Elevance Health (ELV)
Market Price (3/15/2026): $291.4 | Market Cap: $64.4 BilSector: Health Care | Industry: Managed Health Care
Elevance Health (ELV)
Market Price (3/15/2026): $291.4Market Cap: $64.4 BilSector: Health CareIndustry: Managed Health Care
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0% | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -104% | |
| Attractive cash flow generationCFO LTM is 4.3 Bil, FCF LTM is 3.2 Bil | ||
| Low stock price volatilityVol 12M is 40% | ||
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0% |
| Attractive cash flow generationCFO LTM is 4.3 Bil, FCF LTM is 3.2 Bil |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -104% |
Qualitative Assessment
AI Analysis | Feedback
1. Disappointing 2026 Financial Outlook and Elevated Medical Costs. Elevance Health's stock experienced downward pressure following its Q4 and full-year 2025 earnings report on January 28, 2026, which included a concerning outlook for 2026. The company projected its adjusted diluted earnings per share (EPS) for fiscal year 2026 to be at least $25.50, representing a 15.8% decline from the $30.29 reported in 2025. Additionally, management anticipated a low single-digit percentage decline in total operating revenue for 2026, with premium revenues expected to decrease by mid-single digits. This cautious guidance was partly attributed to an increase in the benefit expense ratio, which rose 110 basis points in Q4 2025 to 93.5% compared to the prior year, primarily reflecting higher medical cost trends in Affordable Care Act health plans and heightened Medicare Part D seasonality.
2. CMS Sanctions Threat for Medicare Advantage Program. A significant blow to the stock occurred on March 2, 2026, when Elevance Health's shares dropped 7.7% to 8% after the company disclosed that the Centers for Medicare & Medicaid Services (CMS) intends to impose sanctions. The sanctions, scheduled to be effective March 31, 2026, could suspend enrollment in Elevance Health's Medicare Advantage Prescription Drug (MA-PD) plans. CMS cited "substantial and persistent noncompliance" with Medicare Advantage risk adjustment data submission requirements, alleging that Elevance Health had, since November 2018, failed to submit corrected data through mandated electronic systems, instead using encrypted external USB drives. This alleged noncompliance also included violations of the obligation to report and return overpayments within 60 days.
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Stock Movement Drivers
Fundamental Drivers
The -12.8% change in ELV stock from 11/30/2025 to 3/14/2026 was primarily driven by a -15.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 334.46 | 291.63 | -12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 194,820 | 199,125 | 2.2% |
| Net Income Margin (%) | 2.8% | 2.8% | 0.1% |
| P/E Multiple | 13.5 | 11.4 | -15.7% |
| Shares Outstanding (Mil) | 223 | 221 | 1.0% |
| Cumulative Contribution | -12.8% |
Market Drivers
11/30/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| ELV | -12.8% | |
| Market (SPY) | -3.1% | 11.5% |
| Sector (XLV) | -5.0% | 36.6% |
Fundamental Drivers
The -6.9% change in ELV stock from 8/31/2025 to 3/14/2026 was primarily driven by a -13.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 313.36 | 291.63 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 189,254 | 199,125 | 5.2% |
| Net Income Margin (%) | 2.8% | 2.8% | 0.4% |
| P/E Multiple | 13.2 | 11.4 | -13.5% |
| Shares Outstanding (Mil) | 225 | 221 | 1.9% |
| Cumulative Contribution | -6.9% |
Market Drivers
8/31/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| ELV | -6.9% | |
| Market (SPY) | 3.0% | 12.5% |
| Sector (XLV) | 9.5% | 43.2% |
Fundamental Drivers
The -24.6% change in ELV stock from 2/28/2025 to 3/14/2026 was primarily driven by a -23.5% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 386.96 | 291.63 | -24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 176,810 | 199,125 | 12.6% |
| Net Income Margin (%) | 3.4% | 2.8% | -15.9% |
| P/E Multiple | 14.9 | 11.4 | -23.5% |
| Shares Outstanding (Mil) | 230 | 221 | 4.0% |
| Cumulative Contribution | -24.6% |
Market Drivers
2/28/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| ELV | -24.6% | |
| Market (SPY) | 12.4% | 9.4% |
| Sector (XLV) | 1.9% | 46.9% |
Fundamental Drivers
The -34.6% change in ELV stock from 2/28/2023 to 3/14/2026 was primarily driven by a -36.9% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3142026 | Change |
|---|---|---|---|
| Stock Price ($) | 446.12 | 291.63 | -34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 156,595 | 199,125 | 27.2% |
| Net Income Margin (%) | 3.8% | 2.8% | -24.5% |
| P/E Multiple | 18.1 | 11.4 | -36.9% |
| Shares Outstanding (Mil) | 238 | 221 | 7.9% |
| Cumulative Contribution | -34.6% |
Market Drivers
2/28/2023 to 3/14/2026| Return | Correlation | |
|---|---|---|
| ELV | -34.6% | |
| Market (SPY) | 73.4% | 14.7% |
| Sector (XLV) | 23.3% | 49.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ELV Return | 46% | 12% | -7% | -21% | -3% | -17% | -3% |
| Peers Return | 33% | 11% | -8% | -22% | 5% | -14% | -4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| ELV Win Rate | 58% | 50% | 33% | 67% | 67% | 0% | |
| Peers Win Rate | 52% | 58% | 43% | 42% | 55% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ELV Max Drawdown | -10% | -8% | -19% | -21% | -25% | -19% | |
| Peers Max Drawdown | -5% | -12% | -22% | -28% | -27% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UNH, CVS, CI, HUM, CNC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | ELV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -24.3% | -25.4% |
| % Gain to Breakeven | 32.0% | 34.1% |
| Time to Breakeven | 310 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.2% | -33.9% |
| % Gain to Breakeven | 76.2% | 51.3% |
| Time to Breakeven | 214 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.6% | -19.8% |
| % Gain to Breakeven | 34.4% | 24.7% |
| Time to Breakeven | 567 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -67.2% | -56.8% |
| % Gain to Breakeven | 204.8% | 131.3% |
| Time to Breakeven | 1,821 days | 1,480 days |
Compare to UNH, CVS, CI, HUM, CNC
In The Past
Elevance Health's stock fell -24.3% during the 2022 Inflation Shock from a high on 10/31/2022. A -24.3% loss requires a 32.0% gain to breakeven.
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About Elevance Health (ELV)
AI Analysis | Feedback
Elevance Health is a large health benefits provider, similar to UnitedHealth Group.
Think of it as a major health insurer and care facilitator, much like Cigna or Aetna.
AI Analysis | Feedback
```html- Health Benefit Plans: Elevance Health provides a portfolio of medical plans and health benefits that connect individuals, families, and communities to necessary medical care.
- Pharmacy Solutions: The company offers services related to prescription drug management, likely including pharmacy benefit management (PBM) and access to essential medications.
- Behavioral Health Services: Elevance Health provides solutions focused on mental health and substance use disorder treatment and support.
- Clinical and Care Management Programs: These solutions encompass a range of services designed to support the entire care journey, including disease management, care coordination, and wellness programs.
- Digital Health Solutions: Elevance Health leverages digital tools and platforms to provide convenient access to health resources, virtual care, and personalized health management.
AI Analysis | Feedback
Elevance Health (ELV) operates as a health benefits company, primarily serving individuals through various channels. While it contracts with employers and government entities, its core focus, as indicated by serving "approximately 118 million people," is on providing health solutions directly to individuals and their families. Therefore, its major customer categories are best described by the types of individuals it serves:
-
Individuals covered by employer-sponsored plans: These are employees and their dependents whose health benefits are provided through their employers, with Elevance Health acting as the plan administrator and insurer. This represents a significant portion of its commercial business.
-
Individuals enrolled in government-sponsored programs: This category includes seniors participating in Elevance Health's Medicare Advantage and Medicare Part D plans, as well as individuals covered by Medicaid plans administered by Elevance Health on behalf of various state governments.
-
Individuals purchasing directly: These are people who purchase health insurance plans directly from Elevance Health, often through public health insurance marketplaces established by the Affordable Care Act (ACA), or sometimes off-exchange.
AI Analysis | Feedback
nullAI Analysis | Feedback
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nullAI Analysis | Feedback
The aggressive entry and expansion of major technology and retail giants (such as Amazon and Walmart) into various facets of the healthcare delivery and benefits ecosystem. These companies are leveraging their vast resources, technological prowess, and customer-centric models to offer services like pharmacy benefits, direct-to-consumer primary care, telehealth, and other clinical solutions. This directly challenges traditional health benefits companies like Elevance Health by disrupting established value chains, potentially offering more streamlined and cost-effective alternatives, and shifting consumer expectations for convenience and digital integration in healthcare.
AI Analysis | Feedback
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Trade Ideas
Select ideas related to ELV.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
| 08312025 | ELV | Elevance Health | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 1.5% | 1.5% | -4.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 216.31 |
| Mkt Cap | 67.5 |
| Rev LTM | 236,856 |
| Op Inc LTM | 10,385 |
| FCF LTM | 6,064 |
| FCF 3Y Avg | 6,503 |
| CFO LTM | 7,344 |
| CFO 3Y Avg | 8,323 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.1% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Mgn LTM | 2.6% |
| Op Mgn 3Y Avg | 3.1% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 2.6% |
| CFO/Rev 3Y Avg | 3.2% |
| FCF/Rev LTM | 2.1% |
| FCF/Rev 3Y Avg | 2.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 67.5 |
| P/S | 0.2 |
| P/EBIT | 8.5 |
| P/E | 14.3 |
| P/CFO | 11.0 |
| Total Yield | 8.0% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.6 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.0% |
| 3M Rtn | -16.3% |
| 6M Rtn | -8.1% |
| 12M Rtn | -31.5% |
| 3Y Rtn | -34.3% |
| 1M Excs Rtn | -4.9% |
| 3M Excs Rtn | -10.6% |
| 6M Excs Rtn | -11.9% |
| 12M Excs Rtn | -51.1% |
| 3Y Excs Rtn | -104.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health Benefits | 148,571 | 138,484 | |||
| CarelonRx | 33,835 | 28,526 | 25,431 | 10,384 | 2,007 |
| Carelon Services | 14,147 | 12,860 | |||
| Net investment income | 1,825 | 1,485 | 1,378 | 877 | 1,005 |
| Corporate & Other | 479 | 399 | |||
| Net losses on financial instruments | -694 | -550 | 318 | 182 | 67 |
| Eliminations | -26,823 | -24,609 | -20,466 | ||
| Commercial and Specialty Business | 38,809 | 36,699 | 37,421 | ||
| Government Business | 82,919 | 71,572 | 62,632 | ||
| Other | 10,250 | 2,153 | 1,081 | ||
| Total | 171,340 | 156,595 | 138,639 | 121,867 | 104,213 |
Price Behavior
| Market Price | $291.63 | |
| Market Cap ($ Bil) | 64.5 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -34.2% | |
| 50 Days | 200 Days | |
| DMA Price | $336.24 | $330.35 |
| DMA Trend | down | down |
| Distance from DMA | -13.3% | -11.7% |
| 3M | 1YR | |
| Volatility | 44.1% | 40.3% |
| Downside Capture | 17.09 | 27.77 |
| Upside Capture | -109.76 | -13.34 |
| Correlation (SPY) | 9.6% | 11.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.40 | 0.59 | 0.41 | 0.20 | 0.30 |
| Up Beta | 0.69 | 0.90 | 0.37 | -0.25 | 0.28 | 0.40 |
| Down Beta | 0.91 | 1.42 | 1.36 | 0.89 | 0.23 | 0.24 |
| Up Capture | -44% | -60% | 6% | 30% | -2% | 4% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 22 | 30 | 63 | 131 | 387 |
| Down Capture | 54% | 11% | 46% | 40% | 26% | 60% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 19 | 31 | 61 | 120 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELV | |
|---|---|---|---|---|
| ELV | -27.6% | 40.1% | -0.70 | - |
| Sector ETF (XLV) | 5.0% | 17.5% | 0.12 | 48.0% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 10.6% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 0.9% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | -12.9% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 18.9% |
| Bitcoin (BTCUSD) | -15.3% | 44.2% | -0.25 | 4.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELV | |
|---|---|---|---|---|
| ELV | -1.7% | 28.4% | -0.04 | - |
| Sector ETF (XLV) | 7.5% | 14.5% | 0.33 | 54.7% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 25.6% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 2.4% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 3.2% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 25.9% |
| Bitcoin (BTCUSD) | 6.3% | 56.7% | 0.33 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELV | |
|---|---|---|---|---|
| ELV | 9.7% | 30.7% | 0.37 | - |
| Sector ETF (XLV) | 10.1% | 16.5% | 0.50 | 64.1% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 46.6% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 0.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 15.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 41.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.8% | 1.07 | 7.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/28/2026 | 5.9% | 4.9% | 0.0% |
| 10/21/2025 | -1.2% | -3.3% | -8.3% |
| 7/17/2025 | -12.2% | -13.9% | -14.3% |
| 4/22/2025 | 2.3% | 1.8% | 1.4% |
| 1/23/2025 | 2.7% | 2.4% | -1.4% |
| 10/17/2024 | -10.6% | -16.4% | -18.1% |
| 4/18/2024 | 3.2% | 4.9% | 6.9% |
| 1/24/2024 | 0.3% | 4.3% | 8.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 12 |
| # Negative | 9 | 11 | 10 |
| Median Positive | 3.2% | 4.5% | 3.2% |
| Median Negative | -5.3% | -3.3% | -4.3% |
| Max Positive | 7.7% | 10.8% | 9.1% |
| Max Negative | -12.2% | -16.4% | -18.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/17/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/19/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 07/20/2022 | 10-Q |
| 03/31/2022 | 04/20/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Devore, Susan D | Direct | Buy | 8212025 | 312.15 | 1,200 | 374,580 | 1,093,149 | Form | |
| 2 | Boudreaux, Gail | President and CEO | Direct | Buy | 7182025 | 286.94 | 8,500 | 2,438,951 | 43,332,991 | Form |
| 3 | Kaye, Mark | EVP & CFO | Direct | Sell | 4252025 | 424.82 | 4,588 | 1,949,074 | 8,061,809 | Form |
| 4 | Penczek, Ronald W | CAO & Controller | Direct | Sell | 3112025 | 415.13 | 443 | 183,903 | 766,745 | Form |
| 5 | Kendrick, Charles Morgan Jr | EVP & President, Commercial | Direct | Sell | 3052025 | 396.30 | 3,504 | 1,388,635 | 4,008,971 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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