Elevance Health Inc.

ELVNYSEHealthcare● Active

$416.97

+$1.44(+0.35%)

Market Cap$90.6B

P/E Ratio—

52W High$420.99

52W Low$273.71

Avg Volume1.8M

Open$411.55

Beta0.68

Overview

Elevance Health Inc. (ELV) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ELV · free cash flow · updated Jun 8, 2026

Core FCF metrics

ELV · FCF · TTM · margin & CAGR

Free cash flow was $3.17B for FY2025 (fiscal year ending 2025-12-31), down 30.3% year-over-year The FCF margin was 1.6%. Five-year CAGR stands at -20.0%.

FY2025 Free Cash Flow$3.17B▼ -30.3% YoY

Trailing 12M (TTM)$6.45Btrailing 4 quarters sum

FCF Margin1.6%$3.17B ÷ revenue

3-Year CAGR-24.1%FY2022 → FY2025

5-Year CAGR-20.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ELV · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$4.29B(1.12B)$3.17B▼ 30.3%1.6%

FY2024$5.81B(1.26B)$4.55B▼ 32.7%2.6%

FY2023$8.06B(1.30B)$6.76B▼ 6.7%4.0%

FY2022$8.40B(1.15B)$7.25B▼ 0.4%4.6%

FY2021$8.36B(1.09B)$7.28B▼ 24.7%5.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ELV · P/FCF · FCF yield · FCF per share

Elevance Health Inc. (ELV) trades at a FCF yield of 7.16% and a price-to-free-cash-flow ratio of 14.3x. FCF per share stands at $29.08, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.16%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$29.08

TTM FCF ÷ Shares Outstanding

Price / FCF

x14.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x17.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ELV · cash flow statement · operating / investing / financing

For FY2025, Elevance Health Inc. generated $4.29B in operating cash flow and spent 1.12B in capital expenditures, yielding $3.17B in free cash flow.

Operating Activities

+$4.29B

Cash from core business operations

2025-12-31

Investing Activities

−$1.34B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.74B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($4.29B) − |CapEx| (1.12B) = FCF ($3.17B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

ELV vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Elevance Health Inc.YOU

ELV

$3.17B-30.3%1.6%

16%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Elevance Health Inc. (ELV) reported free cash flow of $3.17B for FY2025 (fiscal year ending 2025-12-31), down 30.3% year-over-year. The FCF margin was 1.6%.

Based on available data, Elevance Health Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $9.67B in FY2020. The 5-year CAGR stands at -20.0%.

Elevance Health Inc.'s FCF yield is 7.16% and price-to-FCF ratio is 14.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ELV free cash flow · 8 questions

Elevance Health Inc. free cash flow was $3.17B for FY2025, down 30.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $6.45B.

ELV free cash flowELV FCFELV FCF 2025ELV free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Elevance Health Inc. · Elevance Health Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026