Return on Assets (ROA)
since 2005
Calculation
Elevance Health Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Shareholders’ net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 4.66% | = | 100 | × | 5,662) | ÷ | 121,494) |
| Dec 31, 2024 | 5.12% | = | 100 | × | 5,980) | ÷ | 116,889) |
| Dec 31, 2023 | 5.50% | = | 100 | × | 5,987) | ÷ | 108,928) |
| Dec 31, 2022 | 5.86% | = | 100 | × | 6,025) | ÷ | 102,772) |
| Dec 31, 2021 | 6.26% | = | 100 | × | 6,104) | ÷ | 97,460) |
| Dec 31, 2020 | 5.28% | = | 100 | × | 4,572) | ÷ | 86,615) |
| Dec 31, 2019 | 6.21% | = | 100 | × | 4,807) | ÷ | 77,453) |
| Dec 31, 2018 | 5.24% | = | 100 | × | 3,750) | ÷ | 71,571) |
| Dec 31, 2017 | 5.45% | = | 100 | × | 3,843) | ÷ | 70,540) |
| Dec 31, 2016 | 3.79% | = | 100 | × | 2,470) | ÷ | 65,083) |
| Dec 31, 2015 | 4.15% | = | 100 | × | 2,560) | ÷ | 61,718) |
| Dec 31, 2014 | 4.14% | = | 100 | × | 2,570) | ÷ | 62,065) |
| Dec 31, 2013 | 4.18% | = | 100 | × | 2,490) | ÷ | 59,575) |
| Dec 31, 2012 | 4.50% | = | 100 | × | 2,656) | ÷ | 58,955) |
| Dec 31, 2011 | 5.09% | = | 100 | × | 2,647) | ÷ | 52,019) |
| Dec 31, 2010 | 5.75% | = | 100 | × | 2,887) | ÷ | 50,167) |
| Dec 31, 2009 | 9.10% | = | 100 | × | 4,746) | ÷ | 52,125) |
| Dec 31, 2008 | 5.15% | = | 100 | × | 2,491) | ÷ | 48,403) |
| Dec 31, 2007 | 6.43% | = | 100 | × | 3,345) | ÷ | 52,060) |
| Dec 31, 2006 | 5.98% | = | 100 | × | 3,095) | ÷ | 51,760) |
| Dec 31, 2005 | 4.79% | = | 100 | × | 2,464) | ÷ | 51,405) |
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$ in millions
The Return on Assets (ROA) for the analyzed period demonstrates considerable fluctuation, generally trending upward over the long term but with notable interim variations. Initial values indicate a steady increase from 2005 to 2009, followed by a period of relative stability and then a resurgence in later years.
- Initial Growth (2005-2009)
- From 2005 to 2009, ROA exhibited a consistent upward trajectory, increasing from 4.79% to a peak of 9.10%. This suggests improving efficiency in utilizing assets to generate profit during this timeframe. The increase indicates a strengthening relationship between net income and the asset base.
- Period of Stabilization and Decline (2010-2016)
- Following 2009, ROA experienced a decline, reaching 3.79% in 2016. While there were some fluctuations within this period, the overall trend was downward. This could be attributed to a slower growth in net income relative to the increasing total assets, or potentially less efficient asset utilization. The period between 2010 and 2014 shows a relatively flat ROA, hovering around the 4-6% range.
- Renewed Growth (2017-2021)
- Beginning in 2017, ROA began to climb again, reaching 6.26% in 2021. This resurgence suggests a renewed ability to generate earnings from its asset base. The increase from 3.79% in 2016 to 6.26% in 2021 represents a significant improvement in profitability relative to asset investment.
- Recent Moderation (2022-2025)
- The most recent years, 2022 through 2025, show a slight moderation in ROA, decreasing from 5.86% to 4.66%. While still representing a healthy return, this suggests a potential slowing of the positive trend observed in prior years. The decline from 2021 to 2025 indicates a possible challenge in maintaining the same level of profitability relative to the growing asset base.
Overall, the ROA demonstrates a cyclical pattern with periods of growth, stabilization, and decline. The company has generally improved its ROA over the analyzed period, but recent trends suggest a need to monitor asset utilization and profitability closely.
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Comparison to Competitors
Elevance Health Inc., ROA, long-term trends, comparison to competitors
| Elevance Health Inc. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 4.66% | 7.52% | 13.96% | 5.09% | 3.89% |
| Dec 31, 2024 | 5.12% | 16.46% | 12.39% | 4.09% | 4.83% |
| Dec 31, 2023 | 5.50% | 7.82% | 11.64% | 4.13% | 8.18% |
| Dec 31, 2022 | 5.86% | 9.31% | 10.19% | 5.54% | 8.19% |
| Dec 31, 2021 | 6.26% | 9.40% | 12.58% | 3.87% | 8.15% |
| Dec 31, 2020 | 5.28% | 6.20% | 9.50% | 5.28% | 7.81% |
| Dec 31, 2019 | 6.21% | 5.43% | 14.17% | 5.16% | 7.96% |
| Dec 31, 2018 | 5.24% | 3.53% | 14.37% | 3.40% | 7.87% |
| Dec 31, 2017 | 5.45% | 0.63% | 11.46% | 4.04% | 7.59% |
| Dec 31, 2016 | 3.79% | 2.66% | 11.34% | 3.55% | 5.71% |
| Dec 31, 2015 | 4.15% | 10.72% | 12.00% | 2.51% | 5.22% |
| Dec 31, 2014 | 4.14% | 5.53% | 10.58% | 8.08% | 6.50% |
| Dec 31, 2013 | 4.18% | 6.00% | 16.99% | 9.95% | 6.87% |
| Dec 31, 2012 | 4.50% | 8.87% | 16.18% | 10.93% | 6.83% |
| Dec 31, 2011 | 5.09% | 7.84% | 16.16% | 10.18% | 7.57% |
| Dec 31, 2010 | 5.75% | 7.78% | 15.97% | 11.03% | 7.35% |
| Dec 31, 2009 | 9.10% | 10.96% | 12.85% | 9.17% | 6.47% |
| Dec 31, 2008 | 5.15% | 11.51% | 13.86% | 10.05% | 5.33% |
| Dec 31, 2007 | 6.43% | 9.08% | 13.90% | 14.36% | 9.14% |
| Dec 31, 2006 | 5.98% | 4.75% | 10.72% | 12.95% | 8.61% |
| Dec 31, 2005 | 4.79% | 11.57% | 18.77% | 10.86% | 7.98% |
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., ROA, long-term trends, comparison to sector (health care equipment & services)
| Elevance Health Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2025 | 4.66% | 5.04% |
| Dec 31, 2024 | 5.12% | 6.57% |
| Dec 31, 2023 | 5.50% | 7.05% |
| Dec 31, 2022 | 5.86% | 7.49% |
| Dec 31, 2021 | 6.26% | 7.28% |
| Dec 31, 2020 | 5.28% | 6.62% |
| Dec 31, 2019 | 6.21% | 6.77% |
| Dec 31, 2018 | 5.24% | 5.72% |
| Dec 31, 2017 | 5.45% | 5.00% |
| Dec 31, 2016 | 3.79% | 4.37% |
| Dec 31, 2015 | 4.15% | 4.93% |
| Dec 31, 2014 | 4.14% | 6.03% |
| Dec 31, 2013 | 4.18% | 6.64% |
| Dec 31, 2012 | 4.50% | 7.54% |
| Dec 31, 2011 | 5.09% | 7.54% |
| Dec 31, 2010 | 5.75% | 7.69% |
| Dec 31, 2009 | 9.10% | 8.84% |
| Dec 31, 2008 | 5.15% | 7.51% |
| Dec 31, 2007 | 6.43% | 8.92% |
| Dec 31, 2006 | 5.98% | 7.40% |
| Dec 31, 2005 | 4.79% | 7.94% |
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., ROA, long-term trends, comparison to industry (health care)
| Elevance Health Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 4.66% | 7.89% |
| Dec 31, 2024 | 5.12% | 5.73% |
| Dec 31, 2023 | 5.50% | 7.19% |
| Dec 31, 2022 | 5.86% | 9.66% |
| Dec 31, 2021 | 6.26% | 9.46% |
| Dec 31, 2020 | 5.28% | 5.81% |
| Dec 31, 2019 | 6.21% | 8.32% |
| Dec 31, 2018 | 5.24% | 7.90% |
| Dec 31, 2017 | 5.45% | 5.19% |
| Dec 31, 2016 | 3.79% | 7.31% |
| Dec 31, 2015 | 4.15% | 7.71% |
| Dec 31, 2014 | 4.14% | 8.59% |
| Dec 31, 2013 | 4.18% | 8.76% |
| Dec 31, 2012 | 4.50% | 8.09% |
| Dec 31, 2011 | 5.09% | 7.36% |
| Dec 31, 2010 | 5.75% | 7.24% |
| Dec 31, 2009 | 9.10% | 9.73% |
| Dec 31, 2008 | 5.15% | 9.50% |
| Dec 31, 2007 | 6.43% | 8.88% |
| Dec 31, 2006 | 5.98% | 10.52% |
| Dec 31, 2005 | 4.79% | 9.67% |
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).