PerpEquities

Equity · Healthcare

Is Elevance Health (ELV) tradable as a perp? Not yet

Elevance Health Inc. is a major health benefits organization guiding consumers, families, and communities through healthcare, serving about 118 million individuals with medical, digital, and other solutions.

Not yet listed on any perp exchange

No perpetual-futures venue lists ELV yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 3h ago
Market cap
$89.1B
Updated 3h ago
Revenue
$201.1B
Trailing 12 months
Revenue growth
-1%
Next fiscal year
Profit margin
+2.5%
P/E
18.3
Peer P/E 24.0
Free cash flow
$6.3B
Trailing 12 months
More metrics
Net income
$5B
Trailing 12 months
P/S
0.4
Peer P/E
24.0
Similar listed perps
Revenue estimate
$197.2B
Next fiscal year
Earnings
2026-10-21
Revenue est. $49.3B · Updated 3h ago
Dividend
$1.72
2026-09-10

Fundamental detail

Annual + quarterly
Latest revenue$199.1B
Net margin+2.8%
Free cash flow$3.2B
Net debt$23.7B
2020$121.9B
2021$138.6B
2022$156.6B
2023$171.3B
2024$176.8B
2025$199.1B
PeriodRevenueGrowthNet incomeFCF
2020$121.9B+17%$4.6B$9.7B
2021$138.6B+14%$6.1B$7.3B
2022$156.6B+13%$5.9B$7.2B
2023$171.3B+9%$6B$6.8B
2024$176.8B+3%$6B$4.6B
2025$199.1B+13%$5.7B$3.2B
PeriodGross marginOperating marginNet marginROEROA
2020+27.8%+6.3%+3.8%+13.8%+5.2%
2021+26.0%+6.5%+4.4%+16.9%+6.3%
2022+25.5%+5.4%+3.8%+16.3%+5.7%
2023+27.4%+5.1%+3.5%+15.2%+5.5%
2024+27.9%+5.0%+3.4%+14.5%+5.1%
2025+25.6%+4.1%+2.8%+12.9%+4.7%
PeriodCashDebtNet debtCurrent ratio
2020$5.7B$21.8B$16.1B1.14
2021$4.9B$24.9B$20B0.94
2022$7.4B$25.8B$18.4B1.03
2023$6.5B$26.7B$20.1B0.97
2024$8.3B$32.7B$24.4B1.10
2025$9.5B$33.2B$23.7B1.24
PeriodMarket capEnterprise valueP/SP/E
2020$80.5B$96.6B0.717.6
2021$113B$133B0.818.4
2022$123.1B$141.5B0.820.9
2023$109.9B$130B0.618.6
2024$85.9B$110.3B0.514.3
2025$77.8B$101.5B0.413.9
Q3 2024$45.1B
Q4 2024$45.4B
Q1 2025$48.9B
Q2 2025$49.8B
Q3 2025$50.7B
Q4 2025$49.7B
Q1 2026$50.2B
Q2 2026$50.5B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$45.1B+5%$1B$2.3B
Q4 2024$45.4B+7%$418M$384M
Q1 2025$48.9B+15%$2.2B$821M
Q2 2025$49.8B+14%$1.7B$1.8B
Q3 2025$50.7B+12%$1.2B$775M
Q4 2025$49.7B+9%$547M-$209M
Q1 2026$50.2B+3%$1.8B$4.1B
Q2 2026$50.5B+1%$1.5B$1.6B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+27.0%+3.8%+2.3%+2.3%+0.9%
Q4 2024+26.3%+2.1%+0.9%+1.0%+0.4%
Q1 2025+27.8%+6.4%+4.5%+5.1%+1.8%
Q2 2025+26.3%+5.3%+3.5%+4.0%+1.4%
Q3 2025+24.8%+3.5%+2.3%+2.7%+1.0%
Q4 2025+23.5%+1.2%+1.1%+1.2%+0.5%
Q1 2026+18.1%+5.3%+3.5%+4.0%+1.4%
Q2 2026+89.1%+4.1%+2.9%+3.3%+1.2%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$7.9B$27.1B$19.3B1.03
Q4 2024$8.3B$32.7B$24.4B1.10
Q1 2025$7.5B$30B$22.5B1.14
Q2 2025$8.6B$30.2B$21.6B1.18
Q3 2025$8.7B$32.1B$23.4B1.29
Q4 2025$9.5B$33.2B$23.7B1.24
Q1 2026$9.7B$31.8B$22.2B1.48
Q2 2026$10.2B$31B$20.8B2.05
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$121.2B$140.5B2.729.8
Q4 2024$83.9B$108.3B1.850.1
Q1 2025$98.5B$121B2.011.3
Q2 2025$87.8B$109.5B1.812.6
Q3 2025$73B$96.3B1.415.2
Q4 2025$77.8B$101.5B1.635.5
Q1 2026$64.5B$86.7B1.39.1
Q2 2026$84.3B$105.1B1.714.4

Refreshed 3h ago

Charts: revenue, profit, cash flow & valuation
Revenue$50.5BQ2 2026
$12.7B$25.4B$38B$50.7BQ3 2023: $42.8BQ4 2023: $42.6BQ1 2024: $42.6BQ2 2024: $43.6BQ3 2024: $45.1BQ4 2024: $45.4BQ1 2025: $48.9BQ2 2025: $49.8BQ3 2025: $50.7BQ4 2025: $49.7BQ1 2026: $50.2BQ2 2026: $50.5BQ3 2023Q2 2026
Net income$1.5BQ2 2026
$575M$1.2B$1.7B$2.3BQ3 2023: $1.3BQ4 2023: $856MQ1 2024: $2.2BQ2 2024: $2.3BQ3 2024: $1BQ4 2024: $418MQ1 2025: $2.2BQ2 2025: $1.7BQ3 2025: $1.2BQ4 2025: $547MQ1 2026: $1.8BQ2 2026: $1.5BQ3 2023Q2 2026
EBITDA$2.1BQ2 2026
$900.3M$1.8B$2.7B$3.6BQ3 2023: $2.3BQ4 2023: $1.7BQ1 2024: $3.5BQ2 2024: $3.6BQ3 2024: $2BQ4 2024: $1.3BQ1 2025: $3.5BQ2 2025: $3BQ3 2025: $2.1BQ4 2025: $987MQ1 2026: $2.8BQ2 2026: $2.1BQ3 2023Q2 2026
Free cash flow$1.6BQ2 2026
-$1.4B$400M$2.2B$4.1BQ3 2023: $2.3BQ4 2023: -$3.3BQ1 2024: $1.7BQ2 2024: $124MQ3 2024: $2.3BQ4 2024: $384MQ1 2025: $821MQ2 2025: $1.8BQ3 2025: $775MQ4 2025: -$209MQ1 2026: $4.1BQ2 2026: $1.6BQ3 2023Q2 2026
EPS$6.71Q2 2026
$2.46$4.93$7.39$9.85Q3 2023: $5.45Q4 2023: $3.63Q1 2024: $9.59Q2 2024: $9.85Q3 2024: $4.36Q4 2024: $1.81Q1 2025: $9.61Q2 2025: $7.72Q3 2025: $5.32Q4 2025: $2.47Q1 2026: $8Q2 2026: $6.71Q3 2023Q2 2026
Cash / Debt$10.2BQ2 2026
$8.3B$16.6B$24.9B$33.2BQ3 2023 · Cash: $10.9BQ3 2023 · Debt: $26.4BQ4 2023 · Cash: $6.5BQ4 2023 · Debt: $26.7BQ1 2024 · Cash: $6.2BQ1 2024 · Debt: $26.5BQ2 2024 · Cash: $6.5BQ2 2024 · Debt: $27.7BQ3 2024 · Cash: $7.9BQ3 2024 · Debt: $27.1BQ4 2024 · Cash: $8.3BQ4 2024 · Debt: $32.7BQ1 2025 · Cash: $7.5BQ1 2025 · Debt: $30BQ2 2025 · Cash: $8.6BQ2 2025 · Debt: $30.2BQ3 2025 · Cash: $8.7BQ3 2025 · Debt: $32.1BQ4 2025 · Cash: $9.5BQ4 2025 · Debt: $33.2BQ1 2026 · Cash: $9.7BQ1 2026 · Debt: $31.8BQ2 2026 · Cash: $10.2BQ2 2026 · Debt: $31BQ3 2023Q2 2026
CashDebt
Profitability+89.1%Q2 2026
+22.3%+44.6%+66.8%+89.1%Q3 2023 · Gross margin: +28.6%Q4 2023 · Gross margin: +26.5%Q1 2024 · Gross margin: +28.3%Q2 2024 · Gross margin: +30.0%Q3 2024 · Gross margin: +27.0%Q4 2024 · Gross margin: +26.3%Q1 2025 · Gross margin: +27.8%Q2 2025 · Gross margin: +26.3%Q3 2025 · Gross margin: +24.8%Q4 2025 · Gross margin: +23.5%Q1 2026 · Gross margin: +18.1%Q2 2026 · Gross margin: +89.1%Q3 2023 · Operating margin: +4.5%Q4 2023 · Operating margin: +3.0%Q1 2024 · Operating margin: +7.5%Q2 2024 · Operating margin: +6.9%Q3 2024 · Operating margin: +3.8%Q4 2024 · Operating margin: +2.1%Q1 2025 · Operating margin: +6.4%Q2 2025 · Operating margin: +5.3%Q3 2025 · Operating margin: +3.5%Q4 2025 · Operating margin: +1.2%Q1 2026 · Operating margin: +5.3%Q2 2026 · Operating margin: +4.1%Q3 2023 · Net margin: +3.0%Q4 2023 · Net margin: +2.0%Q1 2024 · Net margin: +5.3%Q2 2024 · Net margin: +5.3%Q3 2024 · Net margin: +2.3%Q4 2024 · Net margin: +0.9%Q1 2025 · Net margin: +4.5%Q2 2025 · Net margin: +3.5%Q3 2025 · Net margin: +2.3%Q4 2025 · Net margin: +1.1%Q1 2026 · Net margin: +3.5%Q2 2026 · Net margin: +2.9%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+1.4%Q2 2026
+3.7%+7.4%+11.1%+14.8%Q3 2024: +5.4%Q4 2024: +6.6%Q1 2025: +14.8%Q2 2025: +14.0%Q3 2025: +12.3%Q4 2025: +9.5%Q1 2026: +2.6%Q2 2026: +1.4%Q3 2023Q2 2026
Shares outstanding217.9MQ2 2026
59.1M118.3M177.4M236.5MQ3 2023: 236.5MQ4 2023: 235.8MQ1 2024: 234.2MQ2 2024: 233.4MQ3 2024: 233.1MQ4 2024: 231.1MQ1 2025: 227.2MQ2 2025: 225.8MQ3 2025: 225.8MQ4 2025: 221.8MQ1 2026: 220.4MQ2 2026: 217.9MQ3 2023Q2 2026
Valuation14.4Q2 2026
12.525.137.650.1Q3 2023 · P/E: 19.9Q4 2023 · P/E: 32.1Q1 2024 · P/E: 13.4Q2 2024 · P/E: 13.5Q3 2024 · P/E: 29.8Q4 2024 · P/E: 50.1Q1 2025 · P/E: 11.3Q2 2025 · P/E: 12.6Q3 2025 · P/E: 15.2Q4 2025 · P/E: 35.5Q1 2026 · P/E: 9.1Q2 2026 · P/E: 14.4Q3 2023 · P/S: 2.4Q4 2023 · P/S: 2.6Q1 2024 · P/S: 2.8Q2 2024 · P/S: 2.8Q3 2024 · P/S: 2.7Q4 2024 · P/S: 1.8Q1 2025 · P/S: 2.0Q2 2025 · P/S: 1.8Q3 2025 · P/S: 1.4Q4 2025 · P/S: 1.6Q1 2026 · P/S: 1.3Q2 2026 · P/S: 1.7Q3 2023Q2 2026
P/EP/S
Revenue$199.1B2025
$49.8B$99.6B$149.3B$199.1B2018: $92.1B2019: $104.2B2020: $121.9B2021: $138.6B2022: $156.6B2023: $171.3B2024: $176.8B2025: $199.1B20182025
Net income$5.7B2025
$1.5B$3.1B$4.6B$6.1B2018: $3.8B2019: $4.8B2020: $4.6B2021: $6.1B2022: $5.9B2023: $6B2024: $6B2025: $5.7B20182025
EBITDA$9.7B2025
$2.6B$5.2B$7.9B$10.5B2018: $7B2019: $7.9B2020: $8.2B2021: $10B2022: $10.1B2023: $10.5B2024: $10.5B2025: $9.7B20182025
Free cash flow$3.2B2025
$2.4B$4.8B$7.3B$9.7B2018: $2.6B2019: $5B2020: $9.7B2021: $7.3B2022: $7.2B2023: $6.8B2024: $4.6B2025: $3.2B20182025
EPS$25.12025
$6.42$12.8$19.3$25.72018: $14.22019: $18.52020: $182021: $24.72022: $24.32023: $25.22024: $25.72025: $25.120182025
Cash / Debt$9.5B2025
$8.3B$16.6B$24.9B$33.2B2018 · Cash: $3.9B2018 · Debt: $19.2B2019 · Cash: $4.9B2019 · Debt: $21.2B2020 · Cash: $5.7B2020 · Debt: $21.8B2021 · Cash: $4.9B2021 · Debt: $24.9B2022 · Cash: $7.4B2022 · Debt: $25.8B2023 · Cash: $6.5B2023 · Debt: $26.7B2024 · Cash: $8.3B2024 · Debt: $32.7B2025 · Cash: $9.5B2025 · Debt: $33.2B20182025
CashDebt
Profitability+25.6%2025
+7.0%+13.9%+20.9%+27.9%2018 · Gross margin: +21.9%2019 · Gross margin: +21.5%2020 · Gross margin: +27.8%2021 · Gross margin: +26.0%2022 · Gross margin: +25.5%2023 · Gross margin: +27.4%2024 · Gross margin: +27.9%2025 · Gross margin: +25.6%2018 · Operating margin: +6.3%2019 · Operating margin: +6.5%2020 · Operating margin: +6.3%2021 · Operating margin: +6.5%2022 · Operating margin: +5.4%2023 · Operating margin: +5.1%2024 · Operating margin: +5.0%2025 · Operating margin: +4.1%2018 · Net margin: +4.1%2019 · Net margin: +4.6%2020 · Net margin: +3.8%2021 · Net margin: +4.4%2022 · Net margin: +3.8%2023 · Net margin: +3.5%2024 · Net margin: +3.4%2025 · Net margin: +2.8%20182025
Gross marginOperating marginNet margin
Revenue growth+12.6%2025
+4.2%+8.5%+12.7%+16.9%2019: +13.1%2020: +16.9%2021: +13.8%2022: +13.0%2023: +9.4%2024: +3.2%2025: +12.6%20182025
Shares outstanding221.8M2025
65.1M130.2M195.2M260.3M2018: 254.3M2019: 260.3M2020: 254.3M2021: 246.8M2022: 242.8M2023: 237.4M2024: 232.9M2025: 221.8M20182025
Valuation13.92025
5.210.415.720.92018 · P/E: 18.12019 · P/E: 16.12020 · P/E: 17.62021 · P/E: 18.42022 · P/E: 20.92023 · P/E: 18.62024 · P/E: 14.32025 · P/E: 13.92018 · P/S: 0.72019 · P/S: 0.72020 · P/S: 0.72021 · P/S: 0.82022 · P/S: 0.82023 · P/S: 0.62024 · P/S: 0.52025 · P/S: 0.420182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202627.17$197.2B-1%14
FY 202729.57$201.6B+1%14
FY 202833.83$212.6B+7%4
FY 202939.97$214B+7%1
FY 203046.69$232.2B+17%1
Q1 202712.23$50.3B0%6

Company events

6
2026-10-21EarningsActual - / Estimate 4.66-
2026-09-10Dividend$1.72-
2026-07-15EarningsActual 7.45 / Estimate 6.21Beat
2026-06-10Dividend$1.72-
2026-04-22EarningsActual 12.58 / Estimate 10.82Beat
2026-03-10Dividend$1.72-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
REGN$80.8B5.218.7+27.9%6BSX$64.4B3.117.5+17.5%2MRNA$61.1B27.4-19.3-141.4%21VRTX$129B10.229.3+34.9%3ISRG$139B12.644.4+28.4%8BIIB$31.8B3.237.9+8.4%3PFE$157.3B2.536.5+6.8%3SMMT$14.2B--15.90.0%1

Analyst track record

How the analysts covering ELV have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings126326
Analysts2226
Buy / hold / sell97 / 29 / 0279 / 47 / 0
Upgrades / downgrades / initiations4 / 2 / 35 / 8 / 8
Price targets hit / missed81 / 41 (66%)106 / 202 (34%)
Avg. return after a rating (TipRanks)+2.6%-9.2%
Best / worst call+33.2% / -16.8%+39.5% / -36.8%

After buy calls on this stock: median 21-day move 0.0% vs S&P 500 -3.1% (n = 273)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Stephen BaxterWells Fargo48% hit rate on this stock · 27 targets measuredBuytarget $473Sep 15, 2026
  2. A.J. RiceUBS25% hit rate on this stock · 8 targets measuredBuytarget $460Sep 18, 2026
  3. Lisa GillJ.P. Morgan25% hit rate on this stock · 8 targets measuredBuytarget $476Jun 8, 2026

Latest ratings

DateAnalystCallTarget
Sep 18, 2026A.J. RiceUBSBuyMaintained$460article ↗
Sep 15, 2026Stephen BaxterWells FargoBuyMaintained$473article ↗
Sep 11, 2026Kevin FischbeckBank of America SecuritiesBuyMaintained$480article ↗
Sep 11, 2026Kevin FischbeckBank of America SecuritiesBuyMaintained$480article ↗
Sep 11, 2026Andrew Mok CFABarclaysBuyMaintained$457article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$300$320$340$360$380$400$420$440Oct 25 · Buy 12 · Hold 6 · Sell 0Oct 25Nov 25 · Buy 12 · Hold 6 · Sell 0Dec 25 · Buy 12 · Hold 7 · Sell 0Dec 25Jan 26 · Buy 12 · Hold 5 · Sell 0Feb 26 · Buy 11 · Hold 5 · Sell 0Feb 26Mar 26 · Buy 11 · Hold 5 · Sell 0Apr 26 · Buy 13 · Hold 7 · Sell 0Apr 26May 26 · Buy 15 · Hold 5 · Sell 0Jun 26 · Buy 15 · Hold 5 · Sell 0Jun 26Jul 26 · Buy 14 · Hold 6 · Sell 0Aug 26 · Buy 14 · Hold 7 · Sell 0Aug 26Sep 26 · Buy 14 · Hold 7 · Sell 0Oct 25 · avg. target $386Nov 25 · avg. target $386Dec 25 · avg. target $382Jan 26 · avg. target $390Feb 26 · avg. target $386Mar 26 · avg. target $381Apr 26 · avg. target $385May 26 · avg. target $400Jun 26 · avg. target $415Jul 26 · avg. target $445Aug 26 · avg. target $445Sep 26 · avg. target $446Oct 25 · month-end close $317Nov 25 · month-end close $338Dec 25 · month-end close $351Jan 26 · month-end close $346Feb 26 · month-end close $320Mar 26 · month-end close $293Apr 26 · month-end close $376May 26 · month-end close $393Jun 26 · month-end close $387Jul 26 · month-end close $376Aug 26 · month-end close $393Sep 26 · month-end close $414

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 126 ratings