XStocksXray

Research report · 16 October 2026

Elevance Health, Inc. (ELV)

Health Care · Managed Health Care · US stock · price as of 16 Oct 2026

Key indicators

Price	$428.26
52-week range	$270.87 – $434.35
Market cap	$93.3B
P/E (trailing)	19.1×
EV / EBITDA	12.7×
Free-cash-flow yield	6.7%
Dividend yield	1.6%
Revenue (last 12 months)	$201.1B
Revenue growth (3y a year)	8.3%
Operating margin	2.7%
Return on invested capital	11.5%
Net debt / EBITDA	-0.7×

Fair value

Blended fair value$683.53 range $653 – $723

Versus priceUndervalued+60% to fair value

Peer multiples	$630.74
Fundamentals-adjusted multiple	$744.16
10-year DCF (market-scaled)	$675.68
Earnings power value (floor, not blended)	$474.64
Model uncertainty	Medium

X-Ray Score

62/ 100 · High confidence · ahead of 77% of sector peers

Valuation83

Growth53

Profitability55

Financial health53

Dividends65

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Elevance Health is one of the largest health insurers in the United States and operates Anthem-branded Blue Cross Blue Shield plans in several states. It offers commercial, Medicare and Medicaid coverage, and it also runs pharmacy benefit, care delivery and data services through its Carelon businesses. Revenue comes mainly from premiums paid by employers, individuals and government programs, and profit depends on how medical costs compare with those premiums.

Revenue has grown 8.3% a year over three years, leaving the last twelve months at $201.1 billion. Operating margin is 2.7%. Return on invested capital comes to 12%. Net debt to EBITDA is -0.7 times, which means the company holds more cash than debt. A dividend is paid, with a yield of 1.6%.

StocksXray gives Elevance Health, Inc. an X-Ray Score of 62 out of 100 (high confidence), ahead of 77% of the S&P 500 stocks in its sector. Its strongest lens is valuation (83) and its weakest is growth (53).

Our fair value blend is $683.53 (range $653.36 to $722.65). At $428.26 the stock trades 37% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Elevance Health, Inc. (ELV)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$432.06	$483.17	$449.88	$356.67	$345.49	$428.26
Market cap	$106.6B	$117.3B	$106.8B	$83.1B	$77.6B	$93.3B
P/E	17.3×	19.9×	17.8×	13.9×	13.7×	19.1×
EV / revenue	0.7×	0.7×	0.6×	0.5×	0.4×	0.4×
EV / EBITDA	11.2×	10.9×	9.4×	8.7×	8.5×	12.7×
Price / free cash flow	14.7×	16.2×	15.8×	18.2×	24.4×	14.8×
Free-cash-flow yield	6.8%	6.2%	6.3%	5.5%	4.1%	6.7%
Price / book	3.0×	3.2×	2.7×	2.0×	1.8×	2.1×
Dividend yield	1.05%	1.06%	1.32%	–	–	1.60%

Fundamentals checklist ● 6 Good · ● 6 Average · ● 4 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−2.0%Bad

Free-cash-flow yield6.7%Good

Risk models

Altman Z score3.0×Average

Piotroski F-Score7 of 9Average

Growth

EPS growth (3y)1.3%Average

Free-cash-flow growth (3y)−24.1%Bad

Revenue growth (3y)8.3%Average

Growth consistency100%Good

Balance sheet

Current ratio1.5×Average

Net debt / EBITDA-0.7×Good

Interest cover3.8×Bad

Valuation

Fair value vs price1.6×Good

EBIT / EV yield6.2%Good

Profitability

Return on invested capital11.5%Average

Operating margin2.7%Bad

Gross profitability141.8%Good

XStocksXray

Elevance Health, Inc. (ELV)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	138,639	156,595	171,340	177,011	199,125	201,113
Gross profit	127,744	143,560	154,047	157,261	177,947	179,256
Operating income	7,559	8,283	8,499	7,862	7,199	5,453
Net income	6,158	5,894	5,987	5,980	5,662	4,963
Diluted EPS ($)	24.95	24.28	25.22	25.68	25.21	22.39
Free cash flow	7,277	7,247	6,765	4,552	3,174	6,289
Gross margin	92.1%	91.7%	89.9%	88.8%	89.4%	89.1%
Operating margin	5.5%	5.3%	5.0%	4.4%	3.6%	2.7%
Net margin	4.4%	3.8%	3.5%	3.4%	2.8%	2.5%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	97,456	102,755	108,928	116,889	121,494	126,438
Cash	4,880	7,387	6,526	8,288	9,491	10,232
Total debt	23,331	24,114	25,120	31,232	32,046	31,044
Equity	36,095	36,243	39,306	41,315	43,882	44,883
Dividend per share ($)	4.52	5.12	5.92	–	–	6.86

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	48,891	49,776	50,711	49,747	50,181	50,474
Growth vs a year earlier	+14.8%	+13.4%	+12.4%	+9.5%	+2.6%	+1.4%
Net income ($M)	2,183	1,743	1,189	547	1,764	1,463
Diluted EPS ($)	9.61	7.72	5.32	–	8.00	6.71

XStocksXray

Elevance Health, Inc. (ELV)

Peers in Managed Health Care

Company	X-Ray
ELV · Elevance Health, Inc.	62
UNH · Unitedhealth Group Inc	59
HUM · Humana Inc	51
CNC · Centene Corp	46

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+3.8%
1 month	+3.4%
3 months	+12.5%
6 months	+33.7%
1 year	+25.0%
3 years	−0.7%
5 years	+19.3%

Technical summary

DailyStrongly bullish12 bullish · 1 neutral · 3 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish6 bullish · 1 neutral · 1 bearish

50-day / 200-day average	$403.05 / $366.61
52-week low / high	$270.87 / $434.35
Classic pivot, support and resistance	S2 422.38 · S1 425.32 · P – · R1 432.60 · R2 436.94

Recent dividends

Ex-dividend date	Amount per share
10 Sep 2026	$1.7200
10 Jun 2026	$1.7200
10 Mar 2026	$1.7200
5 Dec 2025	$1.7100
10 Sep 2025	$1.7100
10 Jun 2025	$1.7100

XStocksXray

Elevance Health, Inc. (ELV)

Strengths

Free-cash-flow yield of 6.7% is ahead of 78% of its sector peers.
Holds more cash than debt (net debt to EBITDA of -0.7×).
Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Earnings backed by cash is weak against Health Care peers (−2.0%).
Free-cash-flow growth (3y) is weak against Health Care peers (−24.1%).
Interest cover is weak against Health Care peers (3.8×).
Operating margin is weak against Health Care peers (2.7%).

Latest SEC filings

Date	Form	Items
10 Sep 2026	8-K	7.01
15 Jul 2026	10-Q
15 Jul 2026	8-K	2.02,9.01
10 Jun 2026	8-K	7.01
13 May 2026	8-K	5.07
22 Apr 2026	10-Q
22 Apr 2026	8-K	2.02,9.01
27 Mar 2026	DEF 14A

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.