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Major US health insurer (formerly Anthem) operating Blue Cross Blue Shield plans in multiple states plus the Carelon services arm.
Major US health insurer (formerly Anthem) operating Blue Cross Blue Shield plans in multiple states plus the Carelon services arm.
Collects monthly premiums from employers, individuals and government programs and pays members' medical bills, so profit is what remains after claims and costs. It holds Blue Cross Blue Shield licences in a number of states and was renamed from Anthem in 2022. Carelon, its services arm, shifts earnings toward fees.
Moat: narrow (scale, brand, regulatory licence). Exclusive Blue Cross Blue Shield licenses in its states give strong local brand and network leverage.
Headquarters: Indianapolis, Indiana, USA · Founded: 1944 · Employees: 97,100
Size Elevance Health (ELV) is a United States Health Care company (Managed Health Care) with a market value of $92.0B, the 140th largest of 3,117 United States companies the cockpit tracks. Shares closed at $425.62 on 6 Nov 2026.
Performance Over six months the shares gained 13.0%, against +12.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 8 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +9.7%); the operating margin is 3.8% (peer median 1.9%).
Valuation It trades at 14.8× forward earnings against a peer median of 17.4× (4th cheapest of 8).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Credit Elevance Health has 33 bonds outstanding ($27.9B), rated A- by the agencies and trading like A- at a weighted spread of 84 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $202B | $199B | $177B | $171B | $157B |
| Revenue growth | — | +13% | +3% | +9% | — |
| Net income | $5.14B | $5.66B | $5.98B | $5.99B | $5.89B |
| Free cash flow | $6.51B | $3.17B | $4.55B | $6.76B | $7.25B |
| Capital expenditure | $1.08B | $1.12B | $1.26B | $1.30B | $1.15B |
| Total debt | $30.8B | $32.7B | $32.0B | $26.0B | $25.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elevance Health ELV | $92.0B | +13% | +4% | 4% | 14.8× | 4.7% |
| UnitedHealth UNH | $353B | +4% | +3% | 5% | 17.4× | 4.3% |
| Cigna CI | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% |
| Humana HUM | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% |
| Centene CNC | $34.5B | +25% | +10% | 1% | 13.3× | 1.1% |
| CVS Health CVS | $107B | -7% | +7% | 4% | 9.9× | -3.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | +6.2% | 4th lowest of 8 |
| 6-month return | +13.0% | +12.4% | 4th highest of 8 |
| Distance from 52-week high | -5.6% | -14.6% | 2nd highest of 8 |
| Revenue growth (TTM) | +3.6% | +9.7% | 3rd lowest of 8 |
| Operating margin | 3.8% | 1.9% | 4th highest of 8 |
| Forward P/E | 14.8× | 17.4× | 4th cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 4.7% | 4.3% | 4th most demanding of 8 |
| Growth delivered (Del g) | +10.3% | +11.9% | lowest of 8 |
| Hurdle (Req g minus delivered) | -5.6 pp | -10.8 pp | 3rd most demanding of 8 |
| Bond spread | 84 bp | 108 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elevance Health ELV | United States | $92.0B | +13% | +4% | 4% | 14.8× | 4.7% | +10.3% |
| Cigna CI | United States | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% | +11.4% |
| Humana HUM | United States | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% | +10.9% |
| Centene CNC | United States | $34.5B | +25% | +10% | 1% | 13.3× | 1.1% | +11.9% |
| UnitedHealth UNH | United States | $353B | +4% | +3% | 5% | 17.4× | 4.3% | +11.7% |
| Molina Healthcare MOH | United States | $10.9B | +12% | -1% | 1% | 25.0× | 26.9% | +18.7% |
| Oscar Health OSCR | United States | $8.38B | +44% | +43% | 4% | 14.0× | -19.1% | +90.8% |
| Alignment Healthcare ALHC | United States | $1.54B | -59% | +36% | 1% | 1,052.5× | 13.2% | +32.7% |
Elevance Health has 33 bonds outstanding with $27.9B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.72%, a spread of 84 bp over government bonds.