Price to Earnings (P/E)
since 2005
Calculation
Elevance Health Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Shareholders’ net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | 13.21 | = | 338.98 | ÷ | 25.65 | 25.65 | = | 5,662 | ÷ | 220,704,667 | |
| Feb 20, 2025 | 14.85 | = | 390.50 | ÷ | 26.30 | 26.30 | = | 5,980 | ÷ | 227,351,871 | |
| Feb 21, 2024 | 19.80 | = | 509.38 | ÷ | 25.73 | 25.73 | = | 5,987 | ÷ | 232,668,735 | |
| Feb 15, 2023 | 9,358,713.46 | = | 237,458,000.00 | ÷ | 25.37 | 25.37 | = | 6,025 | ÷ | 237,457,776 | |
| Feb 16, 2022 | 18.13 | = | 458.58 | ÷ | 25.30 | 25.30 | = | 6,104 | ÷ | 241,304,369 | |
| Feb 18, 2021 | 15.87 | = | 296.33 | ÷ | 18.67 | 18.67 | = | 4,572 | ÷ | 244,905,689 | |
| Feb 19, 2020 | 15.96 | = | 304.06 | ÷ | 19.05 | 19.05 | = | 4,807 | ÷ | 252,329,919 | |
| Feb 20, 2019 | 21.45 | = | 312.95 | ÷ | 14.59 | 14.59 | = | 3,750 | ÷ | 257,011,928 | |
| Feb 21, 2018 | 15.44 | = | 232.03 | ÷ | 15.03 | 15.03 | = | 3,843 | ÷ | 255,721,900 | |
| Feb 22, 2017 | 17.48 | = | 163.27 | ÷ | 9.34 | 9.34 | = | 2,470 | ÷ | 264,378,577 | |
| Feb 19, 2016 | 12.99 | = | 127.23 | ÷ | 9.80 | 9.80 | = | 2,560 | ÷ | 261,351,781 | |
| Feb 24, 2015 | 15.29 | = | 147.28 | ÷ | 9.63 | 9.63 | = | 2,570 | ÷ | 266,787,463 | |
| Feb 20, 2014 | 9.95 | = | 87.71 | ÷ | 8.81 | 8.81 | = | 2,490 | ÷ | 282,459,121 | |
| Feb 22, 2013 | 7.09 | = | 61.92 | ÷ | 8.73 | 8.73 | = | 2,656 | ÷ | 304,035,158 | |
| Feb 22, 2012 | 8.36 | = | 66.10 | ÷ | 7.91 | 7.91 | = | 2,647 | ÷ | 334,748,569 | |
| Feb 17, 2011 | 8.74 | = | 67.21 | ÷ | 7.69 | 7.69 | = | 2,887 | ÷ | 375,511,311 | |
| Feb 18, 2010 | 5.53 | = | 59.11 | ÷ | 10.69 | 10.69 | = | 4,746 | ÷ | 443,930,532 | |
| Feb 19, 2009 | 8.26 | = | 41.26 | ÷ | 5.00 | 5.00 | = | 2,491 | ÷ | 498,388,028 | |
| Feb 21, 2008 | 12.02 | = | 74.23 | ÷ | 6.17 | 6.17 | = | 3,345 | ÷ | 541,939,848 | |
| Feb 26, 2007 | 16.05 | = | 81.13 | ÷ | 5.05 | 5.05 | = | 3,095 | ÷ | 612,428,063 | |
| Feb 23, 2006 | 20.66 | = | 77.48 | ÷ | 3.75 | 3.75 | = | 2,464 | ÷ | 657,005,900 |
Based on: 10-K (reporting date: 2025-12-31), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Elevance Health Inc. Annual Report.
The price-to-earnings (P/E) ratio for the observed period exhibits considerable fluctuation. Initially, the ratio decreased from 20.66 in 2006 to a low of 5.53 in 2010, before entering a period of increased volatility. Subsequent years show a generally upward trend, peaking at 21.45 in 2019, followed by a sharp decline in 2023, and a subsequent moderation in 2024 and 2025.
- Initial Decline (2006-2010)
- From 2006 to 2010, the P/E ratio experienced a substantial decrease. This decline coincided with periods of economic uncertainty, particularly the financial crisis of 2008-2009, which likely impacted investor sentiment and earnings expectations. The lowest point of 5.53 in 2010 suggests a period where the share price was relatively low compared to earnings.
- Volatility and Increase (2011-2019)
- Following 2010, the P/E ratio demonstrated increased volatility, oscillating between approximately 8 and 21. This period reflects a dynamic market response to company performance and broader economic conditions. The peak of 21.45 in 2019 indicates a period of strong investor confidence and potentially high growth expectations.
- Recent Fluctuations (2020-2026)
- The P/E ratio experienced a significant drop in 2023 to 9,358,713.46, an anomalous value that warrants further investigation to determine its cause. This value is likely an error. Excluding this outlier, the P/E ratio decreased from 15.96 in 2020 to 14.85 in 2023, before increasing slightly to 13.21 in 2026. This recent trend suggests a potential correction in valuation, or a shift in investor expectations regarding future earnings growth.
Overall, the P/E ratio demonstrates a lack of consistent directional movement over the observed timeframe. The ratio’s sensitivity to economic events and company-specific factors is apparent. The anomalous value in 2023 requires verification and may represent a reporting error. The recent trend suggests a potential stabilization or modest decline in valuation relative to earnings.
Comparison to Competitors
Elevance Health Inc., P/E, long-term trends, comparison to competitors
| Elevance Health Inc. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Feb 6, 2026 | 13.21 | 29.89 | 59.55 | 23.73 | 22.20 |
| Feb 20, 2025 | 14.85 | 17.46 | 87.82 | 27.97 | 29.75 |
| Feb 21, 2024 | 19.80 | 34.57 | 74.11 | 30.94 | 20.53 |
| Feb 15, 2023 | 9,358,713.46 | 26.76 | 64.99 | 23.38 | 22.46 |
| Feb 16, 2022 | 18.13 | 29.13 | 59.94 | 46.56 | 26.03 |
| Feb 18, 2021 | 15.87 | 48.49 | 87.47 | 26.30 | 20.54 |
| Feb 19, 2020 | 15.96 | 41.83 | 48.72 | 28.78 | 20.48 |
| Feb 20, 2019 | 21.45 | 56.47 | 53.03 | 37.80 | 21.09 |
| Feb 21, 2018 | 15.44 | 220.29 | 70.95 | 29.96 | 20.77 |
| Feb 22, 2017 | 17.48 | 55.16 | 37.16 | 33.17 | 21.73 |
| Feb 19, 2016 | 12.99 | 12.83 | 34.24 | 40.56 | 18.18 |
| Feb 24, 2015 | 15.29 | 31.30 | 44.77 | 20.75 | 18.50 |
| Feb 20, 2014 | 9.95 | 23.25 | 22.82 | 14.99 | 12.35 |
| Feb 22, 2013 | 7.09 | 9.24 | 35.05 | 10.57 | 10.58 |
| Feb 22, 2012 | 8.36 | 18.67 | 39.05 | 13.37 | 10.78 |
| Feb 17, 2011 | 8.74 | 15.68 | 33.85 | 12.65 | 10.01 |
| Feb 18, 2010 | 5.53 | 14.69 | 54.30 | 17.11 | 9.91 |
| Feb 19, 2009 | 8.26 | 17.11 | 21.99 | 26.02 | 11.66 |
| Feb 21, 2008 | 12.02 | 23.82 | 79.87 | 20.81 | 12.85 |
| Feb 26, 2007 | 16.05 | 48.17 | 58.08 | 21.31 | 17.58 |
| Feb 23, 2006 | 20.66 | 20.03 | 36.68 | 35.12 | 24.20 |
Based on: 10-K (reporting date: 2025-12-31), 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., P/E, long-term trends, comparison to sector (health care equipment & services)
| Elevance Health Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 6, 2026 | 13.21 | 25.76 |
| Feb 20, 2025 | 14.85 | 26.60 |
| Feb 21, 2024 | 19.80 | 25.86 |
| Feb 15, 2023 | 9,358,713.46 | 1,429,718.32 |
| Feb 16, 2022 | 18.13 | 28.98 |
| Feb 18, 2021 | 15.87 | 27.23 |
| Feb 19, 2020 | 15.96 | 25.22 |
| Feb 20, 2019 | 21.45 | 28.84 |
| Feb 21, 2018 | 15.44 | 28.17 |
| Feb 22, 2017 | 17.48 | 27.54 |
| Feb 19, 2016 | 12.99 | 20.20 |
| Feb 24, 2015 | 15.29 | 21.28 |
| Feb 20, 2014 | 9.95 | 14.93 |
| Feb 22, 2013 | 7.09 | 10.51 |
| Feb 22, 2012 | 8.36 | 14.07 |
| Feb 17, 2011 | 8.74 | 12.56 |
| Feb 18, 2010 | 5.53 | 11.86 |
| Feb 19, 2009 | 8.26 | 15.75 |
| Feb 21, 2008 | 12.02 | 17.58 |
| Feb 26, 2007 | 16.05 | 22.77 |
| Feb 23, 2006 | 20.66 | 24.03 |
Based on: 10-K (reporting date: 2025-12-31), 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., P/E, long-term trends, comparison to industry (health care)
| Elevance Health Inc. | Health Care | |
|---|---|---|
| Feb 6, 2026 | 13.21 | 28.31 |
| Feb 20, 2025 | 14.85 | 38.03 |
| Feb 21, 2024 | 19.80 | 30.62 |
| Feb 15, 2023 | 9,358,713.46 | 351,256.81 |
| Feb 16, 2022 | 18.13 | 21.55 |
| Feb 18, 2021 | 15.87 | 32.22 |
| Feb 19, 2020 | 15.96 | 22.09 |
| Feb 20, 2019 | 21.45 | 24.32 |
| Feb 21, 2018 | 15.44 | 33.04 |
| Feb 22, 2017 | 17.48 | 21.90 |
| Feb 19, 2016 | 12.99 | 19.53 |
| Feb 24, 2015 | 15.29 | 21.38 |
| Feb 20, 2014 | 9.95 | 18.67 |
| Feb 22, 2013 | 7.09 | 15.77 |
| Feb 22, 2012 | 8.36 | 15.79 |
| Feb 17, 2011 | 8.74 | 15.12 |
| Feb 18, 2010 | 5.53 | 11.71 |
| Feb 19, 2009 | 8.26 | 13.07 |
| Feb 21, 2008 | 12.02 | 19.29 |
| Feb 26, 2007 | 16.05 | 18.61 |
| Feb 23, 2006 | 20.66 | 21.71 |
Based on: 10-K (reporting date: 2025-12-31), 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).