Stock Analysis on Net
Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Elevance Health Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.56 1.51 1.41 1.39 1.33
Adjusted 1.55 1.50 1.39 1.39 1.32
Liquidity Ratio
Current Ratio
Reported 1.44 1.40 1.47 1.55 1.65
Adjusted 1.47 1.43 1.49 1.57 1.67
Solvency Ratios
Debt to Equity
Reported 0.64 0.66 0.64 0.60 0.63
Adjusted 0.61 0.64 0.60 0.58 0.60
Debt to Capital
Reported 0.39 0.40 0.39 0.38 0.39
Adjusted 0.38 0.39 0.38 0.37 0.38
Financial Leverage
Reported 2.77 2.83 2.70 2.61 2.44
Adjusted 2.58 2.63 2.47 2.42 2.26
Profitability Ratios
Net Profit Margin
Reported 3.52% 3.87% 4.46% 3.78% 4.66%
Adjusted 4.03% 2.41% 4.49% 3.91% 5.32%
Return on Equity (ROE)
Reported 15.23% 16.59% 16.93% 13.77% 15.15%
Adjusted 16.11% 9.56% 15.44% 13.14% 15.93%
Return on Assets (ROA)
Reported 5.50% 5.86% 6.26% 5.28% 6.21%
Adjusted 6.24% 3.63% 6.26% 5.42% 7.04%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Elevance Health Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Elevance Health Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Elevance Health Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Elevance Health Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Elevance Health Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Elevance Health Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Elevance Health Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Elevance Health Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Elevance Health Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Operating revenue 170,209 155,660 136,943 120,808 103,141
Total assets 108,928 102,772 97,460 86,615 77,453
Activity Ratio
Total asset turnover1 1.56 1.51 1.41 1.39 1.33
Adjusted
Selected Financial Data (US$ in millions)
Operating revenue 170,209 155,660 136,943 120,808 103,141
Adjusted total assets2 109,940 103,599 98,197 87,189 77,978
Activity Ratio
Adjusted total asset turnover3 1.55 1.50 1.39 1.39 1.32

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Operating revenue ÷ Total assets
= 170,209 ÷ 108,928 = 1.56

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 170,209 ÷ 109,940 = 1.55

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Elevance Health Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 60,029 55,617 51,122 45,751 39,033
Current liabilities 41,791 39,696 34,885 29,453 23,617
Liquidity Ratio
Current ratio1 1.44 1.40 1.47 1.55 1.65
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 61,269 56,581 51,962 46,325 39,558
Current liabilities 41,791 39,696 34,885 29,453 23,617
Liquidity Ratio
Adjusted current ratio3 1.47 1.43 1.49 1.57 1.67

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 60,029 ÷ 41,791 = 1.44

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 61,269 ÷ 41,791 = 1.47

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Elevance Health Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,120 24,114 23,031 20,035 20,085
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Solvency Ratio
Debt to equity1 0.64 0.66 0.64 0.60 0.63
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,969 25,046 24,028 20,992 20,725
Adjusted total equity3 42,586 39,336 39,792 35,979 34,480
Solvency Ratio
Adjusted debt to equity4 0.61 0.64 0.60 0.58 0.60

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 25,120 ÷ 39,306 = 0.64

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 25,969 ÷ 42,586 = 0.61

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Elevance Health Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,120 24,114 23,031 20,035 20,085
Total capital 64,426 60,421 59,091 53,234 51,813
Solvency Ratio
Debt to capital1 0.39 0.40 0.39 0.38 0.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,969 25,046 24,028 20,992 20,725
Adjusted total capital3 68,555 64,382 63,820 56,971 55,205
Solvency Ratio
Adjusted debt to capital4 0.38 0.39 0.38 0.37 0.38

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,120 ÷ 64,426 = 0.39

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 25,969 ÷ 68,555 = 0.38

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Elevance Health Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 108,928 102,772 97,460 86,615 77,453
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Solvency Ratio
Financial leverage1 2.77 2.83 2.70 2.61 2.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 109,940 103,599 98,197 87,189 77,978
Adjusted total equity3 42,586 39,336 39,792 35,979 34,480
Solvency Ratio
Adjusted financial leverage4 2.58 2.63 2.47 2.42 2.26

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 108,928 ÷ 39,306 = 2.77

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 109,940 ÷ 42,586 = 2.58

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Elevance Health Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,987 6,025 6,104 4,572 4,807
Operating revenue 170,209 155,660 136,943 120,808 103,141
Profitability Ratio
Net profit margin1 3.52% 3.87% 4.46% 3.78% 4.66%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,860 3,759 6,144 4,728 5,492
Operating revenue 170,209 155,660 136,943 120,808 103,141
Profitability Ratio
Adjusted net profit margin3 4.03% 2.41% 4.49% 3.91% 5.32%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Shareholders’ net income ÷ Operating revenue
= 100 × 5,987 ÷ 170,209 = 3.52%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Operating revenue
= 100 × 6,860 ÷ 170,209 = 4.03%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Elevance Health Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,987 6,025 6,104 4,572 4,807
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Profitability Ratio
ROE1 15.23% 16.59% 16.93% 13.77% 15.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,860 3,759 6,144 4,728 5,492
Adjusted total equity3 42,586 39,336 39,792 35,979 34,480
Profitability Ratio
Adjusted ROE4 16.11% 9.56% 15.44% 13.14% 15.93%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Shareholders’ net income ÷ Shareholders’ equity
= 100 × 5,987 ÷ 39,306 = 15.23%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 6,860 ÷ 42,586 = 16.11%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Elevance Health Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,987 6,025 6,104 4,572 4,807
Total assets 108,928 102,772 97,460 86,615 77,453
Profitability Ratio
ROA1 5.50% 5.86% 6.26% 5.28% 6.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,860 3,759 6,144 4,728 5,492
Adjusted total assets3 109,940 103,599 98,197 87,189 77,978
Profitability Ratio
Adjusted ROA4 6.24% 3.63% 6.26% 5.42% 7.04%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Shareholders’ net income ÷ Total assets
= 100 × 5,987 ÷ 108,928 = 5.50%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 6,860 ÷ 109,940 = 6.24%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Elevance Health Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.