Elevance Health, Inc. (ELV) Stock Analysis

Elevance Health served approximately 45.2 million medical members through affiliated health plans as of December 31, 2025, ranking among the largest U.S. health insurers by medical membership. Approximately 32% of total consolidated revenues came from U.S. government agencies in 2025, up from 29% in 2023. The company's Blue Cross and Blue Shield licenses span 14 states including California, Ohio, Indiana, Virginia, and New York, and in 2025 Elevance Health expanded into select service areas in Florida, Maryland, and Texas through its Simply Healthcare and Wellpoint brands.

Elevance Health earns revenue through four reportable segments: Health Benefits (risk-based and fee-based plans across commercial, Medicare, and Medicaid markets), CarelonRx (pharmacy services), Carelon Services (integrated physical, behavioral, and social care), and Corporate & Other. Commercial premiums are generally fixed for 12-month periods; Medicare Advantage revenues are based on CMS bids submitted six months before the contract year, with explicit gain and loss margin requirements. CarelonRx delegates certain core pharmacy services — including home delivery, specialty pharmacies, and claims adjudication — to CaremarkPCS Health, L.L.C. (a CVS Health Corporation subsidiary) under an agreement extending through December 31, 2027. The Medicaid business spans 24 states and Washington D.C., covering managed care for low-income populations, dual-eligible members, and specialty programs such as LTSS, CHIP, and behavioral health. Fee-based administrative services — claims processing, provider network access, and medical management — serve employer groups that self-fund benefit plans.