Elevance Health (ELV) stock
Health Care · Managed Health Care
Elevance Health (ELV) is a Managed Health Care company in the Health Care sector, headquartered in Indianapolis, Indiana. As of October 23, 2026, ELV closed at $439.95, a market capitalization of $95.41 billion, the 125th largest company in the S&P 500. Over the last twelve months it generated $201.83 billion in revenue (+1% year over year) and $6.29 billion in free cash flow. The stock trades at 18.7x trailing earnings and 14.6x forward earnings.
- 1-year total return: +29.6% (dividends reinvested)
- 5-year return: +1.8% a year
- 52-week range: $274.84 – $450.69
- Gross margin 26.4%, operating margin 4.2%
- Dividend yield: 1.56%, 14 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 20th largest of 60 Health Care stocks in the S&P 500
ELV price chart
1Y price change: +27.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ELV | +10.4% | +27.3% | +29.6% | +0.8% | +1.8% | +15.1% | +14.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2001.
ELV key statistics
- Market cap
- $95.4B
- #125 in S&P 500
- P/E (TTM)
- 18.7x
- Forward P/E
- 14.6x
- EPS (TTM)
- $23.55
- Revenue (TTM)
- $201.8B
- +1%
- Free cash flow
- $6.3B
- Gross margin
- 26.4%
- Operating margin
- 4.2%
- Return on equity
- 11.5%
- Dividend yield
- 1.56%
- 52-week range
- $274.84 – $450.69
- Beta
- 0.71
- Price / sales
- 0.5x
- EV / EBITDA
- 10.1x
- Debt / equity
- 0.69x
- Employees
- 96,129
ELV report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth1.4%D
- Gross margin26.4%C
- Operating margin4.2%D
- FCF margin3.1%D
- Return on equity11.5%C
- Net debt / EBITDA-0.8xA
- Forward P/E14.6xA
- PEG ratio1.3xB
- Shareholder yield4.3%B
- Share count change / yr-2.5%A
Elevance Health financials
Revenue went from $84.9B in fiscal 2016 to $199.1B in fiscal 2025, growing 9.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.9B | $90.0B | $92.1B | $104.2B | $121.9B | $138.6B | $156.6B | $171.3B | $177.0B | $199.1B |
| Gross profit | — | — | — | $102.2B | $112.9B | $127.7B | $143.6B | $154.0B | $157.3B | $177.9B |
| Operating income | $4.8B | $4.2B | $5.4B | $6.0B | $6.4B | $7.6B | $8.3B | $8.5B | $7.9B | $7.2B |
| Net income | $2.5B | $3.8B | $3.8B | $4.8B | $4.6B | $6.2B | $5.9B | $6.0B | $6.0B | $5.7B |
| EPS (diluted) | $9.21 | $14.35 | $14.19 | $18.47 | $17.98 | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 |
| Free cash flow | $2.7B | $3.4B | $2.6B | $5.0B | $9.7B | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| Buybacks | $0 | $2.0B | $1.7B | $1.7B | $2.7B | $1.9B | $2.3B | $2.7B | $2.9B | $2.6B |
| Dividends paid | $684.0M | $705.0M | $776.0M | $818.0M | $954.0M | $1.1B | $1.2B | $1.4B | $1.5B | $1.5B |
| Diluted shares | 268.1M | 267.8M | 264.2M | 260.3M | 254.3M | 246.8M | 242.8M | 237.4M | 232.9M | 224.6M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ELV?
A reverse DCF asks what growth the current price requires. With an enterprise value of $88.3B and $6.3B of trailing free cash flow, Elevance Health needs to grow free cash flow about 1.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -20.0% a year over the last five years.
P/E ratio history
Current 17.5x vs. median 15.2x (10th–90th percentile 8.2x–21.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ELV dividend
- Dividend yield
- 1.56%
- Annual dividend
- $6.88
- Years of increases
- 14
- 5-yr dividend growth
- 12.5%
- per year
- Payout ratio
- 29%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
ELV analyst price targets
21 analysts' average 12-month target is $481.48 (+9% vs. $439.95). Targets range from $406.00 to $523.00. 64% rate it a buy.
ELV earnings
Next report: January 28, 2027. Elevance Health has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $4.69 | $6.99 | +48.9% |
| Jul 15, 2026 | $6.21 | $7.45 | +20.0% |
| Apr 22, 2026 | $10.81 | $12.58 | +16.4% |
| Jan 28, 2026 | $3.09 | $3.33 | +7.7% |
| Oct 21, 2025 | $4.94 | $6.03 | +22.0% |
| Jul 17, 2025 | $8.92 | $8.84 | -0.9% |
| Apr 22, 2025 | $11.48 | $11.97 | +4.3% |
| Jan 23, 2025 | $3.85 | $3.84 | -0.3% |
Stocks like ELV
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 UNH UnitedHealth | -1.62% | +19% | $375.3B | 26.9x | Compare |
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 CNC Centene | -1.50% | +104% | $34.7B | — | Compare |
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ELV news
- ELV vs. RVTY: Which Stock Is the Better Value Option? · Oct 23, 2026
- Elevance Health (ELV) Stock Rallies As Q3 Results Tighten Margin Focus · Oct 23, 2026
- ELV Q3 deep dive: Carelon expansion and Medicaid margin actions underpin raised outlook · Oct 22, 2026
- Elevance: 3 Key Takeaways for Long-Term Investors · Oct 22, 2026
- Elevance Health (ELV) Names Jeff Park Carelon President In Services Leadership Shift · Oct 22, 2026
ELV stock FAQ
What is ELV's market cap?
Elevance Health's market capitalization is $95.41 billion as of October 23, 2026, ranking 125th in the S&P 500.
What is ELV's P/E ratio?
ELV trades at a trailing price-to-earnings ratio of 18.7x and a forward P/E of 14.6x. Its median P/E over the period we track is 15.2x.
Does ELV pay a dividend?
Yes. Elevance Health pays $6.88 per share a year, a 1.56% yield. It has raised its dividend 14 years in a row. Dividends grew 12.5% a year over the last five years.
How much has ELV stock returned?
Including reinvested dividends, ELV returned +29.6% over one year, +1.8% a year over five years, +15.1% a year over ten years through October 23, 2026.
Is ELV stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Elevance Health must grow free cash flow about 2% a year for the next decade. Its free cash flow fell 20% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ELV price target?
21 analysts cover ELV with an average 12-month price target of $481.48, +9% from the current price. 64% of them rate it a buy.
When does ELV report earnings?
Elevance Health is expected to report earnings on January 28, 2027. It has beaten EPS estimates 5 quarters in a row.
How many employees does Elevance Health have?
Elevance Health has about 96,129 full-time employees, or $2.1 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology