Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Elevance Health Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit Margin
- The gross profit margin shows a decreasing trend from 19.71% in March 2021 to 15.66% in March 2025. The margin gradually declined over the examined periods, with only minor fluctuations, reaching its lowest point at the end of the timeline. This indicates a reduction in the company's efficiency in generating profit from its revenue over time.
- Operating Profit Margin
- The operating profit margin experienced some volatility initially but remained relatively stable overall between March 2021 and March 2025. Values oscillated around a narrow range, starting at 4.97% in March 2021 and ending at 4.07% in March 2025, showing a slight downward trend. This suggests that operating profitability faced pressures but was managed with relative consistency.
- Net Profit Margin
- Net profit margin mirrored the operating margin's pattern with fluctuations and a marginal decline over the observed timeframe. Beginning at 3.78% in March 2021 and declining to 3.26% by March 2025, the net margin showed a slight decrease in overall profitability after accounting for all expenses, indicating modest erosion in the bottom-line profitability.
- Return on Equity (ROE)
- Return on equity exhibited variability yet maintained a generally high level between 12.1% and 17.36%, peaking at 17.36% in June 2022. After several fluctuations, ROE demonstrated a gradual decrease from mid-2023 onwards, settling at 13.92% in March 2025. This pattern suggests that while shareholder returns were robust, they faced a moderate downward pressure over time.
- Return on Assets (ROA)
- Return on assets followed a pattern of increase from 4.4% in September 2020 to a peak of 6.26% in March 2022, signaling enhanced efficiency in asset utilization during this period. Subsequently, ROA experienced a gradual decline to 4.94% by March 2025. This indicates that asset performance improved before facing some deterioration in recent quarters.
Return on Sales
Return on Investment
Gross Profit Margin
Elevance Health Inc., gross profit margin calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit | 8,470) | 5,477) | 6,677) | 7,831) | 7,902) | 6,283) | 7,226) | 7,446) | 7,631) | 5,930) | 6,784) | 6,636) | 6,788) | 5,410) | 6,005) | 5,902) | 6,086) | 4,923) | 5,506) | 7,406) | 5,975) | |||||||
| Operating revenue | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | 36,018) | 35,548) | 33,279) | 32,098) | 31,533) | 30,649) | 29,178) | 29,448) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 15.66% | 15.92% | 16.62% | 17.16% | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | 17.09% | 17.30% | 17.57% | 19.38% | 19.71% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 51.50% | 50.93% | 50.96% | 50.53% | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | 52.21% | 52.01% | 50.69% | 51.25% | 50.49% | — | — | — | |||||||
| CVS Health Corp. | 13.54% | 13.29% | 13.81% | 14.37% | 14.55% | 14.94% | 15.34% | 15.69% | 16.16% | 16.62% | 16.94% | 17.12% | 17.35% | 17.48% | 17.35% | 17.43% | 17.99% | 18.01% | — | — | — | |||||||
| Intuitive Surgical Inc. | 67.09% | 67.46% | 66.98% | 66.86% | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | 69.32% | 69.12% | 68.69% | 66.48% | 65.65% | — | — | — | |||||||
| Medtronic PLC | 65.16% | 65.34% | 65.50% | 65.40% | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | 65.19% | 63.85% | 64.57% | 65.76% | 67.41% | — | — | — | |||||||
| UnitedHealth Group Inc. | 20.98% | 21.31% | 21.91% | 22.63% | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | 23.60% | 23.75% | 23.80% | 25.79% | 25.62% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Gross profit margin = 100
× (Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024
+ Gross profitQ2 2024)
÷ (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
= 100 × (8,470 + 5,477 + 6,677 + 7,831)
÷ (48,765 + 44,989 + 44,719 + 43,223)
= 15.66%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several observable trends and patterns in the company's profitability and revenue metrics over the period from March 2020 through March 2025.
- Operating Revenue
- Operating revenue shows a general upward trajectory throughout the observed timeframe. Starting from approximately $29.4 billion in the first quarter of 2020, revenue increased steadily, reaching nearly $48.8 billion by the first quarter of 2025. This trend indicates consistent growth in the company's sales or service income on a quarterly basis.
- Gross Profit
- Gross profit exhibits a less consistent pattern compared to operating revenue. Initially, it increased from roughly $6.0 billion in March 2020 to a peak near $7.4 billion by the second quarter of 2020. Subsequent quarters show fluctuations rather than smooth growth. Despite these variations, there is a general increase over the five-year period, culminating in a gross profit of about $8.5 billion in March 2025. The quarterly fluctuations suggest variability in cost of goods sold or margin pressures within certain quarters.
- Gross Profit Margin
- The gross profit margin, where data is available from the fourth quarter of 2020 onward, shows a slight downward trend overall. It begins at 19.71% in December 2020, then declines to a low of approximately 15.66% by March 2025. Although there are minor fluctuations within this period, the margin consistently stays within a narrow band around 16-17%, indicating some compression in profitability relative to revenue. This could reflect rising costs or pricing pressures impacting the company's efficiency in converting revenue into gross profit.
- Relationship Between Metrics
- While operating revenue steadily increases, the comparatively volatile gross profit and declining margin suggest that the company's cost structure or pricing strategies might not be fully aligned with its revenue growth. The divergence between strong revenue growth and margin compression highlights potential challenges in sustaining profitability levels despite increasing sales volumes.
Operating Profit Margin
Elevance Health Inc., operating profit margin calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income | 3,015) | 493) | 1,286) | 2,603) | 2,900) | 1,067) | 1,544) | 2,407) | 2,596) | 1,121) | 2,045) | 2,201) | 2,318) | 1,053) | 1,923) | 1,991) | 2,081) | 513) | 108) | 3,267) | 2,111) | |||||||
| Operating revenue | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | 36,018) | 35,548) | 33,279) | 32,098) | 31,533) | 30,649) | 29,178) | 29,448) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 4.07% | 4.16% | 4.55% | 4.76% | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | 5.15% | 4.91% | 3.68% | 4.83% | 4.97% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 16.84% | 16.27% | 16.24% | 15.92% | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | 19.56% | 20.04% | 18.46% | 17.97% | 15.48% | — | — | — | |||||||
| CVS Health Corp. | 2.55% | 2.30% | 2.59% | 3.42% | 3.49% | 3.85% | 4.04% | 1.88% | 2.33% | 2.41% | 2.02% | 4.35% | 4.39% | 4.54% | 4.75% | 4.93% | 5.19% | 5.19% | — | — | — | |||||||
| Intuitive Surgical Inc. | 28.20% | 28.12% | 26.24% | 25.79% | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | 31.89% | 32.55% | 31.27% | 26.01% | 24.09% | — | — | — | |||||||
| Medtronic PLC | 15.82% | 15.89% | 17.50% | 17.41% | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | 14.89% | 11.44% | 12.77% | 14.25% | 16.57% | — | — | — | |||||||
| UnitedHealth Group Inc. | 8.27% | 8.17% | 8.28% | 8.40% | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | 8.40% | 7.91% | 7.73% | 9.24% | 8.76% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
= 100 × (3,015 + 493 + 1,286 + 2,603)
÷ (48,765 + 44,989 + 44,719 + 43,223)
= 4.07%
2 Click competitor name to see calculations.
- Operating Income
- The operating income exhibits substantial fluctuations over the observed periods. Initially, there is a peak at US$ 3,267 million in June 2020, followed by a significant drop to US$ 108 million in September 2020. Subsequent periods show a mix of increases and decreases, with notable peaks in March 2022 (US$ 2,318 million), March 2023 (US$ 2,596 million), and March 2024 (US$ 2,900 million). However, there are recurring declines, particularly in December-end quarters where values fall to around US$ 1,000 million or lower, indicating seasonal or cyclical volatility. The latest figure in March 2025 recovers to US$ 3,015 million, the highest recorded in the dataset, suggesting an upward trend toward the end of the period.
- Operating Revenue
- The operating revenue shows a consistent upward trajectory throughout the entire timeframe. Starting at US$ 29,448 million in March 2020, it steadily increases each quarter with minor fluctuations. The most significant increases occur between mid-2020 and the end of 2024, reaching US$ 44,989 million by March 2025. The growth is relatively smooth and continuous, indicating strong top-line performance and expansion over the analyzed quarters.
- Operating Profit Margin
- The operating profit margin data is only available from December 2020 onward and remains relatively stable over the observed quarters. It fluctuates narrowly between approximately 4.07% and 5.15%, showing no dramatic shifts. The margin peaks at 5.15% in March 2022 and gradually declines to the lowest point of 4.07% in March 2025. Despite the modest decline, the margin stability suggests consistent cost controls and profitability relative to revenue over time, even with the noted volatility in operating income.
- Overall Insights
- The financial data reveal a strong and steady increase in operating revenue, reflecting growing business operations or market expansion. Although operating income fluctuates significantly, the recent recovery to record highs implies effective management strategies or favorable market conditions. The relatively stable operating profit margin in the range of 4% to 5% highlights consistent operational efficiency, though the slight decline near the end of the period could warrant attention. Seasonality or external factors might influence the quarterly variations in income, particularly the dips observed at year-end quarters. Overall, the trends suggest positive revenue growth with potential areas for improving income stability and sustained profitability.
Net Profit Margin
Elevance Health Inc., net profit margin calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Shareholders’ net income | 2,183) | 418) | 1,016) | 2,300) | 2,246) | 856) | 1,289) | 1,853) | 1,989) | 949) | 1,618) | 1,653) | 1,805) | 1,137) | 1,509) | 1,793) | 1,665) | 551) | 222) | 2,276) | 1,523) | |||||||
| Operating revenue | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | 36,018) | 35,548) | 33,279) | 32,098) | 31,533) | 30,649) | 29,178) | 29,448) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 3.26% | 3.41% | 3.72% | 3.93% | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | 4.46% | 4.17% | 3.32% | 3.82% | 3.78% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 31.89% | 31.95% | 13.99% | 13.65% | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | 16.42% | 17.12% | 15.85% | 15.33% | 12.99% | — | — | — | |||||||
| CVS Health Corp. | 1.40% | 1.24% | 1.37% | 1.99% | 2.04% | 2.34% | 2.48% | 0.86% | 1.20% | 1.29% | 1.00% | 2.66% | 2.68% | 2.72% | 2.67% | 2.60% | 2.74% | 2.68% | — | — | — | |||||||
| Intuitive Surgical Inc. | 28.41% | 27.81% | 28.51% | 27.65% | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | 29.85% | 30.78% | 31.43% | 25.78% | 24.33% | — | — | — | |||||||
| Medtronic PLC | 12.05% | 11.36% | 13.00% | 12.84% | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | 11.97% | 10.36% | 12.69% | 15.80% | 16.56% | — | — | — | |||||||
| UnitedHealth Group Inc. | 5.46% | 3.65% | 3.68% | 3.70% | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | 6.06% | 5.56% | 5.37% | 6.46% | 6.03% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net profit margin = 100
× (Shareholders’ net incomeQ1 2025
+ Shareholders’ net incomeQ4 2024
+ Shareholders’ net incomeQ3 2024
+ Shareholders’ net incomeQ2 2024)
÷ (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
= 100 × (2,183 + 418 + 1,016 + 2,300)
÷ (48,765 + 44,989 + 44,719 + 43,223)
= 3.26%
2 Click competitor name to see calculations.
The financial data reveals several notable patterns and trends across multiple quarters. A comprehensive analysis follows below.
- Shareholders’ Net Income
- Shareholders’ net income fluctuates considerably across the periods. There is an initial peak in June 2020 at 2,276 million US dollars, followed by a sharp decrease to 222 million in September 2020. Subsequently, net income generally recovers, reaching values around 1,500 to 1,900 million in 2021 and early 2022. A marked decline is observed during late 2022 and early 2023, with net income dropping as low as 856 million in December 2023. However, from March 2024 onward, there is a renewed increase, peaking again at 2,300 million in June 2024. The latest quarter shows another dip to 418 million but rebounds to 2,183 million in March 2025. This pattern indicates periods of volatility with recurring recoveries within the five-year frame.
- Operating Revenue
- Operating revenue shows a steady upward trend over the periods. Starting from 29,448 million US dollars in March 2020, revenue consistently increases quarter over quarter, reaching 48,765 million by March 2025. There are no significant dips; rather, only modest fluctuations occur, such as a slight decline between December 2023 and March 2024. Overall, the data suggests strong revenue growth, emphasizing expanding operational scale or market presence during the period analyzed.
- Net Profit Margin
- Profit margin data is available from March 2021 onwards. The margin generally hovers around a range of approximately 3.3% to 4.5%. It peaks at 4.46% in March 2022 and exhibits minor oscillations thereafter, trending slightly downward in the most recent quarters, reaching 3.26% by March 2025. This indicates a relatively stable but mildly declining profitability in relation to revenue, which may suggest rising costs or changes in expense structures affecting net income despite increasing revenues.
In summary, operating revenues are on a clear growth trajectory, reflecting expansion or improved sales performance. Shareholders’ net income is more volatile, with multiple fluctuations, including significant dips and recoveries. The net profit margin remains fairly stable, with a slight downward trend towards the end of the period, implying potential margin pressures. These observations point to sustained revenue growth amid some profitability variability, highlighting areas for potential strategic focus on cost management and income stabilization.
Return on Equity (ROE)
Elevance Health Inc., ROE calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Shareholders’ net income | 2,183) | 418) | 1,016) | 2,300) | 2,246) | 856) | 1,289) | 1,853) | 1,989) | 949) | 1,618) | 1,653) | 1,805) | 1,137) | 1,509) | 1,793) | 1,665) | 551) | 222) | 2,276) | 1,523) | |||||||
| Shareholders’ equity | 42,503) | 41,315) | 43,775) | 42,191) | 40,608) | 39,306) | 38,423) | 38,205) | 37,356) | 36,307) | 35,991) | 35,812) | 35,975) | 36,060) | 35,737) | 34,968) | 33,853) | 33,199) | 33,921) | 34,455) | 31,693) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 13.92% | 14.47% | 14.66% | 15.86% | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | 16.93% | 15.44% | 12.10% | 13.92% | 13.77% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 27.66% | 28.12% | 14.49% | 14.13% | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | 19.75% | 21.04% | 18.86% | 17.06% | 13.71% | — | — | — | |||||||
| CVS Health Corp. | 6.86% | 6.11% | 6.69% | 9.60% | 9.90% | 10.91% | 11.57% | 4.02% | 5.57% | 5.84% | 4.46% | 10.86% | 10.83% | 10.54% | 10.20% | 9.83% | 10.44% | 10.35% | — | — | — | |||||||
| Intuitive Surgical Inc. | 14.47% | 14.13% | 14.39% | 14.23% | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | 14.32% | 14.80% | 14.97% | 11.56% | 10.90% | — | — | — | |||||||
| Medtronic PLC | 8.19% | 7.32% | 8.11% | 7.97% | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | 7.01% | 5.70% | 7.05% | 8.77% | 9.44% | — | — | — | |||||||
| UnitedHealth Group Inc. | 23.26% | 15.55% | 15.14% | 15.78% | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | 24.09% | 21.95% | 21.03% | 25.42% | 23.52% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROE = 100
× (Shareholders’ net incomeQ1 2025
+ Shareholders’ net incomeQ4 2024
+ Shareholders’ net incomeQ3 2024
+ Shareholders’ net incomeQ2 2024)
÷ Shareholders’ equity
= 100 × (2,183 + 418 + 1,016 + 2,300)
÷ 42,503 = 13.92%
2 Click competitor name to see calculations.
The financial data presents an overview of shareholders’ net income, shareholders’ equity, and return on equity (ROE) over multiple quarterly periods from March 2020 to March 2025. The patterns observed indicate fluctuating net income alongside a general upward trend in shareholders’ equity. ROE data is partially available starting from March 2021, showing consistent performance within a narrow range.
- Shareholders’ Net Income
- Net income demonstrates considerable volatility throughout the periods. Initially, it rose sharply from 1,523 million USD in March 2020 to a peak of 2,276 million USD in June 2020, then experienced a significant decline to 222 million USD in September 2020. After some recovery, the values fluctuated but commonly experienced peaks around the first quarter of each year and troughs in subsequent quarters. For instance, net income rose to 1,805 million USD in March 2022, then declined to 949 million USD by December 2022. Similar cycles continued in the following years with peaks generally above 2,000 million USD (e.g., 2,246 million USD in March 2024) and troughs falling below 1,000 million USD during some quarters (e.g., 418 million USD in December 2024).
- Shareholders’ Equity
- Shareholders’ equity shows a steady upward trend across the entire timeline. Starting from 31,693 million USD in March 2020, the equity value consistently increased with minor fluctuations, reaching 42,503 million USD by March 2025. The growth suggests accumulation of retained earnings and possibly other equity injections over the five-year period. Occasional period-to-period declines are minimal and short-lived, indicating stable capital base expansion over time.
- Return on Equity (ROE)
- The ROE data, recorded quarterly starting from March 2021, displays a relatively stable range between 12.1% and 17.36%. The highest recorded ROE was 17.36% in June 2022, and the lowest was 12.1% in September 2021. Generally, ROE values hover around the mid-teens, reflecting consistent profitability relative to shareholders’ equity despite net income volatility. A slight downward trend is visible toward the last recorded periods, with ROE reducing from values around 15.8%-16.7% in 2022 and early 2023 to near 13.9% by March 2025.
In summary, the financial performance reflects oscillations in net income, possibly influenced by operational or market factors, while shareholders’ equity exhibits stable growth. The ROE suggests the company has been effective at generating returns on equity holdings, maintaining consistency despite earnings variability. The decreasing trend in ROE towards later periods may signal emerging challenges in profitability or efficiency that warrant further investigation.
Return on Assets (ROA)
Elevance Health Inc., ROA calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Shareholders’ net income | 2,183) | 418) | 1,016) | 2,300) | 2,246) | 856) | 1,289) | 1,853) | 1,989) | 949) | 1,618) | 1,653) | 1,805) | 1,137) | 1,509) | 1,793) | 1,665) | 551) | 222) | 2,276) | 1,523) | |||||||
| Total assets | 119,717) | 116,889) | 116,533) | 112,988) | 111,894) | 108,928) | 110,478) | 109,168) | 109,040) | 102,772) | 103,026) | 100,877) | 100,486) | 97,460) | 98,060) | 96,097) | 95,683) | 86,615) | 86,574) | 87,976) | 82,399) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 4.94% | 5.12% | 5.51% | 5.92% | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | 6.26% | 5.63% | 4.40% | 4.93% | 5.28% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 16.58% | 16.46% | 7.76% | 7.61% | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | 9.40% | 9.82% | 8.70% | 7.86% | 6.20% | — | — | — | |||||||
| CVS Health Corp. | 2.07% | 1.82% | 1.99% | 2.85% | 2.93% | 3.34% | 3.42% | 1.17% | 1.66% | 1.82% | 1.36% | 3.55% | 3.43% | 3.39% | 3.23% | 3.12% | 3.22% | 3.11% | — | — | — | |||||||
| Intuitive Surgical Inc. | 12.88% | 12.39% | 12.64% | 12.57% | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | 12.58% | 13.06% | 13.20% | 10.17% | 9.50% | — | — | — | |||||||
| Medtronic PLC | 4.38% | 4.09% | 4.63% | 4.55% | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | 3.87% | 2.97% | 3.69% | 4.70% | 5.28% | — | — | — | |||||||
| UnitedHealth Group Inc. | 7.14% | 4.83% | 4.78% | 4.93% | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | 8.15% | 7.24% | 6.90% | 8.23% | 7.81% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROA = 100
× (Shareholders’ net incomeQ1 2025
+ Shareholders’ net incomeQ4 2024
+ Shareholders’ net incomeQ3 2024
+ Shareholders’ net incomeQ2 2024)
÷ Total assets
= 100 × (2,183 + 418 + 1,016 + 2,300)
÷ 119,717 = 4.94%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's financial performance and asset base over the observed periods.
- Shareholders’ Net Income
- The net income demonstrates considerable volatility across the quarters. Initially, there is a sharp increase from 1,523 million USD in Q1 2020 to a peak of 2,276 million USD in Q2 2020, followed by a significant drop to 222 million USD in Q3 2020. The income then recovers, fluctuating in the range between approximately 850 million USD and nearly 2,300 million USD thereafter. Notably, peaks appear in Q1 2021, Q1 2023, and Q2 2024, while the lowest points occur around Q4 2022 and Q4 2024. This pattern suggests cyclical or event-driven income effects impacting profitability each quarter.
- Total Assets
- The total assets display a generally upward trend throughout the period. Starting from 82,399 million USD in Q1 2020, assets grow steadily to reach around 119,717 million USD by Q1 2025. Minor fluctuations are observed, but overall the asset base shows consistent growth, with increases most apparent in the periods post-2021. This indicates ongoing investment or accumulation of assets aligned with growth or expansion strategies.
- Return on Assets (ROA)
- ROA begins to be reported in Q1 2021, starting at 5.28% and undergoing some fluctuations but generally maintaining a range between 4.94% and 6.26%. The highest ROA is recorded in Q1 2022 at 6.26%, with values staying relatively stable near 5.5% to 6% in subsequent periods. Towards the end of the timeline, there is a slight declining trend with ROA dropping below 5% in Q4 2024 and Q1 2025. This trend could be indicative of either increasing asset base relative to net income or changes in operational efficiency.
Overall, the data indicates a company with a growing asset base accompanied by fluctuating profitability. While net income exhibits volatility, the asset accumulation suggests long-term investment or expansion. The ROA reflects moderate profitability levels relative to assets, with some recent softness possibly suggesting pressures on returns despite growing assets.