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Elevance Health

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Analysis

ELV 10-K Analysis: The $199B Growth Trap Behind Flat Earnings

Elevance Health grew revenue $22.1 billion to $199 billion in FY 2025 — and lost $663 million in operating income doing it. The filing reveals a three-layer earnings mask: a non-recurring 880bp tax rate collapse ($593M benefit), a $666M settlement tailwind absorbed by cost deterioration, and aggressive buybacks exceeding free cash flow. At 13.9x trailing earnings the stock looks cheap, but at 15.5x normalized earnings, investors are pricing in growth that the operating trajectory doesn't support. Meanwhile, a $3.9 billion shadow exposure to Mosaic Health — a PE-backed joint venture — dwarfs the $732M headline.

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15 min

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