TacticScaleWhat Elevance Health Does & How It Makes Money (ELV)
Updated October 2026 · reflects Elevance Health's latest reported financials
U.S. health insurer operating Anthem Blue Cross Blue Shield plans. It earns most of its revenue from premiums paid for risk-based health plans.
How Elevance Health makes money
It earns most of its revenue from premiums paid for risk-based health plans. It also earns fees for administering self-funded employer plans, pharmacy services through CarelonRx, and healthcare services sold through Carelon Services.
What Elevance Health does
Elevance Health, formerly Anthem, Inc., is a U.S. health benefits company based in Indianapolis. It reports four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. Its health plans cover individual, employer group, BlueCard, Medicare, Medicaid, and Federal Employee Program members. It sells under the Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands, and also offers specialty products such as stop loss, dental, vision, and supplemental health insurance. Beyond insurance, CarelonRx provides pharmacy services, including home delivery and specialty pharmacy, formulary management, rebate administration, and infusion therapies. Carelon Services offers healthcare capabilities such as utilization management, behavioral health, palliative care, virtual care, payment integrity, and clinical data exchange through its HealthOS platform. It also helps manage home health, post-acute care, and durable medical equipment costs.
Products & services
- Anthem Blue Cross and Blue Shield
- Wellpoint
- CarelonRx
- Carelon Services
- HealthOS platform
- Medicare and Medicaid plans
What is Elevance Health worth?
On an owner-earnings DCF, Elevance Health's most-likely value is about $944 versus a recent price near $413 (129% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$409) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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