ELVNYSEHospital & Medical Service PlansFiscal year ends December 31
Elevance Health, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026
$430.23+1.97 (+0.46%)
Close on Oct 19, 2026
- Market cap
- $93.75B
- P/E (TTM)
- 19.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
89.4%−3.3 pts over 5 years
Operating margin
3.6%−1.6 pts over 5 years
Net margin
2.8%−0.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.5% | +8.3% | +10.3% | +9.7% | |
| Gross profit | +13.2% | +7.4% | +9.5% | – | |
| Operating income | -8.4% | -4.6% | +2.5% | +4.2% | |
| Net income | -5.3% | -1.3% | +4.4% | +8.3% | |
| EPS, diluted | -1.8% | +1.3% | +7.0% | +10.4% | |
| Free cash flow | -30.3% | -24.1% | -20.0% | -1.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.3% | 14.1% | 13.3% | |
| Return on assets | 3.9% | 5.6% | 4.8% | |
| Current ratio | 1.61 | 1.55 | 1.54 | |
| Debt to equity | 0.63 | 0.60 | 0.73 | |
| Net debt to EBITDA | – | 1.90× | 2.58× | |
| Interest coverage | 6.6× | 8.1× | 5.1× | |
| Capex to revenue | 0.7% | 0.8% | 0.6% | |
| Diluted shares | 268M | 254M | 225M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Elevance Health generated $34.92B from operations and spent $25.07B on capital expenditure, dividends and share buybacks. 24% of that went back into the business.
Generated
$34.92B
Used
$25.07B
Capital expenditure$5.91B24%Dividends$6.77B27%Share buybacks$12.40B49%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.8%
×Asset turnover1.67×
×Equity multiplier2.80×
=Return on equity, FY202513.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.8% | 1.67× | 2.80× | 13.3% |
| FY2024 | 3.4% | 1.57× | 2.80× | 14.8% |
| FY2023 | 3.5% | 1.62× | 2.80× | 15.8% |
| FY2022 | 3.8% | 1.56× | 2.77× | 16.3% |
| FY2021 | 4.4% | 1.51× | 2.66× | 17.8% |
| FY2020 | 3.8% | 1.49× | 2.53× | 14.1% |
| FY2019 | 4.6% | 1.40× | 2.47× | 16.0% |
| FY2018 | 4.1% | 1.30× | 2.58× | 13.6% |
| FY2017 | 4.3% | 1.33× | 2.63× | 14.9% |
| FY2016 | 2.9% | 1.34× | 2.63× | 10.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$5.66B
- Cash generatingOperating cash flow above zero$4.29B
- Return on assets improvedROA up on the prior year5.5% → 4.8%
- Earnings backed by cashOperating cash flow above net income$4.29B vs $5.66B
- Less leverageLong-term debt to assets fell25.0% → 25.3%
- Better liquidityCurrent ratio rose1.45 → 1.54
- No dilutionShare count did not rise233M → 225M
- Gross margin improvedGross margin up on the prior year88.84% → 89.36%
- More efficientAsset turnover rose1.63 → 1.70