NYSE · Healthcare

Elevance Health, Inc.

ELV · Healthcare Plans

$372.15

▼ -0.53 (-0.14%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Elevance Health, Inc. at $372.15.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Net Income Margin 2.8%

Fin. Health D

Years to Pay Off Debt 5.7 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.84x

Cash Flow A

Free Cash Flow $3.2B

CapEx % of Net Income 19.7%

Owner Earnings $8.3B

3/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $80.8B

Enterprise Value $75.8B

P/E (TTM) 15.78

Dividend Yield 1.84%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 2.8%

Company Info

Sector Healthcare

Industry Healthcare Plans

Employees 96129

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Elevance Health, Inc. at $372.15.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

At $372.15, the stock trades at a 10% premium to its Graham Number of $338.55. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Elevance Health, Inc.

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits. The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers. In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	2.8% ▼	3.4%	3.5%	3.8%	N/A
Diluted EPS	25.21 ▼	25.68	25.22	24.81	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$121.5B	$116.9B	$108.9B	$102.8B
Total Debt	$32.0B ↑	$31.2B	$25.1B	$24.1B
Working Capital	N/A •	N/A	N/A	N/A
Years to Pay Debt	5.66	5.22	4.20	4.09

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.2B ▼	$4.6B	$6.8B	$7.2B	N/A
Owner Earnings	$8.3B	$8.6B	$9.0B	$8.7B	N/A
CapEx % of Net Income	19.7%	21.0%	21.6%	19.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	49,245	0	0
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	0	201,000	0	0
Total Unusual Items Excluding Goodwill	0	201,000	0	0
Net Income From Continuing Operation Net Minority Interest	5,662,000	5,980,000	5,987,000	5,894,000
Reconciled Depreciation	1,546,000	1,393,000	1,745,000	1,675,000
EBIT	8,112,000	9,089,000	8,745,000	8,451,000
Net Interest Income	-1,402,000	-1,185,000	-1,030,000	-851,000
Interest Expense	1,402,000	1,185,000	1,030,000	851,000
Normalized Income	5,662,000	5,828,245	5,987,000	5,894,000
Net Income From Continuing And Discontinued Operation	5,662,000	5,980,000	5,987,000	5,894,000
Total Expenses	192,415,000	168,906,000	163,625,000	148,995,000
Diluted Average Shares	224,600	232,900	237,400	242,800
Basic Average Shares	220,724	227,480	233,071	237,958
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,662,000	5,980,000	5,987,000	5,894,000
Net Income Common Stockholders	5,662,000	5,980,000	5,987,000	5,894,000
Net Income	5,662,000	5,980,000	5,987,000	5,894,000
Minority Interests	1,000	9,000	-4,000	6,000
Net Income Including Noncontrolling Interests	5,661,000	5,971,000	5,991,000	5,888,000
Net Income Continuous Operations	5,661,000	5,971,000	5,991,000	5,888,000
Tax Provision	1,049,000	1,933,000	1,724,000	1,712,000
Pretax Income	6,710,000	7,904,000	7,715,000	7,600,000
Other Income Expense	24,470,000	22,630,000	19,452,000	14,978,000
Special Income Charges	0	201,000	0	0
Other Special Charges		-201,000			21,000
Net Non Operating Interest Income Expense	-1,402,000	-1,185,000	-1,030,000	-851,000
Interest Expense Non Operating	1,402,000	1,185,000	1,030,000	851,000
Other Operating Expenses	42,162,000	39,775,000	37,380,000	30,735,000
Depreciation And Amortization In Income Statement	628,000	580,000	885,000	767,000
Amortization	628,000	580,000	885,000	767,000
Selling General And Administration				17,686,000	15,914,000
Total Revenue	199,125,000	176,810,000	171,340,000	156,595,000
Operating Revenue	199,125,000	176,810,000	171,340,000	156,595,000
Loss Adjustment Expense	148,223,000	127,567,000	124,330,000	116,642,000
Net Policyholder Benefits And Claims	148,223,000	127,567,000	124,330,000	116,642,000
Policyholder Benefits Gross	148,295,000	127,623,000	124,393,000	116,694,000
Policyholder Benefits Ceded	72,000	56,000	63,000	52,000

Balance Sheet

	2025	2024	2023	2022
Ordinary Shares Number	220,724	227,480	233,071	237,958
Share Issued	220,724	227,480	233,071	237,958
Net Debt	22,555,000	22,944,000	18,594,000	16,727,000
Total Debt	32,046,000	31,232,000	25,120,000	24,114,000
Tangible Book Value	4,338,000	944,000	3,716,000	1,545,000
Invested Capital	75,928,000	72,547,000	64,426,000	60,357,000
Net Tangible Assets	4,338,000	944,000	3,716,000	1,545,000
Common Stock Equity	43,882,000	41,315,000	39,306,000	36,243,000
Total Capitalization	74,679,000	70,533,000	62,552,000	58,592,000
Total Equity Gross Minority Interest	44,026,000	41,426,000	39,405,000	36,330,000
Minority Interest	144,000	111,000	99,000	87,000
Stockholders Equity	43,882,000	41,315,000	39,306,000	36,243,000
Gains Losses Not Affecting Retained Earnings	-451,000	-1,147,000	-1,313,000	-2,490,000
Other Equity Adjustments	-451,000	-1,147,000	-1,313,000	-2,490,000
Retained Earnings	35,393,000	33,549,000	31,749,000	29,647,000
Additional Paid In Capital	8,938,000	8,911,000	8,868,000	9,084,000
Capital Stock	2,000	2,000	2,000	2,000
Common Stock	2,000	2,000	2,000	2,000
Total Liabilities Net Minority Interest	77,468,000	75,463,000	69,523,000	66,425,000
Non Current Deferred Liabilities	2,110,000	2,148,000	1,970,000	2,015,000
Non Current Deferred Taxes Liabilities	2,110,000	2,148,000	1,970,000	2,015,000
Long Term Debt And Capital Lease Obligation	30,797,000	29,218,000	23,246,000	22,349,000
Long Term Debt	30,797,000	29,218,000	23,246,000	22,349,000
Current Deferred Liabilities	1,493,000	1,508,000	1,402,000	1,112,000
Current Deferred Revenue	1,493,000	1,508,000	1,402,000	1,112,000
Current Debt And Capital Lease Obligation	1,249,000	2,014,000	1,874,000	1,765,000
Current Debt	1,249,000	2,014,000	1,874,000	1,765,000
Other Current Borrowings	1,249,000	2,014,000	1,874,000	1,765,000
Payables And Accrued Expenses	24,406,000	22,673,000	23,021,000	21,203,000
Payables	24,406,000	22,673,000	23,021,000	21,203,000
Accounts Payable	24,406,000	22,673,000	23,021,000	21,203,000
Total Assets	121,494,000	116,889,000	108,928,000	102,755,000
Investments And Advances	27,745,000	27,428,000	30,719,000	27,657,000
Goodwill And Other Intangible Assets	39,544,000	40,371,000	35,590,000	34,698,000
Other Intangible Assets	11,200,000	12,094,000	10,273,000	10,315,000
Goodwill	28,344,000	28,277,000	25,317,000	24,383,000
Net PPE	4,679,000	4,652,000	4,359,000	4,316,000
Receivables	21,542,000	19,071,000	17,865,000	16,044,000
Other Receivables	11,469,000	11,060,000	9,963,000	8,961,000
Accounts Receivable	10,073,000	8,011,000	7,902,000	7,083,000
Cash Cash Equivalents And Short Term Investments	35,375,000	33,489,000	36,140,000	33,339,000
Other Short Term Investments	25,884,000	25,201,000	29,614,000	25,952,000
Cash And Cash Equivalents	9,491,000	8,288,000	6,526,000	7,387,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,174,000	4,552,000	6,765,000	7,247,000
Repurchase Of Capital Stock	-2,605,000	-2,900,000	-2,676,000	-2,316,000
Repayment Of Debt	-3,867,000	-2,498,000	-2,251,000	-3,574,000
Issuance Of Debt	6,194,000	7,985,000	2,913,000	5,369,000
Capital Expenditure	-1,116,000	-1,256,000	-1,296,000	-1,152,000
End Cash Position	9,491,000	8,288,000	6,526,000	7,387,000
Other Cash Adjustment Outside Changein Cash	0	-66,000	0	0
Beginning Cash Position	8,288,000	6,526,000	7,387,000	4,880,000
Effect Of Exchange Rate Changes	-5,000	-6,000	-1,000	-14,000
Changes In Cash	1,208,000	1,834,000	-860,000	2,521,000
Financing Cash Flow	-1,738,000	1,193,000	-3,349,000	-1,318,000
Cash Flow From Continuing Financing Activities	-1,738,000	1,193,000	-3,349,000	-1,318,000
Net Other Financing Charges	-10,000	-107,000	-92,000	-52,000
Proceeds From Stock Option Exercised	79,000	221,000	152,000	182,000
Cash Dividends Paid	-1,529,000	-1,508,000	-1,395,000	-1,229,000
Common Stock Dividend Paid	-1,529,000	-1,508,000	-1,395,000	-1,229,000
Net Common Stock Issuance	-2,605,000	-2,900,000	-2,676,000	-2,316,000
Common Stock Payments	-2,605,000	-2,900,000	-2,676,000	-2,316,000
Net Issuance Payments Of Debt	2,327,000	5,487,000	662,000	1,795,000
Net Short Term Debt Issuance	1,483,000	-573,000	-3,000	623,000
Short Term Debt Payments	-1,720,000	-848,000	-342,000	-1,675,000
Short Term Debt Issuance	3,203,000	275,000	339,000	2,298,000
Net Long Term Debt Issuance	844,000	6,060,000	665,000	1,172,000
Long Term Debt Payments	-2,147,000	-1,650,000	-1,909,000	-1,899,000
Long Term Debt Issuance	2,991,000	7,710,000	2,574,000	3,071,000
Investing Cash Flow	-1,344,000	-5,167,000	-5,572,000	-4,560,000
Cash Flow From Continuing Investing Activities	-1,344,000	-5,167,000	-5,572,000	-4,560,000
Net Other Investing Changes	-385,000	-51,000	-24,000	-421,000
Net Investment Purchase And Sale	69,000	586,000	-2,700,000	-2,338,000
Sale Of Investment	15,095,000	18,572,000	13,536,000	22,608,000
Purchase Of Investment	-15,026,000	-17,986,000	-16,236,000	-24,946,000
Net Business Purchase And Sale	88,000	-4,446,000	-1,552,000	-649,000
Sale Of Business	88,000	363,000	0	0
Purchase Of Business		-4,809,000	-1,552,000	-649,000	-3,476,000
Net PPE Purchase And Sale	-1,116,000	-1,256,000	-1,296,000	-1,152,000
Purchase Of PPE	-1,116,000	-1,256,000	-1,296,000	-1,152,000
Operating Cash Flow	4,290,000	5,808,000	8,061,000	8,399,000
Cash Flow From Continuing Operating Activities	4,290,000	5,808,000	8,061,000	8,399,000
Change In Working Capital	-3,277,000	-1,719,000	-535,000	423,000
Change In Other Working Capital	-316,000	330,000	194,000	-446,000
Change In Other Current Assets	57,000	746,000	-754,000	144,000
Change In Payables And Accrued Expense	-720,000	-272,000	1,640,000	824,000
Change In Payable	-720,000	-272,000	1,640,000	824,000
Change In Account Payable	-720,000	-272,000	1,640,000	824,000
Change In Receivables	-2,526,000	-683,000	-1,762,000	-2,510,000
Stock Based Compensation	276,000	191,000	289,000	264,000
Asset Impairment Charge	108,000	103,000	446,000	7,000
Deferred Tax	-279,000	-374,000	-602,000	-115,000
Deferred Income Tax	-279,000	-374,000	-602,000	-115,000
Depreciation And Amortization	1,546,000	1,393,000	1,745,000	1,675,000
Operating Gains Losses	255,000	243,000	727,000	257,000
Earnings Losses From Equity Investments	-398,000	-1,000	33,000	-293,000
Gain Loss On Investment Securities	653,000	445,000	694,000	550,000
Gain Loss On Sale Of Business	0	-201,000	0	0
Net Income From Continuing Operations	5,661,000	5,971,000	5,991,000	5,888,000

These metrics estimate what Elevance Health, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$338.55

Margin of Safety

Market Cap ÷ Company Value

1.70

P/B Ratio

1.84

Warren's Owner Earnings

$8.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/6 — Speculative Investor

✅ Adequate Size

$199.1B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.84%

vs Uninterrupted dividends

❌ Earnings Growth

+1.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.84x P/B (P/E×P/B: 29.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	19.7%	21.0%	21.6%	19.5%	N/A
Repurchase of Capital Stock	-$2.6B	-$2.9B	-$2.7B	-$2.3B	N/A
Free Cash Flow	$3.2B ▼	$4.6B ▼	$6.8B ▼	$7.2B •	N/A •
Warren's Owner Earnings	$8.3B	$8.6B	$9.0B	$8.7B	N/A

Peers & Industry

No auto-detected peers for Healthcare Plans. You can manually compare ELV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.19%

Low — management has little skin in the game

Return on Equity (ROE)

12.9%

Adequate — returns are moderate

Return on Assets (ROA)

4.7%

Fair — average asset utilization

Share Buybacks (Latest Year)

$2.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.6% YoY

Debt is roughly stable

Leadership Team

Gail Koziara Boudreaux

President, CEO & Director

Age 64

Pay: $4,942,272

0.087% of net income

Mark Bradley Kaye

Executive VP & CFO

Age 45

Pay: $2,007,060

0.035% of net income

Charles Morgan Kendrick Jr.

EVP and President of Commercial & Specialty Health Benefits

Age 59

Pay: $1,913,444

0.034% of net income

Nathan Allen Rich

Vice President of Investor Relations

Julie Goon

Senior Vice President of Public Affairs

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.60%	23,019,518
Blackrock Inc.	9.40%	20,402,634
State Street Corporation	4.76%	10,341,466
Wellington Management Group, LLP	3.82%	8,289,976
Price (T.Rowe) Associates Inc	3.43%	7,446,185
Sanders Capital, LLC	2.65%	5,750,865
Geode Capital Management, LLC	2.36%	5,124,599
Artisan Partners Limited Partnership	2.32%	5,032,751

Risk Analysis

Beta (Market Risk)

0.67

Low volatility — more stable than the market

Short Interest

2.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.72x

Conservative balance sheet — low financial risk

Current Ratio

1.48x

Adequate liquidity

52-Week Price Range

Low: $273.71 Current: $372.15 High: $424.24

Currently at 65% of 52-week range

360investing