Is the business good?
How good a business is ELV?
Elevance Health earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 1.8 points above what the capital costs: growth creates value
- Operating margin
- 2.7%
Operating margin · Healthcare Plans median 2.0% · 12 months to Q2 2026
- Cash conversion
- 1.27×
Cash conversion · 1.00× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −3.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.2% |
| FY2021 | 5.5% |
| FY2022 | 5.3% |
| FY2023 | 5.0% |
| FY2024 | 4.4% |
| FY2025 | 3.6% |
Details›
- Gross margin12 months to Q2 2026
- 89%
- Operating margin12 months to Q2 2026
- 2.7%
- Net margin12 months to Q2 2026
- 2.5%
- Free cash flow margin
- 3.1%
- Revenue, trailing twelve months
- $201.1B
- Free cash flow, trailing twelve months
- $6.29B
- Net income, trailing twelve months
- $4.96B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Healthcare Plans
Ranks #4 of 11 by Smart Score