Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Common-Size Balance Sheet: Assets
Quarterly Data

Elevance Health Inc., common-size consolidated balance sheet: assets (quarterly data)

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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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 7.67 7.81 7.10 7.02 6.26 7.09 6.75 5.75 5.56 5.99 9.88 9.15 9.30 7.19 8.61 6.40 6.13 5.01 5.60 5.47 9.75
Fixed maturity securities 20.59 21.30 21.41 20.75 21.25 21.56 24.85 25.58 26.39 27.19 25.17 25.67 25.34 25.25 24.78 25.54 26.09 26.95 26.87 26.90 25.66
Equity securities 1.20 0.61 0.99 0.77 0.60 1.02 0.96 0.53 0.46 0.21 0.15 0.25 0.36 0.93 1.46 1.56 1.65 1.93 2.16 1.82 3.79
Premium receivables, net 9.16 8.29 7.77 8.58 8.65 6.85 6.19 7.12 7.98 7.25 7.14 6.81 7.56 6.89 6.49 6.70 7.31 5.83 6.13 6.07 6.39
Self-funded receivables, net 4.05 4.25 4.17 4.47 4.38 4.32 4.41 4.69 3.79 4.18 3.40 3.57 3.47 4.54 3.76 3.81 3.96 4.11 3.42 3.75 3.25
Other receivables 4.90 5.19 6.27 5.91 5.49 5.15 5.20 5.20 4.58 4.96 4.79 4.76 4.29 4.18 3.54 3.57 3.32 3.85 3.52 3.38 3.21
Other current assets 5.70 4.40 4.25 4.43 4.42 4.02 5.10 5.72 5.71 5.32 4.85 4.52 4.53 5.14 5.33 5.61 5.17 4.78 5.24 4.89 4.90
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.42 0.48 0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 53.27% 51.86% 51.96% 51.93% 51.05% 50.43% 53.93% 55.12% 54.47% 55.11% 55.38% 54.73% 54.86% 54.12% 53.97% 53.19% 53.64% 52.45% 52.93% 52.28% 56.95%
Fixed maturity securities 0.89 0.92 0.91 0.89 0.89 0.89 0.77 0.75 0.79 0.80 0.74 0.71 0.72 0.73 0.60 0.60 0.59 0.65 0.64 0.60 0.58
Other invested assets 8.75 8.92 8.67 8.58 8.49 8.34 8.06 6.03 6.00 5.61 5.54 5.49 5.48 5.53 5.35 5.35 5.34 5.36 5.06 5.12 4.68
Long-term investments 9.63% 9.84% 9.58% 9.47% 9.38% 9.23% 8.83% 6.78% 6.79% 6.41% 6.28% 6.20% 6.19% 6.26% 5.96% 5.95% 5.93% 6.01% 5.69% 5.72% 5.26%
Property and equipment, net 3.70 3.85 3.79 3.81 3.86 3.98 3.87 3.94 3.98 4.00 3.85 4.17 4.05 4.20 4.07 4.05 3.97 4.02 3.91 3.88 3.69
Goodwill 22.52 23.33 23.18 23.26 23.74 24.19 22.28 22.98 23.19 23.24 22.89 23.15 23.18 23.73 23.66 24.16 24.13 24.86 24.66 25.39 22.69
Other intangible assets 8.82 9.22 9.23 9.42 9.97 10.35 8.86 9.25 9.57 9.43 9.50 9.80 10.01 10.04 10.23 10.67 10.54 10.89 10.96 10.97 9.77
Other noncurrent assets 2.05 1.90 2.26 2.10 2.00 1.83 2.23 1.94 2.01 1.81 2.11 1.95 1.70 1.66 2.11 1.98 1.79 1.76 1.84 1.76 1.63
Noncurrent assets 46.73% 48.14% 48.04% 48.07% 48.95% 49.57% 46.07% 44.88% 45.53% 44.89% 44.62% 45.27% 45.14% 45.88% 46.03% 46.81% 46.36% 47.55% 47.07% 47.72% 43.05%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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