Elevance Health Inc., current enterprise value calculation

Current share price (P)	$391.40
No. shares of common stock outstanding	216,869,290
US$ in millions
Common equity (market value)¹	84,883)
Add: Preferred stock, without par value; shares issued and outstanding: none (per books)	—)
Add: Noncontrolling interests (per books)	144)
Total equity	85,027)
Add: Short-term borrowings (per books)	150)
Add: Current portion of long-term debt (per books)	1,099)
Add: Long-term debt, less current portion (per books)	30,797)
Total equity and debt	117,073)
Less: Cash and cash equivalents	9,491)
Less: Fixed maturity securities	25,884)
Less: Equity securities	740)
Enterprise value (EV)	80,958)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 391.40 × 216,869,290

Elevance Health Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$338.98	$390.50	$509.38	$487.13	$458.58
No. shares of common stock outstanding¹	220,704,667	227,351,871	232,668,735	237,457,776	241,304,369
US$ in millions
Common equity (market value)³	74,814)	88,781)	118,517)	115,673)	110,657)
Add: Preferred stock, without par value; shares issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	144)	111)	99)	87)	68)
Total equity	74,958)	88,892)	118,616)	115,760)	110,725)
Add: Short-term borrowings (book value)	150)	365)	225)	265)	275)
Add: Current portion of long-term debt (book value)	1,099)	1,649)	1,649)	1,500)	1,599)
Add: Long-term debt, less current portion (book value)	30,797)	29,218)	23,246)	22,349)	21,157)
Total equity and debt	107,004)	120,124)	143,736)	139,874)	133,756)
Less: Cash and cash equivalents	9,491)	8,288)	6,526)	7,387)	4,880)
Less: Fixed maturity securities	25,884)	25,201)	29,614)	25,952)	26,267)
Less: Equity securities	740)	1,192)	229)	953)	1,881)
Enterprise value (EV)	70,889)	85,443)	107,367)	105,582)	100,728)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Elevance Health Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 338.98 × 220,704,667

An examination of the financial information reveals trends in the company’s valuation metrics between 2021 and 2025. The enterprise value (EV) and its constituent components – common equity, total equity, and total equity plus debt – demonstrate notable shifts over the five-year period.

Enterprise Value (EV): The enterprise value exhibited an increasing trend from 2021 to 2023, rising from US$100,728 million to US$107,367 million. However, a significant decline is observed in subsequent years, decreasing to US$85,443 million in 2024 and further to US$70,889 million in 2025. This represents a substantial reduction in overall company value as measured by EV.
Common Equity (Market Value): Common equity, representing the market capitalization, initially increased from US$110,657 million in 2021 to US$118,517 million in 2023. Similar to the EV, a marked decrease is apparent in 2024 and 2025, falling to US$88,781 million and US$74,814 million respectively. This decline parallels the EV trend, suggesting a corresponding shift in investor perception or market conditions.
Total Equity: Total equity followed a similar pattern to common equity and EV, increasing from US$110,725 million in 2021 to US$118,616 million in 2023, before declining to US$88,892 million in 2024 and US$74,958 million in 2025. The consistency in the trend across these equity measures indicates a broad-based reduction in the company’s net asset value as reflected in its financials.
Total Equity and Debt: The combined value of total equity and debt also increased between 2021 and 2023, moving from US$133,756 million to US$143,736 million. A decrease is then observed in 2024 and 2025, reaching US$120,124 million and US$107,004 million respectively. While the magnitude of the decline is less pronounced than that of EV and equity values, it still indicates a contraction in the company’s overall capital structure.

The consistent downward trend in EV, common equity, and total equity from 2023 to 2025 warrants further investigation. The declines suggest potential factors such as decreased profitability expectations, increased risk perception, or broader market corrections impacting the company’s valuation. The decrease in total equity and debt, while less dramatic, reinforces the overall picture of a shrinking capital base.

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Elevance Health Inc. (NYSE:ELV)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)