ELVElevance Health
Is the business good?
The checks split: earnings fully cash-backed (1.7×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 12% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ELV?
Elevance Health earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.8 points above what the capital costs: growth creates value
- Operating margin
- 2.7%
Operating margin · Healthcare Plans median 2.0% · 12 months to Q3 2026
- Cash conversion
- 1.71×
Cash conversion · 0.83× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.7%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.2% |
| FY2021 | 5.5% |
| FY2022 | 5.3% |
| FY2023 | 5.0% |
| FY2024 | 4.4% |
| FY2025 | 3.6% |
Details›
- Gross margin12 months to Q3 2026
- 89%
- Operating margin12 months to Q3 2026
- 2.7%
- Net margin12 months to Q3 2026
- 2.5%
- Free cash flow margin
- 3.2%
- Revenue, trailing twelve months
- $201.8B
- Free cash flow, trailing twelve months
- $6.51B
- Net income, trailing twelve months
- $5.14B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ELV and who it buys from, as the companies report it.
None disclosed.
- HNGEHinge Health, Inc.14%
ELV is 14% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ELV’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Healthcare
Ranks #18 of 436 by RyuScore