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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Elevance Health Inc., historical price multiples (quarterly data)
Based on: 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 valuation ratios reveals a consistent downward trend across all measured metrics from March 2022 through March 2026. This broad contraction indicates a significant reduction in the multiples the market is willing to pay for earnings, operating profit, sales, and book value over the observed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced relative stability between March 2022 and December 2023, fluctuating between a high of 20.46 and a low of 17.03. A sustained decline began in 2024, with the ratio dropping to a period low of 12.71 in June 2025 before settling at 13.59 by March 2026.
- Price to Operating Profit (P/OP) Ratio
- Mirroring the P/E trend, the P/OP ratio remained within the 13.00 to 17.53 range through the end of 2023. A notable compression occurred throughout 2024 and 2025, reaching a minimum of 9.63 in June 2025, followed by a moderate recovery to 12.89 by the final reporting date.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a steady and significant decline, moving from 0.89 in March 2022 to 0.36 by March 2026. The most acute reduction occurred between December 2023 (0.70) and June 2025 (0.36), signaling a substantial decrease in valuation relative to revenue generation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a similar downward trajectory, starting at 3.55 in March 2022. After maintaining levels around 3.00 for several quarters, the ratio declined sharply starting in late 2024, hitting a low of 1.56 in June 2025 and ending the period at 1.62.
Overall, the synchronized decline across these four ratios suggests a systemic devaluation of the stock relative to its financial fundamentals. The period between December 2023 and June 2025 represents the most significant phase of this valuation contraction, after which ratios began to stabilize or slightly recover.
Price to Earnings (P/E)
Elevance Health Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Shareholders’ net incomeQ1 2026
+ Shareholders’ net incomeQ4 2025
+ Shareholders’ net incomeQ3 2025
+ Shareholders’ net incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile exhibits a distinct contraction in the Price-to-Earnings (P/E) ratio over the analyzed period, shifting from a higher valuation multiple in early 2022 to a significantly compressed multiple by early 2026.
- Share Price Volatility
- A general downward trajectory is observed in the share price. After maintaining a range between 457.33 and 529.84 from March 2022 through June 2024, a sharp decline occurred starting in September 2024. The price reached a low of 302.45 in June 2025 before stabilizing slightly at 328.20 by March 2026.
- Earnings per Share (EPS) Stability
- Earnings per share remained relatively stable throughout the period, fluctuating within a narrow band between 23.80 and 28.85. The absence of significant volatility in EPS suggests that the fluctuations in the P/E ratio were driven by market sentiment and share price movements rather than a fundamental collapse in profitability.
- P/E Ratio Compression
- The P/E ratio underwent a phased devaluation. From March 2022 to December 2023, the ratio remained elevated, typically ranging between 17.03 and 20.46. A notable compression began in September 2024, with the ratio dropping from 16.06 to a period low of 12.71 in June 2025. The period concluded with a ratio of 13.59 in March 2026, indicating a permanent shift to a lower valuation multiple compared to the 2022-2023 baseline.
The divergence between steady earnings and a declining share price indicates a reduction in the multiple the market is willing to pay for each dollar of earnings. This suggests a fundamental repricing of the equity during the 2024-2026 window.
Price to Operating Profit (P/OP)
Elevance Health Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the equity relative to operating profitability exhibits a general long-term downward trend, characterized by a transition from a high of 17.53 in March 2022 to a closing value of 12.89 in March 2026. This compression indicates that the market has assigned a lower multiple to the company's operating earnings over the observed period.
- Share Price Dynamics
- The share price experienced significant volatility, maintaining a range between 450 and 530 US$ from March 2022 through June 2024. However, a pronounced bearish shift occurred starting in September 2024, with the price falling from 444.35 US$ to a period low of 302.45 US$ by June 2025. A modest recovery followed, though the price remained substantially below its 2022 and 2024 peaks, ending at 328.20 US$ in March 2026.
- Operating Profit per Share Trends
- Operating profit per share showed consistent growth during the first half of the period, rising from 30.22 US$ in March 2022 to a peak of 34.99 US$ in June 2024. Following this peak, a gradual decline was observed, culminating in a sharp drop to 25.46 US$ by March 2026. The stability of operating profits between 2022 and 2024 contrasted with the increased volatility and eventual decline seen in 2025 and 2026.
- P/OP Ratio Analysis
- The Price to Operating Profit (P/OP) ratio reflects a multi-stage devaluation. An initial contraction occurred between March 2022 (17.53) and June 2023 (13.36), followed by a period of relative stabilization around the 14-15 range. The most significant compression took place between December 2024 and June 2025, where the ratio fell to its lowest point of 9.63. This decline was primarily driven by a sharp reduction in share price that outpaced the changes in operating profit. The ratio saw a subsequent moderate increase, stabilizing between 11.23 and 12.89 throughout the final quarters of the analysis.
The inverse relationship between operating profit growth and valuation multiples during the 2022-2024 period suggests that while operational efficiency improved, investor sentiment or market conditions led to a lower valuation multiple. The sharp decline in the P/OP ratio in 2025 highlights a period of significant market correction, while the final uptick in the ratio by March 2026 was driven more by a recovery in share price than by operating performance, given the simultaneous drop in operating profit per share.
Price to Sales (P/S)
Elevance Health Inc., historical P/S calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Elevance Health Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of Elevance Health Inc. exhibits a significant divergence between fundamental revenue growth and market pricing over the period from March 31, 2022, to March 31, 2026. While the company achieved consistent growth in sales per share, the market valuation, as measured by the price-to-sales (P/S) ratio, underwent a sustained contraction.
- Sales per Share Performance
- A consistent and linear upward trend is observed in sales per share, which increased from 592.04 USD in March 2022 to 913.20 USD by March 2026. This represents a steady expansion of the top-line revenue generated per share throughout the entire analysis period.
- Share Price Dynamics
- The share price demonstrated volatility with an overall downward trajectory. After maintaining a range between 450 USD and 530 USD from early 2022 through mid-2024, a sharp decline began in the second half of 2024. The price dropped from 520.93 USD in June 2024 to a low of 302.45 USD by June 2025, before stabilizing in the 320 USD to 350 USD range through early 2026.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio experienced a long-term compression, falling from a high of 0.89 in March 2022 to 0.36 by March 2026. The ratio remained relatively stable between 0.66 and 0.74 for the first two years of the period. However, a precipitous decline occurred between September 2024 (0.60) and June 2025 (0.36). This compression indicates that the market is attributing significantly less value to each dollar of revenue generated compared to previous periods.
The combination of rising sales per share and falling share prices resulted in a systematic devaluation of the company's revenue multiple. The most acute phase of this devaluation occurred between late 2024 and mid-2025, where the P/S ratio reached its lowest historical levels despite the continued growth in sales per share.
Price to Book Value (P/BV)
Elevance Health Inc., historical P/BV calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
A comprehensive analysis of the valuation metrics reveals a significant divergence between the growth of the book value per share and the market's valuation of the common stock. While the underlying equity value has grown consistently over the analyzed period, the Price to Book Value (P/BV) ratio has experienced a substantial long-term contraction.
- Book Value per Share (BVPS) Trend
- A consistent and positive trajectory is observed in the book value per share. Starting at 149.22 US$ in March 2022, the BVPS increased steadily every quarter, reaching 202.16 US$ by March 2026. This represents a sustained growth in the company's net asset value on a per-share basis throughout the entire observation window.
- Share Price Performance
- The share price exhibited significant volatility and an overall downward trend toward the end of the period. After fluctuating between approximately 457 US$ and 529 US$ from March 2022 through March 2024, a sharp decline occurred starting in September 2024. The price reached a low of 302.45 US$ in June 2025 before stabilizing in the 328 US$ to 350 US$ range during late 2025 and early 2026.
- Price to Book Value (P/BV) Compression
- The P/BV ratio demonstrates a clear downward trend, indicating a compression in the market multiple applied to the company's book value. The ratio peaked at 3.55 in March 2022 and remained relatively stable between 2.86 and 3.24 through December 2023. However, a marked devaluation began in late 2024, with the ratio dropping to 2.15 by December 2024 and hitting a minimum of 1.56 in June 2025. By March 2026, the ratio stood at 1.62.
The interplay between these metrics indicates that the decline in the P/BV ratio was not caused by a deterioration of the company's book value, but rather by a decrease in the market price of the shares. The valuation has shifted from a premium multiple exceeding 3.0 to a more conservative multiple below 2.0, suggesting a shift in market sentiment or a repricing of the company's assets relative to its share price.