Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

Elevance Health Inc., profitability ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Return on Sales
Gross profit margin 16.62% 17.16% 16.92% 16.79% 16.86% 16.89% 16.90% 16.79% 16.85% 16.79% 16.89% 17.09% 17.30% 17.57% 19.38% 19.71% 20.18% 20.43% 18.70% 18.77%
Operating profit margin 4.55% 4.76% 4.64% 4.47% 4.58% 4.96% 4.99% 4.94% 5.01% 5.07% 5.10% 5.15% 4.91% 3.68% 4.83% 4.97% 5.59% 6.99% 5.47% 5.49%
Net profit margin 3.72% 3.93% 3.66% 3.52% 3.63% 3.89% 3.89% 3.87% 4.09% 4.13% 4.37% 4.46% 4.17% 3.32% 3.82% 3.78% 4.26% 5.27% 4.42% 4.66%
Return on Investment
Return on equity (ROE) 14.66% 15.86% 15.38% 15.23% 15.82% 16.78% 16.62% 16.59% 17.26% 17.04% 17.36% 16.93% 15.44% 12.10% 13.92% 13.77% 14.61% 17.17% 15.08% 15.15%
Return on assets (ROA) 5.51% 5.92% 5.58% 5.50% 5.50% 5.87% 5.69% 5.86% 6.03% 6.05% 6.21% 6.26% 5.63% 4.40% 4.93% 5.28% 5.72% 6.72% 5.80% 6.21%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Elevance Health Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Elevance Health Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Elevance Health Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Elevance Health Inc. ROE improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.
ROA A profitability ratio calculated as net income divided by total assets. Elevance Health Inc. ROA improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.

Gross Profit Margin

Elevance Health Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Gross profit 6,677 7,831 7,902 6,283 7,226 7,446 7,631 5,930 6,784 6,636 6,788 5,410 6,005 5,902 6,086 4,923 5,506 7,406 5,975 4,600 4,946 4,711 5,106
Operating revenue 44,719 43,223 42,273 42,454 42,480 43,377 41,898 39,667 39,625 38,482 37,886 36,018 35,548 33,279 32,098 31,533 30,649 29,178 29,448 27,132 26,444 25,177 24,388
Profitability Ratio
Gross profit margin1 16.62% 17.16% 16.92% 16.79% 16.86% 16.89% 16.90% 16.79% 16.85% 16.79% 16.89% 17.09% 17.30% 17.57% 19.38% 19.71% 20.18% 20.43% 18.70% 18.77%
Benchmarks
Gross Profit Margin, Competitors2
Abbott Laboratories 50.96% 50.53% 50.27% 50.28% 49.97% 50.23% 50.66% 51.54% 52.60% 53.54% 52.44% 52.21% 52.01% 50.69% 51.25% 50.49% 50.18% 50.97% 52.13% 52.46%
Cigna Group 10.83% 11.41% 11.90% 12.37% 12.28% 12.19% 12.39% 12.44% 12.39% 12.40% 12.30% 12.41% 12.77% 13.13% 14.04% 14.43% 15.05% 15.49% 15.30% 15.57%
CVS Health Corp. 13.81% 14.37% 14.55% 14.94% 15.34% 15.69% 16.16% 16.62% 16.94% 17.12% 17.35% 17.48% 17.35% 17.43% 17.99% 18.01% 18.10% 18.16% 17.51% 17.41%
Intuitive Surgical Inc. 66.98% 66.86% 66.43% 66.39% 66.61% 66.74% 66.86% 67.44% 67.77% 68.16% 68.84% 69.32% 69.12% 68.69% 66.48% 65.65% 66.44% 67.07% 69.04% 69.45%
Medtronic PLC 65.50% 65.40% 65.68% 65.67% 66.43% 67.21% 67.61% 67.98% 67.89% 67.39% 66.53% 65.19% 63.85% 64.57% 65.76% 67.41% 68.96% 69.22% 69.62% 70.04%
UnitedHealth Group Inc. 21.91% 22.63% 23.18% 23.64% 24.16% 24.08% 24.20% 24.09% 23.74% 23.51% 23.31% 23.60% 23.75% 23.80% 25.79% 25.62% 25.83% 25.95% 23.52% 23.19%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Gross profit margin = 100 × (Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024 + Gross profitQ4 2023) ÷ (Operating revenueQ3 2024 + Operating revenueQ2 2024 + Operating revenueQ1 2024 + Operating revenueQ4 2023)
= 100 × (6,677 + 7,831 + 7,902 + 6,283) ÷ (44,719 + 43,223 + 42,273 + 42,454) = 16.62%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Elevance Health Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.

Operating Profit Margin

Elevance Health Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Operating income 1,286 2,603 2,900 1,067 1,544 2,407 2,596 1,121 2,045 2,201 2,318 1,053 1,923 1,991 2,081 513 108 3,267 2,111 1,016 1,444 1,348 1,853
Operating revenue 44,719 43,223 42,273 42,454 42,480 43,377 41,898 39,667 39,625 38,482 37,886 36,018 35,548 33,279 32,098 31,533 30,649 29,178 29,448 27,132 26,444 25,177 24,388
Profitability Ratio
Operating profit margin1 4.55% 4.76% 4.64% 4.47% 4.58% 4.96% 4.99% 4.94% 5.01% 5.07% 5.10% 5.15% 4.91% 3.68% 4.83% 4.97% 5.59% 6.99% 5.47% 5.49%
Benchmarks
Operating Profit Margin, Competitors2
Abbott Laboratories 16.24% 15.92% 15.76% 16.15% 15.02% 15.23% 16.77% 19.16% 20.95% 22.42% 20.73% 19.56% 20.04% 18.46% 17.97% 15.48% 13.39% 12.78% 14.18% 14.21%
Cigna Group 4.02% 4.14% 4.29% 4.40% 4.34% 4.38% 4.54% 4.69% 4.59% 4.71% 4.64% 4.60% 4.59% 4.57% 4.98% 5.12% 5.37% 5.47% 5.18% 5.31%
CVS Health Corp. 2.59% 3.42% 3.49% 3.85% 4.04% 1.88% 2.33% 2.41% 2.02% 4.35% 4.39% 4.54% 4.75% 4.93% 5.19% 5.19% 5.44% 5.36% 4.89% 4.69%
Humana Inc. 2.42% 2.92% 3.27% 3.81% 4.42% 4.55% 4.45% 4.11% 4.09% 3.57% 3.73% 3.80% 3.40% 4.97% 6.60% 6.56% 7.77% 6.77% 5.09% 4.96%
Intuitive Surgical Inc. 26.24% 25.79% 25.26% 24.80% 24.66% 24.34% 24.21% 25.35% 27.05% 28.48% 30.69% 31.89% 32.55% 31.27% 26.01% 24.09% 23.95% 25.86% 30.52% 30.69%
Medtronic PLC 17.50% 17.41% 17.83% 17.56% 18.17% 19.02% 19.37% 18.15% 17.89% 16.68% 14.78% 14.89% 11.44% 12.77% 14.25% 16.57% 20.67% 20.47% 21.25% 20.51%
UnitedHealth Group Inc. 8.28% 8.40% 8.58% 8.80% 8.86% 8.83% 8.87% 8.83% 8.65% 8.32% 8.19% 8.40% 7.91% 7.73% 9.24% 8.76% 9.55% 9.89% 8.12% 8.19%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Operating profit margin = 100 × (Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023) ÷ (Operating revenueQ3 2024 + Operating revenueQ2 2024 + Operating revenueQ1 2024 + Operating revenueQ4 2023)
= 100 × (1,286 + 2,603 + 2,900 + 1,067) ÷ (44,719 + 43,223 + 42,273 + 42,454) = 4.55%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Elevance Health Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.

Net Profit Margin

Elevance Health Inc., net profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Shareholders’ net income 1,016 2,300 2,246 856 1,289 1,853 1,989 949 1,618 1,653 1,805 1,137 1,509 1,793 1,665 551 222 2,276 1,523 934 1,183 1,139 1,551
Operating revenue 44,719 43,223 42,273 42,454 42,480 43,377 41,898 39,667 39,625 38,482 37,886 36,018 35,548 33,279 32,098 31,533 30,649 29,178 29,448 27,132 26,444 25,177 24,388
Profitability Ratio
Net profit margin1 3.72% 3.93% 3.66% 3.52% 3.63% 3.89% 3.89% 3.87% 4.09% 4.13% 4.37% 4.46% 4.17% 3.32% 3.82% 3.78% 4.26% 5.27% 4.42% 4.66%
Benchmarks
Net Profit Margin, Competitors2
Abbott Laboratories 13.99% 13.65% 13.96% 14.27% 12.92% 12.83% 13.98% 15.88% 17.52% 18.78% 17.35% 16.42% 17.12% 15.85% 15.33% 12.99% 10.50% 9.89% 11.15% 11.56%
Cigna Group 1.31% 1.71% 1.77% 2.66% 2.81% 3.59% 3.71% 3.72% 3.69% 3.08% 3.07% 3.11% 4.97% 4.93% 5.22% 5.31% 3.40% 3.43% 3.22% 3.35%
CVS Health Corp. 1.37% 1.99% 2.04% 2.34% 2.48% 0.86% 1.20% 1.29% 1.00% 2.66% 2.68% 2.72% 2.67% 2.60% 2.74% 2.68% 3.00% 3.14% 2.77% 2.59%
Humana Inc. 1.19% 1.54% 1.84% 2.36% 2.97% 3.45% 3.28% 3.03% 3.07% 3.52% 3.52% 3.54% 3.31% 3.13% 4.78% 4.43% 5.67% 5.00% 3.89% 4.20%
Intuitive Surgical Inc. 28.51% 27.65% 27.16% 25.24% 22.14% 21.38% 20.40% 21.25% 22.52% 24.05% 27.84% 29.85% 30.78% 31.43% 25.78% 24.33% 24.45% 26.07% 30.11% 30.80%
Medtronic PLC 13.00% 12.84% 11.47% 12.03% 13.20% 14.03% 16.75% 15.90% 15.46% 14.79% 12.29% 11.97% 10.36% 12.69% 15.80% 16.56% 17.11% 15.11% 14.41% 15.16%
UnitedHealth Group Inc. 3.68% 3.70% 4.09% 6.09% 6.09% 6.11% 6.21% 6.25% 6.21% 5.99% 5.91% 6.06% 5.56% 5.37% 6.46% 6.03% 6.66% 6.94% 5.63% 5.76%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Net profit margin = 100 × (Shareholders’ net incomeQ3 2024 + Shareholders’ net incomeQ2 2024 + Shareholders’ net incomeQ1 2024 + Shareholders’ net incomeQ4 2023) ÷ (Operating revenueQ3 2024 + Operating revenueQ2 2024 + Operating revenueQ1 2024 + Operating revenueQ4 2023)
= 100 × (1,016 + 2,300 + 2,246 + 856) ÷ (44,719 + 43,223 + 42,273 + 42,454) = 3.72%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Elevance Health Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024 not reaching Q1 2024 level.

Return on Equity (ROE)

Elevance Health Inc., ROE calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Shareholders’ net income 1,016 2,300 2,246 856 1,289 1,853 1,989 949 1,618 1,653 1,805 1,137 1,509 1,793 1,665 551 222 2,276 1,523 934 1,183 1,139 1,551
Shareholders’ equity 43,775 42,191 40,608 39,306 38,423 38,205 37,356 36,307 35,991 35,812 35,975 36,060 35,737 34,968 33,853 33,199 33,921 34,455 31,693 31,728 31,332 30,793 29,998
Profitability Ratio
ROE1 14.66% 15.86% 15.38% 15.23% 15.82% 16.78% 16.62% 16.59% 17.26% 17.04% 17.36% 16.93% 15.44% 12.10% 13.92% 13.77% 14.61% 17.17% 15.08% 15.15%
Benchmarks
ROE, Competitors2
Abbott Laboratories 14.49% 14.13% 14.51% 14.83% 13.77% 13.88% 15.68% 18.90% 22.11% 23.44% 21.82% 19.75% 21.04% 18.86% 17.06% 13.71% 10.78% 10.17% 11.84% 11.86%
Cigna Group 7.22% 8.97% 8.79% 11.17% 11.61% 14.64% 15.17% 14.86% 14.69% 11.94% 11.69% 11.39% 17.68% 16.73% 17.52% 16.81% 11.03% 11.11% 10.91% 11.26%
CVS Health Corp. 6.69% 9.60% 9.90% 10.91% 11.57% 4.02% 5.57% 5.84% 4.46% 10.86% 10.83% 10.54% 10.20% 9.83% 10.44% 10.35% 11.56% 12.14% 11.08% 10.39%
Humana Inc. 7.74% 10.26% 12.34% 15.31% 17.79% 20.07% 18.79% 18.33% 17.27% 20.29% 19.81% 18.24% 16.44% 16.72% 26.23% 24.53% 26.34% 24.29% 21.16% 22.49%
Intuitive Surgical Inc. 14.39% 14.23% 14.24% 13.51% 12.10% 12.00% 11.70% 11.98% 11.97% 11.93% 13.58% 14.32% 14.80% 14.97% 11.56% 10.90% 11.38% 13.00% 16.30% 16.69%
Medtronic PLC 8.11% 7.97% 7.07% 7.30% 7.90% 8.33% 9.88% 9.59% 9.35% 9.05% 7.54% 7.01% 5.70% 7.05% 8.77% 9.44% 10.26% 9.23% 8.78% 9.25%
UnitedHealth Group Inc. 15.14% 15.78% 17.72% 25.22% 25.67% 25.63% 25.46% 25.87% 26.03% 25.07% 23.98% 24.09% 21.95% 21.03% 25.42% 23.52% 25.65% 26.87% 24.14% 24.02%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
ROE = 100 × (Shareholders’ net incomeQ3 2024 + Shareholders’ net incomeQ2 2024 + Shareholders’ net incomeQ1 2024 + Shareholders’ net incomeQ4 2023) ÷ Shareholders’ equity
= 100 × (1,016 + 2,300 + 2,246 + 856) ÷ 43,775 = 14.66%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Elevance Health Inc. ROE improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.

Return on Assets (ROA)

Elevance Health Inc., ROA calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Shareholders’ net income 1,016 2,300 2,246 856 1,289 1,853 1,989 949 1,618 1,653 1,805 1,137 1,509 1,793 1,665 551 222 2,276 1,523 934 1,183 1,139 1,551
Total assets 116,533 112,988 111,894 108,928 110,478 109,168 109,040 102,772 103,026 100,877 100,486 97,460 98,060 96,097 95,683 86,615 86,574 87,976 82,399 77,453 77,809 75,851 74,523
Profitability Ratio
ROA1 5.51% 5.92% 5.58% 5.50% 5.50% 5.87% 5.69% 5.86% 6.03% 6.05% 6.21% 6.26% 5.63% 4.40% 4.93% 5.28% 5.72% 6.72% 5.80% 6.21%
Benchmarks
ROA, Competitors2
Abbott Laboratories 7.76% 7.61% 7.77% 7.82% 7.16% 7.04% 7.87% 9.31% 10.84% 11.53% 10.44% 9.40% 9.82% 8.70% 7.86% 6.20% 4.90% 4.52% 5.36% 5.43%
Cigna Group 1.93% 2.39% 2.36% 3.38% 3.54% 4.43% 4.56% 4.63% 4.59% 3.59% 3.53% 3.46% 5.44% 5.29% 5.55% 5.44% 3.31% 3.30% 3.18% 3.28%
CVS Health Corp. 1.99% 2.85% 2.93% 3.34% 3.42% 1.17% 1.66% 1.82% 1.36% 3.55% 3.43% 3.39% 3.23% 3.12% 3.22% 3.11% 3.41% 3.51% 3.13% 2.98%
Humana Inc. 2.72% 3.42% 3.97% 5.29% 5.39% 5.98% 5.69% 6.52% 5.53% 6.71% 6.55% 6.61% 5.90% 6.52% 9.95% 9.63% 10.79% 9.11% 7.55% 9.31%
Intuitive Surgical Inc. 12.64% 12.57% 12.56% 11.64% 10.31% 10.25% 10.05% 10.19% 10.39% 10.47% 12.02% 12.58% 13.06% 13.20% 10.17% 9.50% 9.92% 11.24% 14.02% 14.17%
Medtronic PLC 4.63% 4.55% 3.99% 4.13% 4.32% 4.63% 5.79% 5.54% 5.35% 5.13% 4.23% 3.87% 2.97% 3.69% 4.70% 5.28% 5.73% 5.13% 4.84% 5.16%
UnitedHealth Group Inc. 4.78% 4.93% 5.40% 8.18% 7.69% 7.53% 7.30% 8.19% 7.99% 7.93% 7.89% 8.15% 7.24% 6.90% 8.23% 7.81% 8.76% 8.88% 7.27% 7.96%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
ROA = 100 × (Shareholders’ net incomeQ3 2024 + Shareholders’ net incomeQ2 2024 + Shareholders’ net incomeQ1 2024 + Shareholders’ net incomeQ4 2023) ÷ Total assets
= 100 × (1,016 + 2,300 + 2,246 + 856) ÷ 116,533 = 5.51%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Elevance Health Inc. ROA improved from Q1 2024 to Q2 2024 but then deteriorated significantly from Q2 2024 to Q3 2024.