Elevance Health Inc.
- Open
- 392.65
- Day high
- 395.24
- Day low
- 390.80
- Prev close
- 394.43
- Volume
- 1.0M
- Mkt cap
- $85.1B
- P/E (TTM)
- 17.4
- EPS (TTM)
- $22.50
- P/B
- 1.9
- P/S
- 0.4
- Yield
- 1.75%
- Per share
- $6.86
- ▲Insiders net buying $1.2M over the last 3 months (3 open-market buys, 2 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Elevance Health Inc. (ELV) is a Healthcare company listed on NYSE. The stock is up 22% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4).
Elevance Health Inc. (ELV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ELV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 15, 2026 | $6.21 | $7.45 | +20.0% | $49.8B | +1.9% |
| Apr 22, 2026 | $11.03 | $12.58 | +14.1% | $49.5B | +2.7% |
| Jan 28, 2026 | $3.10 | $3.33 | +7.4% | $49.7B | -0.2% |
| Oct 21, 2025 | $4.93 | $6.03 | +22.3% | $50.7B | +2.7% |
| Jul 17, 2025 | $8.91 | $8.84 | -0.8% | $49.8B | +3.3% |
| Jan 23, 2025 | $3.84 | $3.84 | -0.1% | $45.4B | +1.2% |
| Oct 17, 2024 | $9.67 | $8.37 | -13.4% | $45.1B | +3.7% |
| Jul 17, 2024 | $10.02 | $10.12 | +1.0% | $43.6B | +1.1% |
| Apr 18, 2024 | $10.54 | $10.64 | +1.0% | $42.6B | -0.2% |
| Jan 24, 2024 | $5.56 | $5.62 | +1.1% | $42.6B | +1.1% |
| Oct 18, 2023 | $8.45 | $8.99 | +6.4% | $42.8B | +1.8% |
| Jul 19, 2023 | $8.80 | $9.04 | +2.7% | $43.7B | +5.0% |
ELV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 17, 2026 | BOUDREAUX GAILdirector, officer: President and CEO | Buy | 680 | $366.41 |
| Jul 17, 2026 | BOUDREAUX GAILdirector, officer: President and CEO | Buy | 2,045 | $368.25 |
| Jul 17, 2026 | PERU RAMIRO Gdirector | Buy | 1,000 | $366.05 |
| Jun 15, 2026 | Penczek Ronald Wofficer: CAO & Controller | Sell | 369 | $403.16 |
| Jun 12, 2026 | Dixon Robert L JRdirector | Sell | 151 | $401.77 |
| May 20, 2026 | Penczek Ronald Wofficer: CAO & Controller | Sell | 1,531 | $403.13 |
| May 20, 2026 | Penczek Ronald Wofficer: CAO & Controller | Option | 654 | $271.27 |
| May 20, 2026 | Penczek Ronald Wofficer: CAO & Controller | Option | 877 | $311.48 |
| May 15, 2026 | STRABLE-SOETHOUT DEANNA Ddirector | Grant | 563 | — |
| May 15, 2026 | Jallal Bahijadirector | Grant | 563 | — |
| May 15, 2026 | Schneider Ryan M.director | Grant | 563 | — |
| May 15, 2026 | COLLIS STEVEN Hdirector | Grant | 563 | — |
| May 15, 2026 | Neri Antonio Fdirector | Grant | 563 | — |
| May 15, 2026 | SCHULMAN AMY Wdirector | Grant | 563 | — |
| May 15, 2026 | PERU RAMIRO Gdirector | Grant | 563 | — |
Source: ELV SEC Form 4 filings, latest Jul 17, 2026. For informational purposes only — not investment advice.
See the full ELV insider & 13F page →Elevance Health Inc. company profile
Overview
Elevance Health Inc. (NYSE:ELV) is one of the largest health insurance companies in the United States, serving approximately 118 million people through a comprehensive portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions. Founded in 1944 and headquartered in Indianapolis, Indiana, the company was formerly known as Anthem, Inc. until it rebranded to Elevance Health in June 2022 to reflect its transformation beyond traditional health insurance into a broader healthcare services organization. The company went public in 2001 and has grown through both organic expansion and strategic acquisitions to become a major player in the managed healthcare industry.
Business
Elevance Health operates as a comprehensive health benefits company in the managed healthcare industry, which involves organizations that provide health insurance coverage while also managing the delivery and cost of healthcare services. The company's core business revolves around health insurance plans that cover medical expenses for individuals, families, and employers, while simultaneously working to control healthcare costs through various management strategies. The company operates through two primary business segments. The Health Benefits segment represents the traditional health insurance business, generating approximately 85-90% of total revenue. This segment includes Commercial health plans (serving employer groups and individuals), Government health plans (including Medicaid for low-income individuals and Medicare Advantage for seniors), and specialty products like dental and vision coverage. The Carelon segment represents the company's healthcare services division, contributing roughly 10-15% of revenue but growing rapidly at over 25% annually. Carelon provides pharmacy benefit management through CarelonRx, behavioral health services, specialty care management, and digital health solutions. The managed healthcare industry works by collecting monthly premiums from members (individuals or their employers) and using these funds to pay for medical services when members need care. Health insurers like Elevance negotiate contracts with hospitals, doctors, and other healthcare providers to create networks of covered services, typically at discounted rates. They also implement various cost management strategies such as requiring prior authorization for expensive procedures, promoting preventive care, and using data analytics to identify high-risk patients who might benefit from additional care coordination.
Revenue model
Elevance Health generates revenue primarily through premium collections from health insurance members, with total operating revenue of approximately $177 billion in 2024. The company collects monthly premiums from approximately 46 million medical members across Commercial (employer-sponsored and individual), Medicaid (government-funded coverage for low-income individuals), and Medicare Advantage (government-funded coverage for seniors) plans. Premium revenue is supplemented by administrative fees from self-funded employer plans where Elevance manages benefits but doesn't assume insurance risk. The Carelon services segment generates revenue through service fees, including pharmacy benefit management services, behavioral health services, specialty care management, and digital health solutions. This segment operates on a fee-for-service model, earning revenue from both internal Elevance Health members and external clients including other health plans. The company's profitability depends heavily on maintaining an appropriate medical loss ratio (MLR) - the percentage of premium revenue spent on medical claims. Elevance targets consolidated MLRs around 86-89%, meaning roughly 86-89 cents of every premium dollar goes toward paying medical claims, with the remainder covering administrative costs and profit. Factors that can increase margins include effective medical management programs, favorable demographics in membership, successful value-based care arrangements with providers, and economies of scale in administrative functions. Margin pressures arise from medical cost inflation, adverse selection (attracting sicker members), regulatory changes, increased competition, and challenges in rate negotiations with government programs. The company has faced particular pressure in its Medicaid business, where cost trends have been running 3-5 times historical averages due to higher member acuity following post-pandemic eligibility redeterminations.
Competitive moat
Elevance Health possesses a moderate competitive moat built primarily on scale advantages, regulatory barriers, and network effects, though the strength varies significantly across business segments. The company's scale as one of the largest health insurers in the US provides meaningful advantages in negotiating favorable rates with healthcare providers, spreading fixed administrative costs across a large member base, and accessing capital markets efficiently. The managed healthcare industry faces substantial regulatory barriers to entry, including state licensing requirements, capital adequacy standards, and complex compliance obligations that deter new competitors. The company's provider networks create switching costs for members who want to keep their current doctors, while employers face administrative burden when changing health plans. Elevance's growing Carelon services platform represents an attempt to build additional moats through vertical integration and specialized capabilities in areas like specialty pharmacy and behavioral health management. However, the moat faces several challenges. The Commercial segment operates in an increasingly commoditized market where large employers frequently switch insurers based primarily on price. Government programs like Medicaid and Medicare Advantage face intense competition during regular bidding cycles, and rate-setting is controlled by government entities rather than market forces. The company's Medicaid margins have been particularly pressured by states' ability to set rates below actuarially sound levels. Additionally, potential healthcare policy changes, including possible expansion of government-sponsored healthcare programs, could disrupt traditional private insurance markets. The rise of high-deductible health plans and direct primary care models also threatens traditional managed care approaches. While Elevance's scale and capabilities provide meaningful competitive advantages, the regulatory nature of healthcare and government's role as both customer and rate-setter limit the durability of these advantages compared to less regulated industries.
Risks & safety
Elevance Health demonstrates a strong financial position with solid liquidity and manageable debt levels, though recent earnings volatility in Medicaid creates some uncertainty. 1. **Liquidity and Solvency**: Strong cash position with $8.3 billion in cash and short-term investments as of Q4 2024. Current ratio of 2.01 indicates solid ability to meet short-term obligations. Operating cash flow of $5.8 billion in 2024 provides substantial cash generation capability. 2. **Debt Management**: Debt-to-equity ratio of 0.76 is reasonable for the industry. The company maintains investment-grade credit ratings and has access to capital markets for refinancing needs. 3. **Valuation Metrics**: Trading at P/E ratio of 11.3 based on Q1 2025 results, representing reasonable valuation relative to earnings. EV/EBITDA of 9.6 suggests moderate valuation levels. 4. **Earnings Quality**: Recent volatility in Medicaid segment with elevated cost trends creating uncertainty. Company reduced 2024 EPS guidance from $37+ to $33 due to Medicaid pressures, though 2025 guidance of $34.15-$34.85 suggests stabilization. 5. **Regulatory Risk**: Significant exposure to government rate-setting in Medicaid and Medicare programs creates earnings uncertainty beyond management's control.
Recent development
Over the past few years, Elevance Health has undergone significant strategic transformation, most notably rebranding from Anthem to Elevance Health in June 2022 to reflect its evolution beyond traditional health insurance into comprehensive healthcare services. The company launched Carelon as a unified healthcare services brand, consolidating various service offerings including pharmacy benefits management (CarelonRx), behavioral health, specialty care management, and digital health solutions. The company has pursued an aggressive acquisition strategy to build capabilities, including the acquisition of Kroger Specialty Pharmacy to expand specialty drug access, Paragon Healthcare for infusion therapy services, and CareBridge to strengthen home and community-based services. These acquisitions support the strategy of vertical integration and expanding services to both internal members and external clients. Elevance has invested heavily in digital transformation and artificial intelligence, launching the HealthOS platform that now supports 88,000 care providers and implementing AI-driven solutions across operations. The company has achieved $750 million in annual run-rate expense efficiencies through business optimization initiatives. The company has navigated significant challenges in its Medicaid business, where post-pandemic eligibility redeterminations led to membership declines and cost trends running 3-5 times historical averages due to higher member acuity. Management has been working with state partners to align rates with the increased complexity of the remaining member base. In Medicare Advantage, the company has taken a more disciplined approach to growth, focusing on sustainable margins while achieving improved Star ratings. The Carelon services segment has emerged as a key growth driver, with revenue growing over 25% annually and expanding relationships with external clients including other Blue Cross Blue Shield plans.
ELV company profile · for informational purposes only — not investment advice.
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