Elevance Health, Inc.

This synthesis rests on the revenue and operating income series, the Q1 2026 10-Q liquidity discussion and the risk-factor text. No Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index is on file for Elevance, so no forensic score is reported here, and the absence of a score does not indicate a clean result. What the filings do show is a business whose top line is growing faster than its operating profit. Revenue moved from $171.34 billion in 2023 to $199.12 billion in 2025, while operating income moved from $8.5 billion to $7.2 billion over the same period. The balance sheet reads as more stable. Debt-to-capital was 42.0% at March 31, 2026, versus 42.1% at December 31, 2025. The 5-Year Facility covenant caps the ratio at 60%, and senior debt ratings range from A- (S&P) and BBB+ (Fitch) to Baa2 (Moody's) and bbb+ (AM Best). Management reported $38,187 million of cash, cash equivalents and investments at March 31, 2026, including $2,164 million held at the parent company. Two items need a closer read. Commercial paper outstanding rose to $724 million from zero, and the $150 million of FHLB short-term borrowings at year-end was repaid to zero. The risk factors tie earnings to Medicare and Medicaid Star Ratings, the CaremarkPCS pharmacy services agreement and the Blue Cross Blue Shield Association licenses. With 45.2 million medical members as of December 31, 2025, those exposures are large. Readers may want to look at Note 9 (Debt), Note 10 (Commitments and Contingencies) and the Star Ratings discussion in the full 10-K.

Catalyst.Revenue rose to $199.12 billion in 2025 from $177.01 billion in 2024, a 12.5% increase. The company reports four segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. In the Q1 2026 10-Q, management attributes the rise in net cash from operating activities to $4,332 (versus $1,017 a year earlier) primarily to favorable working capital. Repurchases and retirements of common stock were $1,124 million, compared with $880 million in the prior-year quarter. The liquidity table is presented without a unit label in the excerpt, so the figures are cited as reported.

Hidden risk.Operating income fell from $7.86 billion in 2024 to $7.2 billion in 2025, and the operating margin compressed from about 4.4% to about 3.6%, even as revenue grew. The Q1 2026 cash improvement is described as mainly working-capital driven, and the same quarter shows a $1,152 million outflow from changes in bank overdrafts after none a year earlier, so one quarter of stronger cash may not reflect steady earnings. The risk factors also flag the CaremarkPCS pharmacy services agreement, Medicare Star Ratings and substantial outstanding indebtedness. No forensic scores are on file for this company, so this synthesis does not rely on any screening score.