Explain this page
Arphra AIPlain-English read on Elevance Health Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | $77.75B | — | — | — | — |
| Enterprise value | — | — | — | — | $101.5B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | 0.51 | — | — | — | — |
| EV / FCF | — | — | — | — | 31.98 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | +7.28% | — | — | — | — |
| Free cash flow yield | — | — | — | — | +4.08% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +25.96% | +25.51% | +27.44% | +27.85% | +25.56% | +26.93% | +26.27% | +27.60% | +27.65% |
| Operating margin | +6.45% | +5.40% | +5.10% | +5.03% | +4.07% | +4.76% | +4.74% | +4.84% | +4.60% |
| EBITDA margin | +7.23% | +6.47% | +6.12% | +5.93% | +4.85% | +5.54% | +5.62% | +5.62% | +5.57% |
| EBIT margin | +6.29% | +5.40% | +5.10% | +5.14% | +4.07% | +4.86% | +4.72% | +4.77% | +4.83% |
| Pre-tax margin | +5.72% | +4.85% | +4.50% | +4.47% | +3.37% | +4.22% | +4.22% | +4.07% | +4.00% |
| Net margin | +4.40% | +3.76% | +3.49% | +3.38% | +2.84% | +3.23% | +3.27% | +3.25% | +3.29% |
| Cost structure | |||||||||
| Cost of revenue / sales | +74.04% | +74.49% | +72.56% | +72.15% | +74.44% | +73.38% | +71.94% | +74.65% | +74.06% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +23.09% | +22.53% | +22.35% | +24.46% | +15.63% | +20.55% | +20.89% | +20.87% | +21.75% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +16.90% | +16.22% | +15.19% | +14.44% | +12.86% | +14.03% | +13.93% | +14.03% | +14.73% |
| Return on assets (ROA) | +6.26% | +5.74% | +5.50% | +5.12% | +4.66% | +5.07% | +5.00% | +5.17% | +5.02% |
| Return on capital (ROC) | +14.66% | +13.60% | +13.24% | +11.99% | +10.50% | +11.98% | +11.75% | +12.11% | +11.64% |
| Return on invested capital (ROIC) | +10.00% | +9.49% | +9.06% | +8.07% | +7.33% | +8.14% | +8.10% | +8.13% | +8.31% |
| Asset turnover | +142.25% | +152.40% | +157.30% | +151.26% | +163.90% | +156.70% | +152.96% | +158.88% | +152.85% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +4.40% | +3.76% | +3.49% | +3.38% | +2.84% | +3.23% | +3.27% | +3.25% | +3.29% |
| Asset turnover (× revenue / assets) | +142.25% | +152.40% | +157.30% | +151.26% | +163.90% | +156.70% | +152.96% | +158.88% | +152.85% |
| Equity multiplier (× assets / equity) | +269.76% | +282.84% | +276.43% | +282.16% | +275.96% | +276.97% | +278.39% | +271.62% | +293.25% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.42 | 1.52 | 1.57 | 1.51 | 1.64 | 1.57 | 1.53 | 1.59 | 1.53 |
| Fixed-asset turnover | 30.49 | 31.83 | 34.66 | 33.88 | 38.81 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 14.31 | 13.33 | 13.75 | 13.54 | 13.07 | — | — | — | — |
| Payables turnover | 7.59 | 7.48 | 7.72 | 8.10 | 8.68 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 25.51 | 27.38 | 26.54 | 26.95 | 27.93 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 48.07 | 48.80 | 47.30 | 45.05 | 42.07 | — | — | — | — |
| Cash conversion cycle | -22.56 | -21.43 | -20.75 | -18.10 | -14.14 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.37 | 1.43 | 1.35 | 0.97 | 0.76 | 1.04 | 1.02 | 1.05 | 1.01 |
| FCF / Net income | 1.19 | 1.23 | 1.13 | 0.76 | 0.56 | 0.82 | 0.83 | 0.83 | 0.82 |
| FCF margin | +5.25% | +4.63% | +3.95% | +2.57% | +1.59% | +2.64% | +2.70% | +2.69% | +2.71% |
| OCF margin | +6.03% | +5.36% | +4.70% | +3.28% | +2.15% | +3.35% | +3.33% | +3.42% | +3.33% |
| CapEx / Revenue | +0.78% | +0.74% | +0.76% | +0.71% | +0.56% | +0.68% | +0.66% | +0.66% | +0.69% |
| CapEx / D&A | 0.83 | 0.69 | 0.74 | 0.90 | 0.72 | — | — | — | — |
| Stock-based comp / Revenue | +0.18% | +0.17% | +0.17% | +0.11% | +0.14% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 24.73 | 24.28 | 25.22 | 25.68 | 25.12 | 26.85 | 29.24 | 34.09 | 42.94 |
| EPS · basic | 25.25 | 24.56 | 25.38 | 25.81 | 25.18 | 27.32 | 29.35 | 34.38 | 43.49 |
| Book value / share | 146.39 | 149.63 | 165.99 | 177.87 | 198.49 | 202.15 | 212.54 | 220.28 | 222.88 |
| Tangible BV / share | 5.21 | 6.72 | 16.07 | 4.53 | 20.21 | 202.15 | 212.54 | 220.28 | 222.88 |
| Sales / share | 561.75 | 644.95 | 721.74 | 759.17 | 897.77 | 877.37 | 905.06 | 950.62 | 999.03 |
| Operating CF / share | 33.89 | 34.59 | 33.96 | 24.94 | 19.34 | 29.42 | 30.10 | 32.48 | 33.27 |
| Free cash flow / share | 29.49 | 29.85 | 28.50 | 19.54 | 14.31 | 23.16 | 24.47 | 25.61 | 27.02 |
| Dividends / share | 4.47 | 5.06 | 5.88 | 6.47 | 6.89 | 7.14 | 7.27 | 7.54 | 8.23 |
| Payout ratio | +18.09% | +20.85% | +23.30% | +25.22% | +27.00% | +25.17% | +24.57% | +24.40% | +25.08% |
| Retention ratio | +81.91% | +79.15% | +76.70% | +74.78% | +73.00% | +74.83% | +75.43% | +75.60% | +74.92% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +12.95% | +9.42% | +3.19% | +12.62% | -2.12% | +2.42% | +5.14% | +5.44% | +6.02% |
| Gross profit · YoY | — | +11.00% | +17.66% | +4.75% | +3.37% | +3.13% | -0.12% | +10.50% | +5.60% | +6.86% |
| Profit | ||||||||||
| Operating income · YoY | — | -5.53% | +3.48% | +1.64% | -8.73% | +14.31% | +2.11% | +7.38% | +0.16% | +1.63% |
| EBITDA · YoY | — | +1.01% | +3.59% | -0.08% | -7.86% | +11.80% | +3.87% | +5.22% | +4.49% | +2.62% |
| Net income · YoY | — | -3.44% | +1.58% | -0.12% | -5.32% | +11.30% | +3.61% | +4.51% | +6.56% | +2.21% |
| Operating | ||||||||||
| EBIT · YoY | — | -3.12% | +3.48% | +3.93% | -10.75% | +16.70% | -0.49% | +6.32% | +6.81% | +2.58% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -1.82% | +3.87% | +1.82% | -2.18% | +6.88% | +8.90% | +16.61% | +25.95% | +7.14% |
| EPS · basic · YoY | — | -2.73% | +3.34% | +1.69% | -2.44% | +8.50% | +7.43% | +17.14% | +26.50% | +7.03% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $24.89B | $25.8B | $26.65B | $32.7B | $33.24B | $32.5B | $33.7B | $35.29B | $38.08B |
| Net debt | $20.01B | $18.41B | $20.13B | $24.41B | $23.74B | $23.64B | $24.84B | $25.86B | $28.14B |
| Net debt / EBITDA | 2.00 | 1.82 | 1.92 | 2.33 | 2.46 | 2.19 | 2.22 | 2.19 | 2.28 |
| Debt / equity | 0.69 | 0.71 | 0.68 | 0.79 | 0.75 | 0.72 | 0.72 | 0.73 | 0.77 |
| Debt / assets | +25.54% | +25.11% | +24.47% | +27.98% | +27.36% | +26.13% | +25.82% | +26.71% | +26.30% |
| Equity / assets | +37.07% | +35.36% | +36.18% | +35.44% | +36.24% | +36.11% | +35.92% | +36.82% | +34.10% |
| Coverage | |||||||||
| EBITDA / interest expense | 12.56 | 11.90 | 10.18 | 8.85 | 6.89 | 8.32 | 8.67 | 8.70 | 8.57 |
| Operating income / interest | 11.21 | 9.93 | 8.49 | 7.50 | 5.79 | 7.15 | 7.32 | 7.50 | 7.07 |
| Interest expense | $798M | $851M | $1.03B | $1.19B | $1.4B | $1.3B | $1.29B | $1.36B | $1.44B |
| Liquidity | |||||||||
| Current ratio | 0.94 | 1.03 | 0.97 | 1.10 | 1.24 | — | — | — | — |
| Quick ratio | 0.94 | 1.03 | 0.97 | 1.10 | 1.24 | — | — | — | — |
| Cash ratio | 0.31 | 0.40 | 0.33 | 0.43 | 0.48 | — | — | — | — |
| Working capital | -$954M | $479M | -$565M | $1.92B | $4.77B | — | — | — | — |
| Working capital / revenue | -0.69% | +0.31% | -0.33% | +1.09% | +2.39% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 |
|---|---|
| P / E | — |
| P / B | — |
| EV / EBITDA | — |
| EV / Sales | 0.51x |
| Earnings yield | 7.3% |
| FCF yield | 4.1% |
Returns
| Metric | FY 2025 |
|---|---|
| Gross margin | — |
| Operating margin | — |
| Net margin | — |
| ROE | 12.9% |
| ROA | 4.7% |
| ROIC | 6.6% |
Leverage & liquidity
| Metric | FY 2025 |
|---|---|
| Debt / equity | — |
| Net debt / EBITDA | 2.46 |
| Interest coverage | — |
| Current ratio | 1.24x |
| Quick ratio | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).