Elevance Health

Health Care Managed Health Care Indianapolis, Indiana Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$199.1B
                    3y CAGR +8.3%
                    
                    P66
                    
                    +12.5%
                    
                    Net income
                    FY2025
                
$5.7B
                    Net margin +2.8%
                    
                    P23
                    
                    -5.3%
                    
                    Total assets
                    FY2025
                
$121.5B
                    ROA +4.7%
                    
                    P43
                    
                    +3.9%
                    
                    Operating cash flow
                    FY2025
                
$4.3B
                    FCF margin +1.6%
                    
                    P16
                    
                    -26.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $121.5B

Total liabilities $77.5B

Shareholders equity $43.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	7.8%	7.1%	6.0%
Short Term Investments	21.3%	21.6%	27.2%
Prepaid Expenses	4.4%	4.0%	5.3%
Other Current Assets	4.4%	4.0%	5.3%
Total Current Assets	51.9%	50.4%	55.1%
Property,Plant and Equipment	3.9%	4.0%	4.0%
Goodwill	23.3%	24.2%	23.2%
Intangible Assets	9.2%	10.3%	9.4%
Long Term Investments	0.9%	0.9%	0.8%
Other Noncurrent Assets	1.9%	1.8%	1.8%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	6.0%	5.9%	6.3%
Accrued Liabilities	33.8%	34.7%	38.4%
Current Portion of Long Term Debt	0.9%	1.4%	1.5%
Other Current Liabilities	8.4%	8.6%	9.1%
Total Current Liabilities	33.8%	34.7%	38.4%
Long Term Debt	25.3%	25.0%	21.3%
Deferred Tax Liabilities	1.7%	1.8%	1.8%
Other Noncurrent Liabilities	2.8%	2.8%	1.6%
Total Liabilities	63.8%	64.6%	63.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	7.4%	7.6%	8.1%
Retained Earnings	29.1%	28.7%	29.1%
Accumulated Other Comprehensive Income	-0.4%	-1.0%	-1.2%
Noncontrolling Interest	0.1%	0.1%	0.1%
Total Stockholders Equity	36.1%	35.3%	36.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $199.1B

Operating income $7.2B

Net income $5.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	163.9%	151.4%	157.3%
Expenses Cost of Revenue	17.4%	16.9%	15.9%
Expenses Selling,General and Administrative	17.3%	17.1%	18.4%
Expenses Depreciation and Amortization	0.5%	0.5%	0.8%
Expenses Share Based Compensation	0.2%	0.2%	0.3%
Other Income Expense Operating Income	5.9%	6.7%	7.8%
Other Income Expense Interest Income	1.8%	1.8%	1.7%
Other Income Expense Interest Expense	1.2%	1.0%	0.9%
Other Income Expense Income Before Tax	5.5%	6.8%	7.1%
Income Tax Income Tax Expense	0.9%	1.7%	1.6%
net Income net Income	4.7%	5.1%	5.5%
net Income Comprehensive Income	5.2%	5.3%	6.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.2%	0.2%	0.2%
Earnings Per Share Weighted Average Shares Diluted	0.2%	0.2%	0.2%

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 3 years

Operating cash flow $4.3B

Investing cash flow $-1.3B

Financing cash flow $-1.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	4.7%	5.1%	5.5%
Operating Activities Depreciation and Amortization	0.1%	0.1%	0.1%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.3%
Operating Activities Deferred Income Taxes	-0.2%	-0.3%	-0.6%
Operating Activities Changes In Operating Assets and Liabilities	-0.0%	-0.1%	0.3%
Operating Activities net Cash From Operating Activities	3.5%	5.0%	7.4%
Investing Activities Capital Expenditures	0.9%	1.1%	1.2%
Investing Activities Business Acquisitions	-0.1%	4.1%	1.4%
Investing Activities Purchases of Investments	12.4%	15.4%	14.9%
Investing Activities Proceeds From Sale of Investments	1.5%	1.7%	2.7%
Investing Activities Other Investing Activities	0.0%	0.1%	0.1%
Investing Activities net Cash From Investing Activities	-1.1%	-4.4%	-5.1%
Financing Activities Proceeds From Debt	2.5%	6.6%	2.4%
Financing Activities Repayment of Debt	1.8%	1.4%	1.8%
Financing Activities Repurchase of Common Stock	2.1%	2.5%	2.5%
Financing Activities Dividends Paid	1.3%	1.3%	1.3%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.1%	0.1%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-1.4%	1.0%	-3.1%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	1.0%	1.6%	-0.8%
Cash Reconciliation Cash At Beginning of Period	7.8%	7.1%	6.0%
Cash Reconciliation Cash At End of Period	7.8%	7.1%	6.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+89.4%	+88.8%	+89.9%
Operating margin	+3.6%	+4.4%	+5.0%
Net margin	+2.8%	+3.4%	+3.5%
FCF margin	+1.6%	+2.6%	+3.9%
Growth
Revenue CAGR (3y)	+8.3%	+8.5%	+12.0%
Returns
ROE	+12.9%	+14.5%	+15.2%
ROA	+4.7%	+5.1%	+5.5%
ROIC	+9.2%	+9.3%	+11.4%
Liquidity
Current ratio	1.54x	1.45x	1.44x
Quick ratio	—	—	—
Leverage
D/E	1.77x	1.83x	1.77x
Interest coverage	5.13x	6.63x	8.25x
Efficiency
Asset turnover	1.64x	1.51x	1.57x
Cash conversion cycle	—	—	—

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Elevance Health

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