Elevance Health, Inc.

ELVActive

CIK 1156039 · Healthcare Compounders

Elevance Health, Inc. is a public company in Medical - Healthcare Plans, tracked in the healthcare compounders sub-sector, with $200B TTM revenue and $8.9B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, ELV filings, SEC EDGAR

$82,103

Market cap ($MM)

$104,288

Enterprise value ($MM)

$200,415

Revenue · LTM ($MM)

$8,917

EBITDA · LTM ($MM)

EBITDA margin

0.5x

EV / revenue

11.7x

EV / EBITDA

2.5x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01ELV is a scaled public consolidator in Healthcare, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is UNH, MCK, CVS, HCA, HUM.

Balance sheet & capacity

Indicative capacity read: 2.5x net debt / EBITDA with EBITDA of $8.9B.

$9,657

Cash & equiv. ($MM)

$31,842

Total debt ($MM)

$22,185

Net debt ($MM)

2.5x

Net debt / EBITDA

Valuation

Where it trades against its peer set

ELV versus the scaled public Healthcare Compounders comparables.

EV / EBITDA distribution · peer set

ELV 11.7x

Indexed share-price performance

ELV versus available Healthcare Compounders peers and SPY.

-2.6%

ELV

+5.0%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Elevance Health, Inc.	ELV	$200,415	$8,917	4%	$82,103	$104,288	0.5x	11.7x	2.5x
UnitedHealth Group Incorporated	UNH	$449,713	$22,986	5%	$345,077	$394,993	0.9x	17.2x	1.9x
McKESSON CORPORATION	MCK	$403,430	$6,907	2%	$90,161	$94,800	0.2x	13.7x	0.4x
CVS Health Corporation	CVS	$407,905	$11,132	3%	$115,535	$184,338	0.5x	16.6x	4.6x
HCA Healthcare, Inc.	HCA	$76,388	$15,662	21%	$96,543	$145,448	1.9x	9.3x	2.8x
Humana Inc.	HUM	$137,200	$2,851	2%	$33,012	$42,054	0.3x	14.8x	2.6x
Healthcare Compounders median		$301,923	$10,025	4%	$93,352	$124,868	0.5x	14.2x	2.5x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

ELV's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

4.0

Acq. cash outflow ($MM)

N/A

Banker read

01ELV reads as a programmatic acquirer: 64 disclosed acquisitions across 16 active years, or 4.0 per active year. The chart shows activity in 11 of the last 12 visible years.
02In the last three years, the file shows 6 acquisitions versus 4 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $23B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $4.8B. Recent spend is broadly steady.

Annual acquisitions + disclosed spend

count spend named deal

ELV count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

6 / 4

Last three years is up 50% vs prior three.

Peak count year

FY24

3 disclosed acquisitions in the peak visible year.

Recent spend

$6.4B

is broadly steady vs prior three; peak FY24 at $4.8B.

Named evidence

10 rows

16% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Jul 24, 2015	Cigna Corporation	Healthcare compounders	$53,000	On July 24, 2015, we and Cigna Corporation, or Cigna, announced that we entered into an Agreement and Plan of Merger, or Merger Agreement, dated as of July 23, 2015, by and amon...	10-K^†
Oct 27, 2003	WellPoint Health Networks Inc.	Healthcare compounders	$16,400	On October 27, 2003, Anthem and WellPoint Health Networks Inc. (“WellPoint”) announced that they entered into a definitive agreement and plan of merger (“Merger Agreement”) purs...	10-K^†
Dec 28, 2005	WellChoice, Inc.	Healthcare compounders	$6,500	On December 28, 2005 (December 31, 2005 for accounting purposes) we completed our acquisition of WellChoice, Inc., or WellChoice. Under the terms of the merger agreement, the st...	10-K^†
Dec 28, 2005	WellChoice, Inc.	Healthcare compounders	$6,500	On December 28, 2005 (December 31, 2005 for accounting purposes) we completed our acquisition of WellChoice, Inc., or WellChoice. Under the terms of the merger agreement, the st...	10-K^†
Dec 28, 2005	WellChoice, Inc.	Healthcare compounders	$6,464	On December 28, 2005, the Company completed its acquisition of WellChoice, Inc. (“WellChoice”). The acquisition was accounted for using the purchase method of accounting, and wa...	10-K^†
Dec 24, 2012	Amerigroup	Healthcare compounders	$4,776	On December 24, 2012, we completed our acquisition of Amerigroup, one of the nation’s leading managed care companies focused on meeting the health care needs of financially vuln...	10-K^†
Dec 1, 2009	Sale of PBM Business	Healthcare compounders	$4,675	On December 1, 2009, we sold our pharmacy benefits management, or PBM, business to Express Scripts, Inc., or Express Scripts, and received $4,675.0 in cash. The pre-tax gain on...	10-K^†
Jul 31, 2002	Trigon Healthcare, Inc.	Healthcare compounders	$4,038	On July 31, 2002, Anthem completed its purchase of 100% of the outstanding stock of Trigon Healthcare, Inc. (“Trigon”), in accordance with an agreement and plan of merger announ...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 6, 2026	Annual M&A 10-K	warning (1 warn)	2	$0.1MM	N/A	SEC filing
FY2024	Feb 20, 2025	Annual M&A 10-K	warning (1 warn)	3	$4.8B	N/A	SEC filing
FY2023	Feb 21, 2024	Annual M&A 10-K	warning (1 warn)	1	$1.6B	N/A	SEC filing
FY2022	Feb 15, 2023	Annual M&A 10-K	accepted	1	$649MM	$752MM	SEC filing
FY2021	Feb 16, 2022	Annual M&A 10-K	accepted	2	$3.5B	$4.0B	SEC filing
FY2020	Feb 18, 2021	Annual M&A 10-K	warning (1 warn)	1	$2.0B	N/A	SEC filing
FY2019	Feb 19, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	Feb 20, 2019	Annual M&A 10-K	warning (1 warn)	2	$1.8B	N/A	SEC filing
FY2017	Feb 21, 2018	Annual M&A 10-K	warning (1 warn)	2	$2.1B	N/A	SEC filing
FY2016	Feb 22, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Feb 19, 2016	Annual M&A 10-K	warning (1 warn)	1	$639MM	N/A	SEC filing
FY2014	Feb 24, 2015	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2013	Feb 20, 2014	Annual M&A 10-K	accepted	1	N/A	$4.8B	SEC filing
FY2012	Feb 22, 2013	Annual M&A 10-K	accepted	2	$4.6B	$4.8B	SEC filing
FY2011	Feb 22, 2012	Annual M&A 10-K	warning (1 warn)	1	$600MM	N/A	SEC filing
FY2010	Feb 17, 2011	Annual M&A 10-K	warning (1 warn)	N/A	$0.3MM	N/A	SEC filing
FY2009	Feb 18, 2010	Annual M&A 10-K	warning (1 warn)	1	$66.3MM	N/A	SEC filing
FY2008	Feb 19, 2009	Annual M&A 10-K	accepted	1	$198MM	$300MM	SEC filing
FY2007	Feb 21, 2008	Annual M&A 10-K	accepted	1	$300MM	$300MM	SEC filing
FY2006	Feb 26, 2007	Annual M&A 10-K	accepted	1	$25.4MM	$6.5B	SEC filing
FY2005	Feb 23, 2006	Annual M&A 10-K	accepted	2	$2.6B	$6.5B	SEC filing
FY2004	Mar 14, 2005	Annual M&A 10-K	warning (1 warn)	1	$2.2B	N/A	SEC filing
FY2003	Feb 27, 2004	Annual M&A 10-K	warning (1 warn)	N/A	$3.5MM	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 16, 2022	10-K	myNEXUS, Inc.; MMM Holdings, LLC	Annual M&ANamed deals	SEC filing
Feb 22, 2017	10-K	Cigna Corporation	Annual M&ANamed deals	SEC filing
Feb 22, 2013	10-K	Amerigroup	Annual M&ANamed deals	SEC filing
Feb 22, 2012	10-K	Sale of PBM Business	Annual M&ANamed deals	SEC filing
Feb 18, 2010	10-K	WellChoice, Inc.	Annual M&ANamed deals	SEC filing
Feb 26, 2007	10-K	WellChoice, Inc.	Annual M&ANamed deals	SEC filing
Feb 27, 2004	10-K	WellPoint Health Networks Inc.; Trigon Healthcare, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Feb 6, 2026	10-K	N/A	10-K	FinancialsAnnual M&ARecent SEC	SEC filing
Apr 22, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Apr 22, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Mar 27, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Mar 27, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Mar 10, 2026	8-K	7.01	8-K	Recent SEC	SEC filing
Mar 2, 2026	8-K	8.01	8-K	Recent SEC	SEC filing
Feb 26, 2026	8-K	5.02,7.01	8-K	Recent SEC	SEC filing
Feb 1, 2026	10-K	N/A	Annual report from SEC company index	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of Cigna Corporation

10-K - Feb 22, 2017

Medium

On July 24, 2015, we and Cigna Corporation, or Cigna, announced that we entered into an Agreement and Plan of Merger, or Merger Agreement, dated as of July 23, 2015, by and among Anthem, Cigna and Anthem Merger Sub Corp…

SEC source

Merger with WellPoint Health Networks Inc.

10-K - Feb 27, 2004

Medium

On October 27, 2003, Anthem and WellPoint Health Networks Inc. (“WellPoint”) announced that they entered into a definitive agreement and plan of merger (“Merger Agreement”) pursuant to which WellPoint will merge into a…

SEC source

WellChoice, Inc.

10-K - Feb 18, 2010

Medium

On December 28, 2005 (December 31, 2005 for accounting purposes) we completed our acquisition of WellChoice, Inc., or WellChoice. Under the terms of the merger agreement, the stockholders of WellChoice received consider…

SEC source

WellChoice acquisition

10-K - Feb 26, 2007

Medium

SEC source

WellChoice, Inc. Acquisition

10-K - Feb 26, 2007

Medium

On December 28, 2005, the Company completed its acquisition of WellChoice, Inc. (“WellChoice”). The acquisition was accounted for using the purchase method of accounting, and was deemed effective December 31, 2005 for a…

SEC source

Acquisition of Amerigroup

10-K - Feb 22, 2013

Medium

On December 24, 2012, we completed our acquisition of Amerigroup, one of the nation’s leading managed care companies focused on meeting the health care needs of financially vulnerable Americans. Th...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive