Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

Net Profit Margin
since 2005

Microsoft Excel

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Calculation

Elevance Health Inc., net profit margin, long-term trends, calculation

Microsoft Excel
Net profit margin = 100 × Shareholders’ net income1 ÷ Operating revenue1
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Dec 31, 2005 = 100 × ÷

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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

Shareholders’ Net Income
The shareholders’ net income exhibited fluctuations over the period. Starting at 2,464 million US dollars in 2005, it rose to a peak of 4,746 million in 2009, indicating significant growth in profitability during the early years. Subsequently, net income experienced volatility, with declines in some years such as 2010 and 2011, stabilizing around the 2,500 million range until 2014. From 2015 onward, net income showed a notable upward trend, reaching a peak of 6,104 million in 2021 before slightly declining in the last two years to about 5,980 million in 2024. Overall, the trend suggests a recovery and growth phase post-2014, with net income generally higher in the later years compared to the early years.
Operating Revenue
Operating revenue demonstrated consistent growth throughout the entire period. Beginning at approximately 44,513 million US dollars in 2005, revenue increased steadily each year, reaching 60,829 million by 2009. Despite a slight dip between 2009 and 2010, the upward trend quickly resumed. From 2010 onwards, operating revenue continued to grow at a steady pace, surpassing 100,000 million in 2019. By 2024, operating revenue reached 175,204 million US dollars, nearly quadrupling compared to the 2005 figure. This consistent increase indicates strong top-line growth and expanding business operations.
Net Profit Margin
The net profit margin fluctuated significantly during the period. Starting near 5.5% in the mid-2000s, it dropped sharply in 2008 to about 4%, only to rebound to 7.8% in 2009, the highest margin recorded over the timeline. However, after 2009, there was a gradual decline in profit margin, falling below 3% in 2014 and 2016, suggesting pressures on profitability or increased costs relative to revenues. From 2017 onwards, the net profit margin improved moderately, fluctuating mostly between 3.4% and 4.7%. This indicates a stabilization of profitability ratios, though overall margins in the later years were generally below the earlier peaks, reflecting potentially more competitive market conditions or changes in cost structure.
Summary of Patterns and Insights
Over the two-decade period, operating revenue displayed strong and consistent growth, indicating successful expansion or increased market share. Shareholders’ net income, although more volatile, showed a general upward trend especially after mid-2010s, aligning somewhat with the revenue increase but with lagged fluctuations. The net profit margin signals variability in profitability efficiency, with early highs and late-period moderate stabilization, possibly due to varying cost control or external market factors. The divergence between revenue growth and profit margin suggests that while the company is expanding, maintaining stable profitability ratios has been challenging. Nevertheless, the sustained growth in absolute net income values in recent years highlights improved earnings performance.

Comparison to Competitors

Elevance Health Inc., net profit margin, long-term trends, comparison to competitors

Microsoft Excel
Elevance Health Inc. Abbott Laboratories CVS Health Corp. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
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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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Health Care Equipment & Services)

Elevance Health Inc., net profit margin, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
Elevance Health Inc. Health Care Equipment & Services
Dec 31, 2024
Dec 31, 2023
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Dec 31, 2014
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Dec 31, 2005

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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Elevance Health Inc., net profit margin, long-term trends, comparison to industry (health care)

Microsoft Excel
Elevance Health Inc. Health Care
Dec 31, 2024
Dec 31, 2023
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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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).