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ValeriusBeta - Not investment advice
Research · S&P 500 · Health Care
ELV · Elevance Health
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
34/60
low-moderate value scoreEarnings & returns
EPS Trend
4/5Diluted EPS: $24.81 (2022), $25.22 (2023), $25.68 (2024), $25.21 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
3/5ROE (net income / common equity): 16.3% (2022), 15.2% (2023), 14.5% (2024), 12.9% (2025). Median 14.9%, lowest 12.9%; the framework scores a median 10-15% as 3.
ROIC
2/5ROIC of 8.9%: operating income of $7.20B divided by $80.46B of capital (total assets $121.49B minus current liabilities $41.03B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
2/5Net margin of 2.5%; the framework scores 0-5% as 2; gross margin 26.0%, operating margin 4.6%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $31.04B, total cash $37.51B. The framework scores a net cash position as 5.
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): $7.25B (2022), $6.76B (2023), $4.55B (2024), $3.17B (2025). The latest figure is half the 2022 figure or less; the framework scores that as 1.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $29.65B (2022), $31.75B (2023), $33.55B (2024), $35.39B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $22.59 x (8.5 + 2 x -0.0) x (4.4 / 4.5) = $187.75. Current price $428.26; price is 128.1% above the model value.
DCF Value
2/5FCF/share = $19.857, stage 1 growth = 7.8% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $93.48, PV of terminal value = $264.11, DCF value = $357.59. Current price $428.26; price is 19.8% above the model value.
Margin of Safety
2/5Graham value $187.75 (price is 128.1% above the model value); DCF value $357.59 (price is 19.8% above the model value).
Price-to-Book
3/5P/B of 2.07; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest 8.8%, highest 13.1%.
Gross margin, each year
Between 88.8% and 100.0% over 9 years (a range of 11.2 points).
Competition, in the company’s own words · 10-K filed Feb 6, 2026
The managed care industry is highly competitive, both nationally and in our local markets. Competition continues to be intense due to aggressive marketing, pricing, bid activity for government-sponsored programs, business consolidations, new strategic alliances, new competitors in the market, a proliferation of new products, technological advancements, the impact of legislative reform, increased quality awareness and price sensitivity among customers and changing market practices, such as evolving care delivery models, including expanded telehealth and digital-first services. We believe that participants in the managed care industry compete for customers based on quality of service, price, access to care provider networks, access to care management and wellness programs (including health information), innovation, effective use of digital technology, breadth and flexibility of products and benefits, expertise and reputation (including National Committee for Quality Assurance (“NCQA”) accreditation status as well as CMS Star Ratings), brand recognition and financial stability. Our ability to attract and retain customers is substantially tied to our ability to distinguish ourselves from our competitors in these areas. We believe our exclusive right to market products under the most recognized brand in the industry, BCBS, in our most significant markets provides us with greater brand recognition over competitive product offerings.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $16.16B paid out against $21.74B of free cash flow (pass); total debt $24.11B to $32.05B, up 32.9% (fail: up more than 10%); shares outstanding 0.24B to 0.22B, down 7.2% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $22.59, g = -0.0%, Y = 4.5
IV = $187.75
Current price $428.26 vs Graham value $187.75 — price is 128.1% above the model value.
DCF:
FCF/share = $19.857
Stage 1 growth = 7.8% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $21.406 → PV $19.460
Y2: $23.076 → PV $19.071
Y3: $24.875 → PV $18.689
Y4: $26.816 → PV $18.315
Y5: $28.907 → PV $17.949
Stage 1 PV sum = $93.48
Terminal value at end of Y5 = $425.35
PV of terminal value = $264.11
DCF value = $357.59
Current price $428.26 vs DCF value $357.59 — price is 19.8% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $428.26. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.