Price to FCFE (P/FCFE)
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Elevance Health Inc., FCFE calculation
US$ in millions
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).
Net cash provided by operating activities exhibited a generally decreasing trend over the five-year period. Beginning at US$8,364 million in 2021, it experienced a slight increase in 2022 before declining to US$8,061 million in 2023. A more substantial decrease was observed in 2024, falling to US$5,808 million, and continued to decline in 2025, reaching US$4,290 million. Free cash flow to equity (FCFE) demonstrated more volatility.
- Free Cash Flow to Equity (FCFE) Trend
- FCFE began at US$9,996 million in 2021, representing a significant value. A considerable decrease occurred in 2022, with FCFE falling to US$8,109 million. This downward trend continued into 2023, reaching US$7,390 million. A notable increase was then observed in 2024, with FCFE rising to US$10,752 million. However, this was followed by a substantial decline in 2025, with FCFE decreasing to US$3,803 million.
The divergence between net cash from operations and FCFE suggests that factors beyond core operating cash flows are significantly influencing the cash available to equity holders. The substantial increase in FCFE in 2024, followed by a sharp decrease in 2025, warrants further investigation to understand the underlying drivers, such as changes in debt financing, share repurchases, or other capital allocation decisions. The overall trend in operating cash flow indicates a potential challenge in maintaining consistent cash generation from core business activities.
- Relationship between Operating Cash Flow and FCFE
- While operating cash flow generally decreased, FCFE exhibited a more complex pattern. The fluctuations in FCFE were not directly proportional to changes in operating cash flow, indicating that other financial activities, such as capital structure adjustments or distributions to shareholders, played a significant role in determining the cash available to equity holders. The large difference between the two metrics in 2024 and 2025 suggests a considerable impact from these non-operating factors.
The considerable decrease in both operating cash flow and FCFE in the most recent year, 2025, is a key observation. This decline could signal emerging operational or financial challenges that require attention.
Price to FCFE Ratio, Current
Elevance Health Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| P/FCFE, Sector | |
| Health Care Equipment & Services | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Elevance Health Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Elevance Health Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate an increasing trend, followed by a significant decline and subsequent rise. A detailed examination of the components and the resulting ratio reveals key insights into the company’s valuation dynamics.
- Share Price
- The share price demonstrated growth from 2021 to 2023, increasing from US$458.58 to US$509.38. However, a substantial decrease occurred in 2024, falling to US$390.50, and continued to decline in 2025, reaching US$338.98. This represents an overall downward trend in share price over the latter part of the period.
- FCFE per Share
- Free Cash Flow to Equity per share experienced a decline from US$41.42 in 2021 to US$31.76 in 2023. A notable recovery occurred in 2024, with FCFE per share rising to US$47.29. However, this was followed by a significant drop in 2025, down to US$17.23. The volatility in FCFE per share significantly influences the P/FCFE ratio.
- P/FCFE Ratio
- The P/FCFE ratio increased from 11.07 in 2021 to 16.04 in 2023, indicating increasing investor willingness to pay for each dollar of FCFE. The ratio then decreased sharply to 8.26 in 2024, coinciding with the decline in share price and increase in FCFE per share. Finally, the ratio increased substantially to 19.67 in 2025, driven by the significant decrease in FCFE per share and continued decline in share price. This final value suggests a potentially overvalued position relative to its free cash flow generation, or a market expectation of future FCFE declines.
The interplay between share price and FCFE per share is critical in understanding the P/FCFE ratio’s movements. The initial increase in the ratio suggests positive market sentiment and/or improving cash flow generation. The subsequent decline in 2024 and increase in 2025 highlight the sensitivity of the ratio to changes in both valuation and underlying cash flow performance. The substantial increase in the P/FCFE ratio in 2025 warrants further investigation to determine the sustainability of the current FCFE levels and the factors driving the share price decline.