ELVElevance Health, Inc.

Hospital & Medical Service Plans

Revenue: $199.1B; 12% YoY
Operating margin: 3.6%; 19% YoY
EBITDA: $7.3B; 8.5% YoY
Market cap: $90.8B
Employees: —
Net debt / EBITDA: 0.4×; $2.8B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
76% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
96% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$90.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$138.6B	$156.6B	$171.3B	$177.0B	$199.1B	12%
Operating income	$7.6B	$8.3B	$8.5B	$7.9B	$7.2B	8.4%
Net income	$6.2B	$5.9B	$6.0B	$6.0B	$5.7B	5.3%
Operating cash flow	$8.4B	$8.4B	$8.1B	$5.8B	$4.3B	26%
Capex	$1.1B	$1.2B	$1.3B	$1.3B	$1.1B	11%
Stock-based comp	$255M	$264M	$289M	$191M	$276M	45%
Buybacks	$1.9B	$2.3B	$2.7B	$2.9B	$2.6B	10%
Dividends	$1.1B	$1.2B	$1.4B	$1.5B	$1.5B	1.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $6M · 18
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.