Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
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Short-term Activity Ratios (Summary)
Elevance Health Inc., short-term (operating) activity ratios (quarterly data)
Based on: 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).
An analysis of short-term activity ratios reveals a general decline in receivables efficiency, a slight acceleration in the payment of obligations, and a downward trend in the utilization of working capital to generate revenue.
- Receivables Management
- Receivables turnover shows a gradual downward trajectory over the analyzed period. After reaching a peak of 19.84 in September 2024, the ratio declined to 14.99 by June 2026. This decline is directly reflected in the average receivable collection period, which increased from a range of 19 to 22 days in 2022 to a peak of 26 days in March 2026. This indicates a slowing in the conversion of accounts receivable into cash.
- Payables Management
- Payables turnover has remained relatively stable with a slight upward trend, moving from 7.28 in March 2022 to 8.06 in June 2026. Correspondingly, the average payables payment period has experienced a marginal contraction, decreasing from 50 days in early 2022 to a range of 42 to 45 days in the subsequent years. This suggests a slightly faster settlement of short-term liabilities to vendors.
- Working Capital Efficiency
- Working capital turnover exhibits volatility with an overall decreasing trend. The ratio shifted from a high of 9.11 in September 2022 to 7.19 by June 2026. Despite intermittent recoveries, such as the rise to 8.59 in March 2024, the general pattern indicates that the company is generating less revenue per unit of working capital invested compared to the start of the period.
Turnover Ratios
Average No. Days
Receivables Turnover
Elevance Health Inc., receivables turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Premiums | ||||||||||||||||||||||||
| Premium receivables, net | ||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Receivables turnover
= (PremiumsQ2 2026
+ PremiumsQ1 2026
+ PremiumsQ4 2025
+ PremiumsQ3 2025)
÷ Premium receivables, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of the quarterly operating activity indicates a steady expansion in premiums accompanied by a corresponding increase in premium receivables, resulting in a long-term deterioration of the receivables turnover efficiency.
- Premium Revenue Trends
- Premiums exhibited a consistent upward trajectory, increasing from 32,785 million USD in March 2022 to 41,279 million USD by June 2026. A significant step-up in revenue is observed between December 2024 and March 2025, where premiums rose from 36,245 million USD to 40,887 million USD, maintaining a higher baseline through the remainder of the period.
- Net Premium Receivables
- Net premium receivables grew from 7,349 million USD in March 2022 to 10,991 million USD in June 2026. The growth in receivables remained relatively stable until early 2025, at which point a sharp increase occurred, peaking at 11,525 million USD in March 2026. This suggests that the volume of outstanding premiums grew more aggressively in the final two years of the analysis than in the preceding periods.
- Receivables Turnover Ratio
- The turnover ratio fluctuated between 16.67 and 19.51 throughout 2022 and 2023, suggesting a stable collection cycle. However, after reaching a peak of 19.84 in September 2024, the ratio entered a general decline, hitting a low of 14.30 in March 2026. This downward trend indicates that the company is collecting its receivables less frequently, as the growth in the receivables balance has outpaced the growth in premiums during the 2025 and 2026 fiscal periods.
Payables Turnover
Elevance Health Inc., payables turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Benefit expense | ||||||||||||||||||||||||
| Medical claims payable | ||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Payables turnover
= (Benefit expenseQ2 2026
+ Benefit expenseQ1 2026
+ Benefit expenseQ4 2025
+ Benefit expenseQ3 2025)
÷ Medical claims payable
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates a consistent upward trajectory in both operational expenses and the efficiency of payables management from March 2022 through June 2026. A steady increase in benefit expenses is mirrored by a gradual rise in medical claims payable, though the rate of expense growth has generally outpaced the growth of liabilities, leading to an overall increase in the payables turnover ratio.
- Benefit Expense Trends
- Benefit expenses exhibited a sustained growth pattern, rising from 28,215 million USD in March 2022 to 37,024 million USD by June 2026. While the growth was largely incremental, a more pronounced acceleration occurred between December 2024 and September 2025, where expenses climbed from 33,500 million USD to a peak of 38,140 million USD. A temporary contraction was noted in March 2026 before the upward trend resumed in the final quarter of the analysis.
- Medical Claims Payable Analysis
- Medical claims payable remained relatively stable during the first two years of the period, fluctuating between 14,713 million USD and 16,459 million USD. A structural shift upward began in March 2025, with payables increasing to 16,812 million USD and continuing to rise toward a peak of 18,463 million USD by June 2026. This indicates an expansion of the liability base consistent with the overall increase in benefit expenses.
- Payables Turnover Performance
- The payables turnover ratio demonstrates an overall improvement in the velocity of payment cycles. The ratio began at 7.28 in March 2022 and remained stable under 8.00 until June 2024. A notable shift occurred between June 2024 and December 2025, during which the ratio reached its maximum value of 8.68. The final two quarters of the period show a stabilization at 8.06, suggesting that the company has reached a new equilibrium in its claims payment efficiency compared to the baseline established in 2022.
The correlation between the rising benefit expenses and the increasing turnover ratio suggests that the company has successfully scaled its payment operations to handle higher volumes of claims without a proportional increase in the duration of its outstanding payables. The peak in turnover observed in late 2025 reflects the highest level of operational efficiency in processing medical claims relative to the average payable balance maintained during the period.
Working Capital Turnover
Elevance Health Inc., working capital turnover calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Less: Current liabilities | ||||||||||||||||||||||||
| Working capital | ||||||||||||||||||||||||
| Premiums | ||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Working capital turnover
= (PremiumsQ2 2026
+ PremiumsQ1 2026
+ PremiumsQ4 2025
+ PremiumsQ3 2025)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a period of expansion in both working capital and premium revenues, accompanied by a general decline in the efficiency of working capital utilization over the observed timeframe.
- Working Capital Trends
- A consistent upward trajectory in working capital is evident, increasing from 14,164 million USD in March 2022 to 22,930 million USD by June 2026. While the growth was steady through 2023, a more pronounced acceleration occurred between March 2024 and June 2024, where the figure rose from 16,614 million USD to 20,461 million USD. Despite minor fluctuations in late 2024 and early 2026, the overall trend indicates a significant expansion of the net short-term asset base.
- Premium Revenue Growth
- Premium levels exhibited gradual growth from March 2022 (32,785 million USD) through December 2024 (36,245 million USD), maintaining a relatively stable range. A substantial shift occurred in the first quarter of 2025, with premiums jumping to 40,887 million USD. This elevated level was sustained through June 2026, ending at 41,279 million USD, representing a total increase of approximately 25.9% over the entire period.
- Working Capital Turnover Analysis
- The working capital turnover ratio demonstrates a general downward trend, indicating that working capital grew at a faster rate than the premiums generated. The ratio peaked at 9.11 in September 2022 before entering a period of volatility. A notable decline was observed between March 2024 (8.59) and June 2024 (6.92), coinciding with a sharp increase in working capital. Although the ratio recovered slightly to 8.11 by December 2023 and remained between 7.00 and 8.11 through 2025, it ultimately concluded at 7.19 in June 2026. This progression suggests a reduction in the operational efficiency of short-term capital deployment over the long term.
Average Receivable Collection Period
Elevance Health Inc., average receivable collection period calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Receivables turnover | ||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | ||||||||||||||||||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a period of relative stability followed by a measurable decline in receivable collection efficiency beginning in early 2025. While the company maintained consistent collection cycles between 2022 and 2024, the latter portion of the observed period shows an increase in the time required to convert receivables into cash.
- Receivables Turnover Trends
- The receivables turnover ratio exhibited significant fluctuations, peaking at 19.84 in September 2024. Throughout 2022 and 2023, the ratio generally remained above 16.00. However, a downward shift occurred starting in March 2025, with the ratio dropping to 14.42 and reaching a period low of 14.30 by March 2026. This decline suggests a reduction in the frequency with which the company collects its average receivable balance over the specified timeframes.
- Average Receivable Collection Period Analysis
- The average collection period remained largely contained between 18 and 23 days from March 2022 through December 2024, indicating a highly efficient cash conversion cycle. A shift in performance is evident starting in March 2025, where the collection period rose to 25 days and subsequently peaked at 26 days in March 2026. This represents an increase in the average time outstanding for receivables, reflecting a slower collection velocity compared to previous years.
- Operational Correlation and Insights
- A strong inverse correlation is observed between the turnover ratio and the collection period. The transition from a peak turnover of 19.84 (18 days collection) in late 2024 to a lower turnover of 14.99 (24 days collection) by June 2026 confirms a weakening trend in liquidity efficiency. The expansion of the collection period by approximately 20-30% during the 2025-2026 window suggests potential changes in credit terms, slower payer behavior, or shifts in the composition of the receivables portfolio.
Average Payables Payment Period
Elevance Health Inc., average payables payment period calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Payables turnover | ||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | ||||||||||||||||||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis of short-term operating activity ratios indicates a consistent improvement in the efficiency of accounts payable management over the observed period from March 2022 through June 2026. There is a clear inverse correlation between the payables turnover ratio and the average payables payment period, reflecting a strategic shift toward a faster payment cycle.
- Payables Turnover Ratio
- A steady upward trajectory is observed in the payables turnover ratio, which rose from 7.28 in March 2022 to 8.06 by June 2026. The ratio experienced gradual growth throughout 2022 and 2023, followed by a more pronounced increase starting in mid-2024. A peak of 8.68 was reached in December 2025, representing the highest point of turnover efficiency before stabilizing at 8.06 in the first half of 2026.
- Average Payables Payment Period
- The average time taken to settle obligations with suppliers has decreased over the analyzed timeframe. Starting at 50 days in the first half of 2022, the payment period entered a period of gradual decline, reaching 47 days by December 2023. The downward trend accelerated in 2024 and 2025, hitting a minimum of 42 days in December 2025. By June 2026, the period stabilized at 45 days.
The synchronization of these two metrics suggests a contraction in the time liabilities remain outstanding. The reduction in the payment period from 50 to 45 days indicates a more aggressive settlement of short-term obligations, which may be attributed to improved liquidity positions or a strategic decision to optimize supplier relationships through faster payments.