Elevance Health Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Shareholders’ net income	5,987)	6,025)	6,104)	4,572)	4,807)
Net (gain) loss attributable to noncontrolling interests	4)	(6)	(9)	—)	—)
Net noncash charges	2,605)	2,127)	1,076)	862)	1,348)
Changes in operating assets and liabilities	(535)	253)	1,193)	5,254)	(94)
Net cash provided by operating activities	8,061)	8,399)	8,364)	10,688)	6,061)
Purchases of property and equipment	(1,296)	(1,152)	(1,087)	(1,021)	(1,077)
Proceeds from long-term borrowings	2,574)	3,071)	3,462)	2,484)	2,473)
Repayments of long-term borrowings	(1,909)	(1,899)	(1,068)	(1,932)	(1,123)
Proceeds from short-term borrowings	225)	1,365)	1,375)	970)	7,590)
Repayments of short-term borrowings	(265)	(1,675)	(1,050)	(1,820)	(8,332)
Free cash flow to equity (FCFE)	7,390)	8,109)	9,996)	9,369)	5,592)

Based on: 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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Elevance Health Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Elevance Health Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Elevance Health Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	232,417,867
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	7,390)
FCFE per share	31.80
Current share price (P)	525.19
Valuation Ratio
P/FCFE	16.52
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	70.69
Cigna Group	10.24
CVS Health Corp.	4.76
Danaher Corp.	50.05
Humana Inc.	10.71
Intuitive Surgical Inc.	175.14
Medtronic PLC	26.41
UnitedHealth Group Inc.	15.18
P/FCFE, Sector
Health Care Equipment & Services	17.47
P/FCFE, Industry
Health Care	15.91

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Elevance Health Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	232,668,735	237,457,776	241,304,369	244,905,689	252,329,919
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	7,390)	8,109)	9,996)	9,369)	5,592)
FCFE per share³	31.76	34.15	41.42	38.26	22.16
Share price^1, 4	509.38	487.13	458.58	296.33	304.06
Valuation Ratio
P/FCFE⁵	16.04	14.26	11.07	7.75	13.72
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	76.56	26.11	24.52	38.42	53.19
Cigna Group	9.86	18.23	10.98	16.30	20.76
CVS Health Corp.	5.22	12.36	21.23	11.93	18.52
Danaher Corp.	53.08	32.04	20.75	44.62	6.88
Humana Inc.	12.01	30.99	11.49	8.47	11.73
Intuitive Surgical Inc.	177.77	89.67	58.39	81.15	57.31
Medtronic PLC	29.20	19.71	38.91	23.06	26.62
UnitedHealth Group Inc.	15.33	12.57	20.11	13.93	13.90
P/FCFE, Sector
Health Care Equipment & Services	18.08	17.58	20.22	18.16	16.24
P/FCFE, Industry
Health Care	16.55	18.22	17.57	16.92	13.31

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 7,390,000,000 ÷ 232,668,735 = 31.76

⁴ Closing price as at the filing date of Elevance Health Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 509.38 ÷ 31.76 = 16.04

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Elevance Health Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Elevance Health Inc. (NYSE:ELV)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical