# Elevance Health, Inc. (ELV)

> Source: Nexqual · https://nexqual.com/ELV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Elevance Health, Inc. (ELV), nexqual.com/ELV" · informational, not investment advice.

**Price:** USD 445.28 (+2.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 434.13 · day 431.67–449.95 · 52w 274.84–450.69 · market cap $96.6B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $202B, net income $5.14B (2.5% margin), free cash flow $6.51B (SEC filings).
- Valuation: P/E 18.8x (avg 15.7x at the last 3 fiscal year-ends), EV/EBITDA 13.2x, net cash $4.94B.
- 12 of 80 tracked superinvestors hold ELV (13F, Q2 2026): 1 new, 5 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $827K; 3 not under a Rule 10b5-1 plan ($827K); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.27 on a 1–5 scale) (22 analysts), mean target USD 479.62 (range 406–523).
- Total return with dividends: 1Y +31.1% vs S&P 500 +14.9%; 5Y +10.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.11, revenue estimate $48.8B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $139B | $157B | $171B | $177B | $199B | $202B |
| Gross profit | $128B | $144B | $154B | $157B | $178B | — |
| Operating income | $7.56B | $8.28B | $8.50B | $7.86B | $7.20B | $5.43B |
| Net income | $6.16B | $5.89B | $5.99B | $5.98B | $5.66B | $5.14B |
| EPS (diluted) | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 | — |
| Free cash flow | $7.28B | $7.25B | $6.76B | $4.55B | $3.17B | $6.51B |
| Gross margin | 92.1% | 91.7% | 89.9% | 88.8% | 89.4% | — |
| Operating margin | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% | 2.7% |
| Net margin | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% | 2.5% |
| Revenue growth | +13.8% | +13.0% | +9.4% | +3.3% | +12.5% | — |
| Cash + short-term investments | $31.1B | $33.3B | $36.1B | $33.5B | $35.4B | — |
| Total debt | $22.8B | $23.8B | $24.9B | $30.9B | $31.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 18.8x · P/S 0.5x · EV/EBITDA 13.2x · EV/Sales 0.5x · P/FCF 14.8x · P/B 2.2x · FCF yield 6.75% · Earnings yield 5.32% · Dividend yield (paid, TTM) 1.55% · Buyback yield (TTM) 2.24% · Net cash $4.94B · EV $91.6B
P/E at fiscal year-ends: Dec 2025 13.9x, Dec 2024 14.4x, Dec 2023 18.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
12 of 80 tracked investors hold ELV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Seth Klarman | Baupost Group | 9.11% | $493M | Unchanged |
| Glenn Greenberg | Brave Warrior Advisors | 8.23% | $378M | Reduced -13.0% |
| Ruane Cunniff | Ruane Cunniff LP | 5.89% | $379M | Reduced -29.4% |
| Harry Burn | Sound Shore | 2.90% | $94.2M | New position |
| First Eagle Investment | First Eagle Investment Management | 2.70% | $1.62B | Added +1.4% |
| Bill Nygren | Oakmark Funds | 2.53% | $1.90B | Added +2.7% |
| Van Den Berg Management I |  | 2.25% | $10.6M | Reduced -2.1% |
| Vulcan Value Partners |  | 1.83% | $60.3M | Reduced -47.5% |
| Yacktman Asset Management |  | 1.63% | $131M | Added +1.7% |
| Richard Pzena | Pzena Investment Management | 0.25% | $86.8M | Added +2.0% |
| Tweedy Browne |  | 0.19% | $2.5M | Added +33.8% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $503K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-12 | Penczek Ronald W | CAO & Controller | 369 | $149K | 9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-11 | Dixon Robert L Jr | Director | 151 | $61K | 1.4% | No | Too little history (no open-market trades in 2025) |
| 2026-05-19 | Penczek Ronald W | CAO & Controller | 1,531 | $617K | 27.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-17 | Peru Ramiro G | Director | 1,000 | $366K | 366.05 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-17 | Boudreaux Gail | President and CEO | 2,725 | $1.0M | 367.79 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 22 analysts; mean target USD 479.62 (low 406, high 523).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target raised | Buy | $460 → $523 |
| 2026-10-22 | Guggenheim | Target raised | Buy | $460 → $485 |
| 2026-10-22 | Morgan Stanley | Target raised | Equal-Weight | $404 → $449 |
| 2026-10-22 | RBC Capital | Target raised | Sector Perform | $424 → $455 |
| 2026-10-22 | Barclays | Target raised | Overweight | $469 → $472 |
| 2026-10-22 | Baird | Target raised | Neutral | $393 → $406 |
| 2026-10-12 | Guggenheim | Target raised | Buy | $455 → $460 |
| 2026-10-07 | Barclays | Target raised | Overweight | $457 → $469 |
| 2026-07-17 | Bernstein | Target raised | Outperform | $482 → $488 |
| 2026-07-17 | Leerink Partners | Target raised | Market Perform | $364 → $395 |
| 2026-07-16 | RBC Capital | Target lowered | Sector Perform | $439 → $424 |
| 2026-07-16 | Wells Fargo | Target lowered | Overweight | $492 → $473 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +31.1% | +10.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.3% | +2.0% |
| Volatility (annualized) | 35.6% | 27.6% |
| Max drawdown | -26.5% (Jan 2026→Mar 2026) | -49.9% (Aug 2024→Jul 2025) |

## Peers (Healthcare Plans)
CI (The Cigna Group) USD 315.88 +3.78% · CVS (CVS Health Corporation) USD 94.48 +1.10% · HUM (Humana Inc.) USD 420.97 -1.05% · CNC (Centene Corporation) USD 71.24 +1.42% · UNH (UnitedHealth Group Incorporated) USD 424.98 +1.91% · MOH (Molina Healthcare Inc) USD 216.64 +0.81%

## More
Full page: https://nexqual.com/ELV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ELV's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/1156039/000115603926000013/elv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | CVS Health (CVS) | "If CVS fails to provide pharmacy benefit manager services as contractually required, we may not be able to meet the full demands of our customers, which could have an adverse effect on our business, reputation and result…" |
| Partner | Augusta Topco Holdings | "Our Carelon Advanced Primary Care business includes palliative care services and management of our partnership with Augusta Topco Holdings L.P. ("Mosaic Health"), a joint venture with Clayton, Dubilier & Rice ("CD&R")." |
| Partner | Project Freedom Holdings | "Other invested assets include non-controlled joint ventures, including our minority interest ownership of approximately 40% of Augusta Topco Holdings, L.P. ("Mosaic Health") and our 40% minority interest ownership of Pro…" |
| Partner | LIBERTY Dental Plan | "Other invested assets include non-controlled joint ventures, including our minority interest ownership of approximately 40% of Augusta Topco Holdings, L.P. ("Mosaic Health") and our 40% minority interest ownership of Pro…" |

Other companies that name ELV in their own reports (relationship from ELV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SERA PROGNOSTICS, INC. (SERA) | 10-K 2026-03-18 | "Collaboration with Elevance Health." |
| partner | American Well Corp (AMWL) | 10-K 2026-02-12 | "In 2012, we entered into a joint venture with an affiliate of Elevance Health, Inc. (formerly Anthem, Inc.) to form National Telehealth Network, LLC ("NTN")." |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue | $6.45B | 12.5% | +4.8% |
| Service fees | $2.28B | 4.4% | +6.8% |
| Total revenue | $51.43B | 100% | — |
The lines above cover 17% of total revenue.

## Company outlook (8-K filed 2026-10-21)

- "Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount. 14 Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.11 | $2.47 | -14.7% | $48.82B | 20 |
| Next quarter (ends 2027-03-31) | $12.26 | $12.03 | +1.9% | $50.06B | 13 |
| Current fiscal year (ends 2026-12-31) | $28.79 | $27.16 | +6.0% | $198.62B | 22 |
| Next fiscal year (ends 2027-12-31) | $30.15 | $29.63 | +1.7% | $203.20B | 20 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.1% | ±6.6% |
| 2026-12-18 | 56 | 28.3% | ±9.0% |
| 2027-01-15 | 84 | 29.1% | ±11.3% |
| 2027-03-19 | 147 | 32.1% | ±16.3% |
| 2027-06-17 | 237 | 33.1% | ±21.2% |
| 2027-09-17 | 329 | 33.3% | ±25.0% |