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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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Elevance Health Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
An analysis of the common stock valuation ratios reveals a sustained period of multiple compression from the first quarter of 2022 through the second quarter of 2025, followed by a partial recovery in valuation metrics through mid-2026. All monitored ratios—Price to Earnings, Price to Operating Profit, Price to Sales, and Price to Book Value—exhibited a synchronized downward trajectory during this period, suggesting a systemic decrease in the market's valuation of the company's fundamentals.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 20.46 in March 2022 and entered a general decline, reaching a cyclical low of 12.71 in June 2025. This contraction indicates a period where the stock price declined relative to earnings growth or a market-driven reduction in the earnings multiple. A recovery trend emerged in late 2025, with the ratio climbing back to 17.06 by June 2026.
- Price to Operating Profit (P/OP) Ratio
- A pattern nearly identical to the P/E ratio is observed in the P/OP metric. Starting at 17.53 in March 2022, the ratio declined steadily to a trough of 9.63 in June 2025. This suggests that the market valuation of the core operating profitability experienced significant pressure over three years. The ratio rebounded sharply in 2026, returning to 17.26 by the second quarter.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a consistent long-term erosion, falling from 0.89 in March 2022 to a floor of 0.36 between June 2025 and March 2026. This downward trend reflects a substantial decrease in the premium the market was willing to pay per dollar of revenue. A modest uptick to 0.43 occurred by June 2026, though the ratio remained significantly below its 2022 levels.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed the broader trend of devaluation, decreasing from 3.55 in March 2022 to 1.56 in June 2025. This represents a contraction in the valuation of the company's net assets relative to its market capitalization. The ratio recovered to 1.89 by June 2026, indicating a renewed, albeit partial, appreciation of the company's book value.
The convergence of these trends indicates a period of significant valuation contraction that culminated in mid-2025. The subsequent increase in all ratios during the first half of 2026 suggests a shift in market sentiment or a correction in the stock price relative to the underlying financial performance metrics.
Price to Earnings (P/E)
Elevance Health Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Shareholders’ net incomeQ2 2026
+ Shareholders’ net incomeQ1 2026
+ Shareholders’ net incomeQ4 2025
+ Shareholders’ net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 2022 and June 2026 exhibit a phase of relative stability followed by a significant contraction and a subsequent partial recovery.
- Share Price Trends
- The share price initiated the period at 529.84 in March 2022 and remained largely within the 450 to 530 range through March 2024. A sustained decline followed, with the price reaching a minimum of 302.45 by June 2025. A recovery trend is observable in the final quarters, culminating in a price of 390.33 by June 2026.
- Earnings Per Share (EPS) Performance
- EPS demonstrated relative resilience, fluctuating between a peak of 28.85 in June 2024 and a low of 22.88 in June 2026. The stability of earnings throughout the majority of the timeline suggests that changes in the overall valuation were not primarily driven by fundamental shifts in profitability.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained between 17.03 and 20.46 during 2022 and 2023. A notable compression began in 2024, with the ratio dropping from 19.55 in March to 14.85 by December. This downward trajectory peaked in June 2025, where the ratio hit a low of 12.71. The period concluded with a sharp correction upward to 17.06 by June 2026.
The analysis indicates that the P/E ratio contraction observed between 2024 and 2025 was driven by a decrease in share price rather than a decline in earnings, as EPS remained robust during the initial stages of the price drop. The recent expansion of the P/E ratio to 17.06, occurring alongside a decrease in EPS to 22.88, indicates a market-driven re-rating of the stock's value in the final quarter of the analyzed period.
Price to Operating Profit (P/OP)
Elevance Health Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio for Elevance Health Inc. reveals a period of valuation volatility characterized by an initial phase of stability, a significant compression in 2025, and a sharp expansion by mid-2026.
- Share Price Performance
- The share price exhibited moderate fluctuations between March 2022 and March 2024, maintaining a range primarily between 457.33 US$ and 529.84 US$. A pronounced downward trend occurred between June 2024 and June 2025, with the price reaching a period low of 302.45 US$. A recovery phase followed, with the price ascending to 390.33 US$ by June 2026.
- Operating Profit per Share Trends
- Operating profit per share demonstrated consistent growth from March 2022 (30.22 US$) through June 2024, where it peaked at 34.99 US$. Following this peak, a steady decline is observed, with the value decreasing to 22.62 US$ by June 2026, representing a significant contraction in operational profitability per share over the final two years of the observed period.
- P/OP Ratio Dynamics
- The P/OP ratio fluctuated between 13.36 and 17.53 during the first two years, suggesting a relatively stable market valuation relative to operating earnings. A valuation compression occurred as the share price declined more rapidly than the operating profit, leading to a minimum ratio of 9.63 in June 2025. By June 2026, the ratio expanded sharply to 17.26, driven by a combination of recovering share prices and declining operating profits per share.
The data indicates that while the company experienced an initial period of operational growth and valuation stability, the later stages are marked by a divergence between market pricing and operational performance. The spike in the P/OP ratio in the final quarter suggests that the market is pricing the stock at a premium relative to its diminished operating profit levels.
Price to Sales (P/S)
Elevance Health Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits a sustained downward trajectory over the analyzed period, decreasing from a high of 0.89 in March 2022 to 0.43 by June 2026. This trend indicates a significant compression in the market valuation relative to the revenue generated per share.
- Revenue Trajectory
- Sales per share demonstrate consistent and uninterrupted growth throughout the entire timeframe. Starting at 592.04 US$ in March 2022, the figure rose steadily to 916.30 US$ by June 2026, reflecting a strong and stable increase in top-line performance per share.
- Share Price Volatility
- The share price experienced notable fluctuations that decoupled from the steady growth of sales. After maintaining a range between approximately 450 US$ and 530 US$ from March 2022 through June 2024, a sharp decline occurred, reaching a period low of 302.45 US$ in June 2025. A partial recovery followed, with the price ascending to 390.33 US$ by June 2026.
- Valuation Compression Analysis
- The P/S ratio's decline is the result of the divergence between increasing sales and a declining or volatile share price. The most acute contraction occurred between September 2024 (0.60) and June 2025 (0.36), where the ratio dropped by approximately 40%. Despite a slight uptick to 0.43 in the final quarter of the data set, the valuation remains substantially lower than the levels observed in 2022 and 2023.
Price to Book Value (P/BV)
Elevance Health Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a significant contraction over the observed period, characterized by a steady decline in the Price to Book Value (P/BV) ratio. While the underlying book value grew consistently, the market price failed to maintain pace, leading to a compressed valuation multiple.
- Book Value per Share (BVPS) Growth
- A consistent upward trajectory is observed in the book value per share, which rose from 149.22 US$ in March 2022 to 206.96 US$ by June 2026. This represents a steady increase in the company's net asset value on a per-share basis, indicating a strengthening of the equity base throughout the analyzed timeframe.
- Share Price Volatility
- The share price demonstrated significant volatility, initially peaking at 529.84 US$ in March 2022 and returning to similar levels of 525.19 US$ in March 2024. However, a pronounced downward trend began in the second half of 2024, with the price dropping to a period low of 302.45 US$ in June 2025, before recovering partially to 390.33 US$ by June 2026.
- P/BV Ratio Compression
- The P/BV ratio underwent a substantial devaluation, moving from a peak of 3.55 in March 2022 to a low of 1.56 in June 2025. The ratio remained relatively stable between 2.86 and 3.24 for the first two years of the period. A sharp decline occurred between June 2024 (2.86) and June 2025 (1.56), signaling a shift in market sentiment or a fundamental re-rating of the company's valuation relative to its assets.
- Valuation Divergence
- A notable divergence is evident between the growth of the book value and the market price. While the BVPS increased by approximately 38.7% over the full period, the P/BV ratio decreased by nearly 47% from its peak. This indicates that the market is now paying significantly less for each dollar of net assets than it was at the start of the analyzed period.