Elevance Health (ELV) Financials

$438.78 -2.39 (-0.54%)

As of 12:46 PM Eastern

Annual Income Statements for Elevance Health

This table shows Elevance Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	2,560	2,470	3,843	3,750	4,807	4,572	6,158	5,894	5,987	5,980
Consolidated Net Income / (Loss)	2,560	2,470	3,843	3,750	4,807	4,572	6,149	5,888	5,991	5,971
Net Income / (Loss) Continuing Operations	2,560	2,470	3,843	3,750	4,807	4,572	6,149	5,888	5,991	5,971
Total Pre-Tax Income	4,631	4,555	3,964	5,068	5,985	6,238	7,995	7,600	7,715	7,904
Total Operating Income	5,275	5,278	4,985	5,832	6,733	7,058	8,793	8,451	8,745	8,888
Total Gross Profit	18,040	18,029	17,804	20,210	20,435	24,869	25,173	26,918	29,717	29,493
Total Revenue	79,157	84,863	90,040	92,105	104,213	121,867	138,639	156,595	171,340	176,810
Operating Revenue	79,157	84,863	90,040	86,185	104,213	115,552	138,639	156,595	171,340	177,255
Other Revenue	-	-	-	5,920	-	6,315	-	-	-	-445
Total Cost of Revenue	61,117	66,834	72,236	71,895	83,778	96,998	113,466	129,677	141,623	147,317
Operating Cost of Revenue	61,117	66,834	72,236	71,895	83,778	96,998	113,466	129,677	141,623	147,317
Total Operating Expenses	12,765	12,751	12,819	14,378	13,702	17,811	16,380	18,467	20,972	20,605
Selling, General & Admin Expense	12,535	12,559	12,650	14,020	13,364	17,450	15,918	17,700	20,087	20,025
Amortization Expense	230	192	169	358	338	361	441	767	885	580
Total Other Income / (Expense), net	-644	-723	-1,021	-764	-748	-820	-798	-851	-1,030	-984
Interest Expense	644	723	1,021	764	748	820	798	851	1,030	1,185
Other Income / (Expense), net	-	-	-	-	-	-	-	0.00	0.00	201
Income Tax Expense	2,071	2,085	121	1,318	1,178	1,666	1,846	1,712	1,724	1,933
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-9.00	-6.00	4.00	-9.00
Basic Earnings per Share	$9.73	$9.39	$14.70	$14.53	$18.81	$18.23	$25.26	$24.56	$25.38	$25.81
Weighted Average Basic Shares Outstanding	263M	262.90M	261.50M	258.10M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Diluted Earnings per Share	$9.38	$9.21	$14.35	$14.19	$18.47	$17.98	$24.95	$24.28	$25.22	$25.68
Weighted Average Diluted Shares Outstanding	263M	262.90M	261.50M	258.10M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Weighted Average Basic & Diluted Shares Outstanding	263M	262.90M	261.50M	258.10M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Cash Dividends to Common per Share	$2.50	$2.60	$2.70	$3.00	$3.20	$3.80	$4.52	$5.12	$5.92	$6.52

This table shows Elevance Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	1,603	865	1,989	1,853	1,289	856	2,246	2,300	1,016	418
Consolidated Net Income / (Loss)	1,598	877	2,004	1,856	1,300	831	2,249	2,301	1,008	413
Net Income / (Loss) Continuing Operations	1,598	877	2,004	1,856	1,300	831	2,249	2,301	1,008	413
Total Pre-Tax Income	2,127	1,045	2,619	2,441	1,654	1,001	2,939	2,986	1,373	606
Total Operating Income	2,340	1,274	2,870	2,702	1,913	1,260	3,204	3,026	1,712	946
Total Gross Profit	7,081	6,088	7,905	2,923	7,595	11,294	8,206	3,188	1,834	16,265
Total Revenue	39,939	39,929	42,172	43,672	42,849	42,647	42,577	43,646	45,145	45,442
Operating Revenue	39,939	39,929	42,285	43,793	42,849	42,413	42,738	43,731	45,270	45,516
Total Cost of Revenue	32,858	33,841	34,267	40,749	35,254	31,353	34,371	40,458	43,311	29,177
Operating Cost of Revenue	32,858	33,841	34,267	40,749	35,254	31,353	34,371	40,458	43,311	29,177
Total Operating Expenses	4,741	4,814	5,035	221	5,682	10,034	5,002	162	122	15,319
Amortization Expense	225	247	235	221	212	217	116	162	122	180
Total Other Income / (Expense), net	-213	-229	-251	-261	-259	-259	-265	-40	-339	-340
Interest Expense	213	229	251	261	259	259	265	280	300	340
Income Tax Expense	529	168	615	585	354	170	690	685	365	193
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.00	12	15	3.00	11	-25	3.00	1.00	-8.00	-5.00
Basic Earnings per Share	$6.69	$3.66	$8.37	$7.83	$5.48	$3.70	$9.65	$9.91	$4.38	$1.87
Weighted Average Basic Shares Outstanding	238.83M	237.46M	237.06M	235.65M	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M
Diluted Earnings per Share	$6.62	$3.61	$8.30	$7.79	$5.45	$3.68	$9.59	$9.85	$4.36	$1.88
Weighted Average Diluted Shares Outstanding	238.83M	237.46M	237.06M	235.65M	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M
Weighted Average Basic & Diluted Shares Outstanding	238.83M	237.46M	237.06M	235.65M	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M

This table details how cash moves in and out of Elevance Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-38	1,962	-466	325	1,003	804	-861	2,507	-861	1,828
Net Cash From Operating Activities	4,212	3,270	4,185	3,827	6,061	10,688	8,364	8,399	8,061	5,808
Net Cash From Continuing Operating Activities	4,212	3,270	4,185	3,827	6,128	10,688	8,364	8,399	8,061	5,808
Net Income / (Loss) Continuing Operations	2,560	2,470	3,843	3,750	4,807	4,572	6,149	5,888	5,991	5,971
Consolidated Net Income / (Loss)	2,560	2,470	3,843	3,750	4,807	4,572	6,149	5,888	5,991	5,971
Depreciation Expense	106	104	111	1,132	1,133	1,154	1,302	1,675	1,745	1,393
Non-Cash Adjustments To Reconcile Net Income	21	97	235	432	201	248	-552	528	1,462	537
Changes in Operating Assets and Liabilities, net	723	-209	-784	-1,487	-13	4,714	1,465	308	-1,137	-2,093
Net Cash From Investing Activities	-1,152	-514	-5,082	-1,259	-2,792	-7,324	-9,638	-4,560	-5,572	-5,167
Net Cash From Continuing Investing Activities	-1,152	-514	-5,082	-1,259	-2,792	-7,324	-9,638	-4,560	-5,572	-5,167
Purchase of Property, Plant & Equipment	-638	-584	-791	-1,208	-1,077	-1,021	-1,087	-1,152	-1,296	-1,256
Acquisitions	-639	0.00	-2,080	-1,760	0.00	-1,976	-3,476	-649	-1,552	-4,809
Purchase of Investments	-11,681	-11,845	-16,375	-9,820	-22,700	-20,341	-19,625	-25,247	-16,158	-17,913
Divestitures	-	-	-	-	-	-	-	0.00	0.00	363
Sale and/or Maturity of Investments	11,780	11,918	14,152	11,600	21,035	16,059	14,613	22,608	13,536	18,572
Other Investing Activities, net	-8.20	-3.00	12	-71	-50	-45	-63	-120	-102	-124
Net Cash From Financing Activities	-3,093	-799	427	-2,241	-2,266	-2,567	423	-1,318	-3,349	1,193
Net Cash From Continuing Financing Activities	-3,093	-799	427	-2,241	-2,266	-2,567	423	-1,318	-3,349	1,193
Repayment of Debt	-4,635	-2,553	-7,815	-11,227	-9,455	-3,750	-2,091	-3,533	-2,167	-1,783
Repurchase of Common Equity	-1,516	0.00	-1,998	-1,685	-1,701	-2,700	-1,900	-2,316	-2,676	-2,900
Payment of Dividends	-657	-684	-705	-776	-818	-954	-1,104	-1,229	-1,395	-1,508
Issuance of Debt	3,987	2,400	11,468	9,955	9,859	3,454	4,837	4,436	2,799	7,985
Issuance of Common Equity	-	0.00	0.00	1,250	-	-	-	182	152	221
Other Financing Activities, net	-272	38	-523	242	-151	1,383	681	1,142	-62	-822
Effect of Exchange Rate Changes	-5.30	5.00	4.00	-2.00	0.00	7.00	-10	-14	-1.00	-6.00

This table details how cash moves in and out of Elevance Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	2,416	-1,485	2,755	-151	928	-4,393	-300	292	1,368	468
Net Cash From Operating Activities	4,924	-1,518	6,469	1,950	2,613	-2,971	1,978	447	2,677	706
Net Cash From Continuing Operating Activities	4,924	-1,518	6,469	1,950	2,613	-2,971	1,978	447	2,677	706
Net Income / (Loss) Continuing Operations	1,598	877	2,004	1,856	1,300	831	2,249	2,301	1,008	413
Consolidated Net Income / (Loss)	1,598	877	2,004	1,856	1,300	831	2,249	2,301	1,008	413
Depreciation Expense	451	473	462	433	426	424	331	335	329	398
Non-Cash Adjustments To Reconcile Net Income	80	202	204	242	645	371	250	-64	322	29
Changes in Operating Assets and Liabilities, net	2,795	-3,070	3,799	-581	242	-4,597	-852	-2,125	1,018	-134
Net Cash From Investing Activities	-1,247	289	-3,184	-672	-687	-1,029	-2,310	-818	-401	-1,638
Net Cash From Continuing Investing Activities	-1,247	289	-3,184	-672	-687	-1,029	-2,310	-818	-401	-1,638
Purchase of Property, Plant & Equipment	-305	-298	-301	-350	-319	-326	-279	-323	-332	-322
Acquisitions	-14	-26	-1,638	-13	81	18	-1,120	-4.00	-	-3,685
Purchase of Investments	-6,416	-4,958	-7,239	-10,264	-6,779	8,124	-6,315	-4,041	-4,510	-3,047
Divestitures	-	-	-	-	-	-	-	-	-	-36
Sale and/or Maturity of Investments	5,521	5,600	6,022	9,973	6,366	-8,825	5,433	3,187	4,472	5,480
Other Investing Activities, net	-33	-29	-28	-18	-36	-20	-29	-36	-31	-28
Net Cash From Financing Activities	-1,255	-258	-531	-1,430	-994	-394	32	668	-915	1,408
Net Cash From Continuing Financing Activities	-1,255	-258	-531	-1,430	-994	-394	32	668	-915	1,408
Repayment of Debt	-33	-1,192	-1,906	3.00	-265	1.00	4.00	4.00	-874	-917
Repurchase of Common Equity	-579	-568	-622	-646	-480	-928	-566	-463	-60	-1,811
Payment of Dividends	-306	-305	-351	-350	-348	-346	-379	-378	-378	-373
Issuance of Debt	201	1,410	2,899	-325	-	225	1,350	1,230	210	5,195
Other Financing Activities, net	-538	215	-551	-112	99	502	-377	275	187	-907
Effect of Exchange Rate Changes	-6.00	2.00	1.00	1.00	-4.00	1.00	0.00	-5.00	7.00	-8.00

This table presents Elevance Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	61,718	65,083	70,540	71,571	77,453	86,615	97,456	102,755	108,928	116,889
Total Current Assets	30,862	34,315	36,263	34,321	39,033	45,751	51,122	55,617	60,029	58,942
Cash & Equivalents	2,114	4,075	3,609	3,934	4,937	5,741	4,880	7,387	6,526	8,288
Short-Term Investments	18,552	18,812	21,156	18,368	20,685	24,992	28,148	26,905	29,843	26,393
Accounts Receivable	7,024	8,397	4,847	4,836	5,377	5,679	7,759	8,961	9,963	11,060
Other Current Assets	2,856	2,862	6,309	7,173	8,034	9,339	10,335	12,364	13,697	13,201
Plant, Property, & Equipment, net	2,020	1,978	2,175	2,735	3,133	3,483	3,919	4,316	4,359	4,652
Total Noncurrent Assets	28,836	28,790	32,102	34,515	35,287	37,381	42,415	42,822	44,540	53,295
Long-Term Investments	2,630	2,796	3,905	4,213	4,763	4,847	5,857	6,437	6,983	10,784
Goodwill	17,562	17,561	19,231	20,504	20,500	21,691	24,228	24,383	25,317	28,277
Intangible Assets	8,158	7,965	8,368	9,007	8,674	9,405	10,615	10,315	10,273	12,094
Other Noncurrent Operating Assets	485	468	598	791	1,350	1,438	1,715	1,687	1,967	2,140
Total Liabilities & Shareholders' Equity	61,718	65,083	70,540	71,571	77,453	86,615	97,456	102,755	108,928	116,889
Total Liabilities	38,674	39,983	44,037	43,030	45,725	53,416	61,293	66,425	69,523	75,463
Total Current Liabilities	19,093	21,294	23,356	21,965	23,532	29,453	34,885	39,696	41,791	40,581
Short-Term Debt	540	1,368	2,550	1,994	2,298	700	1,874	1,765	1,874	2,014
Accounts Payable	10,889	11,908	13,016	12,413	4,198	16,852	4,970	5,607	6,910	6,927
Other Current Liabilities	6,291	6,868	7,266	6,879	17,036	11,901	28,041	32,324	33,007	31,487
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	0.00	153
Total Noncurrent Liabilities	19,581	18,688	20,681	21,065	22,193	23,963	26,408	26,729	27,732	34,882
Long-Term Debt	15,325	14,359	17,382	17,217	17,787	19,335	21,157	22,349	23,246	29,218
Noncurrent Deferred & Payable Income Tax Liabilities	2,631	2,780	1,727	1,960	2,227	2,019	2,815	2,015	1,970	2,148
Other Noncurrent Operating Liabilities	1,626	1,550	1,572	1,888	2,179	2,609	2,436	2,365	2,516	3,516
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	23,044	25,100	26,503	28,541	31,728	33,199	36,163	36,330	39,405	41,426
Total Preferred & Common Equity	23,044	25,100	26,503	28,541	31,728	33,199	36,095	36,243	39,306	41,315
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	23,044	25,100	26,503	28,541	31,728	33,199	36,095	36,243	39,306	41,315
Common Stock	8,558	8,808	8,550	9,539	9,451	9,247	9,150	9,086	8,870	8,913
Retained Earnings	14,779	16,561	18,054	19,988	22,573	23,802	27,142	29,647	31,749	33,549
Accumulated Other Comprehensive Income / (Loss)	-293	-268	-101	-986	-296	150	-197	-2,490	-1,313	-1,147
Noncontrolling Interest	-	-	-	-	-	0.00	68	87	99	111

This table presents Elevance Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	103,026	102,755	109,040	109,168	110,478	108,928	111,894	112,988	116,533	116,889
Total Current Assets	55,603	55,617	59,823	59,743	61,185	60,029	60,948	62,274	62,846	58,942
Cash & Equivalents	8,872	7,387	10,142	9,991	10,919	6,526	6,226	6,497	7,866	8,288
Short-Term Investments	27,029	26,905	28,028	28,293	27,976	29,843	30,041	29,494	30,067	26,393
Accounts Receivable	7,524	8,961	8,464	9,092	9,049	9,963	9,362	11,178	11,190	11,060
Other Current Assets	12,178	12,364	13,189	12,367	13,241	13,697	15,319	15,105	13,723	13,201
Plant, Property, & Equipment, net	4,197	4,316	4,418	4,547	4,248	4,359	4,451	4,450	4,505	4,652
Total Noncurrent Assets	43,226	42,822	44,799	44,878	45,045	44,540	46,495	46,264	49,182	53,295
Long-Term Investments	6,138	6,437	6,754	6,768	6,934	6,983	7,593	7,659	10,287	10,784
Goodwill	24,381	24,383	25,273	25,274	25,291	25,317	25,947	25,962	25,967	28,277
Intangible Assets	10,536	10,315	10,915	10,703	10,491	10,273	10,710	10,447	10,325	12,094
Other Noncurrent Operating Assets	2,171	1,687	1,857	2,133	2,329	1,967	2,245	2,196	2,603	2,140
Total Liabilities & Shareholders' Equity	103,026	102,755	109,040	109,168	110,478	108,928	111,894	112,988	116,533	116,889
Total Liabilities	66,983	66,425	71,580	70,856	71,939	69,523	71,184	70,691	72,654	75,463
Total Current Liabilities	41,287	39,696	41,889	41,571	43,337	41,791	44,334	41,813	42,033	40,581
Short-Term Debt	2,514	1,765	265	265	799	1,874	4,475	3,125	2,460	2,014
Accounts Payable	20,205	5,607	4,873	5,033	5,983	6,910	5,658	5,760	6,255	6,927
Other Current Liabilities	18,568	32,324	36,751	36,273	36,555	33,007	34,201	32,763	33,155	31,487
Other Current Nonoperating Liabilities	-	-	-	-	-	0.00	-	165	163	153
Total Noncurrent Liabilities	25,696	26,729	29,691	29,285	28,602	27,732	26,850	28,878	30,621	34,882
Long-Term Debt	21,258	22,349	25,201	24,859	24,045	23,246	21,976	24,561	24,688	29,218
Noncurrent Deferred & Payable Income Tax Liabilities	1,825	2,015	2,029	1,852	1,779	1,970	2,201	2,037	2,092	2,148
Other Noncurrent Operating Liabilities	2,613	2,365	2,461	2,574	2,778	2,516	2,673	2,280	3,841	3,516
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	36,043	36,330	37,460	38,312	38,539	39,405	40,710	42,297	43,879	41,426
Total Preferred & Common Equity	35,991	36,243	37,356	38,205	38,423	39,306	40,608	42,191	43,775	41,315
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	35,991	36,243	37,356	38,205	38,423	39,306	40,608	42,191	43,775	41,315
Common Stock	9,171	9,086	8,699	8,763	8,832	8,870	8,885	9,003	9,107	8,913
Retained Earnings	29,604	29,647	30,707	31,608	32,103	31,749	33,088	34,575	35,157	33,549
Accumulated Other Comprehensive Income / (Loss)	-2,784	-2,490	-2,050	-2,166	-2,512	-1,313	-1,365	-1,387	-489	-1,147
Noncontrolling Interest	52	87	104	107	116	99	102	106	104	111

This table displays calculated financial ratios and metrics derived from Elevance Health's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.15%	7.21%	6.10%	2.29%	13.15%	16.94%	13.76%	12.95%	9.42%	3.19%
EBITDA Growth	4.77%	0.12%	-5.07%	18.52%	12.95%	4.40%	22.93%	0.31%	3.59%	-0.08%
EBIT Growth	4.45%	0.06%	-5.55%	16.99%	15.45%	4.83%	24.58%	-3.89%	3.48%	3.93%
NOPAT Growth	-1.48%	-1.84%	68.86%	-10.71%	25.32%	-4.34%	30.73%	-3.19%	3.72%	-1.13%
Net Income Growth	-0.38%	-3.52%	55.59%	-2.42%	28.19%	-4.89%	34.49%	-4.24%	1.75%	-0.33%
EPS Growth	4.34%	-1.81%	55.81%	-1.12%	30.16%	-2.65%	38.77%	-2.69%	3.87%	1.82%
Operating Cash Flow Growth	25.01%	-22.36%	27.98%	-8.55%	58.37%	76.34%	-21.74%	0.42%	-4.02%	-27.95%
Free Cash Flow Firm Growth	-25.53%	25.29%	-33.61%	-61.87%	518.61%	71.50%	-54.09%	73.85%	-25.32%	-89.85%
Invested Capital Growth	1.67%	-3.01%	17.31%	19.54%	0.90%	-17.61%	15.04%	-2.92%	7.40%	29.16%
Revenue Q/Q Growth	1.54%	1.83%	1.09%	0.76%	4.03%	3.76%	3.55%	2.18%	1.61%	1.61%
EBITDA Q/Q Growth	-7.08%	4.92%	-4.39%	3.18%	-2.89%	-5.05%	10.16%	-2.21%	-0.60%	-1.31%
EBIT Q/Q Growth	-8.57%	5.79%	-5.05%	2.72%	9.07%	-6.38%	10.85%	-3.89%	-0.16%	-1.23%
NOPAT Q/Q Growth	-9.91%	7.36%	38.90%	-22.43%	10.68%	-6.87%	10.20%	-3.47%	-0.36%	-5.22%
Net Income Q/Q Growth	-11.29%	8.22%	28.93%	-17.71%	11.87%	-7.73%	11.37%	-4.04%	-0.76%	-6.54%
EPS Q/Q Growth	-10.33%	7.47%	29.75%	-17.74%	12.48%	-7.18%	11.63%	-4.07%	0.28%	-6.55%
Operating Cash Flow Q/Q Growth	21.31%	-19.03%	-27.38%	85.51%	16.63%	30.31%	-20.38%	-27.53%	-15.27%	172.55%
Free Cash Flow Firm Q/Q Growth	1.30%	-1.08%	-62.71%	119.62%	11.12%	10.64%	-44.15%	-11.38%	-24.22%	-67.55%
Invested Capital Q/Q Growth	-1.82%	-0.37%	39.34%	-6.08%	-6.03%	-12.91%	6.60%	10.91%	20.62%	19.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.79%	21.24%	19.77%	21.94%	19.61%	20.41%	18.16%	17.19%	17.34%	16.68%
EBITDA Margin	7.81%	7.29%	6.53%	7.56%	7.55%	6.74%	7.28%	6.47%	6.12%	5.93%
Operating Margin	6.66%	6.22%	5.54%	6.33%	6.46%	5.79%	6.34%	5.40%	5.10%	5.03%
EBIT Margin	6.66%	6.22%	5.54%	6.33%	6.46%	5.79%	6.34%	5.40%	5.10%	5.14%
Profit (Net Income) Margin	3.23%	2.91%	4.27%	4.07%	4.61%	3.75%	4.44%	3.76%	3.50%	3.38%
Tax Burden Percent	55.28%	54.23%	96.95%	73.99%	80.32%	73.29%	76.91%	77.47%	77.65%	75.54%
Interest Burden Percent	87.80%	86.30%	79.52%	86.90%	88.89%	88.38%	90.92%	89.93%	88.22%	86.96%
Effective Tax Rate	44.72%	45.77%	3.05%	26.01%	19.68%	26.71%	23.09%	22.53%	22.35%	24.46%
Return on Invested Capital (ROIC)	18.83%	18.61%	29.37%	22.13%	25.35%	26.47%	35.63%	32.72%	33.22%	27.68%
ROIC Less NNEP Spread (ROIC-NNEP)	23.19%	23.12%	39.96%	29.18%	32.18%	31.12%	39.54%	36.78%	37.81%	32.28%
Return on Net Nonoperating Assets (RNNOA)	-8.01%	-8.35%	-14.48%	-8.50%	-9.40%	-12.39%	-17.90%	-16.47%	-17.40%	-12.90%
Return on Equity (ROE)	10.83%	10.26%	14.89%	13.63%	15.95%	14.08%	17.73%	16.24%	15.82%	14.77%
Cash Return on Invested Capital (CROIC)	17.17%	21.66%	13.44%	4.32%	24.45%	45.79%	21.64%	35.69%	26.09%	2.23%
Operating Return on Assets (OROA)	8.55%	8.32%	7.35%	8.21%	9.04%	8.60%	9.55%	8.44%	8.26%	8.05%
Return on Assets (ROA)	4.15%	3.90%	5.67%	5.28%	6.45%	5.57%	6.68%	5.88%	5.66%	5.29%
Return on Common Equity (ROCE)	10.83%	10.26%	14.89%	13.63%	15.95%	14.08%	17.71%	16.21%	15.78%	14.74%
Return on Equity Simple (ROE_SIMPLE)	11.11%	9.84%	14.50%	13.14%	15.15%	13.77%	17.04%	16.25%	15.24%	14.45%
Net Operating Profit after Tax (NOPAT)	2,916	2,862	4,833	4,315	5,408	5,173	6,763	6,547	6,791	6,714
NOPAT Margin	3.68%	3.37%	5.37%	4.69%	5.19%	4.24%	4.88%	4.18%	3.96%	3.80%
Net Nonoperating Expense Percent (NNEP)	-4.36%	-4.51%	-10.59%	-7.05%	-6.83%	-4.65%	-3.91%	-4.06%	-4.59%	-4.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.83%	10.52%	9.24%
Cost of Revenue to Revenue	77.21%	78.76%	80.23%	78.06%	80.39%	79.59%	81.84%	82.81%	82.66%	83.32%
SG&A Expenses to Revenue	15.84%	14.80%	14.05%	15.22%	12.82%	14.32%	11.48%	11.30%	11.72%	11.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.13%	15.03%	14.24%	15.61%	13.15%	14.62%	11.81%	11.79%	12.24%	11.65%
Earnings before Interest and Taxes (EBIT)	5,275	5,278	4,985	5,832	6,733	7,058	8,793	8,451	8,745	9,089
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,183	6,190	5,876	6,964	7,866	8,212	10,095	10,126	10,490	10,482
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.42	1.38	2.03	2.24	2.30	2.32	3.05	3.29	2.78	2.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	28.56	36.65	87.80	77.25	29.42	90.63
Price to Revenue (P/Rev)	0.41	0.41	0.60	0.69	0.70	0.63	0.79	0.76	0.64	0.48
Price to Earnings (P/E)	12.79	14.07	13.99	17.06	15.17	16.86	17.85	20.25	18.26	14.31
Dividend Yield	1.99%	1.97%	1.29%	1.21%	1.11%	1.23%	1.00%	1.02%	1.27%	1.77%
Earnings Yield	7.82%	7.11%	7.15%	5.86%	6.59%	5.93%	5.60%	4.94%	5.48%	6.99%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.64	2.53	2.67	2.92	3.49	4.64	5.22	4.31	2.61
Enterprise Value to Revenue (EV/Rev)	0.32	0.29	0.50	0.62	0.60	0.51	0.68	0.66	0.53	0.40
Enterprise Value to EBITDA (EV/EBITDA)	4.10	4.01	7.66	8.14	7.96	7.49	9.33	10.15	8.69	6.82
Enterprise Value to EBIT (EV/EBIT)	4.80	4.70	9.03	9.71	9.30	8.72	10.71	12.17	10.43	7.86
Enterprise Value to NOPAT (EV/NOPAT)	8.68	8.66	9.32	13.13	11.58	11.90	13.92	15.70	13.43	10.64
Enterprise Value to Operating Cash Flow (EV/OCF)	6.01	7.58	10.76	14.80	10.34	5.76	11.25	12.24	11.31	12.30
Enterprise Value to Free Cash Flow (EV/FCFF)	9.52	7.44	20.36	67.18	12.01	6.88	22.92	14.40	17.10	131.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.63	0.75	0.67	0.63	0.60	0.64	0.66	0.64	0.75
Long-Term Debt to Equity	0.67	0.57	0.66	0.60	0.56	0.58	0.59	0.62	0.59	0.71
Financial Leverage	-0.35	-0.36	-0.36	-0.29	-0.29	-0.40	-0.45	-0.45	-0.46	-0.40
Leverage Ratio	2.61	2.63	2.63	2.58	2.47	2.53	2.65	2.76	2.80	2.79
Compound Leverage Factor	2.29	2.27	2.09	2.24	2.20	2.23	2.41	2.48	2.47	2.43
Debt to Total Capital	40.77%	38.52%	42.92%	40.23%	38.76%	37.64%	38.91%	39.89%	38.93%	42.98%
Short-Term Debt to Total Capital	1.39%	3.35%	5.49%	4.18%	4.44%	1.31%	3.17%	2.92%	2.90%	2.77%
Long-Term Debt to Total Capital	39.39%	35.17%	37.43%	36.06%	34.33%	36.32%	35.74%	36.97%	36.03%	40.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.14%	0.15%	0.15%
Common Equity to Total Capital	59.23%	61.48%	57.08%	59.77%	61.24%	62.36%	60.98%	59.96%	60.92%	56.86%
Debt to EBITDA	2.57	2.54	3.39	2.76	2.55	2.44	2.28	2.38	2.39	2.98
Net Debt to EBITDA	-1.20	-1.61	-1.49	-1.05	-1.31	-1.89	-1.57	-1.64	-1.74	-1.36
Long-Term Debt to EBITDA	2.48	2.32	2.96	2.47	2.26	2.35	2.10	2.21	2.22	2.79
Debt to NOPAT	5.44	5.50	4.12	4.45	3.71	3.87	3.41	3.68	3.70	4.65
Net Debt to NOPAT	-2.55	-3.48	-1.81	-1.69	-1.90	-3.01	-2.34	-2.54	-2.68	-2.12
Long-Term Debt to NOPAT	5.26	5.02	3.60	3.99	3.29	3.74	3.13	3.41	3.42	4.35
Altman Z-Score	2.64	2.69	2.82	3.05	3.24	3.15	3.39	3.46	3.39	3.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.21%	0.25%	0.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.62	1.61	1.55	1.56	1.66	1.55	1.47	1.40	1.44	1.45
Quick Ratio	1.45	1.47	1.27	1.24	1.32	1.24	1.17	1.09	1.11	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,659	3,331	2,212	843	5,217	8,947	4,108	7,141	5,333	541
Operating Cash Flow to CapEx	698.61%	559.93%	529.08%	316.80%	562.77%	1,046.82%	769.46%	729.08%	621.99%	462.42%
Free Cash Flow to Firm to Interest Expense	4.13	4.61	2.17	1.10	6.97	10.91	5.15	8.39	5.18	0.46
Operating Cash Flow to Interest Expense	6.54	4.52	4.10	5.01	8.10	13.03	10.48	9.87	7.83	4.90
Operating Cash Flow Less CapEx to Interest Expense	5.61	3.72	3.32	3.43	6.66	11.79	9.12	8.52	6.57	3.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.28	1.34	1.33	1.30	1.40	1.49	1.51	1.56	1.62	1.57
Accounts Receivable Turnover	11.34	11.01	13.60	19.02	20.41	22.05	20.63	18.73	18.11	16.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	39.94	42.46	43.36	37.52	35.52	36.84	37.46	38.03	39.50	39.24
Accounts Payable Turnover	5.71	5.86	5.80	5.65	10.09	9.22	10.40	24.52	22.63	21.29
Days Sales Outstanding (DSO)	32.20	33.16	26.84	19.19	17.89	16.56	17.69	19.49	20.16	21.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	63.91	62.25	62.97	64.55	36.19	39.61	35.10	14.89	16.13	17.14
Cash Conversion Cycle (CCC)	-31.71	-29.08	-36.12	-45.36	-18.30	-23.05	-17.41	4.60	4.03	4.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,613	15,144	17,765	21,237	21,428	17,654	20,309	19,715	21,173	27,346
Invested Capital Turnover	5.11	5.52	5.47	4.72	4.89	6.24	7.30	7.83	8.38	7.29
Increase / (Decrease) in Invested Capital	257	-469	2,621	3,472	191	-3,774	2,655	-594	1,458	6,173
Enterprise Value (EV)	25,321	24,793	45,018	56,653	62,643	61,540	94,136	102,823	91,195	71,434
Market Capitalization	32,752	34,749	53,756	63,957	72,943	77,085	109,922	119,351	109,328	85,556
Book Value per Share	$88.27	$95.28	$103.22	$110.35	$125.13	$133.49	$148.71	$151.75	$167.29	$178.14
Tangible Book Value per Share	($10.25)	($1.62)	($4.27)	($3.75)	$10.07	$8.46	$5.16	$6.47	$15.82	$4.07
Total Capital	38,909	40,827	46,435	47,752	51,813	53,234	59,194	60,444	64,525	72,658
Total Debt	15,865	15,727	19,932	19,211	20,085	20,035	23,031	24,114	25,120	31,232
Total Long-Term Debt	15,325	14,359	17,382	17,217	17,787	19,335	21,157	22,349	23,246	29,218
Net Debt	-7,431	-9,957	-8,738	-7,304	-10,300	-15,545	-15,854	-16,615	-18,232	-14,233
Capital Expenditures (CapEx)	603	584	791	1,208	1,077	1,021	1,087	1,152	1,296	1,256
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,356	-8,498	-9,308	-7,952	-7,823	-13,735	-14,917	-16,606	-16,257	-14,306
Debt-free Net Working Capital (DFNWC)	12,310	14,389	15,457	14,350	17,799	16,998	18,111	17,686	20,112	20,375
Net Working Capital (NWC)	11,770	13,021	12,907	12,356	15,501	16,298	16,237	15,921	18,238	18,361
Net Nonoperating Expense (NNE)	356	392	990	565	601	601	614	659	800	743
Net Nonoperating Obligations (NNO)	-7,431	-9,957	-8,738	-7,304	-10,300	-15,545	-15,854	-16,615	-18,232	-14,080
Total Depreciation and Amortization (D&A)	908	912	891	1,132	1,133	1,154	1,302	1,675	1,745	1,393
Debt-free, Cash-free Net Working Capital to Revenue	-10.56%	-10.01%	-10.34%	-8.63%	-7.51%	-11.27%	-10.76%	-10.60%	-9.49%	-8.09%
Debt-free Net Working Capital to Revenue	15.55%	16.96%	17.17%	15.58%	17.08%	13.95%	13.06%	11.29%	11.74%	11.52%
Net Working Capital to Revenue	14.87%	15.34%	14.33%	13.42%	14.87%	13.37%	11.71%	10.17%	10.64%	10.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$9.73	$9.39	$14.70	$14.53	$18.81	$18.23	$25.04	$25.10	$25.38	$25.81
Adjusted Weighted Average Basic Shares Outstanding	261.35M	264.38M	255.72M	257.01M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Adjusted Diluted Earnings per Share	$9.38	$9.21	$14.35	$14.19	$18.47	$17.98	$24.73	$24.81	$25.22	$25.68
Adjusted Weighted Average Diluted Shares Outstanding	261.35M	264.38M	255.72M	257.01M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	261.35M	264.38M	255.72M	257.01M	252.33M	489.81M	482.61M	237.46M	232.67M	227.35M
Normalized Net Operating Profit after Tax (NOPAT)	2,916	2,862	4,833	4,315	5,408	5,173	6,779	6,547	6,791	6,714
Normalized NOPAT Margin	3.68%	3.37%	5.37%	4.69%	5.19%	4.24%	4.89%	4.18%	3.96%	3.80%
Pre Tax Income Margin	5.85%	5.37%	4.40%	5.50%	5.74%	5.12%	5.77%	4.85%	4.50%	4.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.19	7.30	4.88	7.63	9.00	8.61	11.02	9.93	8.49	7.67
NOPAT to Interest Expense	4.53	3.96	4.73	5.65	7.23	6.31	8.47	7.69	6.59	5.67
EBIT Less CapEx to Interest Expense	7.26	6.49	4.11	6.05	7.56	7.36	9.66	8.58	7.23	6.61
NOPAT Less CapEx to Interest Expense	3.59	3.15	3.96	4.07	5.79	5.06	7.11	6.34	5.33	4.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.65%	27.69%	18.35%	20.69%	17.02%	20.87%	17.95%	20.87%	23.28%	25.26%
Augmented Payout Ratio	84.86%	27.69%	70.34%	65.63%	52.40%	79.92%	48.85%	60.21%	67.95%	73.82%

This table displays calculated financial ratios and metrics derived from Elevance Health's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.49%	9.15%	10.70%	13.05%	7.29%	6.81%	0.96%	-0.06%	5.36%	6.55%
EBITDA Growth	9.54%	-13.73%	16.30%	15.13%	-16.19%	-3.61%	6.09%	14.86%	-14.41%	-20.19%
EBIT Growth	6.51%	-23.48%	14.48%	15.97%	-18.25%	-1.10%	11.64%	20.87%	-12.55%	-24.92%
NOPAT Growth	6.34%	-19.94%	13.55%	14.51%	-14.47%	-2.17%	11.64%	13.50%	-16.41%	-38.36%
Net Income Growth	6.39%	-25.61%	12.65%	13.59%	-18.65%	-5.25%	12.23%	23.98%	-22.46%	-50.30%
EPS Growth	7.99%	-25.72%	13.39%	15.75%	-17.67%	1.94%	15.54%	26.44%	-20.00%	-48.91%
Operating Cash Flow Growth	96.65%	-190.79%	154.58%	-20.47%	-46.93%	-95.72%	-69.42%	-77.08%	2.45%	123.76%
Free Cash Flow Firm Growth	5.67%	226.04%	226.90%	60.93%	-43.13%	-124.77%	-181.89%	-273.56%	-341.03%	-1,241.86%
Invested Capital Growth	-6.70%	-2.92%	-6.64%	-6.50%	-1.25%	7.40%	29.44%	44.14%	30.85%	29.16%
Revenue Q/Q Growth	3.38%	-0.03%	5.62%	3.56%	-1.88%	-0.47%	-0.16%	2.51%	3.43%	0.66%
EBITDA Q/Q Growth	2.50%	-37.41%	90.73%	-5.91%	-25.39%	-28.00%	109.92%	1.87%	-44.40%	-32.87%
EBIT Q/Q Growth	0.43%	-45.56%	125.27%	-5.85%	-29.20%	-34.13%	154.29%	1.94%	-48.78%	-43.45%
NOPAT Q/Q Growth	-2.01%	-39.18%	105.40%	-6.45%	-26.81%	-30.43%	134.39%	-4.89%	-46.10%	-48.71%
Net Income Q/Q Growth	-2.20%	-45.12%	128.51%	-7.39%	-29.96%	-36.08%	170.64%	2.31%	-56.19%	-59.03%
EPS Q/Q Growth	-1.63%	-45.47%	129.92%	-6.14%	-30.04%	-32.48%	160.60%	2.71%	-55.74%	-56.88%
Operating Cash Flow Q/Q Growth	100.82%	-130.83%	526.15%	-69.86%	34.00%	-213.70%	166.58%	-77.40%	498.88%	-73.63%
Free Cash Flow Firm Q/Q Growth	46.56%	-45.18%	109.06%	-4.19%	-48.20%	-123.88%	-591.10%	-103.08%	28.07%	-32.92%
Invested Capital Q/Q Growth	-9.59%	10.91%	-8.69%	2.12%	-4.51%	20.62%	10.05%	13.72%	-13.31%	19.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.73%	15.25%	18.74%	6.69%	17.73%	26.48%	19.27%	7.30%	4.06%	35.79%
EBITDA Margin	6.99%	4.38%	7.90%	7.18%	5.46%	3.95%	8.30%	8.25%	4.43%	2.96%
Operating Margin	5.86%	3.19%	6.81%	6.19%	4.46%	2.95%	7.53%	6.93%	3.79%	2.08%
EBIT Margin	5.86%	3.19%	6.81%	6.19%	4.46%	2.95%	7.53%	7.48%	3.71%	2.08%
Profit (Net Income) Margin	4.00%	2.20%	4.75%	4.25%	3.03%	1.95%	5.28%	5.27%	2.23%	0.91%
Tax Burden Percent	75.13%	83.92%	76.52%	76.03%	78.60%	83.02%	76.52%	77.06%	73.42%	68.15%
Interest Burden Percent	90.90%	82.03%	91.25%	90.34%	86.46%	79.44%	91.73%	91.43%	82.07%	64.06%
Effective Tax Rate	24.87%	16.08%	23.48%	23.97%	21.40%	16.98%	23.48%	22.94%	26.58%	31.85%
Return on Invested Capital (ROIC)	36.63%	20.95%	44.88%	40.98%	33.50%	20.56%	47.89%	40.88%	23.91%	10.34%
ROIC Less NNEP Spread (ROIC-NNEP)	37.55%	22.14%	45.94%	42.08%	34.53%	21.79%	48.99%	41.05%	25.10%	11.77%
Return on Net Nonoperating Assets (RNNOA)	-18.30%	-9.92%	-22.63%	-20.50%	-18.17%	-10.03%	-23.10%	-18.20%	-12.76%	-4.71%
Return on Equity (ROE)	18.33%	11.04%	22.25%	20.48%	15.32%	10.53%	24.78%	22.69%	11.15%	5.63%
Cash Return on Invested Capital (CROIC)	43.76%	35.69%	43.40%	43.88%	39.84%	26.09%	8.46%	-3.53%	8.23%	2.23%
Operating Return on Assets (OROA)	8.93%	4.99%	10.44%	9.76%	7.05%	4.78%	11.70%	11.57%	5.68%	3.26%
Return on Assets (ROA)	6.10%	3.44%	7.29%	6.71%	4.79%	3.15%	8.21%	8.15%	3.42%	1.42%
Return on Common Equity (ROCE)	18.30%	11.01%	22.20%	20.44%	15.29%	10.50%	24.72%	22.63%	11.12%	5.62%
Return on Equity Simple (ROE_SIMPLE)	17.05%	0.00%	16.36%	16.58%	15.71%	0.00%	15.36%	15.84%	14.60%	0.00%
Net Operating Profit after Tax (NOPAT)	1,758	1,069	2,196	2,054	1,504	1,046	2,452	2,332	1,257	645
NOPAT Margin	4.40%	2.68%	5.21%	4.70%	3.51%	2.45%	5.76%	5.34%	2.78%	1.42%
Net Nonoperating Expense Percent (NNEP)	-0.91%	-1.18%	-1.06%	-1.10%	-1.04%	-1.23%	-1.10%	-0.17%	-1.19%	-1.43%
Return On Investment Capital (ROIC_SIMPLE)	-	1.77%	-	-	-	1.62%	-	-	-	0.89%
Cost of Revenue to Revenue	82.27%	84.75%	81.26%	93.31%	82.28%	73.52%	80.73%	92.70%	95.94%	64.21%
SG&A Expenses to Revenue	11.31%	11.44%	11.38%	0.00%	12.77%	0.00%	11.48%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.87%	12.06%	11.94%	0.51%	13.26%	23.53%	11.75%	0.37%	0.27%	33.71%
Earnings before Interest and Taxes (EBIT)	2,340	1,274	2,870	2,702	1,913	1,260	3,204	3,266	1,673	946
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,791	1,747	3,332	3,135	2,339	1,684	3,535	3,601	2,002	1,344
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.98	3.29	2.89	2.72	2.64	2.78	3.00	2.98	2.75	2.07
Price to Tangible Book Value (P/TBV)	99.97	77.25	92.29	46.68	38.37	29.42	30.84	21.78	16.11	90.63
Price to Revenue (P/Rev)	0.70	0.76	0.67	0.63	0.60	0.64	0.71	0.73	0.69	0.48
Price to Earnings (P/E)	17.41	20.25	17.69	16.48	16.90	18.26	19.51	18.82	18.79	14.31
Dividend Yield	1.11%	1.02%	1.17%	1.26%	1.33%	1.27%	1.17%	1.15%	1.23%	1.77%
Earnings Yield	5.74%	4.94%	5.65%	6.07%	5.92%	5.48%	5.12%	5.31%	5.32%	6.99%
Enterprise Value to Invested Capital (EV/IC)	5.02	5.22	4.91	4.58	4.58	4.31	4.49	4.15	4.34	2.61
Enterprise Value to Revenue (EV/Rev)	0.58	0.66	0.55	0.51	0.48	0.53	0.61	0.64	0.57	0.40
Enterprise Value to EBITDA (EV/EBITDA)	8.61	10.15	8.35	7.65	7.63	8.69	9.78	10.08	9.38	6.82
Enterprise Value to EBIT (EV/EBIT)	10.14	12.17	10.03	9.16	9.19	10.43	11.51	11.71	10.83	7.86
Enterprise Value to NOPAT (EV/NOPAT)	13.15	15.70	12.99	11.91	11.81	13.43	14.83	15.03	14.06	10.64
Enterprise Value to Operating Cash Flow (EV/OCF)	7.69	12.24	7.17	7.12	8.46	11.31	29.28	53.26	46.74	12.30
Enterprise Value to Free Cash Flow (EV/FCFF)	11.06	14.40	10.93	10.09	11.44	17.10	59.82	0.00	59.71	131.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.66	0.68	0.66	0.64	0.64	0.65	0.65	0.62	0.75
Long-Term Debt to Equity	0.59	0.62	0.67	0.65	0.62	0.59	0.54	0.58	0.56	0.71
Financial Leverage	-0.49	-0.45	-0.49	-0.49	-0.53	-0.46	-0.47	-0.44	-0.51	-0.40
Leverage Ratio	2.80	2.76	2.85	2.83	2.86	2.80	2.83	2.76	2.75	2.79
Compound Leverage Factor	2.54	2.27	2.60	2.56	2.48	2.22	2.59	2.52	2.26	1.79
Debt to Total Capital	39.74%	39.89%	40.47%	39.61%	39.20%	38.93%	39.38%	39.56%	38.22%	42.98%
Short-Term Debt to Total Capital	4.20%	2.92%	0.42%	0.42%	1.26%	2.90%	6.66%	4.47%	3.46%	2.77%
Long-Term Debt to Total Capital	35.54%	36.97%	40.05%	39.19%	37.94%	36.03%	32.72%	35.10%	34.76%	40.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.09%	0.14%	0.17%	0.17%	0.18%	0.15%	0.15%	0.15%	0.15%	0.15%
Common Equity to Total Capital	60.17%	59.96%	59.37%	60.23%	60.62%	60.92%	60.46%	60.29%	61.63%	56.86%
Debt to EBITDA	2.30	2.38	2.40	2.28	2.35	2.39	2.47	2.54	2.56	2.98
Net Debt to EBITDA	-1.76	-1.64	-1.84	-1.81	-1.99	-1.74	-1.63	-1.46	-1.98	-1.36
Long-Term Debt to EBITDA	2.05	2.21	2.38	2.26	2.28	2.22	2.06	2.25	2.32	2.79
Debt to NOPAT	3.51	3.68	3.74	3.55	3.65	3.70	3.75	3.78	3.83	4.65
Net Debt to NOPAT	-2.69	-2.54	-2.86	-2.82	-3.08	-2.68	-2.47	-2.18	-2.97	-2.12
Long-Term Debt to NOPAT	3.13	3.41	3.70	3.52	3.53	3.42	3.12	3.35	3.49	4.35
Altman Z-Score	3.09	3.23	3.06	3.09	3.03	3.16	3.25	3.33	3.17	2.81
Noncontrolling Interest Sharing Ratio	0.17%	0.21%	0.22%	0.22%	0.23%	0.25%	0.26%	0.26%	0.27%	0.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.40	1.43	1.44	1.41	1.44	1.37	1.49	1.50	1.45
Quick Ratio	1.05	1.09	1.11	1.14	1.11	1.11	1.03	1.13	1.17	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,034	1,663	3,477	3,331	1,726	-412	-2,847	-5,782	-4,159	-5,528
Operating Cash Flow to CapEx	1,614.43%	-509.40%	2,149.17%	557.14%	819.12%	-911.35%	708.96%	138.39%	806.33%	219.25%
Free Cash Flow to Firm to Interest Expense	14.24	7.26	13.85	12.76	6.66	-1.59	-10.74	-20.65	-13.86	-16.26
Operating Cash Flow to Interest Expense	23.12	-6.63	25.77	7.47	10.09	-11.47	7.46	1.60	8.92	2.08
Operating Cash Flow Less CapEx to Interest Expense	21.69	-7.93	24.57	6.13	8.86	-12.73	6.41	0.44	7.82	1.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.52	1.56	1.53	1.58	1.58	1.62	1.55	1.55	1.53	1.57
Accounts Receivable Turnover	21.40	18.73	20.37	20.04	20.35	18.11	19.27	16.94	17.20	16.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	38.16	38.03	38.24	38.37	39.93	39.50	38.73	38.17	39.76	39.24
Accounts Payable Turnover	9.67	24.52	10.59	10.90	11.01	22.63	26.92	26.21	24.43	21.29
Days Sales Outstanding (DSO)	17.06	19.49	17.92	18.21	17.94	20.16	18.94	21.54	21.23	21.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.76	14.89	34.46	33.50	33.16	16.13	13.56	13.93	14.94	17.14
Cash Conversion Cycle (CCC)	-20.71	4.60	-16.54	-15.28	-15.23	4.03	5.38	7.62	6.29	4.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,776	19,715	18,002	18,384	17,554	21,173	23,301	26,498	22,970	27,346
Invested Capital Turnover	8.32	7.83	8.62	8.71	9.55	8.38	8.32	7.65	8.59	7.29
Increase / (Decrease) in Invested Capital	-1,276	-594	-1,281	-1,277	-222	1,458	5,299	8,114	5,416	6,173
Enterprise Value (EV)	89,155	102,823	88,438	84,176	80,479	91,195	104,529	110,080	99,613	71,434
Market Capitalization	107,370	119,351	107,792	103,997	101,348	109,328	121,836	125,938	120,581	85,556
Book Value per Share	$149.96	$151.75	$157.32	$161.16	$163.05	$167.29	$174.72	$181.53	$188.78	$178.14
Tangible Book Value per Share	$4.48	$6.47	$4.92	$9.40	$11.21	$15.82	$17.00	$24.88	$32.27	$4.07
Total Capital	59,815	60,444	62,926	63,436	63,383	64,525	67,161	69,983	71,027	72,658
Total Debt	23,772	24,114	25,466	25,124	24,844	25,120	26,451	27,686	27,148	31,232
Total Long-Term Debt	21,258	22,349	25,201	24,859	24,045	23,246	21,976	24,561	24,688	29,218
Net Debt	-18,267	-16,615	-19,458	-19,928	-20,985	-18,232	-17,409	-15,964	-21,072	-14,233
Capital Expenditures (CapEx)	305	298	301	350	319	326	279	323	332	322
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19,071	-16,606	-19,971	-19,847	-20,248	-16,257	-15,178	-12,405	-14,660	-14,306
Debt-free Net Working Capital (DFNWC)	16,830	17,686	18,199	18,437	18,647	20,112	21,089	23,586	23,273	20,375
Net Working Capital (NWC)	14,316	15,921	17,934	18,172	17,848	18,238	16,614	20,461	20,813	18,361
Net Nonoperating Expense (NNE)	160	192	192	198	204	215	203	31	249	232
Net Nonoperating Obligations (NNO)	-18,267	-16,615	-19,458	-19,928	-20,985	-18,232	-17,409	-15,799	-20,909	-14,080
Total Depreciation and Amortization (D&A)	451	473	462	433	426	424	331	335	329	398
Debt-free, Cash-free Net Working Capital to Revenue	-12.44%	-10.60%	-12.43%	-11.98%	-12.01%	-9.49%	-8.84%	-7.22%	-8.42%	-8.09%
Debt-free Net Working Capital to Revenue	10.98%	11.29%	11.33%	11.13%	11.06%	11.74%	12.28%	13.74%	13.37%	11.52%
Net Working Capital to Revenue	9.34%	10.17%	11.16%	10.97%	10.58%	10.64%	9.67%	11.92%	11.96%	10.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.75	$3.66	$8.37	$0.00	$5.48	$3.70	$9.65	$9.91	$4.38	$1.87
Adjusted Weighted Average Basic Shares Outstanding	238.83M	237.46M	237.06M	0.00	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M
Adjusted Diluted Earnings per Share	$6.68	$3.61	$8.30	$0.00	$5.45	$3.68	$9.59	$9.85	$4.36	$1.88
Adjusted Weighted Average Diluted Shares Outstanding	238.83M	237.46M	237.06M	0.00	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	238.83M	237.46M	237.06M	0.00	234.96M	232.67M	232.42M	231.89M	231.92M	227.35M
Normalized Net Operating Profit after Tax (NOPAT)	1,758	1,069	2,196	2,054	1,504	1,046	2,452	2,332	1,257	645
Normalized NOPAT Margin	4.40%	2.68%	5.21%	4.70%	3.51%	2.45%	5.76%	5.34%	2.78%	1.42%
Pre Tax Income Margin	5.33%	2.62%	6.21%	5.59%	3.86%	2.35%	6.90%	6.84%	3.04%	1.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.99	5.56	11.43	10.35	7.39	4.86	12.09	11.66	5.58	2.78
NOPAT to Interest Expense	8.25	4.67	8.75	7.87	5.81	4.04	9.25	8.33	4.19	1.90
EBIT Less CapEx to Interest Expense	9.55	4.26	10.24	9.01	6.15	3.61	11.04	10.51	4.47	1.84
NOPAT Less CapEx to Interest Expense	6.82	3.37	7.55	6.53	4.57	2.78	8.20	7.17	3.08	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.51%	20.87%	20.79%	20.71%	22.43%	23.28%	22.82%	21.72%	23.18%	25.26%
Augmented Payout Ratio	56.50%	60.21%	59.94%	58.83%	60.79%	67.95%	64.83%	58.19%	54.75%	73.82%

Frequently Asked Questions About Elevance Health's Financials

When does Elevance Health's fiscal year end?

According to the most recent income statement we have on file, Elevance Health's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Elevance Health's net income changed over the last 9 years?

Elevance Health's net income appears to be on an upward trend, with a most recent value of $5.97 billion in 2024, rising from $2.56 billion in 2015. The previous period was $5.99 billion in 2023.

What is Elevance Health's operating income?

Elevance Health's total operating income in 2024 was $8.89 billion, based on the following breakdown:

Total Gross Profit: $29.49 billion
Total Operating Expenses: $20.61 billion

How has Elevance Health revenue changed over the last 9 years?

Over the last 9 years, Elevance Health's total revenue changed from $79.16 billion in 2015 to $176.81 billion in 2024, a change of 123.4%.

How much debt does Elevance Health have?

Elevance Health's total liabilities were at $75.46 billion at the end of 2024, a 8.5% increase from 2023, and a 95.1% increase since 2015.

How much cash does Elevance Health have?

In the past 9 years, Elevance Health's cash and equivalents has ranged from $2.11 billion in 2015 to $8.29 billion in 2024, and is currently $8.29 billion as of their latest financial filing in 2024.

How has Elevance Health's book value per share changed over the last 9 years?

Over the last 9 years, Elevance Health's book value per share changed from 88.27 in 2015 to 178.14 in 2024, a change of 101.8%.

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This page (NYSE:ELV) was last updated on 4/15/2025 by MarketBeat.com Staff

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Elevance Health (ELV) Financials

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