What is ELV's intrinsic value?

TickerWorth's blended fair value for Elevance Health, Inc. (ELV) is $497.02 per share, versus a market price of $428.26 (priced within our range of $254.30 – $630.25).

Is ELV overvalued or undervalued?

Priced within our range of $254.30 – $630.25 at $428.26. We don't call ELV overvalued or undervalued from a range. This is an educational estimate, not advice.

What discount rate is used for ELV?

A WACC of 7.8% and a terminal growth rate of 2.5%.

Is Elevance Health stock undervalued?

TickerWorth's fair value for Elevance Health, Inc. (ELV) is $497.02 against a market price of $428.26. Our read: Priced within our range of $254.30 – $630.25. This is a model estimate, not investment advice.

Elevance Health (ELV) DCF valuation and fair value

Our fair value for Elevance Health, Inc. (ELV) is $497.02, built on a 7.8% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Elevance Health stock?

no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $428.26. A model estimate, not investment advice.

Elevance Health (ELV) insider trading

The most recent insider filing (SEC Form 4) for Elevance Health, Inc. (ELV): Kaye Mark, EVP & CFO, shares withheld (tax) on 2026-10-02. The latest filings are listed on this page. A disclosure, not a signal to trade.

ELV · Intrinsic value

Is Elevance Health, Inc. (ELV) overvalued or undervalued?

Name: Elevance Health, Inc. (ELV) DCF intrinsic value
Creator: TickerWorth

TickerWorth's fair value for Elevance Health, Inc. (ELV) is $497.02 a share, against the delayed market price of $428.26 (priced within our range of $254.30 – $630.25). no growth rate up to 300%/yr justifies the price under these economics We do not call it over- or undervalued from inside our range.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full ELV analysis

Is ELV fairly valued?

Backup data source

This price comes from our backup market-data feed.

Fair value: $497.02
Market price: $428.26
Upside to fair value: +16.1%
Verdict: Priced within our range of $254.30 – $630.25

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.

Fair value against the delayed market price: Priced within our range of $254.30 – $630.25.

Reverse DCF: no growth rate up to 300%/yr justifies the price under these economics

What is ELV's TickerWorth Score?

B57/100

Cheap against our estimate — but a weaker business

Compared with Healthcare companies in US

Its strongest point: looks cheap on the numbers. Its weakest: growth is slow or negative.

Value · 81 of 100
Cheaper than 81% of Healthcare companies in US
Price vs worth · 63 of 100
Quality · 36 of 100
More profitable than 36% of Healthcare companies in US
Financial health · 52 of 100
Financially stronger than 52% of Healthcare companies in US
Growth · 25 of 100
Growing faster than 25% of Healthcare companies in US
Momentum · 84 of 100
Outperformed 84% of Healthcare companies in US over the past year

Confidence: High confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

TERMINAL VALUE IS ~80% OF ENTERPRISE VALUE — above the 75% line. The five explicit years carry only ~20% of the answer, so this is mostly a bet on what a normal Elevance earns in 2030 and after. The honest output is the range, not the cent.
THE MARGIN PATH IS THE MODEL. Every 0.5 point on the 2027-2030 margin is worth ~$68/share. A stall at 2027's 4.4% gives ~$426; recovery to 5.5% by 2030 gives ~$563. Today's price needs the margin to reach only ~4.2% by 2030 — below 2025's 4.4%.
YEAR-1 FCF IS ~72% ABOVE FY2025 REPORTED FCF ($5.46B modeled vs $3,174M) — past the 20% line, so stated. FY2025 operating cash flow was unusually weak (~0.8x net income) and is after ~$1.1B of after-tax interest that an unlevered model excludes. Against the TTM figure ($6,289M, flattered by a Medicaid pass-through timing payment) and the guided 2026 OCF of at least $6.0B (~$5.9B unlevered after capex), the model is slightly LOWER.
MEDICAID IS THE WEAK LEG AND POLICY MOVES IT. Medicaid is guided to about -1.75% margin in 2026, called the trough. Federal Medicaid changes (eligibility checks, state funding pressure) could shrink enrollment further from 2027; the model's 3% 2027 growth assumes premium yield offsets membership losses. If losses outrun rate, Y2-Y3 growth comes in lower.
MEDICARE ADVANTAGE AUDIT RISK NOT RESERVED BEYOND THE CMS ACCRUAL. The February 2026 CMS notice on historical risk-adjustment data was closed without sanctions on 2026-07-13 after a $935M accrual ($342M paid in May), but the 10-Q says a larger loss is 'reasonably possible' and CMS is scaling up RADV audits across the industry. Nothing beyond the accrual is in the bridge.
INVESTMENT INCOME IS RATE-SENSITIVE. About a quarter of 2025 EBIT on this model's definition was net investment income. A lower-rate world shrinks it; the same world lowers the discount rate, which partly offsets.
YEAR 1 REVENUE IS AN ESTIMATE, NOT GUIDANCE. Management's only revenue outlook (January: total operating revenue 'low single digit decline') has been outrun by H1 actuals (+1.2%) and was not restated. The model uses H1 actuals plus an H2 run-rate, giving +0.36%; the Year-1 margin IS from the reaffirmed EPS guidance.

ELV DCF valuation, input by input

TickerWorth's fair value for Elevance Health, Inc. (ELV) is $497.02 a share, against the delayed market price of $428.26 (priced within our range of $254.30 – $630.25). We do not call it over- or undervalued from inside our range. It is a model estimate, and every input behind it is sourced below. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Elevance Health, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.8%, with a long-run terminal growth rate of 2.5%. About 80% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, ELV's modeled DCF value ranges from about $306.73 to $1,043 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Elevance Health, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of ELV's intrinsic value. Figures update as new filings and prices come in.

Every input behind ELV's DCF

Input	Value	Source
Base-year revenueElevance Health FY2025 10-K (accession 0001156039-26-000013, filed 2026-02-06): DEFINED AS TOTAL OPERATING REVENUE $197,584M + NET INVESTMENT INCOME $2,194M = $199,778M. Elevance (unlike UnitedHealth) reports investment income outside 'operating revenue'; it is added back here so this model treats it exactly as the UNH model does — investment income on the regulated float stays in the operating forecast because the float itself is NOT counted as cash in the bridge. Net losses on financial instruments (-$653M) and the 2024 gain on sale of a business are excluded as non-operating marks. GAAP total revenues were $199,125M (us-gaap:Revenues). Operating revenue grew 12.8% on FY2024's $175,204M, driven by premium rate increases, acquisitions and Medicare Advantage growth (10-K MD&A) — that growth has stopped in 2026. CROSS-CHECK: H1 2026 operating revenue $99,320M + net investment income $1,469M = $100,789M, +1.5% on H1 2025's $99,262M (Q2 2026 Ex-99.1, accession 0001156039-26-000058), while medical membership fell 1.5% year over year to 44.9M.	$199,778,000,000	Elevance Health FY2025 10-K (accession 0001156039-26-000013, filed 2026-02-06): DEFINED AS TOTAL OPERATING REVENUE $197,584M + NET INVESTMENT INCOME $2,194M = $199,778M. Elevance (unlike UnitedHealth) reports investment income outside 'operating revenue'; it is added back here so this model treats it exactly as the UNH model does — investment income on the regulated float stays in the operating forecast because the float itself is NOT counted as cash in the bridge. Net losses on financial instruments (-$653M) and the 2024 gain on sale of a business are excluded as non-operating marks. GAAP total revenues were $199,125M (us-gaap:Revenues). Operating revenue grew 12.8% on FY2024's $175,204M, driven by premium rate increases, acquisitions and Medicare Advantage growth (10-K MD&A) — that growth has stopped in 2026. CROSS-CHECK: H1 2026 operating revenue $99,320M + net investment income $1,469M = $100,789M, +1.5% on H1 2025's $99,262M (Q2 2026 Ex-99.1, accession 0001156039-26-000058), while medical membership fell 1.5% year over year to 44.9M.
Base EBIT marginElevance Health FY2025 10-K (accession 0001156039-26-000013, filed 2026-02-06): EBIT = reportable-segment operating gain $7,199M (Health Benefits $4,158M + CarelonRx $2,418M + Carelon Services $960M + Corporate & Other -$337M) + net investment income $2,194M - amortization of other intangible assets $628M = $8,765M; equivalently income before tax $6,710M + interest $1,402M + net losses on financial instruments $653M = $8,765M. / $199,778M = 4.39%. GAAP basis: it includes ~$0.3B of transaction, integration and litigation items (adjusted operating gain was $7.5B). Intangible amortization is kept as an expense (see D&A note). HISTORY ON THE SAME BASIS: 2023 5.49% ($9,439M / $172,034M), 2024 5.27% ($9,333M / $177,255M, excluding the $201M business-sale gain); 2019-2022, approximated as (pretax + interest) / total revenues, 5.4%-6.5%. 2025's fall is medical cost: the benefit expense ratio rose to 90.0% from 88.5% (Q4 2025 Ex-99.1), with Q4 at 93.5% on ACA morbidity and Part D seasonality. CROSS-CHECK: H1 2026 EBIT $4,241M + $721M + $134M = $5,096M / $100,789M = 5.06% (H1 2025: 6.42%) — but H1 2026 carries the $935M CMS accrual, and the first half is the strong half; see the Year-1 note.	4.4%	Elevance Health FY2025 10-K (accession 0001156039-26-000013, filed 2026-02-06): EBIT = reportable-segment operating gain $7,199M (Health Benefits $4,158M + CarelonRx $2,418M + Carelon Services $960M + Corporate & Other -$337M) + net investment income $2,194M - amortization of other intangible assets $628M = $8,765M; equivalently income before tax $6,710M + interest $1,402M + net losses on financial instruments $653M = $8,765M. / $199,778M = 4.39%. GAAP basis: it includes ~$0.3B of transaction, integration and litigation items (adjusted operating gain was $7.5B). Intangible amortization is kept as an expense (see D&A note). HISTORY ON THE SAME BASIS: 2023 5.49% ($9,439M / $172,034M), 2024 5.27% ($9,333M / $177,255M, excluding the $201M business-sale gain); 2019-2022, approximated as (pretax + interest) / total revenues, 5.4%-6.5%. 2025's fall is medical cost: the benefit expense ratio rose to 90.0% from 88.5% (Q4 2025 Ex-99.1), with Q4 at 93.5% on ACA morbidity and Part D seasonality. CROSS-CHECK: H1 2026 EBIT $4,241M + $721M + $134M = $5,096M / $100,789M = 5.06% (H1 2025: 6.42%) — but H1 2026 carries the $935M CMS accrual, and the first half is the strong half; see the Year-1 note.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	0% → 3% → 4% → 5% → 4%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.
Betayfinance published 5Y-monthly beta (0.711), 2026-10-05: Published 5Y-monthly beta 0.711, used as published. It is also the managed-care peer median on the same feed today (UNH 0.615, HUM 0.744, MOH 0.784, CVS 0.596, CI 0.298, CNC 1.13; median with ELV 0.711), so no normalization is needed. Cost of equity 5.24% + 0.71 × 5.0% = 8.79%. A beta of 0.80 would cost ~$38/share.	0.71	yfinance published 5Y-monthly beta (0.711), 2026-10-05: Published 5Y-monthly beta 0.711, used as published. It is also the managed-care peer median on the same feed today (UNH 0.615, HUM 0.744, MOH 0.784, CVS 0.596, CI 0.298, CNC 1.13; median with ELV 0.711), so no normalization is needed. Cost of equity 5.24% + 0.71 × 5.0% = 8.79%. A beta of 0.80 would cost ~$38/share.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability and identical to the UNH model. Arguably conservative for a business whose revenue is a share of US health spending (3.0% adds ~$56/share), but the same government and employer pricing pressure that caps margins caps how far an insurer can outgrow the economy. Must remain < WACC of ~7.78%.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability and identical to the UNH model. Arguably conservative for a business whose revenue is a share of US health spending (3.0% adds ~$56/share), but the same government and employer pricing pressure that caps margins caps how far an insurer can outgrow the economy. Must remain < WACC of ~7.78%.
Diluted sharesElevance Health Q2 2026 10-Q (accession 0001156039-26-000060, filed 2026-07-15): Q2 2026 average diluted shares 217.9M (H1 219.1M; FY2025 224.6M). The count is falling: 216,869,290 shares were outstanding at 2026-07-10 (10-Q cover), Elevance bought back 0.7M shares in Q2 and holds ~$5.3B of remaining authorization. Using the weighted 217.9M is mildly conservative (~-$2/share).	218M	Elevance Health Q2 2026 10-Q (accession 0001156039-26-000060, filed 2026-07-15): Q2 2026 average diluted shares 217.9M (H1 219.1M; FY2025 224.6M). The count is falling: 216,869,290 shares were outstanding at 2026-07-10 (10-Q cover), Elevance bought back 0.7M shares in Q2 and holds ~$5.3B of remaining authorization. Using the weighted 217.9M is mildly conservative (~-$2/share).
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$428.26	Backup price feed · as of 2026-10-19 13:16 UTC

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What does Elevance Health, Inc. do?

What does it do?

Elevance Health, Inc., together with its subsidiaries, operates as a health benefits company in the United States. The company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It operates in the Healthcare Plans industry (Healthcare sector), headquartered in United States. The company employs roughly 96,129 people.

How does it make money?

The business turns $201.1B in annual revenue into profit. Out of every $100 of sales, about $5 is left as operating profit (operating margin of 4.6%), after a 26% gross margin on the products/services it sells. After all costs, taxes and interest, 2.5% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks solid: carries modest debt (0.7× equity), comfortably covers its short-term bills (1.5× current ratio), and is currently profitable.

Who at ELV filed insider trades?

Recent insider filings for Elevance Health, Inc.
Date	Insider	Relationship	What happened	Value	Filing
2 Oct 2026	Kaye Mark	EVP & CFO	Shares withheld (tax)	$1,607,935.23	Form 4 for Kaye Mark (opens sec.gov in a new tab)
2 Oct 2026	Kaye Mark	EVP & CFO	Grant / award	—	Form 4 for Kaye Mark (opens sec.gov in a new tab)
3 Sept 2026	Wessling Erin M	EVP & Chief Legal Officer	Shares withheld (tax)	$105,768.90	Form 4 for Wessling Erin M (opens sec.gov in a new tab)
2 Sept 2026	Wessling Erin M	EVP & Chief Legal Officer	Shares withheld (tax)	$38,148.96	Form 4 for Wessling Erin M (opens sec.gov in a new tab)
2 Sept 2026	Craig Ryan R	EVP & Chief HR Officer	Shares withheld (tax)	$58,440.96	Form 4 for Craig Ryan R (opens sec.gov in a new tab)
17 Jul 2026	PERU RAMIRO G	Director	Open-market buy	$366,050.00	Form 4 for PERU RAMIRO G (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is ELV's intrinsic value?
TickerWorth's blended fair value for Elevance Health, Inc. (ELV) is $497.02 per share, versus a market price of $428.26 (priced within our range of $254.30 – $630.25).
Is ELV overvalued or undervalued?
Priced within our range of $254.30 – $630.25 at $428.26. We don't call ELV overvalued or undervalued from a range. This is an educational estimate, not advice.
What discount rate is used for ELV?
A WACC of 7.8% and a terminal growth rate of 2.5%.
Is Elevance Health stock undervalued?
TickerWorth's fair value for Elevance Health, Inc. (ELV) is $497.02 against a market price of $428.26. Our read: Priced within our range of $254.30 – $630.25. This is a model estimate, not investment advice.
Elevance Health (ELV) DCF valuation and fair value
Our fair value for Elevance Health, Inc. (ELV) is $497.02, built on a 7.8% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Elevance Health stock?
no growth rate up to 300%/yr justifies the price under these economics This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $428.26. A model estimate, not investment advice.
Elevance Health (ELV) insider trading
The most recent insider filing (SEC Form 4) for Elevance Health, Inc. (ELV): Kaye Mark, EVP & CFO, shares withheld (tax) on 2026-10-02. The latest filings are listed on this page. A disclosure, not a signal to trade.