At a glance
Elevance Health Inc is worth $89.36B, about 16 times its fiscal 2025 earnings. Revenue grew 12.5% to $199.13B in fiscal 2025, with 2.8% kept as profit; over 5 years it has grown 10.3% a year. It pays a 1.66% dividend yield, raised every year for at least 9 years, and returned $19.16B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.0% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Elevance Health, formerly Anthem, Inc., is one of the largest U.S. health insurers, with about 45.2 million medical members as of December 31, 2025. It sells health plans to individuals, employers and people in Medicare and Medicaid, and administers the Federal Employee Program. As an independent licensee of the Blue Cross and Blue Shield Association, it sells plans as Anthem Blue Cross and Anthem Blue Cross and Blue Shield in states including California, New York, Georgia and Ohio. Other plans carry the Wellpoint name.
It makes money three ways. In risk-based plans, it collects a set premium and pays members' medical bills, so it carries the risk if costs run high. Self-funded employers, which pay their own claims, pay it fees to run their plans. Its Carelon businesses earn pharmacy and health service fees. Margins are thin: fiscal 2025 revenue was $199.1 billion and net income $5.7 billion, or 2.8% of revenue. About 32% of revenue came from U.S. government agencies.
It reports four segments. Health Benefits, the insurance arm, holds most of the government revenue. CarelonRx provides pharmacy services, including specialty pharmacies, drug lists (formularies) and rebate administration, to Elevance's own plans and outside customers. Carelon Services offers care management, behavioral health and home and virtual care for people with complex needs. Corporate & Other holds the rest.
Price history
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ELV +33.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $51.43B, up 1.4% from a year earlier, and net income was $1.36B (+14.8%).
- For fiscal 2025, revenue was $199.13B (+12.5% year over year; +10.3% a year from FY2020 to FY2025) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.3% good |
|---|---|
| Operating margin | 3.6% weak |
| Free cash flow margin | 1.6% watch |
| Return on equity (FY2025) | 12.9% watch |
| Return on assets (FY2025) | 4.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $121.87B | $4.57B | $9.67B |
| FY2021 | $138.64B | $6.16B | $7.28B |
| FY2022 | $156.59B | $5.89B | $7.25B |
| FY2023 | $171.34B | $5.99B | $6.76B |
| FY2024 | $177.01B | $5.98B | $4.55B |
| FY2025 | $199.13B | $5.66B | $3.17B |
Valuation snapshot
| Market value | $89.36B |
|---|---|
| P/E ratio | 16.4 |
| Dividend yield | 1.66% |
Rank among 1514 US companies
Market value at each year end
Elevance Health’s market value went from $122.51B at the end of 2022 to $89.36B on Nov 2, 2026, down 27%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $89.36B | +14.7% |
| 2025 | $77.91B | -8.9% |
| 2024 | $85.56B | -22.8% |
| 2023 | $110.80B | -9.6% |
| 2022 | $122.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ELV price data to Nov 2, 2026 | +19.7% | +33.0% | -1.2% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.7% |
| 2025 | -3.1% |
| 2024 | -20.7% |
| 2023 | -6.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 4 open-market purchases ($2.2M) and 18 sales ($6.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 22, 2026 | Mark Kaye EVP & CFO | sell | $1.0M |
| Mar 6, 2026 | Charles Morgan JR Kendrick EVP & President, Commercial | sell | $911K |
| Mar 5, 2026 | Steven H Collis Director | buy | $870K |
| Oct 22, 2026 | Mark Kaye EVP & CFO | sell | $758K |
| Jul 17, 2026 | Gail Boudreaux President and CEO, Director | buy | $753K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Mar 31, 2025 |
| Vanguard Capital Management | 7.13% | Mar 31, 2026 |
ETFs with the most weight in ELV
| IHF iShares U.S. Healthcare Providers ETF | 12.23% |
| CAMX Cambiar Aggressive Value ETF | 7.09% |
| BAMV Brookstone Value Stock ETF | 3.9% |
| MDPL Monarch Dividend Plus ETF | 3.34% |
| QLTY GMO US Quality ETF Shs | 3.18% |
| QVMT Invesco S&P 500 Concentrated QVM ETF | 2.82% |
| FTDS First Trust Dividend Strength ETF | 2.61% |
| BLCR iShares Large Cap Core Active ETF | 2.59% |
What could go wrong
- Losing or changing its Blue Cross license. Its core Anthem brands use the Blue Cross and Blue Shield names under license agreements with the Blue Cross and Blue Shield Association. Ending those licenses, or changing their terms, could hurt the business.
- Medical costs can outrun fixed premiums. Commercial and Medicaid premiums are fixed for 12 months, and Medicare bids are set six months ahead. With a 2.8% net margin in 2025, costs running even slightly above plan can hurt profits.
- Heavy reliance on government programs. About 32% of 2025 revenue came from U.S. government agencies. Governments set payment rates and rules, states set many Medicaid rates, and Medicare Advantage pay depends partly on government quality scores called Star Ratings.
- Individual marketplace plans are hard to price. These exchange plans swing from year to year. Rates are set each spring for the next year, and the expiration of enhanced federal premium subsidies at the end of 2025 could shift enrollment and costs.
- Pressure on drug discounts and pharmacy profits. Prescription drugs are a significant and growing cost. Changing federal and state rules could cut the price discounts its plans receive and pressure CarelonRx, whose results depend on rebates, pricing and pharmacy networks.
- Substantial debt and limits on subsidiary cash. Its regulated subsidiaries can be restricted in how much cash they send to the parent company for dividends, buybacks and debt payments. Total debt was about $30.8 billion as of September 30, 2026.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Elevance has raised its dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew from $3.80 in 2020 to $6.81 in 2025, about 12.4% a year, and the yield was 1.66% as of October 28, 2026. The 2025 dividend used 27% of earnings but 48.2% of free cash flow (operating cash minus capital spending), which fell from $9.7 billion in 2020 to $3.2 billion in 2025. Buybacks are larger: $12.4 billion over fiscal 2021–2025, against $6.8 billion in dividends, helping cut the share count 10.5% between February 2022 and October 2026.
The share price history here covers only about 4.3 years, so it does not show how Elevance held up in 2008 or the 2020 COVID crash. Within that span the shares fell as much as 50.4% from peak to trough, even as the dividend kept rising. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Elevance Health make money?
Through insurance premiums, administrative fees, and pharmacy and health service fees. In risk-based plans, Elevance collects a set premium from individuals, employers and government programs such as Medicare and Medicaid, then pays members' medical bills, so costs above expectations cut into its profit. Self-funded employers, which pay their own claims, pay it fees to run their plans. Its Carelon businesses earn the pharmacy and service fees. Fiscal 2025 revenue was $199.1 billion; net income was $5.7 billion, a 2.8% margin.
Does Elevance Health raise its dividend every year?
Yes, through fiscal 2025. Elevance has raised its dividend at least 9 years in a row, and the true streak may be longer. Dividends per share rose from $3.80 in 2020 to $6.81 in 2025, about 12.4% a year. The 2025 dividend used 27% of earnings and 48.2% of free cash flow, and the yield was 1.66% as of October 28, 2026. A long record of increases does not guarantee future ones.
Is Elevance Health the same company as Anthem?
Yes. Elevance Health's former names include Anthem, Inc. and WellPoint, Inc. In most of its Blue Cross service areas it still does business as Anthem Blue Cross or Anthem Blue Cross and Blue Shield, as an independent licensee of the Blue Cross and Blue Shield Association. Those areas include all or parts of California, New York, Georgia, Ohio, Virginia and Indiana. Its other main brands are Wellpoint, for plans outside the Blue license, and Carelon, for pharmacy and health services.
How much of Elevance Health's revenue comes from the government?
About 32% in 2025. That is the share of total revenue Elevance received from U.S. government agencies, up from 31% in 2024 and 29% in 2023. Most of it sits in the Health Benefits segment, through federal programs such as Medicare and the Federal Employee Program. That brings risk: governments set payment rates, timelines and rules, and Medicare Advantage payments depend partly on quality scores called Star Ratings.
How has Elevance Health stock performed?
It has been volatile, with three losing years before a rebound. The share price fell 6.9% in 2023, 20.7% in 2024 and 3.1% in 2025, then rose 19.9% in 2026 through October 28. Over the three years to that date it was about 1% lower, with a deepest peak-to-trough drop of 50.4%. These are price changes only; dividends add to them. As of October 28, 2026, the shares traded at 16.4 times 2025 earnings.