Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

Common-Size Income Statement

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Elevance Health Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Premiums
Product revenue
Service fees
Operating revenue
Benefit expense
Cost of products sold
Cost of operating revenue
Gross profit
Operating expense
Amortization of other intangible assets
Operating income
Fixed maturity securities
Equity securities
Cash equivalents
Other invested assets
Investment income
Investment expense
Net investment income
Net gains (losses) on financial instruments
Gain on sale of business
Interest expenses
Loss on extinguishment of debt
Income before income tax expense
Income tax expense
Net income
Net (gain) loss attributable to noncontrolling interests
Shareholders’ net income

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.