Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 11.6x · ROE 13.3%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $88.6B | $77.8B | $85.9B | $111.9B | $124.5B | $114.4B | $81.7B | $78.6B | $66.8B | $60.3B | $38.5B |
| Enterprise Value | $112.4B | $101.5B | $110.3B | $132.1B | $143.0B | $134.4B | $97.8B | $94.9B | $82.1B | $76.6B | $50.2B |
| P/E Ratio → | 16.25 | 13.96 | 14.37 | 18.70 | 21.13 | 18.74 | 17.86 | 16.35 | 18.51 | 15.68 | 15.61 |
| P/S Ratio | 0.45 | 0.39 | 0.49 | 0.65 | 0.80 | 0.83 | 0.67 | 0.75 | 0.73 | 0.67 | 0.45 |
| P/B Ratio | 2.06 | 1.77 | 2.07 | 2.84 | 3.43 | 3.17 | 2.46 | 2.48 | 2.34 | 2.27 | 1.54 |
| P/FCF | 27.93 | 24.50 | 18.87 | 16.55 | 17.19 | 15.72 | 8.45 | 15.77 | 25.50 | 17.75 | 14.71 |
| P/OCF | 20.66 | 18.12 | 14.79 | 13.89 | 14.83 | 13.68 | 7.64 | 12.97 | 17.45 | 14.40 | 12.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.51 | 0.62 | 0.77 | 0.91 | 0.97 | 0.80 | 0.91 | 0.89 | 0.85 | 0.59 |
| EV / EBITDA | 11.64 | 10.51 | 10.73 | 12.59 | 14.12 | 13.12 | 11.03 | 12.06 | 11.78 | 13.03 | 7.93 |
| EV / EBIT | 13.85 | 12.51 | 12.14 | 15.10 | 16.92 | 15.41 | 13.92 | 14.10 | 14.10 | 16.28 | 9.51 |
| EV / FCF | — | 31.98 | 24.24 | 19.52 | 19.73 | 18.47 | 10.11 | 19.04 | 31.33 | 22.56 | 19.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6% | 25.6% | 27.9% | 27.4% | 25.5% | 26.0% | 27.8% | 21.5% | 21.9% | 19.8% | 21.4% |
| Operating Margin | 4.1% | 4.1% | 5.0% | 5.1% | 5.4% | 6.5% | 6.3% | 6.5% | 6.3% | 5.5% | 6.4% |
| Net Profit Margin | 2.8% | 2.8% | 3.4% | 3.5% | 3.8% | 4.4% | 3.8% | 4.6% | 4.1% | 4.3% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 14.8% | 15.8% | 16.3% | 17.6% | 14.1% | 16.0% | 13.6% | 14.9% | 10.3% |
| ROA | 4.8% | 4.8% | 5.3% | 5.7% | 5.9% | 6.6% | 5.5% | 6.4% | 5.2% | 5.6% | 3.8% |
| ROIC | 9.1% | 9.1% | 10.6% | 11.5% | 11.4% | 12.7% | 11.9% | 11.0% | 10.1% | 9.4% | 11.1% |
| ROCE | 8.2% | 8.2% | 9.5% | 10.1% | 10.2% | 11.3% | 10.8% | 10.4% | 9.4% | 8.4% | 9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.75 | 0.75 | 0.79 | 0.68 | 0.71 | 0.69 | 0.66 | 0.67 | 0.67 | 0.75 | 0.63 |
| Debt / EBITDA | 3.44 | 3.44 | 3.18 | 2.54 | 2.55 | 2.43 | 2.46 | 2.70 | 2.76 | 3.39 | 2.48 |
| Net Debt / Equity | — | 0.54 | 0.59 | 0.51 | 0.51 | 0.55 | 0.48 | 0.51 | 0.54 | 0.62 | 0.46 |
| Net Debt / EBITDA | 2.46 | 2.46 | 2.37 | 1.92 | 1.82 | 1.95 | 1.82 | 2.07 | 2.19 | 2.78 | 1.84 |
| Debt / FCF | — | 7.48 | 5.36 | 2.98 | 2.54 | 2.75 | 1.67 | 3.26 | 5.83 | 4.81 | 4.45 |
| Interest Coverage | 5.79 | 5.79 | 7.67 | 8.49 | 9.93 | 10.93 | 8.96 | 9.02 | 7.73 | 6.36 | 7.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.10 | 0.97 | 1.03 | 0.94 | 1.14 | 1.11 | 1.13 | 0.93 | 1.07 |
| Quick Ratio | 1.24 | 1.24 | 1.10 | 0.97 | 1.03 | 0.94 | 1.14 | 1.11 | 1.13 | 0.93 | 1.07 |
| Cash Ratio | 0.48 | 0.48 | 0.43 | 0.33 | 0.40 | 0.31 | 0.47 | 0.44 | 0.42 | 0.34 | 0.44 |
| Asset Turnover | — | 1.64 | 1.51 | 1.57 | 1.52 | 1.42 | 1.38 | 1.33 | 1.27 | 1.26 | 1.28 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 2.0% | 1.8% | 1.2% | 1.0% | 1.0% | 1.2% | 1.0% | 1.2% | 1.2% | 1.8% |
| Payout Ratio | 27.0% | 27.0% | 25.2% | 23.3% | 20.9% | 18.1% | 20.9% | 17.0% | 20.7% | 18.3% | 27.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 7.2% | 7.0% | 5.3% | 4.7% | 5.3% | 5.6% | 6.1% | 5.4% | 6.4% | 6.4% |
| FCF Yield | 3.6% | 4.1% | 5.3% | 6.0% | 5.8% | 6.4% | 11.8% | 6.3% | 3.9% | 5.6% | 6.8% |
| Buyback Yield | 2.9% | 3.4% | 3.4% | 2.4% | 1.9% | 1.7% | 3.3% | 2.2% | 2.5% | 3.3% | 0.2% |
| Total Shareholder Yield | 4.6% | 5.3% | 5.1% | 3.6% | 2.8% | 2.6% | 4.5% | 3.2% | 3.7% | 4.5% | 1.9% |
| Shares Outstanding | — | $222M | $233M | $237M | $243M | $247M | $254M | $260M | $254M | $268M | $268M |
Medical loss ratio volatility
According to current market data, ELV trades at a forward P/E of 14.69, which appears to discount the company as a traditional insurer rather than a diversified health services entity, especially when compared to the premium multiples commanded by peers like UnitedHealth Group in the broader healthcare sector.
The current valuation suggests that investors are skeptical of the company's ability to successfully pivot toward the higher-margin Carelon services model. The PEG ratio of 2.27 indicates that the market is pricing in a deceleration in earnings growth, warranting caution regarding the sustainability of current multiple levels.
As reported in recent financial statements, ELV's ROIC has struggled to maintain momentum, fluctuating between 0.6% and 4.0% over the last ten quarters, which suggests that the company is currently failing to generate returns that consistently exceed its cost of capital in a highly competitive environment.
The volatility in ROIC appears to be driven by inconsistent net margins and the integration challenges associated with recent acquisitions. Investors should monitor whether the company can improve its capital allocation efficiency as it attempts to scale its Carelon segment to offset the inherent margin caps of its insurance business.
Based on the provided financial data, ELV's asset turnover has remained stagnant at approximately 0.41, indicating that the company's ability to generate revenue from its expanding asset base is not improving, which may reflect the dilutive impact of goodwill and intangible assets on overall operational efficiency.
The lack of transparency regarding DIO and DPO metrics makes it difficult to fully assess the company's working capital management. However, the consistent DSO levels suggest that the company maintains a stable relationship with its premium-paying members, even as it faces broader operational headwinds.
According to quarterly filings, ELV's interest coverage ratio has experienced significant swings, dropping to 1.59 in 2025Q4 before recovering to 7.45 in 2026Q1, which highlights the company's sensitivity to earnings volatility and the potential risks associated with its current debt-funded growth strategy in the managed care industry.
While the current ratio has improved to 1.48, the erratic nature of the interest coverage ratio suggests that debt service could become a concern if medical loss ratios continue to spike unexpectedly. The reliance on external financing to support share repurchases appears to be a risky capital allocation choice given the current margin environment.
The P/E ratio is frequently misapplied to ELV because it fails to account for the significant non-operating volatility inherent in IBNR reserve adjustments, which can artificially inflate or deflate earnings in any given quarter, thereby obscuring the underlying health of the company's core insurance underwriting operations.
Analysts should instead focus on adjusted operating margins and the growth of the Carelon services arm to better gauge true earning power. Relying solely on P/E multiples risks ignoring the structural shifts in the business model that are intended to move the company away from pure insurance risk.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ELV stock.
Elevance Health Inc.'s current P/E ratio is 16.2x. The historical average is 14.6x. This places it at the 64th percentile of its historical range.
Elevance Health Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Elevance Health Inc.'s return on equity (ROE) is 13.3%. The historical average is 13.4%.
Based on historical data, Elevance Health Inc. is trading at a P/E of 16.2x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Elevance Health Inc.'s current dividend yield is 1.69% with a payout ratio of 27.0%.
Elevance Health Inc. has 25.6% gross margin and 4.1% operating margin.
Elevance Health Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.