Common-Size Balance Sheet: Assets
Quarterly Data
Elevance Health Inc., common-size consolidated balance sheet: assets (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), 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 balance sheet reveals a strategic shift in liquidity management and a gradual reallocation of capital from fixed-income securities toward long-term investments and operational receivables over the analyzed period.
- Liquidity and Short-Term Investment Trends
- Cash and cash equivalents have exhibited volatility, fluctuating between approximately 5% and 10% of total assets. While a dip was observed in late 2023, a stabilizing trend emerged from 2024 through 2026, with cash positions consistently maintained between 6% and 8%. A more pronounced shift is evident in fixed maturity securities, which declined from a peak of approximately 27% in 2021 to below 20% by late 2026. Equity securities have similarly diminished, falling from 3.79% in early 2021 to a range between 0.6% and 1.7% in later periods, indicating a reduction in short-term market-exposed investments.
- Operational Receivables Growth
- There is a consistent upward trend across all receivable categories. Premium receivables, net, increased from 6.39% in March 2021 to 8.36% by September 2026. Similarly, self-funded receivables rose from 3.25% to 4.91%, and other receivables nearly doubled from 3.21% to 5.95%. This collective increase suggests that a larger portion of the asset base is increasingly tied to operational credit and pending payments relative to the total balance sheet size.
- Long-Term Investment Reallocation
- A significant increase is observed in long-term asset allocations starting in 2024. Other invested assets grew from 4.68% in March 2021 to 9.00% by September 2026. Long-term investments followed a similar trajectory, rising from 5.26% to 9.95%. This trend mirrors the decline in fixed maturity securities, suggesting a strategic pivot toward longer-duration or more diversified investment vehicles.
- Intangible Assets and Goodwill
- Goodwill remains a substantial component of the balance sheet, though it has experienced a moderate decline from a peak of 25.39% in June 2021 to 22.18% by September 2026. Other intangible assets have shown a steadier downward trend, decreasing from 9.77% to 8.51%. This suggests a gradual amortization of intangible assets and a slight reduction in the relative impact of historical acquisitions on the total asset base.
- Overall Asset Structure
- The balance between current and noncurrent assets has remained relatively stable. Current assets generally fluctuated between 50% and 56%, while noncurrent assets stayed between 43% and 49%. Despite the internal shifts—specifically the migration from liquid securities to long-term investments and receivables—the fundamental split between short-term and long-term asset weighting has persisted throughout the period.
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