ELEVANCE HEALTH, INC. vs UnitedHealth Group Incorporated, two Managed Care stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The balance sheets nearly match, 0.72 and 0.75 turns of debt, so the pair isolates something cleaner: what the market pays for the same industry at two reputations. UnitedHealth, mid-recovery from its worst year, commands 32.2 times earnings; Elevance, dinged but never broken, trades at 16.8. The operating economics barely justify the order: UnitedHealth's 8.1% operating margin doubles Elevance's 4.2%, but net margins are a dead heat at 2.6-2.7%, and returns on equity tie near 11.6-11.9%. Elevance yields more cash, 7.4% against 5.1%, floats duly asterisked, with similar dividends. Half the multiple for the same bottom-line economics is the discount for not being the one everyone watches; it is rarely this wide between the sector's top two.
Comparison updated 2026-07-10.
| Metric | ELV | UNH |
|---|---|---|
| Price | $395.20 | $427.44 |
| Market cap | $87.1B | $389.0B |
| Sector | Managed Care | Managed Care |
| Stage | Mature | Mature |
| P/E | 16.8 | 32.2 |
| P/B | 1.98 | 3.74 |
| P/S | 0.43 | 0.86 |
| EV/EBITDA | 17.9 | 18.9 |
| Revenue growth | +9.5% | +9.8% |
| Operating margin | 4.2% | 8.1% |
| Net margin | 2.6% | 2.7% |
| Return on equity | 11.9% | 11.6% |
| Return on assets | 4.2% | 3.9% |
| Return on invested capital | 6.2% | 8.4% |
| FCF yield | 7.4% | 5.1% |
| Dividend yield | 1.5% | 2.0% |
| Debt / equity | 0.72 | 0.75 |
| Current ratio | 1.48 | 0.80 |
| Altman Z (solvency) | 2.89 | 3.02 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.