Elevance Health Inc. (ELV) Key Metrics
ELV valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $92.88B
- Enterprise value
- $107.25B
- P/E (TTM)
- 19.0 10-yr median 17.1
- Forward P/E
- 13.7
- PEG ratio
- 1.30
- Price / sales
- 0.5 10-yr median 0.7
- Price / book
- 1.9 10-yr median 2.4
- EV / EBITDA
- — 10-yr median 12.0
- Dividend yield
- 1.61% $6.88 a year
- Beta
- 0.71
ELV key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsELV valuation Price multiples at each fiscal year-end price.
ELV returns How much profit the business earns on the capital it uses.
ELV per-share figures Results divided by the shares outstanding at year-end.
ELV financial health Debt, liquidity and how easily interest is covered.
ELV efficiency & capital use Working capital cycle and where the cash goes.
ELV valuation history
ELV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ELV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ELV cash returned to shareholders
ELV price vs earnings per share
ELV key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $77.75B | $85.92B | $111.95B | $124.55B | $114.40B | $81.65B | $78.62B | $66.79B | $60.26B | $38.54B |
| Enterprise value | $101.50B | $110.33B | $132.08B | $142.96B | $134.41B | $97.75B | $94.89B | $82.06B | $76.58B | $50.20B |
| P/E ratio | 13.7 | 14.4 | 18.7 | 21.1 | 18.7 | 17.9 | 16.4 | 17.8 | 15.7 | 15.6 |
| Price / sales | 0.4 | 0.5 | 0.7 | 0.8 | 0.8 | 0.7 | 0.8 | 0.7 | 0.7 | 0.5 |
| Price / book | 1.8 | 2.1 | 2.8 | 3.4 | 3.2 | 2.5 | 2.5 | 2.3 | 2.3 | 1.5 |
| Price / free cash flow | 24.5 | 18.9 | 16.5 | 17.2 | 15.7 | 8.4 | 15.8 | 25.5 | 17.8 | 14.7 |
| Price / operating cash flow | 18.1 | 14.8 | 13.9 | 14.8 | 13.7 | 7.6 | 13.0 | 17.5 | 14.4 | 12.0 |
| EV / sales | 0.5 | 0.6 | 0.8 | 0.9 | 1.0 | 0.8 | 0.9 | 0.9 | 0.9 | 0.6 |
| EV / EBITDA | 10.5 | 10.5 | 12.6 | 14.1 | 13.4 | 12.0 | 12.1 | 11.8 | 13.7 | 8.1 |
| EV / free cash flow | 32.0 | 24.2 | 19.5 | 19.7 | 18.5 | 10.1 | 19.0 | 31.3 | 22.6 | 19.2 |
| Earnings yield | 7.3% | 7.0% | 5.3% | 4.7% | 5.3% | 5.6% | 6.1% | 5.6% | 6.4% | 6.4% |
| Free cash flow yield | 4.1% | 5.3% | 6.0% | 5.8% | 6.4% | 11.8% | 6.3% | 3.9% | 5.6% | 6.8% |
| Dividend yield | 2.0% | 1.8% | 1.2% | 1.0% | 1.0% | 1.2% | 1.0% | 1.2% | 1.2% | 1.8% |
| Shareholder yield (dividends + buybacks) | 5.3% | 5.1% | 3.6% | 2.8% | 2.6% | 4.5% | 3.2% | 3.7% | 4.5% | 1.9% |
| Share price at fiscal year-end | $350.55 | $368.90 | $471.56 | $512.97 | $463.54 | $321.09 | $302.03 | $262.63 | $225.01 | $143.77 |
| Per share | ||||||||||
| Revenue per share | $897.77 | $759.17 | $721.74 | $644.95 | $561.75 | $479.23 | $400.36 | $362.19 | $336.22 | $316.97 |
| Earnings per share | $25.53 | $25.68 | $25.22 | $24.28 | $24.73 | $17.98 | $18.47 | $14.75 | $14.35 | $9.21 |
| Operating cash flow per share | $19.34 | $24.94 | $33.96 | $34.59 | $33.89 | $42.03 | $23.28 | $15.05 | $15.63 | $11.95 |
| Free cash flow per share | $14.31 | $19.54 | $28.50 | $29.85 | $29.49 | $38.01 | $19.15 | $10.30 | $12.68 | $9.78 |
| Cash per share | $42.79 | $35.59 | $27.49 | $30.42 | $19.77 | $22.58 | $18.97 | $15.47 | $13.48 | $15.20 |
| Book value per share | $197.84 | $177.39 | $165.57 | $149.27 | $146.11 | $130.55 | $121.89 | $112.23 | $98.97 | $93.62 |
| Tangible book value per share | $19.56 | $4.05 | $15.65 | $6.36 | $4.93 | $8.27 | $9.81 | −$3.81 | −$4.10 | −$1.59 |
| Dividends per share | $6.89 | $6.47 | $5.88 | $5.06 | $4.47 | $3.75 | $3.14 | $3.05 | $2.63 | $2.55 |
| Capex per share | $5.03 | $5.39 | $5.46 | $4.74 | $4.40 | $4.01 | $4.14 | $4.75 | $2.95 | $2.18 |
| Debt per share | $149.84 | $140.41 | $112.27 | $106.25 | $100.86 | $85.88 | $81.47 | $75.54 | $74.43 | $58.66 |
| Shares outstanding | 221.8M | 232.9M | 237.4M | 242.8M | 246.8M | 254.3M | 260.3M | 254.3M | 267.8M | 268.1M |
| Change in shares outstanding | −4.8% | −1.9% | −2.2% | −1.6% | −2.9% | −2.3% | +2.4% | −5.0% | −0.1% | −1.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.3% | 14.8% | 15.8% | 16.3% | 17.6% | 14.1% | 16.0% | 13.6% | 14.9% | 10.3% |
| Return on invested capital (ROIC) | 10.3% | 10.7% | 11.9% | 11.8% | 13.1% | 11.6% | 11.8% | 10.0% | 12.1% | 8.0% |
| Return on assets (ROA) | 4.8% | 5.3% | 5.7% | 5.9% | 6.6% | 5.5% | 6.4% | 5.2% | 5.6% | 3.8% |
| Return on tangible assets | 6.9% | 7.8% | 8.2% | 8.7% | 9.7% | 8.0% | 9.8% | 8.7% | 8.8% | 6.0% |
| Free cash flow margin | 1.6% | 2.6% | 3.9% | 4.6% | 5.2% | 7.9% | 4.8% | 2.8% | 3.8% | 3.1% |
| Income quality (OCF / net income) | 0.76 | 0.97 | 1.35 | 1.43 | 1.37 | 2.34 | 1.26 | 1.02 | 1.09 | 1.30 |
| Financial health | ||||||||||
| Total debt | $33.23B | $32.70B | $26.65B | $25.80B | $24.89B | $21.84B | $21.21B | $19.21B | $19.93B | $15.73B |
| Cash & short-term investments | $9.49B | $8.29B | $6.53B | $7.39B | $4.88B | $5.74B | $4.94B | $3.93B | $3.61B | $4.08B |
| Net debt | $23.74B | $24.41B | $20.13B | $18.41B | $20.01B | $16.10B | $16.27B | $15.28B | $16.32B | $11.65B |
| Debt / equity | 0.76 | 0.79 | 0.68 | 0.71 | 0.69 | 0.66 | 0.67 | 0.67 | 0.75 | 0.63 |
| Debt / assets | 0.27 | 0.28 | 0.24 | 0.25 | 0.26 | 0.25 | 0.27 | 0.27 | 0.28 | 0.24 |
| Net debt / EBITDA | 2.46 | 2.33 | 1.92 | 1.82 | 2.00 | 1.97 | 2.07 | 2.20 | 2.92 | 1.88 |
| Current ratio | 1.24 | 1.10 | 0.97 | 1.03 | 0.94 | 1.14 | 1.11 | 1.13 | 0.93 | 1.07 |
| Quick ratio | 1.24 | 1.10 | 3.34 | 1.64 | 3.42 | 3.96 | 3.68 | 3.83 | 4.37 | 4.78 |
| Interest coverage | 5.8 | 7.5 | 8.5 | 9.9 | 11.2 | 9.8 | 9.0 | 7.8 | 6.7 | 7.5 |
| Working capital | $4.77B | $1.92B | −$565.0M | $479.0M | −$954.0M | $1.70B | $1.22B | $1.23B | −$747.3M | $675.1M |
| Invested capital | $67.63B | $65.73B | $59.43B | $54.65B | $56.07B | $49.30B | $48.00B | $43.82B | $42.83B | $36.75B |
| Tangible asset value | $4.48B | $1.05B | $3.81B | $1.63B | $1.28B | $2.10B | $2.55B | −$970.0M | −$1.10B | −$425.7M |
| Net current asset value | −$52.74B | −$54.12B | −$50.54B | −$47.29B | −$46.76B | −$41.21B | −$34.01B | −$33.25B | −$35.16B | −$31.35B |
| Graham number | $337.10 | $320.13 | $306.51 | $285.54 | $285.15 | $229.81 | $225.05 | $192.97 | $178.75 | $139.30 |
| Graham net-net per share | −$254.96 | −$246.39 | −$323.58 | −$230.31 | −$277.25 | −$237.54 | −$193.72 | −$187.63 | −$204.78 | −$186.40 |
| Capital allocation | ||||||||||
| Dividends paid | $1.53B | $1.51B | $1.40B | $1.23B | $1.10B | $954.0M | $818.0M | $776.0M | $704.9M | $684.0M |
| Share buybacks (net) | $2.60B | $2.90B | $2.68B | $2.32B | $1.90B | $2.70B | $1.70B | $1.69B | $2.00B | $67.0M |
| Dividend payout ratio | 27.0% | 25.2% | 23.3% | 20.9% | 18.1% | 20.9% | 17.0% | 20.7% | 18.3% | 27.7% |
| Dividends + buybacks / free cash flow | 130.2% | 96.8% | 60.2% | 48.9% | 41.3% | 37.8% | 50.5% | 94.0% | 79.6% | 28.7% |
| Capex / revenue | 0.6% | 0.7% | 0.8% | 0.7% | 0.8% | 0.8% | 1.0% | 1.3% | 0.9% | 0.7% |
| Capex / operating cash flow | 26.0% | 21.6% | 16.1% | 13.7% | 13.0% | 9.6% | 17.8% | 31.6% | 18.9% | 18.2% |
| Capex / depreciation | 0.72 | 0.90 | 0.74 | 0.69 | 0.83 | 0.88 | 0.95 | 1.07 | 0.89 | 0.64 |
| Stock-based compensation / revenue | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% |
| SG&A / revenue | — | — | — | 11.3% | 0.0% | 14.3% | 12.8% | 15.2% | 14.0% | 14.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 25.9 | 26.3 | 25.8 | 25.0 | 23.5 | 23.5 | 25.1 | 25.6 | 24.4 | 22.5 |
| Days of inventory on hand | — | — | -84.7 | -78.0 | -129.5 | -131.4 | -121.8 | -156.9 | -178.3 | -153.0 |
| Days payables outstanding | 40.4 | 45.6 | 46.5 | 45.6 | 44.2 | 41.9 | 36.4 | 39.2 | 40.1 | 42.2 |
| Cash conversion cycle (days) | -14.5 | -19.2 | -105.5 | -98.6 | -150.2 | -149.7 | -133.1 | -170.5 | -194.0 | -172.8 |
| Receivables turnover | 14.08 | 13.86 | 14.16 | 14.61 | 15.56 | 15.51 | 14.55 | 14.25 | 14.95 | 16.24 |
| Payables turnover | 9.03 | 8.01 | 7.84 | 8.01 | 8.25 | 8.72 | 10.04 | 9.31 | 9.10 | 8.64 |
| Asset turnover | 1.67 | 1.57 | 1.62 | 1.56 | 1.49 | 1.46 | 1.38 | 1.28 | 1.31 | 1.31 |
| Average receivables | $14.14B | $12.76B | $12.10B | $10.72B | $8.91B | $7.86B | $7.16B | $6.46B | $6.02B | $5.23B |
| Average payables | $16.41B | $15.93B | $15.85B | $14.56B | $12.44B | $10.10B | $8.15B | $7.72B | $7.94B | $7.73B |
| Average inventory | — | — | −$28.86B | −$24.93B | −$36.41B | −$31.69B | −$27.30B | −$30.91B | −$35.29B | −$28.02B |
| Intangibles / total assets | 32.5% | 34.5% | 32.7% | 33.8% | 35.8% | 35.2% | 37.3% | 40.7% | 38.6% | 38.5% |
Computed from ELV's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ELV valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Elevance Health traded at 13.7 times earnings, against a 10-year median of 17.1. Based on the latest twelve months, the trailing P/E is 19.0 and the forward P/E is 13.7. Elevance Health earned a return on equity of 13.3% and a return on invested capital of 10.3% in fiscal 2025. It ended the year with $33.2 billion of debt and $9.5 billion in cash and short-term investments, net debt of $23.7 billion. It returned $4.1 billion to shareholders: $1.5 billion in dividends and $2.6 billion in share buybacks, 130% of free cash flow. The share count fell 17.3% from 268.1M to 221.8M over 9 years.
See the ELV income statement, the ELV chart for price history, or the ELV stock overview for the latest quote and news.
ELV key metrics FAQ
What is Elevance Health's P/E ratio?
Elevance Health's trailing P/E ratio is 19.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.7. At the end of fiscal 2025 it was 13.7, compared with a 10-year median of 17.1.
What is Elevance Health's EV/EBITDA?
Elevance Health's enterprise value was 10.5 times EBITDA at the end of fiscal 2025 (enterprise value $101.5 billion, EBITDA $9.7 billion).
What is Elevance Health's return on equity?
Elevance Health's return on equity (ROE) was 13.3% in fiscal 2025: net income of $5.7 billion on average shareholders' equity of $42.6 billion.
What is Elevance Health's ROIC?
Elevance Health's return on invested capital was 10.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Elevance Health have?
Elevance Health had total debt of $33.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.76 and $23.7 billion of net debt (2.46 times EBITDA).
What is Elevance Health's dividend yield?
Elevance Health's forward dividend yield is 1.61%. Elevance Health paid $1.5 billion in dividends in fiscal 2025 ($6.89 per share), a payout ratio of 27.0%.
Does Elevance Health buy back its shares?
Yes. Elevance Health spent $2.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −4.8% over the year, to 221.8M..
What is Elevance Health's free cash flow yield?
Elevance Health generated $3.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($77.8 billion).
What is Elevance Health's current ratio?
Elevance Health's current ratio was 1.24 at the end of fiscal 2025: current assets were 1.24 times current liabilities.