Elevance Health ELV

NYSE · Hospital & Medical Service Plans · $94.2B

$432.00−0.50%Nov 5 close · Databento

Every report since 2023 →

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ELV Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $432.001D −0.50%3M +8.62%SMA20 $426.87SMA50 $412.34RSI(14) 57.4

432.00

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 57.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$94.2B

EV / True FCF40.6x

Revenue$199.1B +12.5%

True FCF (ex-SBC)$2.9B −30.3%

Rule of 4014.1%

ROIC9.0%

True FCF Yield3.1%

EPS, diluted$25.21 −1.8%

Modern Valuation (EOD)

Market Cap$94.2B

Enterprise Value$117.7B

EV / True FCF40.60

EV / FCF37.07

EV / Gross Profit—

EV / EBIT16.34

EV / Sales0.59

P / E (GAAP)16.63

P / FCF29.67

P / Oper. CF21.95

P / Book2.14

Owner & Cash Yields

True FCF Yield3.1%

FCF Yield3.4%

Owner Earn. Yield4.6%

Earnings Yield6.0%

Shareholder Yield+4.1%

Buyback Yield2.8%

Dividend Yield1.37%

Dividend / sh$5.92

Payout Ratio27%

FCF / sh$14.69

EPS (diluted)$25.21

Compounder & Returns

Rule of 4014.1%

ROIC9.0%

Cash ROIC (CROIC)4.7%

GP / Assets—

ROE12.9%

ROA4.7%

Gross Margin—

Oper. Margin3.6%

Net Margin2.8%

FCF Margin1.6%

True FCF Margin1.5%

Quality & Dilution

Cash Conversion56%

Accrual Ratio+1.1%

SBC % of FCF8.7%

SBC % of Rev0.1%

Reinvest. Rate26%

Sales Growth Y/Y+12.5%

Sales 3Y CAGR+8.3%

EPS Growth Y/Y−1.8%

FCF Growth Y/Y−30.3%

FCF 3Y CAGR−24.1%

Share Change Y/Y−3.6%

Balance Sheet & Scale

Revenue (FY)$199.1B

Gross Profit (FY)—

Oper. Income (FY)$7.2B

GAAP Net Income$5.7B

True FCF (ex-SBC)$2.9B

Cash & Equiv$9.5B

Total Debt$33.0B

Net Cash (Debt)$-23.5B

Net Cash % MCap−25.0%

Debt / FCF (yrs)10.4y

Current Ratio1.54216.06M sh

Price & Technicals (EOD)

Perf Week+2.36%

Perf Month+6.85%

Perf Quarter+9.59%

Perf Half Y+15.84%

Perf YTD+35.27%

SMA 20 Dist+1.20%$426.87

SMA 50 Dist+4.77%$412.34

SMA 100 Dist+7.05%$403.53

Window High−2.98%$445.28

Window Low+35.27%$319.36

RSI (14) · Vol57.430%v

Income Distribution & Cash Flow ConversionHow every dollar of ELV revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$21.2B ($10.6 / $100)

SG&A & Other OpEx$170.7B ($85.7 / $100)

Tax & Non-Operating$1.5B ($0.8 / $100)

Net Profit Kept$5.7B ($2.8 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$5.7B (2.8% margin)

Operating Cash Flow (OCF)$4.3B(2.2% of rev)

Less: Capital Expenditures−$1.1B(0.6% of rev)

Standard Free Cash Flow (FCF)$3.2B(1.6% margin)

Less: Stock-Based Comp (SBC)−$276.0M(8.7% of FCF)

True FCF (Owner Cash ex-SBC)$2.9B(1.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$138.6B	$156.6B	$171.3B	$177.0B	$199.1B	+12.5%	+9.5%
Cost of Revenue (COGS)	$10.9B	$13.0B	$17.3B	$19.8B	$21.2B	+7.2%	+18.1%
Selling, General & Admin (SG&A)	$15.9B	$17.7B	$20.1B	$20.0B	$21.0B	+4.8%	+7.2%
Operating Income (EBIT)	$7.6B	$8.3B	$8.5B	$7.9B	$7.2B	−8.4%	−1.2%
Interest Expense	$798.0M	$851.0M	$1.0B	$1.2B	$1.4B	+18.3%	+15.1%
Income Tax Expense	$1.8B	$1.7B	$1.7B	$1.9B	$1.0B	−45.7%	−13.2%
GAAP Net Income	$6.2B	$5.9B	$6.0B	$6.0B	$5.7B	−5.3%	−2.1%
Diluted EPS	$24.95	$24.28	$25.22	$25.68	$25.21	−1.8%	+0.3%
Diluted Shares	246.8M	242.8M	237.4M	232.9M	224.6M	−3.6%	−2.3%
Balance Sheet
Cash & Equivalents	$4.9B	$7.4B	$6.5B	$8.3B	$9.5B	+14.5%	+18.1%
Total Current Assets	$51.1B	$55.6B	$60.0B	$58.9B	$63.0B	+6.9%	+5.4%
Total Assets	$97.5B	$102.8B	$108.9B	$116.9B	$121.5B	+3.9%	+5.7%
Total Current Liabilities	$34.9B	$39.7B	$41.8B	$40.6B	$41.0B	+1.1%	+4.1%
Total Debt (Short + Long Term)	$24.4B	$25.3B	$26.5B	$32.5B	$33.0B	+1.5%	+7.9%
Total Liabilities	$61.3B	$66.4B	$69.5B	$75.5B	$77.5B	+2.7%	+6.0%
Stockholders' Equity	$36.1B	$36.3B	$39.4B	$41.4B	$44.0B	+6.3%	+5.1%
Net Cash / (Net Debt)	$-19.5B	$-18.0B	$-20.0B	$-24.2B	$-23.5B	+3.0%	—
Invested Capital	$55.6B	$54.3B	$59.4B	$65.7B	$67.5B	+2.9%	+5.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$8.4B	$8.4B	$8.1B	$5.8B	$4.3B	−26.1%	−15.4%
Depreciation & Amortization (D&A)	$136.0M	$123.0M	$107.0M	$105.0M	$94.0M	−10.5%	−8.8%
Stock-Based Compensation (SBC)	$255.0M	$264.0M	$289.0M	$191.0M	$276.0M	+44.5%	+2.0%
Capital Expenditures (CapEx)	$1.1B	$1.2B	$1.3B	$1.3B	$1.1B	−11.1%	+0.7%
Free Cash Flow (FCF)	$7.3B	$7.2B	$6.8B	$4.6B	$3.2B	−30.3%	−18.7%
True FCF (ex-SBC Owner Cash)	$7.0B	$7.0B	$6.5B	$4.4B	$2.9B	−33.5%	−19.8%
Share Repurchases (Buybacks)	$1.9B	$2.3B	$2.7B	$2.9B	$2.6B	−10.2%	+8.2%
Dividends Paid	$1.1B	$1.2B	$1.4B	$1.5B	$1.5B	+1.4%	+8.5%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what ELV did at the next close after each story

Oct 21

Elevance Health files 8-K for third-quarter results and financial data

SEC EDGAR · 6:01 AM ET

−1.37%

What happened · big days

16 big days in a year, and what we hold on each

A big day is a close more than 3.55% from the one before, three times ELV’s median day (1.18%). On 7 of the 16, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.55%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayELVWhat we hold that dayGroup (median of 4) · each

1 Nov 10, 2025−4.41%
Before our storiesgroup −3.9%, moved with ELV
1Nov 10, 2025−4.41%
Before our stories
−3.9% moved with ELVCNC −8.8 · HUM −5.4 · CI −2.4 · UNH −0.8
2 Nov 11, 2025+3.78%
Before our storiesgroup +2.7%, moved with ELV
2Nov 11, 2025+3.78%
Before our stories
+2.7% moved with ELVCI +3.8 · CNC +3.2 · HUM +2.1 · UNH +1.8
3 Nov 12, 2025+3.93%
Before our storiesgroup +1.7%, did not move with it
3Nov 12, 2025+3.93%
Before our stories
+1.7% did not move with itUNH +3.5 · CNC +2.4 · CI +1.0 · HUM −1.2
4 Dec 11, 2025+5.62%
Before our storiesgroup +3.8%, moved with ELV
4Dec 11, 2025+5.62%
Before our stories
+3.8% moved with ELVCNC +4.6 · HUM +3.8 · CI +3.7 · UNH +2.5
5 Jan 27, 2026−14.33%
Before our storiesgroup −14.9%, moved with ELV
5Jan 27, 2026−14.33%
Before our stories
−14.9% moved with ELVHUM −21.1 · UNH −19.6 · CNC −10.3 · CI −3.7
6 Jan 28, 2026+5.86%
Resultsgroup +0.9%, did not move with it
6Jan 28, 2026+5.86%
ResultsFirst close after the Jan 28 results filing
+0.9% did not move with itUNH +4.0 · CNC +0.9 · CI +0.8 · HUM −6.7
7 Mar 2, 2026−8.10%
Before our storiesgroup −0.1%, did not move with it
7Mar 2, 2026−8.10%
Before our stories
−0.1% did not move with itHUM −1.7 · CNC −0.6 · CI +0.4 · UNH +0.6
8 Apr 23, 2026+5.51%
Before our storiesgroup +1.1%, did not move with it
8Apr 23, 2026+5.51%
Before our stories
+1.1% did not move with itCNC +5.5 · CI +1.8 · UNH +0.3 · HUM −1.1
9 Apr 29, 2026+3.83%
Before our storiesgroup +4.2%, moved with ELV
9Apr 29, 2026+3.83%
Before our stories
+4.2% moved with ELVCNC +8.9 · HUM +5.8 · CI +2.6 · UNH +1.1
10 Jun 4, 2026+4.64%
Before our storiesgroup +5.2%, moved with ELV
10Jun 4, 2026+4.64%
Before our stories
+5.2% moved with ELVHUM +6.8 · CNC +5.3 · UNH +5.2 · CI +3.7
11 Jun 10, 2026−4.68%
Nothing on ELVgroup −0.5%, did not move with it
11Jun 10, 2026−4.68%
Nothing on ELVNo ELV story, brief or results filing in our record that day
−0.5% did not move with itUNH −1.3 · CNC −1.3 · CI +0.3 · HUM +0.3
12 Jul 1, 2026+7.62%
Nothing on ELVgroup +2.8%, did not move with it
12Jul 1, 2026+7.62%
Nothing on ELVNo ELV story, brief or results filing in our record that day
+2.8% did not move with itCNC +6.5 · HUM +3.1 · UNH +2.6 · CI +0.5
13 Jul 15, 2026−8.54%
Resultsgroup −1.7%, did not move with it
13Jul 15, 2026−8.54%
ResultsFirst close after the Jul 15 results filing
−1.7% did not move with itCNC −3.1 · CI −1.8 · UNH −1.6 · HUM +0.3
14 Jul 16, 2026−4.48%
Nothing on ELVgroup −4.4%, moved with ELV
14Jul 16, 2026−4.48%
Nothing on ELVNo ELV story, brief or results filing in our record that day
−4.4% moved with ELVHUM −5.2 · CI −4.7 · CNC −4.1 · UNH +1.2
15 Sep 10, 2026+4.95%
Nothing on ELVgroup +0.6%, did not move with it
15Sep 10, 2026+4.95%
Nothing on ELVNo ELV story, brief or results filing in our record that day
+0.6% did not move with itCNC +2.1 · CI +1.0 · HUM +0.2 · UNH −1.2
16 Nov 4, 2026+4.94%
Nothing on ELVgroup +2.3%, did not move with it
16Nov 4, 2026+4.94%
Nothing on ELVNo ELV story, brief or results filing in our record that day
+2.3% did not move with itCNC +12.6 · CI +3.4 · UNH +1.2 · HUM −0.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of UNH, CI, HUM and CNC that day, the largest companies in ELV’s SEC industry; “moved with ELV” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). ELV reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 28, 2026

day 1+5.86%day 6+5.48%

Reported Apr 22, 2026

day 1+0.03%day 6+14.79%

Reported Jul 15, 2026

day 1−8.54%day 6−8.83%

Reported Oct 21, 2026

day 1−1.37%day 6−5.85%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 21 report: −1.36%. Four reports is a small sample.

Every report since 2023 →

Each line is ELV’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

ELV against four health insurance peers, a year at 100

ELV is up 36.6% in a year. Centene is up 2.0 times and Humana is up 65.6%. Of these four, UnitedHealth (+26.3%) and Cigna Group (+15.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a twofold rise and a 15.4% rise both read honestly.

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ELV +36.6%. Centene ×2.0, Humana +65.6%, UnitedHealth +26.3%, Cigna Group +15.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in ELV’s SEC industry (Hospital & Medical Service Plans) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

UNH	UnitedHealth	$367.5B	—
CI	Cigna Group	$80.7B	—
HUM	Humana	$50.1B	—
CNC	Centene	$37.5B	—
MOH	Molina Healthcare	$11.8B	—
OSCR	Oscar Health	$9.2B	—
CLOV	Clover Health Investments	$2.4B	—
ALHC	Alignment Healthcare	$1.7B	—