Elevance Health (ELV) Stock Analysis

November 11, 2026

This is a peer-relative look at Elevance Health (ELV): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Health Care Equipment & Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Elevance Health (ELV)
Profile Item	ELV
Name	Elevance Health, Inc.
Country/Region	United States
GICS Sector	Health Care
GICS Industry Group	Health Care Equipment & Services
GICS Industry	Health Care Providers & Services
GICS Sub-Industry	Managed Health Care
Market Capitalization	91.96 billion USD
Currency	USD
Exchange	NYSE
Listing Date	October 30, 2001
Security Type	Common Stock

Price Performance

Cumulative Growth

ELV

GSPC

Elevance Health (ELV) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Elevance Health (ELV) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Elevance Health (ELV) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Total Return (1Y)	35.51%	21.53%
Total Return (3Y, Annualized)	-0.68%	9.81%
Total Return (5Y, Annualized)	1.10%	-2.76%

Risk Profile

Drawdown History

ELV

GSPC

Elevance Health (ELV) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Elevance Health (ELV) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Volatility (1Y, Annualized)	35.05%	50.93%
Beta (5Y)	0.61	0.85
Max Drawdown (5Y)	-50.38%	-70.34%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ELV is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Sharpe Ratio (1Y)	0.89	0.34
Sortino Ratio (1Y)	1.25	0.54

Profitability

ROE (TTM)

Elevance Health (ELV) posts ROE of 11.48%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

ELV

Health Care Equipment & Services industry group

11.48%

Group distribution

Max: 47.61%
Q3: 14.36%
ELV: 11.48%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Largest peers

ISRG: 17.93%
SYK: 16.02%
UNH: 15.77%
ELV: 11.48%
MDT: 10.65%
ABT: 9.14%
MCK: --

Where Elevance Health (ELV) stands on ROE within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Elevance Health (ELV) keeps 2.55% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

ELV

Health Care Equipment & Services industry group

2.55%

Group distribution

Max: 29.35%
Q3: 9.33%
ELV: 2.55%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Largest peers

ISRG: 25.54%
MDT: 13.93%
SYK: 13.78%
ABT: 9.75%
UNH: 3.53%
ELV: 2.55%
MCK: 1.12%

Where Elevance Health (ELV) stands on net margin within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Elevance Health (ELV) turns 4.22% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

ELV

Health Care Equipment & Services industry group

4.22%

Group distribution

Max: 35.43%
Q3: 14.14%
Median: 6.81%
ELV: 4.22%
Q1: -0.28%
Min: -16.29%

Largest peers

ISRG: 33.29%
SYK: 22.96%
MDT: 19.33%
ABT: 11.66%
UNH: 5.82%
ELV: 4.22%
MCK: 1.48%

Where Elevance Health (ELV) stands on operating margin within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
ROE (TTM)	11.48%	5.45%
ROA (TTM)	4.01%	3.17%
Net Margin (TTM)	2.55%	2.18%
Operating Margin (TTM)	4.22%	6.81%
Gross Margin (TTM)	26.43%	55.21%

Growth

Revenue Growth

Elevance Health (ELV) grew revenue 12.62%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Elevance Health (ELV): Revenue Growth across different time periods, set against Health Care Equipment & Services industry-group medians.

EPS Growth

Elevance Health (ELV) grew earnings per share -1.83%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Elevance Health (ELV): EPS Growth across different time periods, set against Health Care Equipment & Services industry-group medians.

Growth Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Revenue Growth (YoY)	12.62%	11.55%
Revenue Growth (3Y CAGR)	8.34%	10.83%
EPS Growth (YoY)	-1.83%	4.88%
EPS Growth (3Y CAGR)	0.53%	14.59%

Financial Strength

Current Ratio (MRQ)

Elevance Health (ELV) has current ratio of 1.47, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ELV

Health Care Equipment & Services industry group

1.47

Group distribution

Max: 7.59
Q3: 4.00
Median: 1.98
ELV: 1.47
Q1: 1.37
Min: 0.30

Largest peers

ISRG: 3.33
SYK: 2.18
MDT: 2.07
ELV: 1.47
ABT: 1.46
MCK: 0.90
UNH: 0.74

Where Elevance Health (ELV) stands on current ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Elevance Health (ELV) has debt-to-equity ratio of 0.69, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ELV

Health Care Equipment & Services industry group

0.69

Group distribution

Max: 1.88
Q3: 0.91
ELV: 0.69
Median: 0.58
Q1: 0.16
Min: 0.00

Largest peers

UNH: 0.70
ELV: 0.69
SYK: 0.66
ABT: 0.61
MDT: 0.55
ISRG: --
MCK: --

Where Elevance Health (ELV) stands on debt-to-equity ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Current Ratio (MRQ)	1.47	1.98
Debt / Equity (MRQ)	0.69	0.58
Net Debt / EBITDA	-0.81	2.04

Dividends

Dividend Yield (TTM)

Elevance Health (ELV) has dividend yield of 1.59%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

ELV

Health Care Equipment & Services industry group

1.59%

Group distribution

ELV: 1.59%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

MDT: 2.72%
UNH: 2.29%
ABT: 2.22%
ELV: 1.59%
SYK: 1.05%
MCK: 0.32%
ISRG: 0.00%

Where Elevance Health (ELV) stands on dividend yield within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Elevance Health (ELV) has payout ratio of 29.17%, above the peer distribution for its industry. The dividend consumes more reported earnings than peers normally do, leaving unusually thin earnings cover.

ELV

Health Care Equipment & Services industry group

29.17%

Group distribution

ELV: 29.17%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

ABT: 92.54%
MDT: 70.02%
UNH: 51.71%
SYK: 37.49%
ELV: 29.17%
MCK: 8.77%
ISRG: 0.00%

Where Elevance Health (ELV) stands on payout ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
Dividend Yield (TTM)	1.59%	0.00%
Dividend Payout Ratio (TTM)	29.17%	0.00%

Valuation

P/E Ratio (TTM)

Elevance Health (ELV) trades at P/E ratio of 18.07, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

ELV

Health Care Equipment & Services industry group

18.07

Group distribution

Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
ELV: 18.07
Min: 4.21

Largest peers

ISRG: 54.75
ABT: 41.02
SYK: 34.70
MCK: 27.36
MDT: 25.01
UNH: 22.50
ELV: 18.07

Where Elevance Health (ELV) stands on P/E ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Elevance Health (ELV) trades at 0.46 on P/S ratio, in the lower sales-valuation quartile for its industry. That points to a cheaper revenue stream than most peers, with margin quality still doing the heavy lifting.

ELV

Health Care Equipment & Services industry group

0.46

Group distribution

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
ELV: 0.46
Min: 0.03

Largest peers

ISRG: 13.82
SYK: 4.72
ABT: 3.95
MDT: 3.47
UNH: 0.78
ELV: 0.46
MCK: 0.29

Where Elevance Health (ELV) stands on P/S ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Elevance Health (ELV) trades at 2.06 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

ELV

Health Care Equipment & Services industry group

2.06

Group distribution

Max: 11.68
Q3: 6.12
Median: 3.00
ELV: 2.06
Q1: 1.73
Min: -1.31

Largest peers

ISRG: 9.82
SYK: 5.29
ABT: 3.73
UNH: 3.60
MDT: 2.59
ELV: 2.06
MCK: -30.85

Where Elevance Health (ELV) stands on P/B ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Elevance Health (ELV) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ELV	Industry group median
P/E Ratio (TTM)	18.07	29.93
P/S Ratio (TTM)	0.46	2.13
P/B Ratio (MRQ)	2.06	3.00
Free Cash Flow Yield (TTM)	8.69%	3.50%