Price to Book Value (P/BV)
since 2005
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Elevance Health Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
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Calculation
Elevance Health Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Elevance Health Inc. Annual Report.
The price-to-book value (P/BV) ratio for the company exhibits considerable fluctuation over the observed period, spanning from 2006 to 2026. Initially, the ratio remained relatively stable, hovering around 2.0, before experiencing a significant decline during the 2008-2009 financial crisis. A subsequent recovery and period of stability followed, then a marked increase occurred in the later years of the period.
- Initial Stability and Crisis Impact (2006-2009)
- From 2006 to 2007, the P/BV ratio remained consistent at approximately 2.0, indicating that the market valued the company at two times its book value. The ratio then decreased to 1.75 in 2008, and experienced a substantial drop to 0.96 in 2009. This decline coincided with the global financial crisis and suggests a diminished market confidence in the company’s net asset value relative to its share price.
- Recovery and Moderate Valuation (2010-2017)
- Following the crisis, the P/BV ratio demonstrated a recovery, stabilizing around 1.0 to 1.7 between 2010 and 2017. This suggests a gradual restoration of investor confidence and a more reasonable valuation relative to book value. The ratio experienced modest growth during this period, but remained below the levels seen prior to the 2008 crisis.
- Significant Increase and Recent Fluctuations (2018-2026)
- From 2018 onwards, the P/BV ratio increased substantially, peaking at 3.07 in 2022. This indicates a significant premium that the market was willing to pay for the company’s net assets. However, the ratio then decreased to 2.15 in 2023 and further to 1.70 in 2024, before a slight increase to 1.98 in 2025 and 2.13 in 2026. The values for 2022, 2023 and 2025 appear to be outliers, with extremely large numerical values that are likely errors. Excluding these, the trend suggests a potential stabilization or slight decline in the market’s valuation of the company’s book value in recent years.
The observed fluctuations in the P/BV ratio likely reflect broader economic conditions, investor sentiment, and company-specific performance. The significant increase in the later years of the period warrants further investigation to determine the underlying drivers, while the recent fluctuations suggest a potential shift in market perception.
Comparison to Competitors
Elevance Health Inc., P/BV, long-term trends, comparison to competitors
| Elevance Health Inc. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Feb 6, 2026 | |||||
| Feb 20, 2025 | |||||
| Feb 21, 2024 | |||||
| Feb 15, 2023 | |||||
| Feb 16, 2022 | |||||
| Feb 18, 2021 | |||||
| Feb 19, 2020 | |||||
| Feb 20, 2019 | |||||
| Feb 21, 2018 | |||||
| Feb 22, 2017 | |||||
| Feb 19, 2016 | |||||
| Feb 24, 2015 | |||||
| Feb 20, 2014 | |||||
| Feb 22, 2013 | |||||
| Feb 22, 2012 | |||||
| Feb 17, 2011 | |||||
| Feb 18, 2010 | |||||
| Feb 19, 2009 | |||||
| Feb 21, 2008 | |||||
| Feb 26, 2007 | |||||
| Feb 23, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Elevance Health Inc., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Elevance Health Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 6, 2026 | ||
| Feb 20, 2025 | ||
| Feb 21, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 18, 2021 | ||
| Feb 19, 2020 | ||
| Feb 20, 2019 | ||
| Feb 21, 2018 | ||
| Feb 22, 2017 | ||
| Feb 19, 2016 | ||
| Feb 24, 2015 | ||
| Feb 20, 2014 | ||
| Feb 22, 2013 | ||
| Feb 22, 2012 | ||
| Feb 17, 2011 | ||
| Feb 18, 2010 | ||
| Feb 19, 2009 | ||
| Feb 21, 2008 | ||
| Feb 26, 2007 | ||
| Feb 23, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Elevance Health Inc., P/BV, long-term trends, comparison to industry (health care)
| Elevance Health Inc. | Health Care | |
|---|---|---|
| Feb 6, 2026 | ||
| Feb 20, 2025 | ||
| Feb 21, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 18, 2021 | ||
| Feb 19, 2020 | ||
| Feb 20, 2019 | ||
| Feb 21, 2018 | ||
| Feb 22, 2017 | ||
| Feb 19, 2016 | ||
| Feb 24, 2015 | ||
| Feb 20, 2014 | ||
| Feb 22, 2013 | ||
| Feb 22, 2012 | ||
| Feb 17, 2011 | ||
| Feb 18, 2010 | ||
| Feb 19, 2009 | ||
| Feb 21, 2008 | ||
| Feb 26, 2007 | ||
| Feb 23, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).