Common-Size Balance Sheet: Assets
Quarterly Data
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Elevance Health Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition of the organization exhibits a strategic shift in liquidity management and investment allocation over the analyzed period. While current assets historically constituted the majority of the balance sheet, there is a noticeable trend toward increasing the proportion of long-term investments and receivables relative to traditional liquid securities.
- Liquidity and Short-Term Investment Trends
- A significant reduction in the concentration of fixed maturity securities is observed, declining from a peak of 27.19% in December 2023 to 20.59% by March 2026. This downward trajectory is mirrored by equity securities, which dropped sharply from 3.79% in March 2021 to a low of 0.15% in September 2023, before recovering slightly to 1.20% by the end of the period. Cash and cash equivalents have remained volatile, fluctuating between approximately 5% and 9.8% of total assets, suggesting active treasury management to meet operational requirements.
- Analysis of Receivables
- There is a consistent upward trend across several receivable categories. Premium receivables, net, increased from 6.39% in March 2021 to 9.16% in March 2026. Similarly, other receivables grew from 3.21% to 4.90% over the same period, reaching a peak of 6.27% in September 2025. Self-funded receivables remained relatively stable, though they showed a modest increase from 3.25% to 4.05%. This overall growth in receivables indicates that a larger portion of the asset base is tied up in outstanding payments.
- Long-Term Asset Allocation
- A clear migration of capital toward long-term investment vehicles is evident. Other invested assets rose from 4.68% in March 2021 to 8.75% in March 2026. Parallel to this, long-term investments grew from 5.26% to 9.63%. This shift suggests a strategic pivot away from highly liquid fixed-income securities toward assets with potentially higher returns or longer durations.
- Intangible Assets and Fixed Capital
- Goodwill remains a substantial component of the balance sheet, consistently representing between 22% and 25% of total assets, which underscores the impact of historical acquisitions. Other intangible assets showed a gradual decline from 9.77% in March 2021 to 8.82% in March 2026. Property and equipment, net, remained remarkably stable, fluctuating narrowly between 3.6% and 4.2% of total assets, indicating that capital expenditures on physical infrastructure have scaled proportionally with the overall growth of the asset base.
In summary, the balance sheet has transitioned from a heavier reliance on liquid fixed-maturity securities toward an increased weighting in long-term investments and receivables. This evolution reflects a change in the asset mix, potentially aimed at optimizing yield or responding to shifts in the operational billing cycle.