Elevance Health Inc., current enterprise value calculation

Current share price (P)	$428.89
No. shares of common stock outstanding	227,351,871
US$ in millions
Common equity (market value)¹	97,509)
Add: Preferred stock, without par value; shares issued and outstanding: none (per books)	—)
Add: Noncontrolling interests (per books)	111)
Total equity	97,620)
Add: Short-term borrowings (per books)	365)
Add: Current portion of long-term debt (per books)	1,649)
Add: Long-term debt, less current portion (per books)	29,218)
Total equity and debt	128,852)
Less: Cash and cash equivalents	8,288)
Less: Fixed maturity securities	25,201)
Less: Equity securities	1,192)
Enterprise value (EV)	94,171)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 428.89 × 227,351,871

Elevance Health Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$390.50	$509.38	$487.13	$458.58	$296.33
No. shares of common stock outstanding¹	227,351,871	232,668,735	237,457,776	241,304,369	244,905,689
US$ in millions
Common equity (market value)³	88,781)	118,517)	115,673)	110,657)	72,573)
Add: Preferred stock, without par value; shares issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	111)	99)	87)	68)	—)
Total equity	88,892)	118,616)	115,760)	110,725)	72,573)
Add: Short-term borrowings (book value)	365)	225)	265)	275)	—)
Add: Current portion of long-term debt (book value)	1,649)	1,649)	1,500)	1,599)	700)
Add: Long-term debt, less current portion (book value)	29,218)	23,246)	22,349)	21,157)	19,335)
Total equity and debt	120,124)	143,736)	139,874)	133,756)	92,608)
Less: Cash and cash equivalents	8,288)	6,526)	7,387)	4,880)	5,741)
Less: Fixed maturity securities	25,201)	29,614)	25,952)	26,267)	23,433)
Less: Equity securities	1,192)	229)	953)	1,881)	1,559)
Enterprise value (EV)	85,443)	107,367)	105,582)	100,728)	61,875)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 390.50 × 227,351,871

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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 2022 to 2023 but then decreased significantly from 2023 to 2024.

Elevance Health Inc. (NYSE:ELV)

Enterprise Value (EV)