Elevance Health
ELV · Managed Health Care
$439.95
1.2%Humana
HUM · Managed Health Care
$422.07
0.3%The short version
- Elevance Health is the larger business, with $199.1B of revenue in fiscal 2025 against $129.7B for Humana, about 1.5 times as much.
- Elevance Health grew revenue faster (12.5%, against 10.1%).
- Elevance Health kept more of each dollar of sales as operating profit (3.6% operating margin, against 2.1% operating margin).
- Elevance Health turned more of its sales into free cash flow (1.6% FCF margin, against 0.3% FCF margin).
- Humana earned a higher return on the capital invested in it (25.7%, against 15.2%).
- Investors pay more for each dollar of Humana’s earnings: a P/E of 45.0x against 18.7x for Elevance Health.
| Latest fiscal year | ELV · FY25 | HUM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.7B | $50.9B |
| Revenue | $199.1B | $129.7B |
| Free cash flow | $3.2B | $375M |
| Net income | $5.7B | $1.2B |
| Growth | ||
| Revenue growth | 12.5% | 10.1% |
| 5-year growth | 10.3% | 10.9% |
| Share count change | −3.6% | −0.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 3.6% | 2.1% |
| Net margin | 2.8% | 0.9% |
| FCF margin | 1.6% | 0.3% |
| Return on capital | 15.2% | 25.7% |
| Return on equity | 13.3% | 7.0% |
| Balance sheet | ||
| Net debt | −$3.3B | −$7.5B |
| Net debt / EBITDA | −0.4x | −2.2x |
| Dividends and buybacks | $4.1B | $581M |
| Valuation & quality | ||
| P/E | 18.7x | 45.0x |
| Piotroski F-score | 6 | 5 |
FY16
ELV $84.9B
HUM $54.4B
FY17
ELV $90.0B
HUM $53.8B
FY18
ELV $92.1B
HUM $56.9B
FY19
ELV $104.2B
HUM $64.9B
FY20
ELV $121.9B
HUM $77.2B
FY21
ELV $138.6B
HUM $83.1B
FY22
ELV $156.6B
HUM $92.9B
FY23
ELV $171.3B
HUM $106.4B
FY24
ELV $177.0B
HUM $117.8B
FY25
ELV $199.1B
HUM $129.7B
ELV
HUM
FY16
ELV 5.7%
HUM 3.2%
FY17
ELV 4.6%
HUM 7.9%
FY18
ELV 5.9%
HUM 5.5%
FY19
ELV 5.8%
HUM 4.9%
FY20
ELV 5.2%
HUM 6.5%
FY21
ELV 5.5%
HUM 3.8%
FY22
ELV 5.3%
HUM 4.1%
FY23
ELV 5.0%
HUM 3.8%
FY24
ELV 4.4%
HUM 2.2%
FY25
ELV 3.6%
HUM 2.1%
ELV
HUM
FY16
ELV $2.7B
HUM $1.4B
FY17
ELV $3.4B
HUM $3.5B
FY18
ELV $2.6B
HUM $1.6B
FY19
ELV $5.0B
HUM $4.5B
FY20
ELV $9.7B
HUM $4.7B
FY21
ELV $7.3B
HUM $920M
FY22
ELV $7.2B
HUM $3.5B
FY23
ELV $6.8B
HUM $3.0B
FY24
ELV $4.6B
HUM $2.4B
FY25
ELV $3.2B
HUM $375M
ELV
HUM
FY16
ELV 13.2%
HUM 22.0%
FY17
ELV 18.0%
HUM —
FY18
ELV 15.3%
HUM —
FY19
ELV 17.7%
HUM —
FY20
ELV 18.2%
HUM —
FY21
ELV 22.3%
HUM 42.8%
FY22
ELV 23.3%
HUM 38.5%
FY23
ELV 23.8%
HUM 56.3%
FY24
ELV 17.6%
HUM 30.9%
FY25
ELV 15.2%
HUM 25.7%
ELV
HUM
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.