Elevance Health Inc., current enterprise value calculation

Current share price (P)	$372.42
No. shares of common stock outstanding	225,934,600
US$ in millions
Common equity (market value)¹	84,143)
Add: Preferred stock, without par value; shares issued and outstanding: none (per books)	—)
Add: Noncontrolling interests (per books)	111)
Total equity	84,254)
Add: Short-term borrowings (per books)	365)
Add: Current portion of long-term debt (per books)	1,649)
Add: Long-term debt, less current portion (per books)	29,218)
Total equity and debt	115,486)
Less: Cash and cash equivalents	8,288)
Less: Fixed maturity securities	25,201)
Less: Equity securities	1,192)
Enterprise value (EV)	80,805)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 372.42 × 225,934,600

Elevance Health Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$390.50	$509.38	$487.13	$458.58	$296.33
No. shares of common stock outstanding¹	227,351,871	232,668,735	237,457,776	241,304,369	244,905,689
US$ in millions
Common equity (market value)³	88,781)	118,517)	115,673)	110,657)	72,573)
Add: Preferred stock, without par value; shares issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	111)	99)	87)	68)	—)
Total equity	88,892)	118,616)	115,760)	110,725)	72,573)
Add: Short-term borrowings (book value)	365)	225)	265)	275)	—)
Add: Current portion of long-term debt (book value)	1,649)	1,649)	1,500)	1,599)	700)
Add: Long-term debt, less current portion (book value)	29,218)	23,246)	22,349)	21,157)	19,335)
Total equity and debt	120,124)	143,736)	139,874)	133,756)	92,608)
Less: Cash and cash equivalents	8,288)	6,526)	7,387)	4,880)	5,741)
Less: Fixed maturity securities	25,201)	29,614)	25,952)	26,267)	23,433)
Less: Equity securities	1,192)	229)	953)	1,881)	1,559)
Enterprise value (EV)	85,443)	107,367)	105,582)	100,728)	61,875)

Based on: 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).

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 390.50 × 227,351,871

The financial data over the five-year period shows notable fluctuations in the equity and valuation metrics of the company.

Common Equity (Market Value) and Total Equity: Both common equity (market value) and total equity displayed a consistent upward trend from 2020 through 2023, rising from approximately $72.6 billion in 2020 to about $118.5 billion in 2023. This represents a strong growth trajectory in shareholder equity over four years. However, in 2024, a significant decline is observed, with common equity dropping to around $88.8 billion and total equity to just under $89 billion. This indicates a considerable reduction in equity value after a period of steady growth.
Total Equity and Debt: The combined total of equity and debt expanded steadily from $92.6 billion in 2020 to $143.7 billion in 2023, reflecting an increasing scale of the company’s capital structure. Nevertheless, similar to the equity figures, there was a marked decrease in 2024 to about $120.1 billion, suggesting a contraction in the company’s overall capital base or liabilities.
Enterprise Value (EV): Enterprise value mirrored the equity trends, starting at approximately $61.9 billion in 2020 and growing to $107.4 billion by the end of 2023. This growth signifies enhanced valuation from an operational and market perspective. In 2024, EV fell sharply to roughly $85.4 billion, indicating a reassessment of the company’s market value and enterprise worth.

Overall, the data illustrates a period of sustained growth in equity and valuation metrics from 2020 through 2023, followed by a pronounced decline in 2024. This pattern suggests that while the company experienced expansion and increased investor confidence up to 2023, it faced challenges or market conditions in 2024 that significantly reduced its equity value and enterprise valuation.

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Elevance Health Inc. (NYSE:ELV)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)