Elevance Health (ELV)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $86.1B, Elevance Health's free cash flow of $3.2B (fiscal 2025) would need to grow about 9% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Elevance Health's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ELV's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Elevance Health's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $138.6B | $156.6B | $171.3B | $177.0B | $199.1B |
| Net income | $6.2B | $5.9B | $6.0B | $6.0B | $5.7B |
| Free cash flow | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| EPS (diluted) | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 |
| Operating margin | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
Superinvestors who own ELV
From each investor's latest 13F filing (what a 13F shows). 18 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Bill Nygren Harris Associates LP |
Trimmed | $1.9B | 2.5% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $1.6B | 2.7% | Q2 2026 |
| Boykin Curry Eagle Capital Management |
Trimmed | $577M | 1.8% | Q2 2026 |
| Seth Klarman Baupost Group |
Held | $493M | 9.1% | Q2 2026 |
| Ruane, Cunniff & Goldfarb Ruane, Cunniff & Goldfarb |
Trimmed | $379M | 5.9% | Q2 2026 |
| Glenn Greenberg Brave Warrior Advisors |
Trimmed | $378M | 8.2% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $164M | 0.06% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Added | $131M | 1.6% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
New position | $97M | 0.77% | Q2 2026 |
| Richard Pzena Pzena Investment Management |
Added | $87M | 0.26% | Q2 2026 |
| C.T. Fitzpatrick Vulcan Value Partners |
Trimmed | $60M | 1.8% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $46M | 0.11% | Q2 2026 |
Insider buying
Open-market purchases by Elevance Health's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 24, 2026 | Ro Khanna |
0 | $326.91 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $326.91 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $326.91 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $344.40 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $344.40 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $344.40 | — |
| Dec 29, 2025 | Markwayne Mullin |
0 | $348.44 | — |
| Dec 29, 2025 | Markwayne Mullin |
0 | $348.44 | — |
| Dec 29, 2025 | Markwayne Mullin |
0 | $348.44 | — |
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In the full deep dive
Questions
What growth does Elevance Health's stock price imply?
At a market value of $86.1B, Elevance Health would need its free cash flow to grow about 9% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 2% a year.
Are Elevance Health insiders buying the stock?
9 open-market insider purchases of ELV in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Elevance Health?
18 of the superinvestors Investingly tracks hold ELV in their latest 13F, including Bill Nygren, Jean-Marie Eveillard, Boykin Curry.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.