Elevance Health, Inc. (ELV) Stock Analysis
Healthcare · Healthcare Plans · NYSE
Elevance Health, Inc. (ELV) posted $197.58B in revenue for fiscal 2025 (up 12.8% year over year), at a 2.9% net margin, and has compounded revenue about 10.1%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Elevance Health, Inc.
Elevance Health, Inc. has grown revenue from $84.86B to $197.58B over the last 10 fiscal years, compounding about 10.1% a year. The most recent year was up 12.8%, so growth is actually accelerating.
Net margin sits at 2.9%, down 0.5 points year over year on a 89.3% gross margin. It carries about $32.05B of total debt.
At today's valuation the market is pricing in roughly 11.1% annual free-cash-flow growth — versus the -20% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Elevance Health, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Elevance Health, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.86B | $90.04B | $92.11B | $104.21B | $121.87B | $138.64B | $155.66B | $170.21B | $175.20B | $197.58B |
| Gross profit | — | — | — | $102.22B | $112.91B | $127.74B | $142.63B | $152.92B | $155.45B | $176.41B |
| Net income | $2.47B | $3.84B | $3.75B | $4.81B | $4.57B | $6.16B | $6.03B | $5.99B | $5.98B | $5.66B |
| Net margin | 2.9% | 4.3% | 4.1% | 4.6% | 3.8% | 4.4% | 3.9% | 3.5% | 3.4% | 2.9% |
Source: Elevance Health, Inc. SEC filings (10-K). 19 years of history available in the interactive view.
Elevance Health, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $33145M is 7.7× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into ELV stock?
At today's market cap of $81.51B, Elevance Health, Inc. is priced for free-cash-flow growth of about 11.1% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.17B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -20%/yr over the last five fiscal years and revenue 10.1%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Elevance Health, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Elevance Health, Inc. financial history by metric
Compare Elevance Health, Inc. with peers
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.
Elevance Health, Inc. — frequently asked questions
What is Elevance Health, Inc.'s revenue?
Elevance Health, Inc. (ELV) reported revenue of $197.58B for fiscal year 2025, up 12.8% from the prior year, according to its SEC filings.
Is Elevance Health, Inc. profitable?
Yes. ELV earned net income of $5.66B in fiscal 2025, a net margin of 2.9%.
What is ELV's P/E ratio?
Elevance Health, Inc. trades at a price-to-earnings ratio of about 16.6 based on the latest data in our nightly-refreshed cache.
How fast is Elevance Health, Inc. growing?
ELV's revenue grew at roughly 10.1% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Elevance Health, Inc. have?
As of fiscal year 2025, ELV carried roughly $32.05B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Elevance Health, Inc.'s gross margin?
ELV's gross margin was 89.3% in fiscal 2025 — gross profit of $176.41B on revenue of $197.58B.
What is Elevance Health, Inc.'s market cap?
Elevance Health, Inc. (ELV) has a market capitalization of about $81.51B, based on the latest data in our nightly-refreshed cache.
When does Elevance Health, Inc.'s fiscal year end?
ELV's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ELV stock?
At today's market cap of $81.51B, Elevance Health, Inc. is priced for free-cash-flow growth of about 11.1% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.17B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -20%/yr over the last five fiscal years and revenue 10.1%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Elevance Health, Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.