Elevance Health Inc., current enterprise value calculation

Current share price (P)	$371.07
No. shares of common stock outstanding	231,922,815
US$ in millions
Common equity (market value)¹	86,060)
Add: Preferred stock, without par value; shares issued and outstanding: none (per books)	—)
Add: Noncontrolling interests (per books)	99)
Total equity	86,159)
Add: Short-term borrowings (per books)	225)
Add: Current portion of long-term debt (per books)	1,649)
Add: Long-term debt, less current portion (per books)	23,246)
Total equity and debt	111,279)
Less: Cash and cash equivalents	6,526)
Less: Fixed maturity securities	29,614)
Less: Equity securities	229)
Enterprise value (EV)	74,910)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 371.07 × 231,922,815

Elevance Health Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$509.38	$487.13	$458.58	$296.33	$304.06
No. shares of common stock outstanding¹	232,668,735	237,457,776	241,304,369	244,905,689	252,329,919
US$ in millions
Common equity (market value)³	118,517)	115,673)	110,657)	72,573)	76,723)
Add: Preferred stock, without par value; shares issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	99)	87)	68)	—)	—)
Total equity	118,616)	115,760)	110,725)	72,573)	76,723)
Add: Short-term borrowings (book value)	225)	265)	275)	—)	700)
Add: Current portion of long-term debt (book value)	1,649)	1,500)	1,599)	700)	1,598)
Add: Long-term debt, less current portion (book value)	23,246)	22,349)	21,157)	19,335)	17,787)
Total equity and debt	143,736)	139,874)	133,756)	92,608)	96,808)
Less: Cash and cash equivalents	6,526)	7,387)	4,880)	5,741)	4,937)
Less: Fixed maturity securities	29,614)	25,952)	26,267)	23,433)	19,676)
Less: Equity securities	229)	953)	1,881)	1,559)	1,009)
Enterprise value (EV)	107,367)	105,582)	100,728)	61,875)	71,186)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Elevance Health Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 509.38 × 232,668,735

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Elevance Health Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Elevance Health Inc. (NYSE:ELV)

Enterprise Value (EV)