Elevance Health (WBO:ELV) Beneish M-Score: -3.48 (As of Jun. 26, 2026)


WBO:ELV Elevance Health Inc WBO:ELV
84 GF Score
Price €339.60
GF Value €445.89
Valuation Modestly Undervalued
! 6 Warning Signs
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What is Elevance Health Beneish M-Score?

Elevance Health WBO:ELV -0.61% 84 Beneish M-Score is -3.48 as of Jun. 26, 2026. GuruFocus rates WBO:ELV with a GF Score™ of 84/100 and a GF Value™ of €445.89 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 18 Healthcare Plans companies, Elevance Health ranks better than 77.78% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Elevance Health's Beneish M-Score or its related term are showing as below:

WBO:ELV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Med: -2.98   Max: -2.2
Current: -3.48

During the past 13 years, the highest Beneish M-Score of Elevance Health was -2.20. The lowest was -3.48. And the median was -2.98.

WBO:ELV
84GF Score
Elevance Health Inc WBO:ELV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Elevance Health Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Elevance Health for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9474+0.528 * 1+0.404 * 1.0016+0.892 * 1.0142+0.115 * 0.968
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.215333-0.327 * 1.0414
=-3.54

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €19,713 Mil.
Revenue was 43406.565 + 42483.938 + 43205.772 + 43155.792 = €172,252 Mil.
Gross Profit was 43406.565 + 42483.938 + 43205.772 + 43155.792 = €172,252 Mil.
Total Current Assets was €0 Mil.
Total Assets was €108,840 Mil.
Property, Plant and Equipment(Net PPE) was €4,028 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,312 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €26,614 Mil.
Net Income was 1525.86 + 467.138 + 1013.028 + 1511.181 = €4,517 Mil.
Non Operating Income was 5384.625 + 5516.84 + 5247.468 + 5238.414 = €21,387 Mil.
Cash Flow from Operations was 3747.18 + 71.736 + 967.02 + 1780.818 = €6,567 Mil.
 Total Receivables was €20,517 Mil.
Revenue was 45224.175 + 43397.11 + 40675.645 + 40547.134 = €169,844 Mil.
Gross Profit was 45224.175 + 43397.11 + 40675.645 + 40547.134 = €169,844 Mil.
Total Current Assets was €0 Mil.
Total Assets was €110,738 Mil.
Property, Plant and Equipment(Net PPE) was €4,271 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,333 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €26,002 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(19713.35 / 172252.067) / (20517.425 / 169844.064)
=0.114445 / 0.120802
=0.9474

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(169844.064 / 169844.064) / (172252.067 / 172252.067)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 4028.305) / 108840.355) / (1 - (0 + 4270.725) / 110738.225)
=0.962989 / 0.961434
=1.0016

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=172252.067 / 169844.064
=1.0142

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1332.759 / (1332.759 + 4270.725)) / (1312.118 / (1312.118 + 4028.305))
=0.237845 / 0.245696
=0.968

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 172252.067) / (0 / 169844.064)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((26614.32 + 0) / 108840.355) / ((26001.75 + 0) / 110738.225)
=0.244526 / 0.234804
=1.0414

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(4517.207 - 21387.347 - 6566.754) / 108840.355
=-0.215333

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Elevance Health has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.48 mean?
Elevance Health (WBO:ELV) has a Beneish M-Score of -3.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elevance Health and its competitors. According to the industry distribution chart, Elevance Health ranks #4 out of 18 companies in the Healthcare Plans industry, placing it in the top 22.2%.
Is Elevance Health's Beneish M-Score too high?
Elevance Health's current Beneish M-Score is -3.48. Based on the distribution chart, Elevance Health ranks #4 out of 18 companies in the Healthcare Plans industry, which is in the top quartile — a strong position relative to peers. Overall, Elevance Health has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Elevance Health's Beneish M-Score compare to CI and CVS?
According to the Healthcare Plans industry distribution chart, Elevance Health ranks #4 out of 18 companies for Beneish M-Score. This places Elevance Health in the top 22% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Healthcare Plans company?
A good Beneish M-Score depends on the Healthcare Plans industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elevance Health and its competitors. Elevance Health's current Beneish M-Score is -3.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Elevance Health stock overvalued right now?
Based on GuruFocus' analysis, Elevance Health (WBO:ELV) is currently considered Modestly Undervalued. The stock's GF Value™ is €445.89, compared to a current price of €339.60 — trading 23.8% below its estimated fair value. The current Beneish M-Score is -3.48. Elevance Health's overall GF Score™ is 84/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Elevance Health (WBO:ELV), the current Beneish M-Score is -3.48 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Elevance Health (WBO:ELV) Overvalued in 2026?

Based on GuruFocus' analysis, Elevance Health stock appears to be undervalued. The current stock price of €339.60 is trading 23.8% below its estimated GF Value™ of €445.89. GuruFocus considers Elevance Health to be Modestly Undervalued.

Key valuation signals for WBO:ELV:

  • Beneish M-Score: -3.48
  • GF Value™: €445.89 vs. price of €339.60 (23.8% below fair value)
  • GF Score™: 84/100 with 6 warning signs

No single metric tells the full story. See the WBO:ELV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Elevance Health Business Description

Address 220 Virginia Avenue, Indianapolis, IN, USA, 46204
Elevance Health remains one of the leading health insurers in the US, providing medical benefits to 45 million medical members at the end of 2025. The company offers employer, individual, and government-sponsored coverage plans. Elevance differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Elevance's reach expands beyond those states in government-sponsored programs, such as Medicaid and Medicare Advantage plans, too. It is also an emerging player in pharmacy benefit management and other healthcare services.
84GF Score

Get the complete analysis for WBO:ELV

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€339.60
Price
€445.89
GF Value