Elevance Health Inc (ELV) fair value: what the stock is really worth
As of Oct 21, 2026: fair value (intrinsic value) of Elevance Health Inc stock $465, price $434, upside +7.1%, quality 63 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range $267.84 – $539.81 · fair‑value band $221.65 – $669.86 · the $434.13 price screens below the $465.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other.
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It offers a variety of health plans and services to individual, employer group risk-based and fee-based, BlueCard, Medicare, Medicaid, and FEP members; health products; a broad array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, and supplemental health insurance benefits.
The company also operates in the pharmacy services business; and markets and offers pharmacy services, including home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database, and member services, as well as infusion services and injectable therapies through ambulatory infusion centers.
In addition, it provides healthcare related services and capabilities, including specialty care enablement and utilization management support for specialized clinical domains; behavioral health and comprehensive care management services; palliative care services and management; virtual care; and payment integrity, subrogation, clinical data exchange through its HealthOS platform, research and data, reporting and clinical analytics, information technology, and business process support services, as well as manages home health, post-acute institutional management, and durable medical equipment costs; and supports plans in managing home and community-based services.
The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022.
Elevance Health, Inc. was incorporated in 2001 and is based in Indianapolis, Indiana.
Stock analysis
Elevance Health Inc (ELV) currently trades at $434.13, while our model-based Fair Value estimate is $465.08, so the stock looks roughly fairly valued today (gap 6.7%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $465.08 per share, and 12 of the 26 models we run sit above the $434.13 price.
Bear case: the Dividend Discount group reads lowest at $120.24, and 14 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $221.65 (bear) to $669.86 (bull), the price of $434.13 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Elevance Health Inc reported revenue of $199B in FY2025 versus $139B in FY2021, a compound +9.5%/yr. Reported net income was $5.7B in FY2025, compounding −1.9%/yr from FY2021.
Key figures
Market cap $94.6B Large · P/E ratio 19.2 · P/S ratio 0.47 · EPS (TTM) $22.59 · Dividend yield 1.6% · Net margin 2.5% · Return on equity 11.1% · Return on assets (EBIT) 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 1% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 7%, ELV screens cheaper than that median.
Fair Value models
Bear$221.65Fair Value $465.08Bull$669.86
Price $434.13 · Upside +7.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($12.71 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Start year 2020 (pandemic). Over 10 years: +9.7% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.7%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.7% vs 10.7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.9% a year for the price and −1.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Scale in networks and claims data provides moderate organizational capital, yet thin margins and limited innovation restrict overall moat durability.
Main risk: Ongoing cost pressures and expected membership reductions in government business lines threaten to compress margins in the Medicare Advantage segment.
Elevance Health is focusing its 2027 Medicare Advantage plans on dual-eligible and chronic condition special needs plans that stress coordinated care and simpler benefits delivery. This shift occurs against a backdrop of expected membership reductions and ongoing cost pressures in its government business lines. Our models see the stock as undervalued. Will this emphasis on complex-member coordination strengthen margins through better management, or will it heighten exposure to elevated medical costs?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Healthcare Plans” was too small, so the broader sector is used.)Health Care · 2361 stocks
Beats the sector median on 7/15 measures
A mixed picture versus its sector peers.
Valuation
Quality Score63 · Above median
Fair Value upside+7.1% · Above median
Profitability
Return on equity (12 months)11.1% · Above median
Return on assets4.7% · Above median
Net margin (12 months)2.5% · Below median
Operating margin (12 months)4.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)1.4% · Below median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.70× · Highest 25%
Valuation Multiplesvs Health Care median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Elevance Health Inc Fair Value". https://www.fairvalue-calculator.com/stock/ELV
Frequently asked questions
Is Elevance Health Inc (ELV) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of $465.08 versus a price of $434.13, about +7% upside (fairly valued).
What is the fair value of ELV?
Our model-based fair value for Elevance Health Inc is $465.08 (as of Oct 22, 2026), built from audited fundamentals. The current price: $434.13.
What is the quality score of ELV?
Elevance Health Inc has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Elevance Health Inc (ELV)?
Our model-based price target is the fair value of $465.08 (as of Oct 22, 2026) from 26 valuation models. Cautious scenario $221.65, optimistic scenario $669.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Elevance Health Inc stock forecast for 2026?
Our models put fair value at $465.08, about +7% upside versus a price of $434.13 (fairly valued). Cautious scenario $221.65, optimistic scenario $669.86. The calculation is refreshed regularly with new filings.
What is the revenue of Elevance Health Inc (ELV)?
Elevance Health Inc reported trailing-twelve-month revenue of about $201B (latest available figure, as of Oct 22, 2026).
Does Elevance Health Inc pay a dividend?
Elevance Health Inc currently shows a dividend yield of 1.58% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Elevance Health Inc (ELV)?
For today's price to be fair in a discounted-cash-flow model, Elevance Health Inc would have to grow free cash flow by +17.6 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.3 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of ELV use?
Our models discount Elevance Health Inc at 8.6 %: a base by market capitalisation (large), damped by beta 0.71, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Elevance Health Inc that is +17.6 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Elevance Health Inc (ELV) delivered so far?
Over the past 5 years revenue at Elevance Health Inc grew +10.3 % a year. The price currently implies +17.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Elevance Health Inc (ELV) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into Elevance Health Inc (+17.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Elevance Health Inc (ELV)?
The free-cash-flow yield on the price is 3.36 %: that much free cash flow Elevance Health Inc produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Elevance Health Inc (ELV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elevance Health Inc it is $465.08 per share (as of Oct 22, 2026), against a price of $434.13. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Elevance Health Inc stock overvalued or undervalued in 2026?
As of Oct 22, 2026, ELV trades below its calculated fair value: price $434.13, fair value $465.08, a gap of about +7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ELV?
No. The price is what the market pays today ($434.13); the fair value is what the company's own numbers justify ($465.08). For Elevance Health Inc the two are $30.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elevance Health Inc worth?
The market values Elevance Health Inc at about $94.6B (market capitalisation, as of Oct 22, 2026). Per share that is $434.13; our models calculate a fair value of $465.08 per share.
What do the bullish and bearish scenarios say about ELV?
Our models span a range for Elevance Health Inc: cautious scenario $221.65, base $465.08, optimistic $669.86 per share (as of Oct 22, 2026, price $434.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELV?
Elevance Health Inc trades at a price-to-earnings ratio of 19.2 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $465.08 is built from several models across several years. Other multiples: PEG 1.3, P/B 2.2, P/S 0.5, EV/EBITDA 13.9.
What is the PEG ratio of ELV?
The PEG ratio of Elevance Health Inc is 1.30 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Elevance Health Inc (ELV)?
Balance-sheet figures for Elevance Health Inc (as of Oct 22, 2026): return on equity 11.1%, debt of 0.70 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is ELV from its 52-week high?
Elevance Health Inc trades at $434.13, about 1% below its 52-week high of $440.18 and 57% above the low of $276.69 (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of $465.08 is for.
Which stocks are comparable to Elevance Health Inc?
From the same area (Healthcare) we also value UnitedHealth Group, CVS Health Corporation, The Cigna Group, Humana Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Elevance Health Inc stock attractive at the current price?
The data as of Oct 22, 2026: price $434.13, calculated fair value $465.08 (+7%), Quality Score 63/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ELV calculated?
We run Elevance Health Inc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $465.08, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Elevance Health Inc currently trades 7 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Elevance Health Inc (ELV)?
The closing price on Oct 21, 2026 was $434.13. Our model-based fair value is $465.08, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elevance Health Inc right now?
The model range is unusually wide ($221.65 to $669.86). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Elevance Health Inc (ELV) come from?
Earnings per share at Elevance Health Inc grew +12.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.9 %, EBIT margin −3.8 %, tax rate +3.9 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Elevance Health Inc
How large is the market capitalisation of Elevance Health Inc (ELV)?
The market capitalisation of Elevance Health Inc is $94.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Elevance Health Inc (ELV)?
The price-to-sales ratio of Elevance Health Inc is 0.47 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Elevance Health Inc (ELV)?
Earnings per share at Elevance Health Inc are $22.59 (price ÷ EPS = P/E 19.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elevance Health Inc (ELV)?
The dividend yield of Elevance Health Inc is 1.6% (payout 30.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Elevance Health Inc (ELV)?
The net margin of Elevance Health Inc is 2.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Elevance Health Inc (ELV)?
The return on equity (ROE) of Elevance Health Inc is 11.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Elevance Health Inc (ELV)?
On an EBIT basis the return on assets of Elevance Health Inc is 7.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Elevance Health Inc (ELV)?
The operating margin of Elevance Health Inc is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elevance Health Inc (ELV)?
Revenue at Elevance Health Inc is growing +1.4% versus a year earlier (3y avg +8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Elevance Health Inc (ELV)?
Earnings per share at Elevance Health Inc are growing −13.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Elevance Health Inc (ELV) carry?
The net debt of Elevance Health Inc is $23.7B (fiscal year 2025, ≈ 7.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 22, 2026