ELV
Elevance Health Inc.
ELV's fundamentals are mixed: free cash flow grew 73%, but its operating margin fell 1 points to 2.7%. At 18x earnings, it's trading in line with its usual 18x. Analysts expect earnings growth, though they disagree widely on how much.
ELV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Stable |
ELV's cash flow is currently healthy, and its revenue, profitability and balance sheet are stable.
ELV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $333 | -22% |
| Forward | 15x | $430 | — |
| Fair | 18x | $416 | -3.3% |
| Current | 18x | $430 | — |
| Expensive | 20x | $470 | +9.4% |
Historical ranges are pointers, not guarantees.
ELV's PE is in its fair range at 18x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
ELV Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Stable | |
| Moderate | |
| Low |
Analysts expect ELV's earnings to grow, with its revenue and profitability holding steady. However, they disagree widely on these estimates.
ELV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $28.82 | +22% |
| Q3 2026 | $23.54 | -4% |
| Q2 2026 | $22.59 | -4.2% |
| Q1 2026 | $23.60 | -8.2% |
| Q4 2025 | $25.21 | -1.8% |
| Q3 2025 | $24.53 | -11% |
| Q2 2025 | $23.57 | -18% |
| Q1 2025 | $25.70 | -3.1% |
| Q4 2024 | $25.68 | +1.8% |
ELV earned $23.54 per share over the past year, down 4% from the year before.
ELV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $51.4B | +1.4% |
| Q2 2026 | $50.5B | +1.4% |
| Q1 2026 | $50.2B | +2.6% |
| Q4 2025 | $49.7B | +9.5% |
| Q3 2025 | $50.7B | +12% |
| Q2 2025 | $49.8B | +13% |
| Q1 2025 | $48.9B | +15% |
| Q4 2024 | $45.4B | +6.6% |
ELV's revenue has grown year over year every quarter since late 2020: $51.4B last quarter, up 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.5% | -0.1 points |
| Q2 2026 | 3.5% | -1.4 points |
| Q1 2026 | 4.2% | -2.3 points |
| Q4 2025 | 0.6% | -0.9 points |
| Q3 2025 | 2.5% | -0.6 points |
| Q2 2025 | 4.9% | -1.4 points |
| Q1 2025 | 6.5% | -0.6 points |
| Q4 2024 | 1.5% | -1.5 points |
ELV's operating margin was 2.5% last quarter, about level with the same quarter a year ago.
ELV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1B | +29% |
| Q2 2026 | $1.6B | -9% |
| Q1 2026 | $4.1B | +399% |
| Q4 2025 | -$209M | -154% |
| Q3 2025 | $775M | -67% |
| Q2 2025 | $1.8B | +1341% |
| Q1 2025 | $821M | -52% |
| Q4 2024 | $384M | +$3.7B |
ELV still generates free cash flow, though less than at its 2023 peak: $6.5B over the past year.
ELV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -300K shares |
| 1 year | -2.7% | -6.1M shares |
| 3 years | -8% | -18.9M shares |
| 5 years | -12% | -28.4M shares |
| Available history | -16% | -42.7M shares |
ELV has 218M diluted shares, down 2.7% from a year ago, with $2.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $330M |
| Q2 2026 | $234M |
| Q1 2026 | $1.1B |
| Q4 2025 | $471M |
| Q3 2025 | $876M |
| Q2 2025 | $378M |
| Q1 2025 | $880M |
| Q4 2024 | $1.8B |
ELV spent $2.2B buying back its own shares over the past year, down 45% from the year before.
ELV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.6x | Moderate |
ELV's net debt is about 3.0 years of its operating earnings (EBITDA), up from 2.6 years a year ago.
ELV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.8 | Neutral |
| Stochastic | 68.7 | Neutral |
ELV's weekly RSI is 60 (neutral) and its Stochastic is 69 (neutral).
ELV PE vs Healthcare Sector
| Metric | ELV | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 29% below |
| PE % | 57 | 29 | 28 pts above |
ELV is trading at 18x earnings, a 29% discount to the Healthcare sector's median of 26x.
ELV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $417.4 | 3% above |
| 20 week MA | $406.3 | 5.8% above |
| 50 week MA | $373.0 | 15% above |
| 100 week MA | $368.4 | 17% above |
| 200 week MA | $424.7 | 1.2% above |
ELV has climbed back above all five of its weekly moving averages, and it's now 1.2% above its 200-week average.
ELV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $306.4 | $308.7 | +0.7% |
| 2021 | $308.7 | $455.7 | +48% |
| 2022 | $455.7 | $514.3 | +13% |
| 2023 | $514.3 | $471.6 | -8.3% |
| 2024 | $471.6 | $371.1 | -21% |
| 2025 | $371.1 | $349.9 | -5.7% |
| 2026 YTD | $349.9 | $429.9 | +23% |
ELV has finished three years in a row lower, and it's up 23% so far in 2026.