Elevance dividend
MyStockButler's October 2026 analysis: Elevance pays $6.88 annually, up from $4.52 in 2021 to $6.84 in 2025. In 2025, operating cash was $4,290 million against $5,662 million of net income, and earnings covered $1,535 million of dividends declared; the board retains discretion over payments.
How much does Elevance pay per share?
The dividend remains a modest support. The current quarterly rate is $1.72, or $6.88 annually. Dividend per share rose from $4.52 in 2021 to $6.84 in 2025, although growth slowed.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 25.21 | 25.68 | 25.22 | 24.28 | 24.95 |
| − Dividends, per share | 6.83 | 6.52 | 5.91 | 5.08 | 4.50 |
| − Share buybacks, per share | 11.60 | 12.45 | 11.27 | 9.54 | 7.70 |
| = Kept, per share | 6.78 | 6.71 | 8.03 | 9.65 | 12.75 |
| Book value per share | 198.81 | 181.62 | 168.64 | 152.31 | 149.29 |
What this means. Share buybacks use company cash to reduce the number of shares, so they are subtracted from the profit counted as kept in the business.
Is Elevance's dividend covered by its cash?
Cash tells a harsher story than net income. Elevance produced $4,290 million of operating cash in 2025 against $5,662 million of net income. Receivables absorbed $2,526 million, and property and equipment purchases used $1,116 million.
The bear case freezes the annual dividend at $6.88. The base reaches $7.20 by October 2029 through gradual increases. The bull reaches $7.92 through increases near the recent pace. Earnings covered $1,535 million of dividends declared in 2025, but the board retains discretion over payments.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 5,662 | 5,980 | 5,987 | 5,894 | 6,158 |
| = Earnings for common shareholders | 5,662 | 5,980 | 5,987 | 5,894 | 6,158 |
| − Dividends declared on common shares | 1,535 | 1,518 | 1,404 | 1,234 | 1,111 |
| − Share buybacks | 2,605 | 2,900 | 2,676 | 2,316 | 1,900 |
| = Kept to grow and build capital | 1,522 | 1,562 | 1,907 | 2,344 | 3,147 |
| Paid out, % of earnings for common | 73.1% | 73.9% | 68.1% | 60.2% | 48.9% |
What this means. The negative acquisition number in 2025 means the company received more cash from businesses it bought than it paid for them.
What could change Elevance's dividend?
The view would move toward the bear case during 2027–2029 if Medicaid acuity and medical-cost growth outrun rate updates, lifting the benefit expense ratio and weakening Health Benefits margins. Risk-adjustment exposure and lower Star Rating coverage during 2027–2028 would add pressure. Weak operating cash conversion in 2028–2029 would further restrain buybacks.
What is Elevance's dividend yield today?
The stock carries an 18.5x trailing P/E and a 1.6% dividend yield. Its buyback yield is 2.8%. Premiums grew 14.2% in 2025, but operating return on equity fell to 13.3% from 17.8% in 2021. EPS was $25.21, while earnings kept per share fell to $6.78 from $12.75 in 2021.
| Today (Oct 22, 2026) | |
|---|---|
| Share price | 434.13 |
| Market value (calculated) | 94,149.46 |
| P/E, last 12 months (calculated) | 18.5x |
| Dividend yield (calculated) | 1.6% |
What this means. The price-to-earnings number for the next 12 months uses analysts’ expected profit, so it is a forecast rather than money the company has already earned.