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Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as we, us, our, the Company or Elevance Health, is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey.
$394.69
+$4.87 (+1.25%)
Price from 12 days ago
Operating margin is thin at 3.62%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 12.5%, still solid. Free cash flow declined 30% despite revenue growth, conversion is weakening.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened.
16.7x earnings, 13.5x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$200.41B
▲ +12.5% YoY
Net Income (TTM)
$5.24B
▼ -5.3% YoY
Op. Margin
3.05%
▼ -0.8pp YoY
ROIC
6.79%
▼ -0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$6.45B
▼ -30.3% YoY
Op. Cash Flow (TTM)
$7.61B
▼ -26.1% YoY
Net Debt
-$3.72B
Net Cash Position
Cash & Equiv.
$35.56B
5Y CAGR: +10.3%
5Y CAGR: -20.0%
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