Elevance Health, Inc. (ELV)

Price—Loading quote

AI: Fair-priced

Price checkAt $400, shares look fairly priced because a meaningful profit recovery is already needed.

At the August 14 close of $400.32, Elevance was worth about $86.8 billion using 216.9 million shares. That is 17.8 times trailing reported earnings of roughly $22.47 a share, or 14.8 times management’s at-least-$27 adjusted 2026 target; adjusted earnings exclude selected costs. Management’s promised 12% adjusted growth would imply at least $30.24 in 2027 and a 13.2-times multiple. Those are reasonable, not distressed, prices. They require medical-cost improvement, supporting a fair-priced verdict rather than a clear bargain.

Big pictureRevenue growth is durable, but profit and cash conversion have weakened since 2023.

Revenue climbed from $121.9 billion in 2020 to $199.1 billion in 2025, yet operating income fell from $8.5 billion in 2023 to $7.2 billion, and net income slipped 5% in 2025. Operating cash flow less capital spending—a rough measure of cash left after running and investing in the business—dropped from $6.8 billion in 2023 to $3.2 billion in 2025. First-half 2026 rebounded to $5.7 billion, but insurer cash is timing-sensitive because premiums, government payments, and claims settle unevenly.

Business strengthHuge scale and service diversification help, while debt and government-plan costs limit protection.

At June 30, Elevance served 44.9 million medical members; Carelon’s pharmacy and services operations reduce dependence on insurance alone. Current assets of $67.2 billion exceeded current liabilities of $44.3 billion, but $10.2 billion of cash sat against $31.0 billion of debt. Debt was 40.8% of debt plus equity, below the 60% bank limit, and remained investment grade. First-half buybacks used $1.36 billion at $310.89 per share; shares outstanding fell 1.8% from year-end, offsetting $130 million of stock-based pay.

What could change the storyA lasting medical-cost recovery could unlock value; another setback would expose the price.

The bull case needs the benefit expense ratio—the share of premiums spent on care—to settle near the lower half of management’s 89.7%–90.7% full-year range, while Carelon and buybacks support per-share growth. Management targets at least 12% adjusted earnings growth in 2027. The bear case is concrete: second-quarter Health Benefits operating gain fell 43%, membership declined 469,000 sequentially, and government-plan care costs stayed elevated. Evidence strengthens if 2026 operating cash reaches at least $6 billion; a ratio above 90.7% or another profit setback weakens it.

$400.32 price considered

AI: News

Mixed Second-Quarter ReactionStrong quarterly earnings raised guidance, while worsening insurance margins deepened doubts about recovery.

On July 15, 2026, adjusted earnings of $7.45 a share beat the $6.21 analyst average, and management raised its 2026 adjusted target to at least $27 from $26.75. Yet the medical-cost ratio rose to 89.7% from 88.9%, while Health Benefits operating gain fell 42.6% to $896 million. Shares closed down 8.54% at $390.33. Reuters reporting associated the selloff with margin pressure; the timing supports that interpretation but cannot isolate causation.

Medicare Case ClosedRegulators closed a Medicare enforcement case, removing a serious threat to future enrollment.

On July 13, 2026, the Centers for Medicare & Medicaid Services marked Elevance’s corrective action complete. Elevance subsequently said all required steps were finished, enrollment sanctions would not be imposed, and the case was closed. The dispute concerned historical risk-adjustment data used to determine Medicare payments; Elevance recorded a $935 million estimated exposure during the first half. Shares rose 2.1% that day, but timing alone does not prove the regulatory update caused the move.

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$199.13B	$177.01B	$171.34B	$156.59B	$138.64B	$121.87B	$104.21B	$92.11B	$90.04B	$84.86B	$79.16B	$73.87B	$71.02B	$61.50B	$60.71B	$58.70B	$64.94B	$61.25B	$61.17B
Operating income	$7.20B	$7.86B	$8.50B	$8.28B	$7.56B	$6.36B	$6.00B	$5.43B	$4.17B	$4.80B	$4.75B	$4.42B	$4.00B	$3.62B	$3.78B	$4.08B	$4.18B	$4.35B	—
EBITDAderived	$8.74B	$9.26B	$10.24B	$9.96B	$8.86B	$7.51B	$7.13B	$6.56B	$4.46B	$5.10B	$5.09B	$4.75B	$4.35B	$3.96B	$4.12B	$4.42B	$4.55B	$4.74B	—
Net income	$5.66B	$5.98B	$5.99B	$5.89B	$6.16B	$4.57B	$4.81B	$3.75B	$3.84B	$2.47B	$2.56B	$2.57B	$2.49B	$2.66B	$2.65B	$2.89B	$4.75B	$2.49B	$3.35B
Basic EPSper diluted share	$25.28	$25.81	$25.38	$24.56	$25.26	$18.23	$18.81	$14.53	$14.70	$9.39	$9.73	$9.31	$8.34	$8.26	$7.35	$7.03	$9.96	$4.79	$5.64
Diluted EPSper diluted share	$25.21	$25.68	$25.22	$24.28	$24.95	$17.98	$18.47	$14.19	$14.35	$9.21	$9.38	$8.99	$8.20	$8.18	$7.25	$6.94	$9.88	$4.76	$5.56

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$3.68M disclosed value

Sells (SEC code S)17$26.06M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4	Penczek Ronald WCAO & Controller	SellCommon Stock	369	$403.16	$148.8K	3.7K
Jun 11, 2026Form 4	Dixon Robert L JRDirector	SellCommon Stock	151	$401.77	$60.7K	10.7K
May 19, 2026Form 4	Penczek Ronald WCAO & Controller	SellCommon Stock	1.5K	$403.13	$617.2K	4.1K
Mar 12, 2026Form 4	SCHULMAN AMY WDirector	SellCommon Stock	26	$287.50	$7.5K	218
Mar 6, 2026Form 4	Kendrick Charles Morgan JREVP & President, Commercial	SellCommon Stock	3.2K	$284.92	$910.6K	11.8K

Review ownership filings at SEC.gov ↗

Elevance Health, Inc. (ELV)

Financial charts

Financial statements

Insider buys & sells