Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Elevance Health Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The overall liquidity profile exhibits a consistent and strong ability to cover short-term obligations, characterized by a general upward trend in most solvency metrics over the analyzed period.
- Current Ratio
- A steady improvement is observed, with the ratio rising from 1.36 in March 2022 to a peak of 1.56 in September 2025. The ratio remains consistently above 1.35 throughout the period, ending at 1.47 in September 2026, which indicates a sustained margin of current assets over current liabilities.
- Quick Ratio
- The quick ratio closely tracks the trajectory of the current ratio, beginning at 1.23 and reaching a high of 1.43 in September 2025. The minimal variance between the current and quick ratios suggests that the organization maintains low levels of less liquid current assets, enhancing the immediate availability of funds to meet liabilities.
- Cash Ratio
- The cash ratio displays more volatility compared to the other liquidity metrics, fluctuating between a low of 0.79 in the first half of 2025 and a high of 0.92 in June 2023. Despite these fluctuations, the ratio consistently remains high, concluding the period at 0.81, which underscores a robust cash position relative to short-term debt.
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Current Ratio
Elevance Health Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 68,524) | 67,184) | 67,032) | 63,001) | 63,778) | 63,324) | 61,121) | 58,942) | 62,846) | 62,274) | 60,948) | 60,029) | 61,185) | 59,743) | 59,823) | 55,617) | 55,603) | 53,655) | 53,897) | ||||||
| Current liabilities | 46,662) | 44,254) | 45,309) | 41,035) | 40,878) | 43,834) | 42,698) | 40,581) | 42,033) | 41,813) | 44,334) | 41,791) | 43,337) | 41,571) | 41,889) | 39,696) | 41,287) | 39,308) | 39,733) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.47 | 1.52 | 1.48 | 1.54 | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 1.38 | 1.39 | 1.58 | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | ||||||
| Intuitive Surgical Inc. | 3.33 | 4.96 | 4.61 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | ||||||
| Medtronic PLC | 2.54 | 2.42 | 2.01 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | ||||||
| UnitedHealth Group Inc. | — | 0.78 | 0.80 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 68,524 ÷ 46,662 = 1.47
2 Click competitor name to see calculations.
The liquidity profile demonstrates a consistent ability to meet short-term obligations, characterized by a current ratio that remains comfortably above 1.0 throughout the observed period. While both current assets and current liabilities exhibited growth, assets increased at a slightly more accelerated pace, leading to a gradual improvement in the overall liquidity position.
- Current Asset Trends
- Current assets showed a general upward trajectory, increasing from 53,897 million US$ in March 2022 to 68,524 million US$ by September 2026. Growth was largely steady, although a temporary contraction was noted in December 2024 before returning to an expansionary trend through 2025 and 2026.
- Current Liability Trends
- Current liabilities experienced a moderate increase over the period, rising from 39,733 million US$ to 46,662 million US$. The growth in liabilities was less linear than that of assets, with periodic fluctuations, including a notable decrease in June 2024 and December 2024, which contributed to short-term peaks in the liquidity ratio.
- Current Ratio Analysis
- The current ratio remained stable, fluctuating within a narrow range between 1.35 and 1.56. A slight upward trend is observable, moving from 1.36 in March 2022 to 1.47 in September 2026. Peak liquidity was observed in September 2025, where the ratio reached 1.56, reflecting an optimized balance between short-term resources and obligations during that interval.
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Quick Ratio
Elevance Health Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 10,348) | 10,232) | 9,657) | 9,491) | 8,713) | 8,560) | 7,500) | 8,288) | 7,866) | 6,497) | 6,226) | 6,526) | 10,919) | 9,991) | 10,142) | 7,387) | 8,872) | 6,456) | 6,161) | ||||||
| Fixed maturity securities | 25,347) | 25,719) | 25,905) | 25,884) | 26,283) | 25,298) | 25,437) | 25,201) | 28,954) | 28,900) | 29,530) | 29,614) | 27,811) | 28,021) | 27,636) | 25,952) | 25,526) | 25,765) | 26,219) | ||||||
| Equity securities | 2,151) | 1,563) | 1,511) | 740) | 1,220) | 934) | 715) | 1,192) | 1,113) | 594) | 511) | 229) | 165) | 272) | 392) | 953) | 1,503) | 1,572) | 1,662) | ||||||
| Premium receivables, net | 10,686) | 10,991) | 11,525) | 10,073) | 9,535) | 10,465) | 10,359) | 8,011) | 7,209) | 8,040) | 8,931) | 7,902) | 7,883) | 7,431) | 8,246) | 7,083) | 6,682) | 6,757) | 7,349) | ||||||
| Self-funded receivables, net | 6,277) | 5,583) | 5,098) | 5,162) | 5,122) | 5,454) | 5,246) | 5,044) | 5,135) | 5,297) | 4,242) | 4,558) | 3,756) | 3,896) | 3,786) | 4,663) | 3,873) | 3,844) | 3,979) | ||||||
| Other receivables | 7,610) | 6,818) | 6,167) | 6,307) | 7,692) | 7,206) | 6,576) | 6,016) | 6,055) | 5,881) | 5,120) | 5,405) | 5,293) | 5,196) | 4,678) | 4,298) | 3,651) | 3,600) | 3,334) | ||||||
| Total quick assets | 62,419) | 60,906) | 59,863) | 57,657) | 58,565) | 57,917) | 55,833) | 53,752) | 56,332) | 55,209) | 54,560) | 54,234) | 55,827) | 54,807) | 54,880) | 50,336) | 50,107) | 47,994) | 48,704) | ||||||
| Current liabilities | 46,662) | 44,254) | 45,309) | 41,035) | 40,878) | 43,834) | 42,698) | 40,581) | 42,033) | 41,813) | 44,334) | 41,791) | 43,337) | 41,571) | 41,889) | 39,696) | 41,287) | 39,308) | 39,733) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 1.34 | 1.38 | 1.32 | 1.41 | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.80 | 0.84 | 1.02 | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | ||||||
| Intuitive Surgical Inc. | 2.28 | 3.58 | 3.20 | 3.72 | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | ||||||
| Medtronic PLC | 1.55 | 1.48 | 1.25 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | ||||||
| UnitedHealth Group Inc. | — | 0.70 | 0.72 | 0.70 | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 62,419 ÷ 46,662 = 1.34
2 Click competitor name to see calculations.
The analysis of the short-term liquidity position reveals a sustained and improving ability to meet immediate financial obligations. Over the period from March 2022 to September 2026, there is a visible upward trajectory in the company's liquid resource base, with the quick ratio remaining consistently above 1.00, signifying a stable margin of safety.
- Total Quick Assets Trend
- Quick assets demonstrated a steady long-term increase, rising from 48,704 million USD in March 2022 to 62,419 million USD by September 2026. Although minor quarterly fluctuations occurred, most notably a slight contraction in December 2024, the overall trend indicates a substantial accumulation of highly liquid assets over the five-year span.
- Current Liabilities Movement
- Current liabilities exhibited a gradual upward slope, moving from 39,733 million USD in March 2022 to 46,662 million USD by September 2026. The growth of these obligations remained moderate and was consistently outpaced by the growth in quick assets, which prevented any deterioration in the liquidity profile.
- Quick Ratio Dynamics
- The quick ratio fluctuated within a narrow range between a low of 1.21 in September 2022 and a peak of 1.43 in September 2025. A period of enhanced liquidity was observed throughout the latter half of 2025. Despite a subsequent dip to 1.32 in March 2026, the ratio stabilized at 1.34 by September 2026, confirming a consistent capacity to cover current liabilities without relying on the sale of inventory.
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Cash Ratio
Elevance Health Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 10,348) | 10,232) | 9,657) | 9,491) | 8,713) | 8,560) | 7,500) | 8,288) | 7,866) | 6,497) | 6,226) | 6,526) | 10,919) | 9,991) | 10,142) | 7,387) | 8,872) | 6,456) | 6,161) | ||||||
| Fixed maturity securities | 25,347) | 25,719) | 25,905) | 25,884) | 26,283) | 25,298) | 25,437) | 25,201) | 28,954) | 28,900) | 29,530) | 29,614) | 27,811) | 28,021) | 27,636) | 25,952) | 25,526) | 25,765) | 26,219) | ||||||
| Equity securities | 2,151) | 1,563) | 1,511) | 740) | 1,220) | 934) | 715) | 1,192) | 1,113) | 594) | 511) | 229) | 165) | 272) | 392) | 953) | 1,503) | 1,572) | 1,662) | ||||||
| Total cash assets | 37,846) | 37,514) | 37,073) | 36,115) | 36,216) | 34,792) | 33,652) | 34,681) | 37,933) | 35,991) | 36,267) | 36,369) | 38,895) | 38,284) | 38,170) | 34,292) | 35,901) | 33,793) | 34,042) | ||||||
| Current liabilities | 46,662) | 44,254) | 45,309) | 41,035) | 40,878) | 43,834) | 42,698) | 40,581) | 42,033) | 41,813) | 44,334) | 41,791) | 43,337) | 41,571) | 41,889) | 39,696) | 41,287) | 39,308) | 39,733) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.81 | 0.85 | 0.82 | 0.88 | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.31 | 0.40 | 0.54 | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | ||||||
| Intuitive Surgical Inc. | 1.60 | 2.71 | 2.36 | 2.96 | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | ||||||
| Medtronic PLC | 0.88 | 0.84 | 0.70 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | ||||||
| UnitedHealth Group Inc. | — | 0.28 | 0.27 | 0.24 | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 37,846 ÷ 46,662 = 0.81
2 Click competitor name to see calculations.
The cash ratio exhibits a period of relative stability followed by a gradual decline and volatility, maintaining a range between 0.79 and 0.92. While the ratio peaked in mid-2023, subsequent years demonstrate a general downward pressure, concluding at 0.81 by the third quarter of 2026.
- Cash Asset Trends
- Total cash assets experienced an upward trajectory through the first half of 2023, reaching a maximum of 38,895 million USD in September 2023. A subsequent contraction occurred, with assets dipping to a low of 33,652 million USD by March 2025. Following this trough, a steady recovery is observed throughout 2026, with assets rising to 37,846 million USD by September 2026.
- Current Liabilities Trajectory
- Current liabilities demonstrate a consistent long-term increase. Starting at 39,733 million USD in March 2022, obligations grew to reach 46,662 million USD by September 2026. This growth pattern indicates a steady expansion of short-term obligations over the analyzed period.
- Cash Ratio Dynamics
- The cash ratio peaked at 0.92 in June 2023, reflecting a high level of immediate liquidity. However, a downward trend emerged through 2024 and early 2025, reaching a minimum of 0.79. The divergence between steadily increasing liabilities and fluctuating cash balances has resulted in a net reduction of the cash ratio over the full duration, suggesting that the growth of short-term debt has outpaced the accumulation of cash assets.
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