Elevance Health (ELV)财务
NYSE · Healthcare · Medical - Healthcare Plans · 员工96,615人 · CEO Gail Koziara Boudreaux
- 股价
- $420.07 -0.46%
- 市值
- $911亿
- 企业价值
- $1120亿
- 最近财报
- Q3 '26 2026-10-21提交
- 下次财报
- 2027-01-27 EPS预期 $2.08
营收(TTM)$2020亿+3.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)3.7%-0.7 百分点 对比去年同期营业利润 $74.6亿
净利润(TTM)$51.4亿-7.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$65.1亿+72.9% 对比去年同期资本支出 $10.8亿
稀释EPS(TTM)$23.45-4.1% 对比去年同期最近4个季度之和
净现金$70.9亿+130.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $911亿 EV $1120亿
- 营收
- $2020亿 过去12个月
- 营收增速
- 0% FY2026年一致预期
- 净利润率
- 2.5% 净利润 / 营收,TTM
- P/E
- 17.9× 预期 14.5×(FY2026)
- P/S
- 0.5× 股价 / 营收,TTM
- EV / EBITDA
- 12.6× TTM
- 自由现金流
- $65.1亿 过去12个月
- 净利润
- $51.4亿 过去12个月
- 营收预期
- $2000亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $494亿
- 股息
- $6.87 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期2.4%,EPS 超预期48.4%营收$504亿,预期$493亿(+2.4%);EPS $6.99,预期$4.71(+48.4%)。
- 营收增长放缓:同比1.4%Q3 '26营收$514亿,此前四个季度的平均值为6.5%。
- 营业利润率3.7%(TTM),较去年同期-0.7 百分点营收增长3.6%,营业利润增长-12.0%。
- 税前利润的19.3%被营业外亏损吞噬税前利润$62.5亿,营业利润$74.6亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.5%(去年为0.6%)最近4个季度投入$10.8亿(同比-5.5%)。自由现金流$65.1亿,相当于净利润的126.8%。
- 股东回报$36.6亿 = 自由现金流的56.2%回购$21.6亿(去年为$39.5亿),股息$15亿,股权激励$2.4亿(TTM)。
- 稀释股数一年内减少3.6%Q3 '26稀释股数2.18亿,一年前为2.26亿。
- 净现金 $70.9亿现金 + 短期投资 $378亿,含租赁债务 $308亿;一年前净债务 $234亿。
- Reportable Segments:营收+1.4%,利润率2.5%(此前为2.6%)Q3 '26增长最快的披露分部:营收$514亿,营业利润$12.7亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $514亿 | $507亿 | +1.4% |
| 毛利率 | 15.6% | 24.8% | -9.2 百分点 |
| 营业利润 | $21.5亿 | $17.6亿 | +22.5% |
| 营业利润率 | 4.2% | 3.5% | +0.7 百分点 |
| 净利润 | $13.7亿 | $11.9亿 | +14.8% |
| 稀释EPS | $6.27 | $5.32 | +17.9% |
| 经营现金流 | $12.7亿 | $11.4亿 | +11.6% |
| 资本支出 | $2.67亿 | $3.6亿 | -25.8% |
| 自由现金流 | $10亿 | $7.75亿 | +29.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $8000万 | $8400万 | -4.8% |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $504亿 | $493亿 | +2.4% |
| EPS(一致预期口径) | $6.99 | $4.71 | +48.4% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Health Benefits Segment | $434亿 | +2.6% | 86.0% | $1700亿 | +4.6% | |
| Carelon Services Segment | $193亿 | +5.4% | 38.3% | $752亿 | +41.7% | |
| Segment Eliminations | -$122亿 | – | -24.2% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Reportable Segments | $514亿 | +1.4% | $12.7亿 | -2.0% | 2.5% | 2.6% | $54.3亿 |
| Health Benefits Segment | – | – | $4.36亿 | -27.5% | – | – | $32.7亿 |
| Carelon Rx Segment | – | – | $6.16亿 | +10.8% | – | – | $25亿 |
| Carelon Services Segment | – | – | $2.92亿 | +33.3% | – | – | $9.78亿 |
| Carelon Total | – | – | – | – | – | – | – |
| Corporate And Other | – | – | -$7500万 | +7.4% | – | – | -$13.2亿 |
| Total Carelon | – | – | $9.08亿 | +17.2% | – | – | $34.8亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $76亿
- 资本支出
- -$10.8亿
- 股票回购
- -$21.6亿
- 股息
- -$15亿
- 收购
- $3500万
- 债务净发行
- $4.15亿
- 股权激励费用
- $2.4亿
- 自由现金流
- $65.1亿
- 股东回报 / FCF
- 56.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 17.9× | 17.2× | 13.9× – 20.9× |
| EV / EBITDA | 12.6× | 12.1× | 10.5× – 14.0× |
| EV / 营收 | 0.6× | 0.8× | 0.5× – 1.0× |
| 股价 / FCF | 14.0× | 18.4× | 15.5× – 24.5× |
| 股价 / 净资产 | 2.0× | 2.6× | 1.8× – 3.4× |
| FCF收益率 | 7.2% | 5.6% | 4.1% – 6.4% |
| 投入资本回报率 | 7.5% | 7.3% | 6.6% – 8.2% |
| 净资产收益率 | 11.6% | 15.2% | 12.9% – 16.9% |
分析师
一致目标价 $466.69 (+11.1%)
区间 $395.00 – $523.00 · 评级 Buy
强烈买入0
买入27
持有11
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $2000亿 | +0.5% | $29.05 | +15.6% | 14.5× | 12 |
| FY2027 | $2050亿 | +2.5% | $30.25 | +4.1% | 13.9× | 12 |
| FY2028 | $2130亿 | +4.0% | $34.62 | +14.4% | 12.1× | 5 |
| FY2029 | $2170亿 | +1.8% | $39.97 | +15.5% | 10.5× | 1 |
| FY2030 | $2380亿 | +9.7% | $46.39 | +16.1% | 9.1× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Elevance Health Inc.在近期10-Q / 10-K文件中标记的全部395项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $83.2亿 | $60.9亿 | +36.6% | $73.2亿 | $69.3亿 | +5.7% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | -$1.08亿2025-12-31 | – | – | $1.29亿 | – | – |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $2.64亿 | – | – |
| Accrued Income Taxes, Current | $6.85亿 | $1.41亿 | +385.8% | $1.51亿 | $7500万 | +101.3% |
| Accrued Investment Income Receivable | $3.08亿 | $2.8亿 | +10.0% | $2.95亿 | $2.87亿 | +2.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $40.6亿2025-12-31 | $36.8亿 | +10.3% | $40.6亿 | $36.8亿 | +10.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$16.8亿 | -$5.43亿 | -208.7% | -$4.51亿 | -$11.5亿 | +60.7% |
| Additional Paid in Capital | $89.9亿 | $89.1亿 | +0.9% | $89.4亿 | $89.1亿 | +0.3% |
| Allowance for Doubtful Other Receivables, Current | $17.6亿 | $14.7亿 | +19.6% | $15.1亿 | $13.9亿 | +9.0% |
| Amortization of Intangible Assets | $1.06亿 | $1.62亿 | -34.6% | $6.28亿 | $5.8亿 | +8.3% |
| Asset Impairment Charges | $3300万 | $7000万 | -52.9% | $1.08亿 | $1.03亿 | +4.9% |
| Assets | $1280亿 | $1230亿 | +4.1% | $1210亿 | $1170亿 | +3.9% |
| Assets Held by Insurance Regulators | $11.2亿2025-12-31 | $10.4亿 | +8.3% | $11.2亿 | $10.4亿 | +8.3% |
| Assets Held-for-sale, Not Part of Disposal Group, Current | $02025-12-31 | $4.9亿 | -100.0% | $0 | $4.9亿 | -100.0% |
| Assets, Current | $685亿 | $638亿 | +7.4% | $630亿 | $589亿 | +6.9% |
| Assets, Fair Value Disclosure | $375亿 | $348亿 | +7.8% | $357亿 | $330亿 | +8.3% |
| Assumed Premiums Earned | – | – | – | $51亿 | $47.5亿 | +7.3% |
| Benefits, Losses and Expenses | $496亿 | $493亿 | +0.7% | $1920亿 | $1690亿 | +13.8% |
| Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | $2100万2025-12-31 | – | – | $2100万 | – | – |
| Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $13.3亿2026-03-31 | $13.3亿 | 0.0% | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $4.98亿2025-12-31 | $4.84亿 | +2.9% | $4.98亿 | $4.84亿 | +2.9% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | – | – | – | $4.75亿2024-12-31 | $1.83亿 | +159.6% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $1.93亿2025-12-31 | -$2.36亿 | +181.8% | $1.93亿 | -$2.36亿 | +181.8% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $200万2025-12-31 | $2.42亿 | -99.2% | $200万 | $2.42亿 | -99.2% |
| Capitalized Computer Software, Amortization | – | – | – | $8.03亿 | $7.34亿 | +9.4% |
| Capitalized Computer Software, Gross | $66.9亿2025-12-31 | $63.6亿 | +5.2% | $66.9亿 | $63.6亿 | +5.2% |
| Cash and Cash Equivalents, at Carrying Value | $103亿 | $87.1亿 | +18.8% | $94.9亿 | $82.9亿 | +14.5% |
| Cash and Cash Equivalents, Fair Value Disclosure | $56.9亿 | $32.2亿 | +76.7% | $51.8亿 | $32亿 | +62.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $103亿 | $87.1亿 | +18.8% | $94.9亿 | $82.9亿 | +14.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | $02025-12-31 | $6600万 | -100.0% | $0 | $6600万 | -100.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.16亿 | $1.53亿 | -24.2% | $12亿 | $18.3亿 | -34.2% |
| Ceded Premiums Earned | – | – | – | $1.14亿 | $6600万 | +72.7% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.72 | $1.71 | +0.6% | – | – | – |
| Common Stock, Dividends, Per Share, Declared | $1.72 | $1.71 | +0.6% | $5.922023-12-31 | $5.12 | +15.6% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 9亿 | 9亿 | 0.0% | 9亿 | 9亿 | 0.0% |
| Common Stock, Shares, Issued | 2.16亿 | 2.22亿 | -2.7% | 2.21亿 | 2.27亿 | -3.0% |
| Common Stock, Shares, Outstanding | 2.16亿 | 2.22亿 | -2.7% | 2.21亿 | 2.27亿 | -3.0% |
| Common Stock, Value, Issued | $200万 | $200万 | 0.0% | $200万 | $200万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $4亿 | $14.1亿 | -71.6% | $63.6亿 | $61.5亿 | +3.4% |
| Cost of Goods and Services Sold | $56.4亿 | $53.8亿 | +4.8% | $212亿 | $198亿 | +7.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $10亿 | $17.5亿 | -43.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.99亿 | $9300万 | +114.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $13.3亿 | $22.9亿 | -42.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.28亿 | $4.48亿 | -71.4% |
| Current Year Claims and Claims Adjustment Expense | $369亿 | $373亿 | -1.3% | $1460亿 | $1250亿 | +16.1% |
| Debt Securities, Available-for-sale | $266亿 | $274亿 | -3.1% | $270亿 | $262亿 | +2.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $9500万 | $6.39亿 | -85.1% | $6.31亿 | $2.84亿 | +122.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $15.6亿 | $5.42亿 | +186.9% | $4.94亿 | $9.7亿 | -49.1% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $6000万 | $1300万 | +361.5% | $2100万 | $600万 | +250.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Current | $6000万 | $1300万 | +361.5% | $2100万 | $600万 | +250.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Noncurrent | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $281亿 | $273亿 | +2.8% | $269亿 | $269亿 | -0.1% |
| Debt Securities, Available-for-sale, Amortized Cost, Current | $268亿 | $262亿 | +2.3% | $258亿 | $259亿 | -0.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $64.5亿 | $64.2亿 | +0.4% | $65.9亿 | $62.8亿 | +5.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $93.8亿 | $104亿 | -9.7% | $105亿 | $106亿 | -0.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $32.5亿 | $48.7亿 | -33.2% | $42.7亿 | $48.3亿 | -11.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $2.95亿 | $2.8亿 | +5.4% | $2.41亿 | $1.98亿 | +21.7% |
| Debt Securities, Available-for-sale, Amortized Cost, Noncurrent | $12.7亿 | $11.1亿 | +14.6% | $11.2亿 | $10.5亿 | +6.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $27.7亿 | $47.6亿 | -41.7% | $42.1亿 | $66.5亿 | -36.7% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01