Elevance Health Inc. (NYSE:ELV)

The proportion of current liabilities relative to total liabilities and equity displayed an overall increasing trend from early 2020 through 2022, rising from approximately 32.8% in March 2020 to peak near 40.1% in late 2022. Subsequently, current liabilities percentages gradually declined to around 33.3% by September 2025. Within this category, medical claims payable steadily increased from around 12.0% in early 2020 to nearly 15.2% by the end of 2022 before moderately declining and fluctuating around 14.0% through 2025. Other policyholder liabilities rose until late 2021, reaching 5.7%, and then showed a consistent decline to under 2.0% by late 2025. Accounts payable and accrued expenses exhibited moderate fluctuations staying typically between 4.5% and 6.5%. Short-term borrowings were relatively low, mostly under 0.3%, with some intermittent variability. Overall, current liabilities peaked late 2022 but receded somewhat over the following periods.

Noncurrent liabilities as a percentage of total liabilities and equity decreased from roughly 28.7% in early 2020 to about 24.0% by early 2024 but subsequently increased again to near 30.8% by late 2025. Long-term debt, less current portion, showed a somewhat erratic pattern, initially dropping from 23.1% in 2020 to around 19.8% by early 2022, then rising again to peak close to 25.4% by late 2025. Deferred tax liabilities generally declined from approximately 2.7% in 2020 to roughly 1.7–1.9% range by 2025. Other noncurrent liabilities remained relatively stable around 1.5% to 3.4%, with a noticeable increase beginning around 2023. Overall, noncurrent liabilities experienced a dip through early 2024 followed by a recovery toward the end of the period.

Total shareholders’ equity, as measured against total liabilities and equity, showed a decline from over 39% in 2020 down to approximately 34.3% by early 2023, then gradually recovered to about 36.2% by the end of 2024 before declining again near 35.9% by late 2025. Retained earnings steadily increased throughout the period, from 28.4% in early 2020 to a peak of about 30.6% in mid-2024, before a small decline below 29.0% by late 2025, indicating ongoing accumulation of earnings. Additional paid-in capital demonstrated a slow but steady decline from about 11.3% in early 2020 to below 7.3% by late 2025, reflecting less capital contribution or possible repurchases. Accumulated other comprehensive income (loss) fluctuated negatively, with a marked negative swing in 2021-2023, moving from -0.3% to around -2.7%, then reducing its negative impact nearing -0.4% by late 2025. Noncontrolling interests remained a minor component, fluctuating near 0.07% to 0.11% without significant change.

Medical claims payable clearly represent a major and somewhat growing portion of total liabilities, peaking near 15% by late 2022 and then stabilizing slightly lower. This may reflect trends in claim volumes, pricing, or payment timing. Other policyholder liabilities showed a peak in 2020-2021 but steadily declined thereafter, suggesting changes in policyholder liabilities management or reserve adjustments. Unearned income percentages were relatively stable but spiked atypically at certain points (e.g., over 4% in early 2023), indicating possible timing differences in premium recognition or policy changes. The current portion of long-term debt varied widely, with a considerable increase up to around 3.1% in early 2022 followed by lower levels, possibly reflecting refinancing or debt maturity profiles.

Total liabilities consistently comprised about 61% to 65% of total liabilities and equity, indicating a relatively stable leverage structure over the period. The complementary shareholder equity proportion hovered near 35% to 39%, showing some variation but a balanced capital structure. The company’s liability composition shifted slightly towards a higher current liabilities ratio in the early years, followed by a rebalancing favoring noncurrent liabilities toward the later years, which might indicate strategic debt management or evolving operational needs. The stable retained earnings accumulation alongside the moderate decline in additional paid-in capital suggests internal financing through earnings rather than external equity issuance is predominant over the observed timeframe.