80.23% 78.06% 80.39% 79.59% 81.84% 82.81% 82.66% 83.32%
SG&A Expenses to Revenue		 15.90% 15.84% 14.80% 14.05% 15.22% 12.82% 14.32% 11.48% 11.30% 11.72% 11.33%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 16.20% 16.13% 15.03% 14.24% 15.61% 13.15% 14.62% 11.81% 11.79% 12.24% 11.65%
Earnings before Interest and Taxes (EBIT)		 5,050 5,275 5,278 4,985 5,832 6,733 7,058 8,793 8,451 8,745 9,089
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5,901 6,183 6,190 5,876 6,964 7,866 8,212 10,095 10,126 10,490 10,482
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.24 1.42 1.38 2.03 2.24 2.30 2.32 3.05 3.29 2.78 2.07
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 28.56 36.65 87.80 77.25 29.42 90.63
Price to Revenue (P/Rev)		 0.41 0.41 0.41 0.60 0.69 0.70 0.63 0.79 0.76 0.64 0.48
Price to Earnings (P/E)		 11.68 12.79 14.07 13.99 17.06 15.17 16.86 17.85 20.25 18.26 14.31
Dividend Yield		 1.52% 1.99% 1.97% 1.29% 1.21% 1.11% 1.23% 1.00% 1.02% 1.27% 1.77%
Earnings Yield		 8.57% 7.82% 7.11% 7.15% 5.86% 6.59% 5.93% 5.60% 4.94% 5.48% 6.99%
Enterprise Value to Invested Capital (EV/IC)		 1.37 1.62 1.64 2.53 2.67 2.92 3.49 4.64 5.22 4.31 2.61
Enterprise Value to Revenue (EV/Rev)		 0.29 0.32 0.29 0.50 0.62 0.60 0.51 0.68 0.66 0.53 0.40
Enterprise Value to EBITDA (EV/EBITDA)		 3.58 4.10 4.01 7.66 8.14 7.96 7.49 9.33 10.15 8.69 6.82
Enterprise Value to EBIT (EV/EBIT)		 4.18 4.80 4.70 9.03 9.71 9.30 8.72 10.71 12.17 10.43 7.86
Enterprise Value to NOPAT (EV/NOPAT)		 7.13 8.68 8.66 9.32 13.13 11.58 11.90 13.92 15.70 13.43 10.64
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.26 6.01 7.58 10.76 14.80 10.34 5.76 11.25 12.24 11.31 12.30
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.91 9.52 7.44 20.36 67.18 12.01 6.88 22.92 14.40 17.10 131.96
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.62 0.69 0.63 0.75 0.67 0.63 0.60 0.64 0.66 0.64 0.75
Long-Term Debt to Equity		 0.58 0.67 0.57 0.66 0.60 0.56 0.58 0.59 0.62 0.59 0.71
Financial Leverage		 -0.36 -0.35 -0.36 -0.36 -0.29 -0.29 -0.40 -0.45 -0.45 -0.46 -0.40
Leverage Ratio		 2.47 2.61 2.63 2.63 2.58 2.47 2.53 2.65 2.76 2.80 2.79
Compound Leverage Factor		 2.14 2.29 2.27 2.09 2.24 2.20 2.23 2.41 2.48 2.47 2.43
Debt to Total Capital		 38.28% 40.77% 38.52% 42.92% 40.23% 38.76% 37.64% 38.91% 39.89% 38.93% 42.98%
Short-Term Debt to Total Capital		 2.61% 1.39% 3.35% 5.49% 4.18% 4.44% 1.31% 3.17% 2.92% 2.90% 2.77%
Long-Term Debt to Total Capital		 35.68% 39.39% 35.17% 37.43% 36.06% 34.33% 36.32% 35.74% 36.97% 36.03% 40.21%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.14% 0.15% 0.15%
Common Equity to Total Capital		 61.72% 59.23% 61.48% 57.08% 59.77% 61.24% 62.36% 60.98% 59.96% 60.92% 56.86%
Debt to EBITDA		 2.55 2.57 2.54 3.39 2.76 2.55 2.44 2.28 2.38 2.39 2.98
Net Debt to EBITDA		 -1.51 -1.20 -1.61 -1.49 -1.05 -1.31 -1.89 -1.57 -1.64 -1.74 -1.36
Long-Term Debt to EBITDA		 2.38 2.48 2.32 2.96 2.47 2.26 2.35 2.10 2.21 2.22 2.79
Debt to NOPAT		 5.08 5.44 5.50 4.12 4.45 3.71 3.87 3.41 3.68 3.70 4.65
Net Debt to NOPAT		 -3.01 -2.55 -3.48 -1.81 -1.69 -1.90 -3.01 -2.34 -2.54 -2.68 -2.12
Long-Term Debt to NOPAT		 4.74 5.26 5.02 3.60 3.99 3.29 3.74 3.13 3.41 3.42 4.35
Altman Z-Score		 2.52 2.64 2.69 2.82 3.05 3.24 3.15 3.39 3.46 3.39 3.04
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 0.21% 0.25% 0.26%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.70 1.62 1.61 1.55 1.56 1.66 1.55 1.47 1.40 1.44 1.45
Quick Ratio		 1.53 1.45 1.47 1.27 1.24 1.32 1.24 1.17 1.09 1.11 1.13
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,570 2,659 3,331 2,212 843 5,217 8,947 4,108 7,141 5,333 541
Operating Cash Flow to CapEx		 537.71% 698.61% 559.93% 529.08% 316.80% 562.77% 1,046.82% 769.46% 729.08% 621.99% 462.42%
Free Cash Flow to Firm to Interest Expense		 5.24 4.13 4.61 2.17 1.10 6.97 10.91 5.15 8.39 5.18 0.46
Operating Cash Flow to Interest Expense		 4.94 6.54 4.52 4.10 5.01 8.10 13.03 10.48 9.87 7.83 4.90
Operating Cash Flow Less CapEx to Interest Expense		 4.02 5.61 3.72 3.32 3.43 6.66 11.79 9.12 8.52 6.57 3.84
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.22 1.28 1.34 1.33 1.30 1.40 1.49 1.51 1.56 1.62 1.57
Accounts Receivable Turnover		 12.34 11.34 11.01 13.60 19.02 20.41 22.05 20.63 18.73 18.11 16.82
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 39.44 39.94 42.46 43.36 37.52 35.52 36.84 37.46 38.03 39.50 39.24
Accounts Payable Turnover		 5.67 5.71 5.86 5.80 5.65 10.09 9.22 10.40 24.52 22.63 21.29
Days Sales Outstanding (DSO)		 29.58 32.20 33.16 26.84 19.19 17.89 16.56 17.69 19.49 20.16 21.70
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 64.41 63.91 62.25 62.97 64.55 36.19 39.61 35.10 14.89 16.13 17.14
Cash Conversion Cycle (CCC)		 -34.83 -31.71 -29.08 -36.12 -45.36 -18.30 -23.05 -17.41 4.60 4.03 4.56
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 15,356 15,613 15,144 17,765 21,237 21,428 17,654 20,309 19,715 21,173 27,346
Invested Capital Turnover		 4.72 5.11 5.52 5.47 4.72 4.89 6.24 7.30 7.83 8.38 7.29
Increase / (Decrease) in Invested Capital		 -611 257 -469 2,621 3,472 191 -3,774 2,655 -594 1,458 6,173
Enterprise Value (EV)		 21,107 25,321 24,793 45,018 56,653 62,643 61,540 94,136 102,823 91,195 71,434
Market Capitalization		 30,002 32,752 34,749 53,756 63,957 72,943 77,085 109,922 119,351 109,328 85,556
Book Value per Share		 $89.84 $88.27 $95.28 $103.22 $110.35 $125.13 $133.49 $148.71 $151.75 $167.29 $178.14
Tangible Book Value per Share		 ($2.92) ($10.25) ($1.62) ($4.27) ($3.75) $10.07 $8.46 $5.16 $6.47 $15.82 $4.07
Total Capital		 39,295 38,909 40,827 46,435 47,752 51,813 53,234 59,194 60,444 64,525 72,658
Total Debt		 15,044 15,865 15,727 19,932 19,211 20,085 20,035 23,031 24,114 25,120 31,232
Total Long-Term Debt		 14,020 15,325 14,359 17,382 17,217 17,787 19,335 21,157 22,349 23,246 29,218
Net Debt		 -8,895 -7,431 -9,957 -8,738 -7,304 -10,300 -15,545 -15,854 -16,615 -18,232 -14,233
Capital Expenditures (CapEx)		 627 603 584 791 1,208 1,077 1,021 1,087 1,152 1,296 1,256
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7,488 -8,356 -8,498 -9,308 -7,952 -7,823 -13,735 -14,917 -16,606 -16,257 -14,306
Debt-free Net Working Capital (DFNWC)		 14,219 12,310 14,389 15,457 14,350 17,799 16,998 18,111 17,686 20,112 20,375
Net Working Capital (NWC)		 13,195 11,770 13,021 12,907 12,356 15,501 16,298 16,237 15,921 18,238 18,361
Net Nonoperating Expense (NNE)		 390 356 392 990 565 601 601 614 659 800 743
Net Nonoperating Obligations (NNO)		 -8,895 -7,431 -9,957 -8,738 -7,304 -10,300 -15,545 -15,854 -16,615 -18,232 -14,080
Total Depreciation and Amortization (D&A)		 851 908 912 891 1,132 1,133 1,154 1,302 1,675 1,745 1,393
Debt-free, Cash-free Net Working Capital to Revenue		 -10.14% -10.56% -10.01% -10.34% -8.63% -7.51% -11.27% -10.76% -10.60% -9.49% -8.09%
Debt-free Net Working Capital to Revenue		 19.25% 15.55% 16.96% 17.17% 15.58% 17.08% 13.95% 13.06% 11.29% 11.74% 11.52%
Net Working Capital to Revenue		 17.86% 14.87% 15.34% 14.33% 13.42% 14.87% 13.37% 11.71% 10.17% 10.64% 10.38%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $9.31 $9.73 $9.39 $14.70 $14.53 $18.81 $18.23 $25.04 $25.10 $25.38 $25.81
Adjusted Weighted Average Basic Shares Outstanding		 266.79M 261.35M 264.38M 255.72M 257.01M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Adjusted Diluted Earnings per Share		 $8.99 $9.38 $9.21 $14.35 $14.19 $18.47 $17.98 $24.73 $24.81 $25.22 $25.68
Adjusted Weighted Average Diluted Shares Outstanding		 266.79M 261.35M 264.38M 255.72M 257.01M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 266.79M 261.35M 264.38M 255.72M 257.01M 252.33M 489.81M 482.61M 237.46M 232.67M 227.35M
Normalized Net Operating Profit after Tax (NOPAT)		 2,960 2,916 2,862 4,833 4,315 5,408 5,173 6,779 6,547 6,791 6,714
Normalized NOPAT Margin		 4.01% 3.68% 3.37% 5.37% 4.69% 5.19% 4.24% 4.89% 4.18% 3.96% 3.80%
Pre Tax Income Margin		 5.91% 5.85% 5.37% 4.40% 5.50% 5.74% 5.12% 5.77% 4.85% 4.50% 4.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 7.41 8.19 7.30 4.88 7.63 9.00 8.61 11.02 9.93 8.49 7.67
NOPAT to Interest Expense		 4.34 4.53 3.96 4.73 5.65 7.23 6.31 8.47 7.69 6.59 5.67
EBIT Less CapEx to Interest Expense		 6.49 7.26 6.49 4.11 6.05 7.56 7.36 9.66 8.58 7.23 6.61
NOPAT Less CapEx to Interest Expense		 3.42 3.59 3.15 3.96 4.07 5.79 5.06 7.11 6.34 5.33 4.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.71% 25.65% 27.69% 18.35% 20.69% 17.02% 20.87% 17.95% 20.87% 23.28% 25.26%
Augmented Payout Ratio		 135.40% 84.86% 27.69% 70.34% 65.63% 52.40% 79.92% 48.85% 60.21% 67.95% 73.82%

Quarterly Metrics And Ratios for Elevance Health

This table displays calculated financial ratios and metrics derived from Elevance Health's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.15% 10.70% 13.05% 7.29% 6.81% 0.96% -0.06% 5.36% 6.55% 14.83% 14.04%
EBITDA Growth		 -13.73% 16.30% 15.13% -16.19% -3.61% 6.09% 14.86% -14.41% -20.19% -0.59% -16.33%
EBIT Growth		 -23.48% 14.48% 15.97% -18.25% -1.10% 11.64% 20.87% -12.55% -24.92% -1.97% -19.38%
NOPAT Growth		 -19.94% 13.55% 14.51% -14.47% -2.17% 11.64% 13.50% -16.41% -38.36% 0.03% -14.08%
Net Income Growth		 -25.61% 12.65% 13.59% -18.65% -5.25% 12.23% 23.98% -22.46% -50.30% -2.89% -24.21%
EPS Growth		 -25.72% 13.39% 15.75% -17.67% 1.94% 15.54% 26.44% -20.00% -48.91% 0.21% -21.62%
Operating Cash Flow Growth		 -190.79% 154.58% -20.47% -46.93% -95.72% -69.42% -77.08% 2.45% 123.76% -48.58% 359.51%
Free Cash Flow Firm Growth		 226.04% 226.90% 60.93% -43.13% -124.77% -181.89% -273.56% -341.03% -1,241.86% 30.09% 114.00%
Invested Capital Growth		 -2.92% -6.64% -6.50% -1.25% 7.40% 29.44% 44.14% 30.85% 29.16% 19.07% 4.51%
Revenue Q/Q Growth		 -0.03% 5.62% 3.56% -1.88% -0.47% -0.16% 2.51% 3.43% 0.66% 7.59% 1.81%
EBITDA Q/Q Growth		 -37.41% 90.73% -5.91% -25.39% -28.00% 109.92% 1.87% -44.40% -32.87% 161.46% -14.26%
EBIT Q/Q Growth		 -45.56% 125.27% -5.85% -29.20% -34.13% 154.29% 1.94% -48.78% -43.45% 232.03% -16.17%
NOPAT Q/Q Growth		 -39.18% 105.40% -6.45% -26.81% -30.43% 134.39% -4.89% -46.10% -48.71% 280.42% -18.31%
Net Income Q/Q Growth		 -45.12% 128.51% -7.39% -29.96% -36.08% 170.64% 2.31% -56.19% -59.03% 428.81% -20.15%
EPS Q/Q Growth		 -45.47% 129.92% -6.14% -30.04% -32.48% 160.60% 2.71% -55.74% -56.88% 411.17% -19.67%
Operating Cash Flow Q/Q Growth		 -130.83% 526.15% -69.86% 34.00% -213.70% 166.58% -77.40% 498.88% -73.63% 44.05% 101.97%
Free Cash Flow Firm Q/Q Growth		 -45.18% 109.06% -4.19% -48.20% -123.88% -591.10% -103.08% 28.07% -32.92% 64.00% 140.67%
Invested Capital Q/Q Growth		 10.91% -8.69% 2.12% -4.51% 20.62% 10.05% 13.72% -13.31% 19.05% 1.46% -0.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 15.25% 18.74% 6.69% 17.73% 26.48% 19.27% 7.30% 4.06% 35.79% 17.58% 15.62%
EBITDA Margin		 4.38% 7.90% 7.18% 5.46% 3.95% 8.30% 8.25% 4.43% 2.96% 7.19% 6.05%
Operating Margin		 3.19% 6.81% 6.19% 4.46% 2.95% 7.53% 6.93% 3.79% 2.08% 6.42% 5.29%
EBIT Margin		 3.19% 6.81% 6.19% 4.46% 2.95% 7.53% 7.48% 3.71% 2.08% 6.42% 5.29%
Profit (Net Income) Margin		 2.20% 4.75% 4.25% 3.03% 1.95% 5.28% 5.27% 2.23% 0.91% 4.47% 3.50%
Tax Burden Percent		 83.92% 76.52% 76.03% 78.60% 83.02% 76.52% 77.06% 73.42% 68.15% 78.08% 76.09%
Interest Burden Percent		 82.03% 91.25% 90.34% 86.46% 79.44% 91.73% 91.43% 82.07% 64.06% 89.05% 87.05%
Effective Tax Rate		 16.08% 23.48% 23.97% 21.40% 16.98% 23.48% 22.94% 26.58% 31.85% 21.92% 23.91%
Return on Invested Capital (ROIC)		 20.95% 44.88% 40.98% 33.50% 20.56% 47.89% 40.88% 23.91% 10.34% 35.99% 28.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 22.14% 45.94% 42.08% 34.53% 21.79% 48.99% 41.05% 25.10% 11.77% 37.66% 29.74%
Return on Net Nonoperating Assets (RNNOA)		 -9.92% -22.63% -20.50% -18.17% -10.03% -23.10% -18.20% -12.76% -4.71% -14.59% -11.03%
Return on Equity (ROE)		 11.04% 22.25% 20.48% 15.32% 10.53% 24.78% 22.69% 11.15% 5.63% 21.40% 17.08%
Cash Return on Invested Capital (CROIC)		 35.69% 43.40% 43.88% 39.84% 26.09% 8.46% -3.53% 8.23% 2.23% 8.90% 19.14%
Operating Return on Assets (OROA)		 4.99% 10.44% 9.76% 7.05% 4.78% 11.70% 11.57% 5.68% 3.26% 10.16% 8.52%
Return on Assets (ROA)		 3.44% 7.29% 6.71% 4.79% 3.15% 8.21% 8.15% 3.42% 1.42% 7.06% 5.65%
Return on Common Equity (ROCE)		 11.01% 22.20% 20.44% 15.29% 10.50% 24.72% 22.63% 11.12% 5.62% 21.35% 17.04%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 16.36% 16.58% 15.71% 0.00% 15.36% 15.84% 14.60% 0.00% 13.90% 12.23%
Net Operating Profit after Tax (NOPAT)		 1,069 2,196 2,054 1,504 1,046 2,452 2,332 1,257 645 2,453 2,003
NOPAT Margin		 2.68% 5.21% 4.70% 3.51% 2.45% 5.76% 5.34% 2.78% 1.42% 5.02% 4.03%
Net Nonoperating Expense Percent (NNEP)		 -1.18% -1.06% -1.10% -1.04% -1.23% -1.10% -0.17% -1.19% -1.43% -1.66% -1.62%
Return On Investment Capital (ROIC_SIMPLE)		 1.77% - - - 1.62% - - - 0.89% 3.38% 2.71%
Cost of Revenue to Revenue		 84.75% 81.26% 93.31% 82.28% 73.52% 80.73% 92.70% 95.94% 64.21% 82.42% 84.38%
SG&A Expenses to Revenue		 11.44% 11.38% 0.00% 12.77% 0.00% 11.48% 0.00% 0.00% 0.00% 10.84% 10.04%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 12.06% 11.94% 0.51% 13.26% 23.53% 11.75% 0.37% 0.27% 33.71% 11.16% 10.33%
Earnings before Interest and Taxes (EBIT)		 1,274 2,870 2,702 1,913 1,260 3,204 3,266 1,673 946 3,141 2,633
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,747 3,332 3,135 2,339 1,684 3,535 3,601 2,002 1,344 3,514 3,013
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.29 2.89 2.72 2.64 2.78 3.00 2.98 2.75 2.07 2.33 2.01
Price to Tangible Book Value (P/TBV)		 77.25 92.29 46.68 38.37 29.42 30.84 21.78 16.11 90.63 46.15 22.74
Price to Revenue (P/Rev)		 0.76 0.67 0.63 0.60 0.64 0.71 0.73 0.69 0.48 0.54 0.46
Price to Earnings (P/E)		 20.25 17.69 16.48 16.90 18.26 19.51 18.82 18.79 14.31 16.71 16.40
Dividend Yield		 1.02% 1.17% 1.26% 1.33% 1.27% 1.17% 1.15% 1.23% 1.77% 1.52% 1.72%
Earnings Yield		 4.94% 5.65% 6.07% 5.92% 5.48% 5.12% 5.31% 5.32% 6.99% 5.98% 6.10%
Enterprise Value to Invested Capital (EV/IC)		 5.22 4.91 4.58 4.58 4.31 4.49 4.15 4.34 2.61 3.03 2.59
Enterprise Value to Revenue (EV/Rev)		 0.66 0.55 0.51 0.48 0.53 0.61 0.64 0.57 0.40 0.46 0.38
Enterprise Value to EBITDA (EV/EBITDA)		 10.15 8.35 7.65 7.63 8.69 9.78 10.08 9.38 6.82 8.20 7.25
Enterprise Value to EBIT (EV/EBIT)		 12.17 10.03 9.16 9.19 10.43 11.51 11.71 10.83 7.86 9.53 8.52
Enterprise Value to NOPAT (EV/NOPAT)		 15.70 12.99 11.91 11.81 13.43 14.83 15.03 14.06 10.64 12.53 11.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.24 7.17 7.12 8.46 11.31 29.28 53.26 46.74 12.30 17.36 11.13
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.40 10.93 10.09 11.44 17.10 59.82 0.00 59.71 131.96 37.03 13.85
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.66 0.68 0.66 0.64 0.64 0.65 0.65 0.62 0.75 0.70 0.69
Long-Term Debt to Equity		 0.62 0.67 0.65 0.62 0.59 0.54 0.58 0.56 0.71 0.66 0.64
Financial Leverage		 -0.45 -0.49 -0.49 -0.53 -0.46 -0.47 -0.44 -0.51 -0.40 -0.39 -0.37
Leverage Ratio		 2.76 2.85 2.83 2.86 2.80 2.83 2.76 2.75 2.79 2.78 2.73
Compound Leverage Factor		 2.27 2.60 2.56 2.48 2.22 2.59 2.52 2.26 1.79 2.48 2.37
Debt to Total Capital		 39.89% 40.47% 39.61% 39.20% 38.93% 39.38% 39.56% 38.22% 42.98% 41.31% 40.77%
Short-Term Debt to Total Capital		 2.92% 0.42% 0.42% 1.26% 2.90% 6.66% 4.47% 3.46% 2.77% 2.61% 2.71%
Long-Term Debt to Total Capital		 36.97% 40.05% 39.19% 37.94% 36.03% 32.72% 35.10% 34.76% 40.21% 38.71% 38.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.14% 0.17% 0.17% 0.18% 0.15% 0.15% 0.15% 0.15% 0.15% 0.16% 0.17%
Common Equity to Total Capital		 59.96% 59.37% 60.23% 60.62% 60.92% 60.46% 60.29% 61.63% 56.86% 58.53% 59.05%
Debt to EBITDA		 2.38 2.40 2.28 2.35 2.39 2.47 2.54 2.56 2.98 2.92 3.05
Net Debt to EBITDA		 -1.64 -1.84 -1.81 -1.99 -1.74 -1.63 -1.46 -1.98 -1.36 -1.45 -1.63
Long-Term Debt to EBITDA		 2.21 2.38 2.26 2.28 2.22 2.06 2.25 2.32 2.79 2.74 2.84
Debt to NOPAT		 3.68 3.74 3.55 3.65 3.70 3.75 3.78 3.83 4.65 4.47 4.73
Net Debt to NOPAT		 -2.54 -2.86 -2.82 -3.08 -2.68 -2.47 -2.18 -2.97 -2.12 -2.22 -2.53
Long-Term Debt to NOPAT		 3.41 3.70 3.52 3.53 3.42 3.12 3.35 3.49 4.35 4.19 4.42
Altman Z-Score		 3.23 3.06 3.09 3.03 3.16 3.25 3.33 3.17 2.81 2.97 2.90
Noncontrolling Interest Sharing Ratio		 0.21% 0.22% 0.22% 0.23% 0.25% 0.26% 0.26% 0.27% 0.26% 0.26% 0.27%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.40 1.43 1.44 1.41 1.44 1.37 1.49 1.50 1.45 1.43 1.44
Quick Ratio		 1.09 1.11 1.14 1.11 1.11 1.03 1.13 1.17 1.13 1.07 1.08
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,663 3,477 3,331 1,726 -412 -2,847 -5,782 -4,159 -5,528 -1,990 809
Operating Cash Flow to CapEx		 -509.40% 2,149.17% 557.14% 819.12% -911.35% 708.96% 138.39% 806.33% 219.25% 518.88% 769.29%
Free Cash Flow to Firm to Interest Expense		 7.26 13.85 12.76 6.66 -1.59 -10.74 -20.65 -13.86 -16.26 -5.79 2.37
Operating Cash Flow to Interest Expense		 -6.63 25.77 7.47 10.09 -11.47 7.46 1.60 8.92 2.08 2.96 6.02
Operating Cash Flow Less CapEx to Interest Expense		 -7.93 24.57 6.13 8.86 -12.73 6.41 0.44 7.82 1.13 2.39 5.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.56 1.53 1.58 1.58 1.62 1.55 1.55 1.53 1.57 1.58 1.61
Accounts Receivable Turnover		 18.73 20.37 20.04 20.35 18.11 19.27 16.94 17.20 16.82 17.29 15.88
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 38.03 38.24 38.37 39.93 39.50 38.73 38.17 39.76 39.24 40.39 41.64
Accounts Payable Turnover		 24.52 10.59 10.90 11.01 22.63 26.92 26.21 24.43 21.29 23.96 24.52
Days Sales Outstanding (DSO)		 19.49 17.92 18.21 17.94 20.16 18.94 21.54 21.23 21.70 21.11 22.99
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 14.89 34.46 33.50 33.16 16.13 13.56 13.93 14.94 17.14 15.23 14.89
Cash Conversion Cycle (CCC)		 4.60 -16.54 -15.28 -15.23 4.03 5.38 7.62 6.29 4.56 5.88 8.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,715 18,002 18,384 17,554 21,173 23,301 26,498 22,970 27,346 27,744 27,692
Invested Capital Turnover		 7.83 8.62 8.71 9.55 8.38 8.32 7.65 8.59 7.29 7.18 6.98
Increase / (Decrease) in Invested Capital		 -594 -1,281 -1,277 -222 1,458 5,299 8,114 5,416 6,173 4,443 1,194
Enterprise Value (EV)		 102,823 88,438 84,176 80,479 91,195 104,529 110,080 99,613 71,434 84,130 71,850
Market Capitalization		 119,351 107,792 103,997 101,348 109,328 121,836 125,938 120,581 85,556 98,889 87,880
Book Value per Share		 $151.75 $157.32 $161.16 $163.05 $167.29 $174.72 $181.53 $188.78 $178.14 $186.95 $193.52
Tangible Book Value per Share		 $6.47 $4.92 $9.40 $11.21 $15.82 $17.00 $24.88 $32.27 $4.07 $9.43 $17.10
Total Capital		 60,444 62,926 63,436 63,383 64,525 67,161 69,983 71,027 72,658 72,623 74,037
Total Debt		 24,114 25,466 25,124 24,844 25,120 26,451 27,686 27,148 31,232 30,003 30,186
Total Long-Term Debt		 22,349 25,201 24,859 24,045 23,246 21,976 24,561 24,688 29,218 28,110 28,178
Net Debt		 -16,615 -19,458 -19,928 -20,985 -18,232 -17,409 -15,964 -21,072 -14,233 -14,876 -16,159
Capital Expenditures (CapEx)		 298 301 350 319 326 279 323 332 322 196 267
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16,606 -19,971 -19,847 -20,248 -16,257 -15,178 -12,405 -14,660 -14,306 -13,336 -13,294
Debt-free Net Working Capital (DFNWC)		 17,686 18,199 18,437 18,647 20,112 21,089 23,586 23,273 20,375 20,316 21,498
Net Working Capital (NWC)		 15,921 17,934 18,172 17,848 18,238 16,614 20,461 20,813 18,361 18,423 19,490
Net Nonoperating Expense (NNE)		 192 192 198 204 215 203 31 249 232 269 259
Net Nonoperating Obligations (NNO)		 -16,615 -19,458 -19,928 -20,985 -18,232 -17,409 -15,799 -20,909 -14,080 -14,876 -16,159
Total Depreciation and Amortization (D&A)		 473 462 433 426 424 331 335 329 398 373 380
Debt-free, Cash-free Net Working Capital to Revenue		 -10.60% -12.43% -11.98% -12.01% -9.49% -8.84% -7.22% -8.42% -8.09% -7.28% -7.02%
Debt-free Net Working Capital to Revenue		 11.29% 11.33% 11.13% 11.06% 11.74% 12.28% 13.74% 13.37% 11.52% 11.09% 11.36%
Net Working Capital to Revenue		 10.17% 11.16% 10.97% 10.58% 10.64% 9.67% 11.92% 11.96% 10.38% 10.06% 10.30%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.66 $8.37 $0.00 $5.48 $3.70 $9.65 $9.91 $4.38 $1.87 $9.64 $7.74
Adjusted Weighted Average Basic Shares Outstanding		 237.46M 237.06M 0.00 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Adjusted Diluted Earnings per Share		 $3.61 $8.30 $0.00 $5.45 $3.68 $9.59 $9.85 $4.36 $1.88 $9.61 $7.72
Adjusted Weighted Average Diluted Shares Outstanding		 237.46M 237.06M 0.00 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 237.46M 237.06M 0.00 234.96M 232.67M 232.42M 231.89M 231.92M 227.35M 225.93M 225.18M
Normalized Net Operating Profit after Tax (NOPAT)		 1,069 2,196 2,054 1,504 1,046 2,452 2,332 1,257 645 2,453 2,003
Normalized NOPAT Margin		 2.68% 5.21% 4.70% 3.51% 2.45% 5.76% 5.34% 2.78% 1.42% 5.02% 4.03%
Pre Tax Income Margin		 2.62% 6.21% 5.59% 3.86% 2.35% 6.90% 6.84% 3.04% 1.33% 5.72% 4.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.56 11.43 10.35 7.39 4.86 12.09 11.66 5.58 2.78 9.13 7.72
NOPAT to Interest Expense		 4.67 8.75 7.87 5.81 4.04 9.25 8.33 4.19 1.90 7.13 5.88
EBIT Less CapEx to Interest Expense		 4.26 10.24 9.01 6.15 3.61 11.04 10.51 4.47 1.84 8.56 6.94
NOPAT Less CapEx to Interest Expense		 3.37 7.55 6.53 4.57 2.78 8.20 7.17 3.08 0.95 6.56 5.09
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 20.87% 20.79% 20.71% 22.43% 23.28% 22.82% 21.72% 23.18% 25.26% 25.65% 28.45%
Augmented Payout Ratio		 60.21% 59.94% 58.83% 60.79% 67.95% 64.83% 58.19% 54.75% 73.82% 80.07% 86.95%

Key Financial Trends

Elevance Health, Inc. (formerly Anthem) has shown solid financial performance over the past four years, with continuous revenue growth, robust net income, and steady cash flow from operations. Here's a summary of the key financial trends based on the latest quarterly data and historical statements:

  • Revenue Growth: Operating revenue increased from approximately $39.9 billion in Q4 2022 to nearly $49.8 billion in Q2 2025, reflecting consistent top-line growth.
  • Net Income Improvement: Net income attributable to common shareholders rose significantly, reaching $1.74 billion in Q2 2025 from $865 million in Q4 2022, highlighting improved profitability.
  • Strong Operating Cash Flow: Cash flow from continuing operating activities remains positive and robust, totaling $2.05 billion in Q2 2025, which supports the company’s ongoing operations and investments.
  • Effective Capital Management: The company consistently repurchases common equity, with $378 million spent in Q2 2025, supporting shareholder value while maintaining dividend payments ($1.71 per share in Q2 2025).
  • Healthy Balance Sheet: Total assets grew from about $103 billion in Q4 2022 to approximately $122 billion in Q2 2025, with shareholders' equity increasing accordingly, indicating financial strength.
  • Investment Activities: Significant purchases and sales of investments occur regularly, with a net cash outflow from investing activities of $687 million in Q2 2025, which is typical for a large insurer managing investment portfolios.
  • Debt Levels: Long-term debt stood around $28.2 billion in Q2 2025, relatively stable compared to prior periods, indicating manageable leverage but worth monitoring.
  • Costs Rise However Managed: Total operating expenses increased to $5.14 billion in Q2 2025, partly offset by revenue growth; ongoing expense management is crucial for margin sustainability.
  • Net Cash Outflow from Financing in Q2 2025: Financing activities resulted in a net cash outflow of $308 million, mainly due to equity repurchases and dividend payments exceeding debt repayment, which could impact liquidity if continued aggressively.
  • Volatility in Non-Cash Adjustments: Non-cash adjustments and changes in operating assets and liabilities have seen fluctuations, reflecting some operational variability that requires ongoing oversight.

Overall, Elevance Health, Inc. demonstrates strong revenue growth and profitability trends with solid cash flow generation. The company is actively investing in its operations and returning cash to shareholders, but investors should watch expense trends and financing activity to assess ongoing financial health.

08/23/25 03:05 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Elevance Health's Financials

When does Elevance Health's fiscal year end?

According to the most recent income statement we have on file, Elevance Health's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Elevance Health's net income changed over the last 10 years?

Elevance Health's net income appears to be on an upward trend, with a most recent value of $5.97 billion in 2024, rising from $2.57 billion in 2014. The previous period was $5.99 billion in 2023. Find out what analysts predict for Elevance Health in the coming months.

What is Elevance Health's operating income?
Elevance Health's total operating income in 2024 was $8.89 billion, based on the following breakdown:
  • Total Gross Profit: $29.49 billion
  • Total Operating Expenses: $20.61 billion
How has Elevance Health's revenue changed over the last 10 years?

Over the last 10 years, Elevance Health's total revenue changed from $73.87 billion in 2014 to $176.81 billion in 2024, a change of 139.3%.

How much debt does Elevance Health have?

Elevance Health's total liabilities were at $75.46 billion at the end of 2024, a 8.5% increase from 2023, and a 101.6% increase since 2014.

How much cash does Elevance Health have?

In the past 10 years, Elevance Health's cash and equivalents has ranged from $2.11 billion in 2015 to $8.29 billion in 2024, and is currently $8.29 billion as of their latest financial filing in 2024.

How has Elevance Health's book value per share changed over the last 10 years?

Over the last 10 years, Elevance Health's book value per share changed from 89.84 in 2014 to 178.14 in 2024, a change of 98.3%.


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This page (NYSE:ELV) was last updated on 8/23/2025 by MarketBeat.com Staff
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