Overview
Elevance Health, Inc.
Latest 10-K: FY2025, filed Feb 6, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $199.13B
- 12.5%YoYup from FY2024
- TotalRevenue
- Gross profit
- $177.95B
- 13.2%YoYup from FY2024
- GrossProfit
- Operating income
- $7.20B
- 8.4%YoYdown from FY2024
- OperatingIncome
- Net income
- $5.66B
- 5.3%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $25.21
- 1.8%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 224.6M
- 3.6%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Elevance Health, Inc. reported revenue of $199.13B for fiscal 2025, up 12.5% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 3.6% and net margin was 2.8%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $25.21, down 1.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $199.13B12.5%up Benchmark median 6.4% | $177.01B3.3%up Benchmark median 4.5% | $171.34B9.4%up Benchmark median 4.8% | $156.59B13.0%up Benchmark median 10.3% | $138.64B13.8%up Benchmark median 13.8% | 9.5% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $177.95B13.2%up Benchmark median 6.8% | $157.26B2.1%up Benchmark median 5.5% | $154.05B7.3%up Benchmark median 5.2% | $143.56B12.4%up Benchmark median 8.3% | $127.74B13.1%up Benchmark median 15.7% | 8.6% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $7.20B8.4%down Benchmark median 7.3% | $7.86B7.5%down Benchmark median 7.4% | $8.50B2.6%up Benchmark median 4.9% | $8.28B9.6%up Benchmark median 7.5% | $7.56B18.9%up Benchmark median 23.5% | -1.2% Benchmark median 7.2% |
| Net Income | $5.66B5.3%down Benchmark median 4.8% | $5.98B0.1%down Benchmark median 5.7% | $5.99B1.6%up Benchmark median 1.9% | $5.89B4.3%down Benchmark median 1.3% | $6.16B34.7%up Benchmark median 33.9% | -2.1% Benchmark median 4.1% |
| EPS (Diluted) | $25.211.8%down Benchmark median 6.2% | $25.681.8%up Benchmark median 7.9% | $25.223.9%up Benchmark median 1.9% | $24.282.7%down Benchmark median 1.5% | $24.9538.8%up Benchmark median 34.8% | 0.3% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $121.49B3.9%up Benchmark median 5.6% | $116.89B7.3%up Benchmark median 3.4% | $108.93B6.0%up Benchmark median 4.1% | $102.75B5.4%up Benchmark median 2.2% | $97.46B12.5%up Benchmark median 6.7% | 5.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $77.47B2.7%up Benchmark median 6.4% | $75.46B8.5%up Benchmark median 1.9% | $69.52B4.7%up Benchmark median 2.9% | $66.42B8.3%up Benchmark median 2.0% | $61.33B14.8%up Benchmark median 5.2% | 6.0% Benchmark median 4.4% |
| Stockholders' Equity | $44.03B6.3%up Benchmark median 6.8% | $41.43B5.1%up Benchmark median 5.4% | $39.41B8.5%up Benchmark median 7.3% | $36.33B0.5%up Benchmark median 2.5% | $36.14B8.9%up Benchmark median 9.0% | 5.1% Benchmark median 6.1% |
| Cash & Equivalents | $9.49B14.5%up Benchmark median 5.2% | $8.29B27.0%up Benchmark median 1.9% | $6.53B11.7%down Benchmark median 6.7% | $7.39B51.4%up Benchmark median -8.6% | $4.88B15.0%down Benchmark median -2.9% | 18.1% Benchmark median 2.0% |
| Total Debt | $32.05B2.6%up Benchmark median 2.1% | $31.23B24.3%up Benchmark median 0.2% | $25.12B4.2%up Benchmark median 0.3% | $24.11B4.7%up Benchmark median 0.1% | $23.03B15.0%up Benchmark median -0.1% | 8.6% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.29B26.1%down Benchmark median 6.3% | $5.81B27.9%down Benchmark median 4.8% | $8.06B4.0%down Benchmark median 9.9% | $8.40B0.4%up Benchmark median -0.7% | $8.36B21.7%down Benchmark median 10.7% | -15.4% Benchmark median 7.0% |
| Capital Expenditures | $1.12B11.1%down Benchmark median 5.4% | $1.26B3.1%down Benchmark median 2.8% | $1.30B12.5%up Benchmark median 11.3% | $1.15B6.0%up Benchmark median 14.0% | $1.09B6.5%up Benchmark median 8.1% | 0.7% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $3.17B30.3%down Benchmark median 7.3% | $4.55B32.7%down Benchmark median 6.1% | $6.76B6.7%down Benchmark median 8.8% | $7.25B0.4%down Benchmark median -11.3% | $7.28B24.7%down Benchmark median 10.2% | -18.7% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
7.2%
Wall Street
on net earnings
FY2024 7.0%
4.0%
Value investor
on free cash flow
FY2024 5.3%
Gap −3.2 pts: Value-investor figure 3.2 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 13.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
11.6%
Wall Street
on EBITDA
FY2024 11.1%
9.5%
Value investor
on EBIT
FY2024 9.4%
Gap −2.1 pts: Value-investor figure 2.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 8.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
55.9%
Wall Street
on book equity
FY2024 48.2%
5.7%
Value investor
on tangible book
FY2024 1.2%
Gap −50.2 pts: Value-investor figure 50.2 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.8×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
13.3%
Wall Street
ROE: net income ÷ equity
FY2024 14.8%
13.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 13.3%
Gap −0.2 pts: Value-investor figure 0.2 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
4.4%
Wall Street
EBITDA margin
FY2024 5.2%
1.6%
Value investor
Free-cash-flow margin
FY2024 2.6%
Gap −2.8 pts: Value-investor figure 2.8 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.54×
Wall Street
Current ratio
FY2024 1.45×
1.54×
Value investor
Quick ratio, inventory excluded
FY2024 1.45×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.27×
Wall Street
EBITDA ÷ total debt
FY2024 0.30×
0.10×
Value investor
FCF ÷ total debt
FY2024 0.15×
Gap −0.17×: Value-investor figure 0.17 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
6.2×
Wall Street
EBITDA ÷ interest
FY2024 7.8×
5.1×
Value investor
EBIT ÷ interest
FY2024 6.6×
Gap −1.1×: Value-investor figure 1.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on ELV yet.
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Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/ELV
Valuein. (2026, October 31). Elevance Health, Inc. (ELV) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/ELV
@misc{valuein_elv_2026,
author = {{Valuein}},
title = {Elevance Health, Inc. (ELV) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/ELV}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 6, 2026 · accession 0001156039-26-000013
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