Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Elevance Health Inc., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Shareholders’ net income 5,980 5,987 6,025 6,104 4,572
Add: Net income attributable to noncontrolling interest (9) 4 (6) (9)
Add: Income tax expense 1,933 1,724 1,750 1,830 1,666
Earnings before tax (EBT) 7,904 7,715 7,769 7,925 6,238
Add: Interest expenses 1,185 1,030 851 798 784
Earnings before interest and tax (EBIT) 9,089 8,745 8,620 8,723 7,022
Add: Depreciation and amortization 1,393 1,745 1,675 1,302 1,154
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,482 10,490 10,295 10,025 8,176

Based on: 10-K (reporting date: 2024-12-31), 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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Elevance Health Inc. EBITDA increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Enterprise Value to EBITDA Ratio, Current

Elevance Health Inc., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 94,878
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,482
Valuation Ratio
EV/EBITDA 9.05
Benchmarks
EV/EBITDA, Competitors1
Abbott Laboratories 21.62
Cigna Group 11.83
CVS Health Corp. 10.22
Intuitive Surgical Inc. 54.69
Medtronic PLC 15.80
UnitedHealth Group Inc. 18.71
EV/EBITDA, Sector
Health Care Equipment & Services 16.77
EV/EBITDA, Industry
Health Care 20.04

Based on: 10-K (reporting date: 2024-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Elevance Health Inc., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 85,443 107,367 105,582 100,728 61,875
Earnings before interest, tax, depreciation and amortization (EBITDA)2 10,482 10,490 10,295 10,025 8,176
Valuation Ratio
EV/EBITDA3 8.15 10.24 10.26 10.05 7.57
Benchmarks
EV/EBITDA, Competitors4
Abbott Laboratories 22.28 19.49 15.85 17.42 25.99
Cigna Group 11.20 12.11 8.88 9.06 6.31
CVS Health Corp. 9.86 8.03 12.42 10.41 8.56
Intuitive Surgical Inc. 63.79 53.82 41.52 44.54 59.12
Medtronic PLC 14.63 15.28 14.99 24.41 17.92
UnitedHealth Group Inc. 17.17 13.60 15.11 17.39 13.39
EV/EBITDA, Sector
Health Care Equipment & Services 16.32 13.82 13.98 15.40 13.12
EV/EBITDA, Industry
Health Care 19.95 18.98 13.71 13.87 16.50

Based on: 10-K (reporting date: 2024-12-31), 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).

1 See details »

2 See details »

3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 85,443 ÷ 10,482 = 8.15

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Elevance Health Inc. EV/EBITDA ratio decreased from 2022 to 2023 and from 2023 to 2024.