Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Elevance Health Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The analysis of the financial ratios over the observed periods reveals notable trends in valuation measures for the company.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a general downward trend from March 2021 to September 2025. Starting at 19.99, it fluctuates moderately with peaks around mid-2021 and early 2022 before gradually declining to a low of approximately 12.71 in June 2025, then slightly rising again toward mid-2025. This decline suggests a reduction in market valuation relative to earnings, indicating expectations of slower earnings growth or increased risk perception over time.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio declines throughout the periods, beginning at 15.79 in March 2021, exhibiting some volatility, and ultimately decreasing to around 9.63 by September 2025. The decreasing trend signifies that the market is assigning a lower multiple to the company’s operating profits, potentially reflecting concerns about operating performance or profitability sustainability.
- Price to Sales (P/S) Ratio
- The P/S ratio starts slightly below one (0.76) and remains relatively stable with minor fluctuations during the early periods. However, from around March 2023 the ratio begins a more consistent decline, falling to as low as 0.36 by September 2025. This suggests diminishing investor willingness to pay for each unit of sales, possibly indicating margin pressure or less optimistic sales growth projections.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows moderate volatility with an initial increase from 2.78 in March 2021 to a peak of 3.55 in March 2022, followed by a gradual decline. It decreases steadily in subsequent periods, reaching a low near 1.56 in September 2025 before a slight recovery. This pattern may imply changes in market valuation relative to the company’s net assets, signaling a reassessment of the balance sheet strength or concerns about asset quality.
Overall, the company’s valuation multiples demonstrate declining trends across all assessed ratios over the near four-year horizon, which could indicate growing market caution or fundamental changes in earnings, operating profits, sales, and book value assessments. The consistent decrease in valuation metrics suggests a more conservative market outlook towards the company’s financial performance and growth prospects.
Price to Earnings (P/E)
Elevance Health Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ net income (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Shareholders’ net incomeQ3 2025
+ Shareholders’ net incomeQ2 2025
+ Shareholders’ net incomeQ1 2025
+ Shareholders’ net incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over multiple quarters reveals distinct trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio for the analyzed period.
- Share Price
- The share price demonstrates a general upward trajectory from the first quarter of 2021 through the first quarter of 2024, increasing from approximately 385 USD to a peak slightly above 525 USD. However, following this peak, the share price exhibits a notable decline extending into 2025, dropping to around 350 USD by the third quarter. This suggests a period of growth followed by a phase of correction or market adjustment.
- Earnings Per Share (EPS)
- The EPS trend shows a steady increase across the entire duration, rising from just over 19 USD in early 2021 to a high near 28.85 USD in mid-2024. Despite minor fluctuations, EPS remains relatively stable and maintains an upward momentum, indicating consistent profitability improvements. Even as the share price declines in late 2024 and 2025, EPS does not exhibit a comparable reduction, which may signal underlying business strength amid market valuation pressures.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio appears to fluctuate throughout the timeline but follows a general downward trend starting around 20 in early 2021, descending to values closer to the 12–16 range by 2025. This contraction in P/E ratio alongside rising EPS and falling share prices suggests that the market might be adopting a more conservative valuation stance over time, potentially due to external factors or changing investor sentiment concerning future growth prospects.
In summary, the company shows strong earnings growth reflected through rising EPS, but the share price experiences volatility with a peak followed by a significant decline. The decreasing P/E ratio emphasizes a shift towards lower market optimism despite solid earnings performance, which may merit further examination of market conditions or company fundamentals driving this divergence.
Price to Operating Profit (P/OP)
Elevance Health Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trend from March 2021, starting at approximately $385, and peaking near $529 by the first quarter of 2022. Following this peak, the price experienced fluctuations with a moderate decline and intermittent rebounds until the end of 2023. The first quarter of 2024 saw a renewed rise in price to around $525, but subsequently, there was a marked downward trend through to the third quarter of 2025, where the price dropped to roughly $350. This indicates periods of volatility, with significant depreciation in the later quarters.
- Operating Profit Per Share (OPPS) Trends
- The operating profit per share demonstrated a generally positive and stable trend over the period. Beginning at $24.38 in the first quarter of 2021, it experienced consistent growth, reaching peaks around the mid-$30 range during late 2023 and 2024. Although there was a slight reduction after the peak periods, OPPS remained relatively stable above $30 across most quarters, indicating sustained operational profitability.
- Price to Operating Profit Ratio (P/OP) Trends
- The P/OP ratio started higher around 15.79 in early 2021, peaking near 19.93 in the second quarter of 2021, which suggests the market price was relatively elevated compared to operating profit at that time. Afterward, the ratio generally declined, stabilizing between 14 and 15 for much of 2022 and 2023. From 2024 onwards, the ratio showed a downward trajectory, reaching a low of approximately 9.63 in the third quarter of 2025. This decline suggests the share price decreased at a faster rate than operating profits, potentially indicating undervaluation or market concerns despite steady earnings performance.
- Overall Insights
- The data reflects an initial period of strong market optimism and increasing share price, supported by rising operating profit per share. However, starting in 2024, the share price appears to decouple from operating profitability, entering a downward trend while operating profit remains stable. The falling P/OP ratio during this time could imply that investors are valuing the company more conservatively relative to its profit-generating ability, possibly due to external market factors or changing investor sentiment.
Price to Sales (P/S)
Elevance Health Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating revenue (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed moderate volatility over the observed periods. Initially, there was a general upward trend from approximately $385 in early 2021 to a peak of around $530 by the first quarter of 2022. Following this peak, the share price exhibited fluctuations with a downward tendency, falling below $400 by the end of 2024 and showing slight recovery towards $350 by the third quarter of 2025. Notably, the share price reached a significant low of approximately $302 during mid-2025, indicating substantial price variability.
- Sales Per Share Trend
- Sales per share showed a consistent and steady increase throughout the period, rising from about $504 in the first quarter of 2021 to nearly $870 by the third quarter of 2025. This upward trajectory suggests continual growth in revenue generation on a per-share basis, reflecting improving operational performance or sales volume expansion without any evident periods of decline or stagnation.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio experienced fluctuations indicative of the relationship between share price and sales growth. Starting at around 0.75 in early 2021, it increased to a high near 0.89 by the first quarter of 2022, corresponding with the share price peak. Subsequently, it declined steadily, reaching lows around 0.36–0.4 towards the latest periods in 2025. This downward trend in P/S ratio, despite rising sales per share, implies that the market valuation did not keep pace with sales growth, possibly reflecting investors’ reassessment of future growth prospects or evolving market conditions affecting the company’s valuation metrics.
- Overall Observations
- The data exhibits a pattern of continuous improvement in fundamental sales metrics contrasted by a more volatile and generally declining market valuation as measured by share price and price-to-sales ratio. The divergence between steadily increasing sales per share and the diminishing P/S ratio suggests a complex interplay between operational performance and investor sentiment or external market factors impacting stock price independent of underlying sales growth.
Price to Book Value (P/BV)
Elevance Health Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trajectory from early 2021 through the first quarter of 2024, peaking around March 2024. The price increased from approximately $385 in March 2021 to a high of about $525 in March 2024. Following this peak, there was a noticeable decline through to mid-2025, with the price dropping to around $350 by September 2025. The fluctuations within this period indicate some market volatility, particularly after the March 2024 peak.
- Book Value per Share (BVPS) Trend
- Book value per share showed a steady and consistent increase throughout the entire timeframe. Starting at $138.27 in March 2021, the BVPS rose nearly continuously to reach approximately $198 by September 2025. This suggests a sustained growth in the company's net asset value per share, reflecting overall financial strengthening.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio exhibited more variability in comparison to BVPS. Initially, the ratio stayed within the range of about 2.6 to 3.5 through early 2024, with some peaks above 3.5 indicating periods of higher market valuation relative to book value. From mid-2024 onward, the ratio declined significantly, reaching a low of roughly 1.56 in mid-2025 before a slight rebound to around 1.77 by September 2025. The decreasing P/BV ratio in this latter period reflects decreasing market price relative to the company’s book value, which could indicate a reassessment by the market of the company’s growth prospects or risk profile.
- Overall Insights
- The data points to solid growth in intrinsic company value as mirrored by steadily increasing book value per share, while the market’s valuation of the stock peaked earlier and then declined more recently. The divergence between the rising book value and declining P/BV ratio in the latest periods suggests that despite improving fundamentals, market sentiment became less optimistic, leading to a more conservative valuation. This could be indicative of changes in market conditions, investor expectations, or sector-specific factors affecting the stock's attractiveness relative to its net asset base.