Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

Elevance Health Inc., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Shareholders’ net income1 ÷ Shareholders’ equity1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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 equity (ROE) for the period between 2005 and 2025 demonstrates considerable fluctuation, with an overall upward trend punctuated by periods of decline. Shareholders’ net income and shareholders’ equity both exhibit growth over the analyzed timeframe, though not consistently year-over-year. The interplay between these two factors significantly influences the observed ROE values.

Initial Growth & Peak (2005-2009)
From 2005 to 2009, ROE generally increased, starting at 9.86% and peaking at 19.09% in 2009. This growth was driven by a combination of increasing net income and shareholders’ equity, with net income experiencing a particularly substantial increase in 2009. Shareholders’ equity also showed a notable increase during this period, indicating strengthening financial health.
Subsequent Moderation (2010-2013)
Following the peak in 2009, ROE experienced a moderation, declining to 12.12% in 2010 before stabilizing between 10.05% and 11.60% from 2011 to 2014. While net income remained relatively stable during this period, shareholders’ equity experienced less pronounced growth, contributing to the ROE decline.
Renewed Increase & Stability (2014-2018)
From 2014 to 2018, ROE demonstrated another period of growth, reaching 14.50% in 2017. This was supported by increases in both net income and shareholders’ equity. The growth in shareholders’ equity was particularly noticeable during this timeframe.
Recent Performance (2019-2025)
The period from 2019 to 2025 shows a generally high ROE, fluctuating between 13.77% and 16.93%. A significant increase in net income in 2021 contributed to the highest ROE value of 16.93%. Shareholders’ equity continued to grow steadily throughout this period. However, a slight downward trend is observed in the most recent years, with ROE decreasing from 15.23% in 2022 to 12.90% in 2025, despite continued growth in shareholders’ equity. This suggests a slower growth rate in net income relative to equity in the later years.

Overall, the company demonstrates a capacity to generate returns for shareholders, as evidenced by the consistently positive ROE values. The fluctuations in ROE are likely influenced by changes in profitability and the company’s capital structure. The recent slight decline in ROE warrants further investigation to determine the underlying causes and potential implications.

Comparison to Competitors

Elevance Health Inc., ROE, long-term trends, comparison to competitors

Microsoft Excel
Elevance Health Inc. Abbott Laboratories Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
Dec 31, 2025
Dec 31, 2024
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Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
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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., ROE, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
Elevance Health Inc. Health Care Equipment & Services
Dec 31, 2025
Dec 31, 2024
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Dec 31, 2022
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Dec 31, 2018
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Dec 31, 2005

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., ROE, long-term trends, comparison to industry (health care)

Microsoft Excel
Elevance Health Inc. Health Care
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
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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).