What is Elevance Health, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Elevance Health, Inc.'s reported free cash flow gives $264.05 per share. The share price was $396.09 on September 25, 2026, 50% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 5.5% | 10.0% | $128.86 | -67% |
| Base | 10.5% | 9.0% | $264.05 | -33% |
| Bull | 15.5% | 8.0% | $533.52 | +35% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $366.32 | $397.87 | $436.42 | $484.62 | $546.58 |
| 8.0% | $289.75 | $310.21 | $334.39 | $363.40 | $398.86 |
| 9.0% | $233.92 | $247.91 | $264.05 | $282.88 | $305.13 |
| 10.0% | $191.48 | $201.43 | $212.70 | $225.59 | $240.45 |
| 11.0% | $158.19 | $165.48 | $173.63 | $182.80 | $193.19 |
Where the presets come from
Base: years 1 to 5 grow at Elevance Health, Inc.'s revenue growth rate over the last 5 fiscal years (10.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions