15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 10.3% per year over the past 5 years.
Net income has grown slower than revenue (4.4% vs 10.3% per year).
Operating margin has contracted, at 3.6% in the latest year.
Free cash flow has declined 20.0% per year over the past 5 years.
Financial health
Total debt ($32.0B) exceeds cash ($9.5B); net debt is $22.6B.
Total debt has grown in line with revenue (9.8% vs 10.3% per year).
Operating income covered interest expense 5.1× in the latest year.
Total debt is 3.7× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 27.0% of earnings and 48.2% of free cash flow.
The dividend has grown 9.9% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$199.1B
$5.7B
89.4%
3.6%
$3.2B
$32.0B
$9.5B
2024
$177.0B
$6.0B
88.8%
4.4%
$4.6B
$31.2B
$8.3B
2023
$171.3B
$6.0B
89.9%
5.0%
$6.8B
$25.1B
$6.5B
2022
$156.6B
$5.9B
91.7%
5.3%
$7.2B
$24.1B
$7.4B
2021
$138.6B
$6.2B
92.1%
5.5%
$7.3B
$23.0B
$4.9B
2020
$121.9B
$4.6B
92.7%
5.2%
$9.7B
$20.0B
$5.7B
2019
$104.2B
$4.8B
98.1%
5.8%
$5.0B
$20.1B
$4.9B
2018
$92.1B
$3.8B
100.0%
5.9%
$2.6B
$19.2B
$3.9B
2017
$90.0B
$3.8B
100.0%
4.6%
$3.4B
$19.9B
$3.6B
2016
$84.9B
$2.5B
0.0%
5.7%
$2.7B
$15.7B
$4.1B
2015
$79.2B
$2.6B
0.0%
6.0%
$3.6B
$15.9B
$2.1B
2014
$73.9B
$2.6B
0.0%
6.0%
$2.7B
$15.0B
$2.2B
2013
$71.0B
$2.5B
0.0%
5.6%
$2.4B
$14.5B
$1.6B
2012
$61.5B
$2.7B
0.0%
5.9%
$2.2B
$15.0B
$2.5B
2011
$60.7B
$2.6B
0.0%
6.2%
$2.9B
$9.8B
$2.2B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$50.2B
$1.8B
89.1%
4.2%
$4.1B
$31.8B
$9.7B
Dec '25
$49.7B
$547M
88.9%
0.6%
-$209M
$32.0B
$9.5B
Sep '25
$50.7B
$1.2B
89.4%
2.6%
$775M
$32.1B
$8.7B
Jun '25
$49.8B
$1.7B
89.4%
4.9%
$1.8B
$30.2B
$8.6B
Mar '25
$48.9B
$2.2B
89.8%
6.5%
$821M
$30.0B
$7.5B
Dec '24
$45.4B
$418M
86.8%
1.5%
$384M
$31.2B
$8.3B
Sep '24
$45.1B
$1.0B
88.7%
3.1%
$2.3B
$27.1B
$7.9B
Jun '24
$43.9B
$2.3B
89.0%
6.3%
$124M
$27.7B
$6.5B
Mar '24
$42.6B
$2.2B
91.0%
7.1%
$1.7B
$26.5B
$6.2B
Dec '23
$42.6B
$856M
88.7%
3.0%
-$3.3B
$25.1B
$6.5B
Sep '23
$42.8B
$1.3B
89.2%
4.1%
$2.3B
$24.8B
$10.9B
Jun '23
$43.7B
$1.9B
90.1%
6.0%
$1.6B
$25.1B
$10.0B
Mar '23
$42.2B
$2.0B
91.7%
6.7%
$6.2B
$25.5B
$10.1B
Dec '22
$39.9B
$865M
90.9%
3.2%
-$1.8B
$24.1B
$7.4B
Sep '22
$39.9B
$1.6B
91.4%
5.6%
$4.6B
$23.8B
$8.9B
Jun '22
$38.6B
$1.6B
92.1%
6.1%
$2.2B
$23.6B
$6.5B
Mar '22
$38.1B
$1.8B
92.4%
6.4%
$2.3B
$23.3B
$6.2B
Dec '21
$36.6B
$1.1B
91.6%
3.2%
$1.3B
$23.0B
$4.9B
Sep '21
$35.8B
$1.5B
91.9%
5.7%
$2.2B
$22.8B
$5.5B
Jun '21
$33.9B
$1.8B
92.3%
6.1%
$1.4B
$23.2B
$5.3B
Valuation over time
How the market has priced ELV against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 17.0× (Mar '23) to 14.9× (Jun '26).
The price-to-sales ratio has fallen from 0.6× (Mar '23) to 0.4× (Jun '26).
The dividend yield has risen from 1.2% (Mar '23) to 1.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is ELV growing its revenue and profit?
Over the past 5 years, Elevance Health's revenue has grown 10.3% per year, and net income grown 4.4% per year. These are computed facts, not advice.
How much debt does ELV have?
As of FY2025, Elevance Health reported $32.0B of total debt against $9.5B of cash; operating income covered interest expense 5.1×.
What is ELV's profit margin?
In FY2025, gross margin was 89.4%, operating margin 3.6%, and net margin 2.8%.
What is ELV's P/E ratio?
As of Jun '26, Elevance Health traded at a price-to-earnings ratio of about 14.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.