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Arphra AIPlain-English read on Elevance Health Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $138.64B | $156.6B | $171.34B | $176.81B | $199.13B | $194.9B | $199.62B | $209.88B | $221.31B |
| Cost of revenue | $102.65B | $116.64B | $124.33B | $127.57B | $148.22B | $143.02B | $143.61B | $156.67B | $163.9B |
| Gross profit | $35.99B | $39.95B | $47.01B | $49.24B | $50.9B | $52.49B | $52.43B | $57.94B | $61.18B |
| Gross margin | +25.96% | +25.51% | +27.44% | +27.85% | +25.56% | +26.93% | +26.27% | +27.60% | +27.65% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $27.05B | $31.5B | $38.27B | $40.36B | $42.79B | $43.45B | $43.34B | $46.63B | $49.19B |
| Operating income | $8.95B | $8.45B | $8.75B | $8.89B | $8.11B | $9.27B | $9.47B | $10.17B | $10.18B |
| Operating margin | +6.45% | +5.40% | +5.10% | +5.03% | +4.07% | +4.76% | +4.74% | +4.84% | +4.60% |
| EBITDA | $10.03B | $10.13B | $10.49B | $10.48B | $9.66B | $10.8B | $11.22B | $11.8B | $12.33B |
| EBIT | $8.72B | $8.45B | $8.75B | $9.09B | $8.11B | $9.47B | $9.42B | $10.02B | $10.7B |
| Below the line | |||||||||
| Interest expense | $798M | $851M | $1.03B | $1.19B | $1.4B | $1.3B | $1.29B | $1.36B | $1.44B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$1.02B | -$851M | -$1.03B | -$984M | -$1.4B | — | — | — | — |
| Pre-tax income | $7.93B | $7.6B | $7.72B | $7.9B | $6.71B | $8.22B | $8.41B | $8.53B | $8.84B |
| Income tax expense | $1.83B | $1.71B | $1.72B | $1.93B | $1.05B | $1.69B | $1.76B | $1.78B | $1.92B |
| Earnings | |||||||||
| Net income | $6.1B | $5.89B | $5.99B | $5.98B | $5.66B | $6.3B | $6.53B | $6.82B | $7.27B |
| Net income · continuing ops | $6.1B | $5.89B | $5.99B | $5.97B | $5.66B | $6.28B | $6.42B | $6.93B | $6.95B |
| Net margin | +4.40% | +3.76% | +3.49% | +3.38% | +2.84% | +3.23% | +3.27% | +3.25% | +3.29% |
| EPS · basic | $25.25 | $24.56 | $25.38 | $25.81 | $25.18 | $27.32 | $29.35 | $34.38 | $43.49 |
| EPS · diluted | $24.73 | $24.28 | $25.22 | $25.68 | $25.12 | $26.85 | $29.24 | $34.09 | $42.94 |
| EPS · low estimate | — | — | — | — | — | $25.67 | $28.59 | $33.45 | $41.58 |
| EPS · high estimate | — | — | — | — | — | $28.44 | $31.09 | $36.34 | $44.91 |
| Shares · basic | 243.8M | 240M | 233.07M | 232.87M | 221.8M | 220.66M | 222.53M | 223.25M | 223.01M |
| Shares · diluted | 246.8M | 242.8M | 237.4M | 232.9M | 221.8M | 222.14M | 220.56M | 220.79M | 221.52M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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