Fundamental Analysis
ELV
Elevance Health
Neutral
Summary
Revenue has been the stronger line of the business, averaging about +8.4% annually with the latest annual revenue up +12.5%, while net income has trended weaker, averaging -2.0% and the latest annual net income down -5.2%. The most recent quarter posted a $1,454,000,000 net income while revenue direction in that quarter was improving but net income declined versus the prior quarter, which confirms the mixed annual picture. The balance sheet reads as solid with assets about 1.55x liabilities and a Piotroski score of 6, but profit weakness across multiple years is the main reason the combined view is Bearish. Limited divergence between top-line strength and recurring profit compression is the dominant analytical theme here.
Revenue — Annual Comparison
Net Income — Annual Comparison
Quarterly Detail Charts
Quarterly Revenue
Quarterly Net Income
Piotroski F-Score Breakdown
6/8 · Neutral
Profitability — Net income positive this fiscal year
Pass
Return on Assets — Return on Assets improved year-over-year
Fail
Cash flow positive — Cash from operations positive this fiscal year
Pass
Earnings quality — Cash from operations exceeds net income
Pass
Leverage down — Long-term debt / total assets improved
Fail
Liquidity up — Current ratio improved year-over-year
Pass
No share dilution — Share count did not increase year-over-year
Pass
Margin up — Gross margin expanded year-over-year
N/A
Asset efficiency — Asset turnover improved year-over-year
Pass
Data Source
Fundamental filing data sourced from the SEC’s EDGAR database. Company filings are used for the charts and summary figures on this page.
Recent Filings
Formula & Methodology
Trend inputAnnual revenue and net income year-over-year direction contributes 20% of the score.
Piotroski inputModified 9-test Piotroski F-Score (Quality) contributes 40% of the score.
Altman inputAltman Z-Score (Distress) contributes 40% of the score.
Rating ruleFormula: Trend (20%) + Piotroski F-Score (40%) + Altman Z-Score (40%). Trend blends annual revenue and net income year-over-year direction. Piotroski is the modified 9-test variant (7 classic + 2 cash-flow tests). Altman uses the 1968 Z-Score with Safe/Grey/Distress zones. Combined blend uses ±0.45 thresholds: Bullish at +0.45 or higher, Bearish at -0.45 or lower, Neutral in between. Missing sub-signals count as Neutral (0) and weights are not re-normalized — a company with fewer available signals must earn its rating from stronger reads on the remaining pillars.