YouTube · Q1 2026 · 2026-05-01
ELV · NYSE
Elevance Health Inc
Healthcare Plans · United States
- Market cap (USD)
- US$92.79B
- Trailing P/E
- 18.24x
- Forward P/E
- 14.18x
- Quarterly revenue growth
- 1.4%
- Trailing net margin
- 2.5%
- Indicated dividend yield
- 1.6%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-28 (provider estimate; issuer confirmation unavailable here).
Company background
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.
Company websiteQ3 2026
Go beyond the headline.
Q3 2026 REPORT HIGHLIGHTS
What’s changed for ELV
Elevance raised adjusted EPS guidance to $29, while its 2027 growth claim starts from $26.75. We test recurring earnings, cash timing and regulated capital.
The raised headline is not the recurring baseline.
At least $29 adjusted EPS includes non-operating benefits; the 2027 growth statement starts from at least $26.75.
EPS improved more than operating profit.
Adjusted EPS rose 15.9%, while adjusted operating gain declined 0.5%. Investment income and share count affect the comparison.
Cash timing explains much of the rebound.
The $5.537B working-capital swing exceeds the $3.306B operating-cash increase; regulated capital limits parent access.
Do not revive a closed sanctions matter.
July filing says CMS enforcement closed with no sanctions; the $935M historical exposure accrual remains in the Q3 YTD reconciliation.
HOLD remains, but the valuation is updated.
$420 central and $421 weighted values give recovery credit without treating $440.71 intraday as a bargain.
Comparable businesses
ELV peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | ELVElevance Health, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | CIThe Cigna GroupSnapshot 2026-11-11Financial period: 2026-09-30 | CVSCVS Health CorporationSnapshot 2026-11-11Financial period: 2026-09-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$92.79B | US$79.43B | US$114.54B | US$96.99Bn=2 |
| Forward P/EProvider forward earnings estimate | 14.18x | 9.04x | 10.32x | 9.68xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 9.85x | 8.17x | 10.09x | 9.13xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | 1.4% | 5.6% | 5.4% | 5.5%n=2 |
| Operating marginLatest reported quarter | 4.0% | 3.8% | 3.1% | 3.4%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | 8.6% | 10.3% | 10.3% | 10.3%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | -0.81x | 1.87x | 3.49x | 2.68xn=2 |
| Debt / equityTotal debt / positive book equity | 0.69x | 0.71x | 0.93x | 0.82xn=2 |
| Trailing P/ETrailing twelve-month earnings | 18.24x | 13.29x | 10.40x | 11.84xn=2 |
| Price / bookPrice / positive book equity per share | 2.08x | 1.83x | 1.42x | 1.63xn=2 |
| EV / salesEnterprise value / trailing revenue | 0.42x | 0.36x | 0.42x | 0.39xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | 17.9% | -21.6% | — | — |
| Gross marginTrailing twelve months | 26.4% | 9.1% | 13.7% | 11.4%n=2 |
| Net marginTrailing twelve months | 2.5% | 2.1% | 2.6% | 2.4%n=2 |
| Return on equityProvider trailing return; positive equity only | 11.5% | 15.6% | 14.4% | 15.0%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | 4.0% | 2.9% | 2.8% | 2.8%n=2 |
| Dividend yieldIndicated annual dividend / price | 1.6% | 2.1% | 3.0% | 2.5%n=2 |
| Earnings payoutProvider trailing dividend payout | 29.2% | 27.3% | 30.9% | 29.1%n=2 |
| Current ratioCurrent assets / current liabilities | 1.47x | 0.84x | 0.85x | 0.85xn=2 |
| BetaProvider historical market sensitivity | 0.63 | 0.25 | 0.58 | 0.41n=2 |
YouTube · Q1 2026 · 2026-05-01
YouTube · Q2 2026 · 2026-08-05
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for ELV
Q3 20262026-10-21
FREE RESEARCH PACKET · Q3 2026
ELV: A Higher Guide, a Different Earnings Baseline
Elevance raised adjusted EPS guidance to $29, while its 2027 growth claim starts from $26.75. We test recurring earnings, cash timing and regulated capital.
Research published October 21, 2026 · Download original report
Read Research PacketELV Stock: Guidance Rose — Which Earnings Baseline Counts? | Q3 2026
Presentation · 2026-10-21 · YouTube
Q2 20262026-07-16
ELV Stock: Elevance Beat AND Raised Guidance — So Why Did It Fall?
Presentation · 2026-07-16 · YouTube
Q1 20262026-04-23
ELV Stock: EPS Misses Estimates — Q1 2026 Earnings Analysis
Presentation · 2026-04-23 · YouTube