Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Elevance Health Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-12-31), 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).
- Operating Revenue Composition
- There is a noticeable decline in the proportion of premiums as a percentage of operating revenue, decreasing steadily from 86.18% in 2020 to 82.28% in 2024. Conversely, product revenue has shown a consistent increase over the same period, growing from 8.6% to 12.92%. Service fees have slightly decreased from 5.23% to 4.8%, indicating a marginal reduction in this revenue stream.
- Cost and Expense Trends
- Benefit expense remains the largest cost component, showing a slight fluctuation but generally maintaining a stable range near 73% to 75% of operating revenue. The cost of products sold has risen from 7.41% to 11.27%, reflecting increased expenses related to the growing product revenue segment. The overall cost of operating revenue has increased gradually from 80.29% to 84.08%, suggesting heightened operational costs over time.
- Profitability Indicators
- Gross profit margin has declined from 19.71% in 2020 to 15.92% in 2024, reflecting increasing costs relative to operating revenue. Operating expenses have decreased as a proportion of revenue from 14.44% to 11.43%, which partially offsets the declining gross profit margin. Amortization of intangible assets fluctuated but remained relatively low. Operating income margin has decreased from 4.97% to 4.16%, indicating pressure on operating profitability.
- Investment Income and Related Items
- Net investment income as a percentage of operating revenue has improved, rising from 0.73% in 2020 to 1.17% in 2024. Fixed maturity securities income has increased over the period, while equity securities income remained minimal and slightly declined. Cash equivalents and other invested assets showed minor fluctuations. Net gains on financial instruments have been volatile, with negative values in 2022 to 2024, potentially affecting overall investment returns. A gain on sale of business appears in 2024, contributing positively at 0.11% of operating revenue.
- Financial Expenses
- Interest expenses have slightly increased as a percentage of operating revenue, from -0.65% to -0.68% by 2024. Loss on extinguishment of debt was present in 2020 and 2021 but absent afterward, indicating no recent debt restructuring costs.
- Income Tax and Net Income
- Income before income tax expense experienced a decline from 5.16% in 2020 to 4.51% in 2024. Income tax expense as a percentage of operating revenue decreased from -1.38% to -1.1%, reflecting improved tax efficiency or changes in tax rates. Net income margin declined from 3.78% to 3.41%, consistent with operating income trends.
- Shareholders’ Earnings
- Shareholders’ net income follows the same decreasing trend as net income, falling from 3.78% to 3.41% of operating revenue over the period. Net gains or losses attributable to noncontrolling interests remain negligible.