Tearsheet

Elevance Health (ELV)


Market Price (3/15/2026): $291.4 | Market Cap: $64.4 Bil
Sector: Health Care | Industry: Managed Health Care

Elevance Health (ELV)


Market Price (3/15/2026): $291.4
Market Cap: $64.4 Bil
Sector: Health Care
Industry: Managed Health Care

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total 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 returns
2Y Excs Rtn is -72%, 3Y Excs Rtn is -104%
 
1 Attractive cash flow generation
CFO LTM is 4.3 Bil, FCF LTM is 3.2 Bil
  
2 Low stock price volatility
Vol 12M is 40%
  
3 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more.
  
0 Attractive yield
Total 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%
1 Attractive cash flow generation
CFO LTM is 4.3 Bil, FCF LTM is 3.2 Bil
2 Low stock price volatility
Vol 12M is 40%
3 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Remote Patient Monitoring, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -72%, 3Y Excs Rtn is -104%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Elevance Health (ELV) stock has lost about 15% since 11/30/2025 because of the following key factors:

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)113020253142026Change
Stock Price ($)334.46291.63-12.8%
Change Contribution By: 
Total Revenues ($ Mil)194,820199,1252.2%
Net Income Margin (%)2.8%2.8%0.1%
P/E Multiple13.511.4-15.7%
Shares Outstanding (Mil)2232211.0%
Cumulative Contribution-12.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
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)83120253142026Change
Stock Price ($)313.36291.63-6.9%
Change Contribution By: 
Total Revenues ($ Mil)189,254199,1255.2%
Net Income Margin (%)2.8%2.8%0.4%
P/E Multiple13.211.4-13.5%
Shares Outstanding (Mil)2252211.9%
Cumulative Contribution-6.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
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)22820253142026Change
Stock Price ($)386.96291.63-24.6%
Change Contribution By: 
Total Revenues ($ Mil)176,810199,12512.6%
Net Income Margin (%)3.4%2.8%-15.9%
P/E Multiple14.911.4-23.5%
Shares Outstanding (Mil)2302214.0%
Cumulative Contribution-24.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
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)22820233142026Change
Stock Price ($)446.12291.63-34.6%
Change Contribution By: 
Total Revenues ($ Mil)156,595199,12527.2%
Net Income Margin (%)3.8%2.8%-24.5%
P/E Multiple18.111.4-36.9%
Shares Outstanding (Mil)2382217.9%
Cumulative Contribution-34.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
ELV-34.6% 
Market (SPY)73.4%14.7%
Sector (XLV)23.3%49.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ELV Return46%12%-7%-21%-3%-17%-3%
Peers Return33%11%-8%-22%5%-14%-4%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
ELV Win Rate58%50%33%67%67%0% 
Peers Win Rate52%58%43%42%55%33% 
S&P 500 Win Rate75%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

Unique KeyEventELVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-24.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven32.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven310 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-43.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven76.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven214 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-25.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven34.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven567 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-67.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven204.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,821 days1,480 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.

Preserve Wealth

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Asset Allocation

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About Elevance Health (ELV)

Elevance Health Inc. operates as a health benefits company. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives. It serves approximately 118 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical, and care solutions. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health Inc. in June 2022. Elevance Health Inc. was founded in 1944 and is headquartered in Indianapolis, Indiana.

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

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AI 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.

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Latest Trefis Analyses

Trade Ideas

Select ideas related to ELV.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.1%7.1%-3.0%
ELV_8312025_Insider_Buying_45D_2Buy_200K08312025ELVElevance HealthInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
1.5%1.5%-4.1%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ELVUNHCVSCIHUMCNCMedian
NameElevance.UnitedHe.CVS Heal.Cigna Humana Centene  
Mkt Price291.63282.0976.13267.19165.4334.45216.31
Mkt Cap64.5256.196.770.619.916.967.5
Rev LTM199,125447,567402,067274,588129,664194,777236,856
Op Inc LTM-18,96410,385---31210,385
FCF LTM3,17416,0757,8078,3893754,3216,064
FCF 3Y Avg4,83020,8218,1769,1951,9143,6956,503
CFO LTM4,29019,69710,6399,6019215,0887,344
CFO 3Y Avg6,05324,32311,05710,5922,6234,4328,323

Growth & Margins

ELVUNHCVSCIHUMCNCMedian
NameElevance.UnitedHe.CVS Heal.Cigna Humana Centene  
Rev Chg LTM12.6%11.8%7.8%12.5%10.1%19.4%12.1%
Rev Chg 3Y Avg8.4%11.4%7.7%15.3%11.8%10.6%11.0%
Rev Chg Q9.5%12.3%8.2%10.1%11.3%21.9%10.7%
QoQ Delta Rev Chg LTM2.2%2.9%2.0%2.5%2.6%4.8%2.5%
Op Mgn LTM-4.2%2.6%---0.2%2.6%
Op Mgn 3Y Avg-7.0%3.1%--1.3%3.1%
QoQ Delta Op Mgn LTM--1.8%-0.1%---0.7%-0.7%
CFO/Rev LTM2.2%4.4%2.6%3.5%0.7%2.6%2.6%
CFO/Rev 3Y Avg3.4%6.1%2.9%4.6%2.3%2.6%3.2%
FCF/Rev LTM1.6%3.6%1.9%3.1%0.3%2.2%2.1%
FCF/Rev 3Y Avg2.7%5.2%2.2%4.0%1.7%2.2%2.5%

Valuation

ELVUNHCVSCIHUMCNCMedian
NameElevance.UnitedHe.CVS Heal.Cigna Humana Centene  
Mkt Cap64.5256.196.770.619.916.967.5
P/S0.30.60.20.30.20.10.2
P/EBIT7.913.718.47.79.1-2.88.5
P/E11.421.254.711.816.8-2.514.3
P/CFO15.013.09.17.321.63.311.0
Total Yield11.2%7.8%5.3%10.7%8.1%-39.4%8.0%
Dividend Yield2.4%3.1%3.5%2.3%2.2%0.0%2.3%
FCF Yield 3Y Avg5.2%5.0%9.7%11.7%4.8%12.7%7.5%
D/E0.50.30.80.40.61.10.6
Net D/E-0.10.20.70.3-0.4-0.10.1

Returns

ELVUNHCVSCIHUMCNCMedian
NameElevance.UnitedHe.CVS Heal.Cigna Humana Centene  
1M Rtn-12.7%-0.0%-2.3%-6.6%-7.5%-12.1%-7.0%
3M Rtn-18.3%-16.8%-3.4%-2.2%-38.2%-15.7%-16.3%
6M Rtn-5.4%-18.3%3.2%-10.8%-39.7%3.6%-8.1%
12M Rtn-29.2%-40.6%20.3%-12.8%-33.7%-40.8%-31.5%
3Y Rtn-33.0%-35.7%13.4%4.5%-64.7%-45.8%-34.3%
1M Excs Rtn-8.8%4.3%1.2%-6.5%-3.3%-12.4%-4.9%
3M Excs Rtn-12.4%-11.8%-1.2%3.9%-33.7%-9.3%-10.6%
6M Excs Rtn-9.2%-21.4%0.8%-14.5%-43.1%-1.8%-11.9%
12M Excs Rtn-48.5%-60.7%0.9%-33.3%-53.7%-62.1%-51.1%
3Y Excs Rtn-103.9%-105.9%-62.6%-68.6%-134.8%-118.2%-104.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Health Benefits148,571138,484   
CarelonRx33,83528,52625,43110,3842,007
Carelon Services14,14712,860   
Net investment income1,8251,4851,3788771,005
Corporate & Other479399   
Net losses on financial instruments-694-55031818267
Eliminations-26,823-24,609-20,466  
Commercial and Specialty Business  38,80936,69937,421
Government Business  82,91971,57262,632
Other  10,2502,1531,081
Total171,340156,595138,639121,867104,213


Price Behavior

Price Behavior
Market Price$291.63 
Market Cap ($ Bil)64.5 
First Trading Date12/29/2006 
Distance from 52W High-34.2% 
   50 Days200 Days
DMA Price$336.24$330.35
DMA Trenddowndown
Distance from DMA-13.3%-11.7%
 3M1YR
Volatility44.1%40.3%
Downside Capture17.0927.77
Upside Capture-109.76-13.34
Correlation (SPY)9.6%11.0%
ELV Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.310.400.590.410.200.30
Up Beta0.690.900.37-0.250.280.40
Down Beta0.911.421.360.890.230.24
Up Capture-44%-60%6%30%-2%4%
Bmk +ve Days9203170142431
Stock +ve Days9223063131387
Down Capture54%11%46%40%26%60%
Bmk -ve Days12213054109320
Stock -ve Days12193161120365

[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%0.1248.0%
Equity (SPY)19.6%18.9%0.8110.6%
Gold (GLD)71.9%26.3%2.050.9%
Commodities (DBC)19.3%17.3%0.89-12.9%
Real Estate (VNQ)6.2%16.3%0.1918.9%
Bitcoin (BTCUSD)-15.3%44.2%-0.254.2%

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%0.3354.7%
Equity (SPY)13.1%17.0%0.6125.6%
Gold (GLD)24.1%17.3%1.142.4%
Commodities (DBC)11.2%19.0%0.473.2%
Real Estate (VNQ)4.8%18.8%0.1625.9%
Bitcoin (BTCUSD)6.3%56.7%0.336.7%

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
ELV9.7%30.7%0.37-
Sector ETF (XLV)10.1%16.5%0.5064.1%
Equity (SPY)14.5%17.9%0.7046.6%
Gold (GLD)14.4%15.6%0.770.9%
Commodities (DBC)8.6%17.6%0.4015.3%
Real Estate (VNQ)5.6%20.7%0.2341.3%
Bitcoin (BTCUSD)67.4%66.8%1.077.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity4.2 Mil
Short Interest: % Change Since 2152026-9.1%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity221.0 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/28/20265.9%4.9%0.0%
10/21/2025-1.2%-3.3%-8.3%
7/17/2025-12.2%-13.9%-14.3%
4/22/20252.3%1.8%1.4%
1/23/20252.7%2.4%-1.4%
10/17/2024-10.6%-16.4%-18.1%
4/18/20243.2%4.9%6.9%
1/24/20240.3%4.3%8.5%
...
SUMMARY STATS   
# Positive131112
# Negative91110
Median Positive3.2%4.5%3.2%
Median Negative-5.3%-3.3%-4.3%
Max Positive7.7%10.8%9.1%
Max Negative-12.2%-16.4%-18.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/06/202610-K
09/30/202510/21/202510-Q
06/30/202507/17/202510-Q
03/31/202504/22/202510-Q
12/31/202402/20/202510-K
09/30/202410/17/202410-Q
06/30/202407/17/202410-Q
03/31/202404/18/202410-Q
12/31/202302/21/202410-K
09/30/202310/18/202310-Q
06/30/202307/19/202310-Q
03/31/202304/19/202310-Q
12/31/202202/15/202310-K
09/30/202210/19/202210-Q
06/30/202207/20/202210-Q
03/31/202204/20/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Devore, Susan D DirectBuy8212025312.151,200374,5801,093,149Form
2Boudreaux, GailPresident and CEODirectBuy7182025286.948,5002,438,95143,332,991Form
3Kaye, MarkEVP & CFODirectSell4252025424.824,5881,949,0748,061,809Form
4Penczek, Ronald WCAO & ControllerDirectSell3112025415.13443183,903766,745Form
5Kendrick, Charles Morgan JrEVP & President, CommercialDirectSell3052025396.303,5041,388,6354,008,971Form