Elevance Health Inc., FCFE calculation

US$ in millions

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)
Net (gain) loss attributable to noncontrolling interests	(9)	4)	(6)	(9)	—)
Net noncash charges	1,556)	2,605)	2,127)	1,076)	862)
Changes in operating assets and liabilities	(1,719)	(535)	253)	1,193)	5,254)
Net cash provided by operating activities	5,808)	8,061)	8,399)	8,364)	10,688)
Purchases of property and equipment	(1,256)	(1,296)	(1,152)	(1,087)	(1,021)
Proceeds from long-term borrowings	7,710)	2,574)	3,071)	3,462)	2,484)
Repayments of long-term borrowings	(1,650)	(1,909)	(1,899)	(1,068)	(1,932)
Proceeds from short-term borrowings	275)	225)	1,365)	1,375)	970)
Repayments of short-term borrowings	(135)	(265)	(1,675)	(1,050)	(1,820)
Free cash flow to equity (FCFE)	10,752)	7,390)	8,109)	9,996)	9,369)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Elevance Health Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Elevance Health Inc. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Elevance Health Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	227,351,871
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	10,752)
FCFE per share	47.29
Current share price (P)	434.96
Valuation Ratio
P/FCFE	9.20
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	39.57
Cigna Group	8.99
CVS Health Corp.	7.50
Intuitive Surgical Inc.	135.48
Medtronic PLC	18.37
UnitedHealth Group Inc.	13.55
P/FCFE, Sector
Health Care Equipment & Services	15.76
P/FCFE, Industry
Health Care	18.47

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

¹ Click competitor name to see calculations.

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

Elevance Health Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	227,351,871	232,668,735	237,457,776	241,304,369	244,905,689
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	10,752)	7,390)	8,109)	9,996)	9,369)
FCFE per share³	47.29	31.76	34.15	41.42	38.26
Share price^1, 4	390.50	509.38	487.13	458.58	296.33
Valuation Ratio
P/FCFE⁵	8.26	16.04	14.26	11.07	7.75
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	40.25	76.56	26.11	24.52	38.42
Cigna Group	8.28	9.86	18.23	10.98	16.30
CVS Health Corp.	7.00	5.22	12.36	21.23	11.93
Intuitive Surgical Inc.	156.44	177.77	89.67	58.39	81.15
Medtronic PLC	16.39	29.20	19.71	38.91	23.06
UnitedHealth Group Inc.	12.12	15.33	12.57	20.11	13.93
P/FCFE, Sector
Health Care Equipment & Services	15.09	16.71	16.06	20.82	17.51
P/FCFE, Industry
Health Care	18.23	16.85	18.12	17.81	17.23

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 10,752,000,000 ÷ 227,351,871 = 47.29

⁴ Closing price as at the filing date of Elevance Health Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 390.50 ÷ 47.29 = 8.26

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Elevance Health Inc. P/FCFE ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Elevance Health Inc. (NYSE:ELV)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical