ELV Elevance Health margins

Relative Growth: Rel. Growth: 50

Relative Strength: Rel. Strength: 77

Relative Valuation: Rel. Valuation: 72

Relative Profitability: Rel. Profitability: 44

Gross margin

15.5%

Operating margin

3.8%

EBITDA margin

4.6%

Net margin

2.5%

For this period, Elevance Health reports a gross margin of 15.5%, an operating margin of 3.8%, an EBITDA margin of 4.6%, and a net margin of 2.5%. Gross margin recorded the largest improvement, rising by 0.4 percentage points. Operating margin recorded the largest decline, falling by 0.6 percentage points.

ELV margin history

Gross, operating, EBITDA and net margin trends

Elevance Health's margins averaged 16.21% gross, 4.63% operating, 5.45% EBITDA, and 3.11% net during the last 3 years. Currently, all four current margins are below their three-year averages.

ELV margin expansion

Year-over-year margin changes in percentage points

The strongest improvement was in gross margin, which increased by 0.4 percentage points, whereas operating margin contracted by 0.6 percentage points, EBITDA margin by 0.5 percentage points, and net margin by 0.3 percentage points.

Gross margin expansion

0.4pp

Operating margin expansion

-0.6pp

EBITDA margin expansion

-0.5pp

Net margin expansion

-0.3pp

ELV Gross margin

Over the last 3 years, Elevance Health recorded an average gross margin of 16.21%. Against its three-year average, Elevance Health's gross margin is currently 15.5%, 0.7 percentage points below its three-year average. The highest gross margin for Elevance Health was 17.9% in Jun 2024, while the lowest was 14.9% in Dec 2025.

ELV Operating margin

Across the last 3 years, Elevance Health had an average operating margin of 4.63%. The latest operating margin for Elevance Health is 3.8%, 0.8 percentage points below its three-year average. Looking back over the last 3 years, Elevance Health's operating margin reached 5.6% at its highest point in Jun 2024 and 3.6% at its lowest in Jun 2026.

ELV EBITDA margin

Over the last 3 years, Elevance Health's EBITDA margin averaged 5.45%. Currently, Elevance Health's current EBITDA margin is 4.6%, which is 0.9 percentage points below its three-year average. During this period, EBITDA margin reached a high of 6.5% in Jun 2024 and a low of 4.4% in Jun 2026.

ELV Net margin

Elevance Health recorded an average net margin of 3.11% across the last 3 years. Elevance Health currently reports a net margin of 2.5%, 0.6 percentage points below its three-year average. Over the last 3 years, Elevance Health's net margin peaked at 3.9% in Jun 2024 and reached a low of 2.5% in Jun 2026.

ELV margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 15.5%, ELV stands above the industry average but below the Healthcare sector average. Looking at its Healthcare sector average of 68.3%, Elevance Health's gross margin is 77% lower.

ELV margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Elevance Health's gross margin?

For the period ending Sep 30, 2026, ELV recorded a gross margin of 15.5%.

What is Elevance Health's operating margin?

The current operating margin for ELV is 3.8% as of Sep 30, 2026.

What is Elevance Health's EBITDA margin?

As of Sep 30, 2026, ELV has an EBITDA margin of 4.6%.

What is Elevance Health's net margin?

As of Sep 30, 2026, ELV has a net margin of 2.5%.

What are the average margins of ELV?

Over the last 3 years, Elevance Health's margins averaged 16.2% gross, 4.6% operating, 5.5% EBITDA, and 3.1% net.

What are the highest historical margins of ELV?

In the last 5 years, the highest margins reported by ELV were 18.2% gross in Dec 2021, 6.4% operating in Dec 2021, 7.3% EBITDA in Dec 2021, and 4.4% net in Mar 2022.

What are the lowest historical margins of ELV?

Over the last 5 years, Elevance Health's lowest margins were 14.9% gross in Dec 2025, 3.6% operating in Jun 2026, 4.4% EBITDA in Jun 2026, and 2.5% net in Jun 2026.