Elevance Health management check
ELV · Health Care · Managed Health Care · CEO Gail Boudreaux
Filings as of
6 good · 0 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $117, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.59 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$22.6m of reported pay in fiscal 2025, against $5.7bn of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 171,976 shares, directly or through trusts (unvested awards not counted): about 2.8 years of pay. 2 insiders bought $1.4m on the open market in the last six months, with their own money, near the lows. Sales: $827k.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.7% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Good
Is leadership stable?
3 leadership filings in 3 yearsCEO in the pay table: Gail Boudreaux. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 24 | 26 | |
| Pay for performance | 80 | 85 | |
| CEO cost | 83 | 44 | |
| Skin in the game | 77 | 46 | |
| Dilution | 84 | 68 | |
| Stable leadership | 100 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Managed Health Care, by management score. Elevance Health is 7th of 60 in its sector.
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Gail Boudreaux | $22.6m | $18.8m | $7.2m | $117 | $148 | $5.7bn |
| 2024 | — | $20.5m | −$4.0m | $6.3m | $121 | $129 | $6.0bn |
| 2023 | — | $21.9m | $16.2m | $8.9m | $152 | $126 | $6.0bn |
| 2022 | — | $20.9m | $35.3m | $6.7m | $163 | $124 | $5.9bn |
| 2021 | — | $19.3m | $50.4m | $6.4m | $146 | $126 | $6.1bn |
The board says pay is tied most to Adjusted Shareholders' Net Income. Its other key measures: Operating Revenue, Adjusted Shareholders' Net Income Growth, Total Revenue Growth, Adjusted EPS.
Insiders and the CEO's stake
Gail Boudreaux (President and CEO) held 171,976 shares directly after their latest Form 4 on Jul 17, 2026, roughly $63.3m at that filing's price.
2 insiders bought $1.4m on the open market in the last six months, with their own money, near the lows. Sales: $827k.
- BoughtGail BoudreauxPresident and CEO$1.0mJul 17, 2026
- BoughtRamiro G PeruDirector$366kJul 17, 2026
- SoldRonald W PenczekCAO & Controller$766kJun 12, 2026
- SoldRobert L Jr DixonDirector$61kJun 11, 2026
Leadership and governance on file
- Feb 26, 2026Leadership change8-K 5.02
- Dec 10, 2025Leadership change8-K 5.02
- Jul 28, 2025Leadership change8-K 5.02
- Aug 8, 2023Leadership change8-K 5.02
- Feb 22, 2023Leadership change8-K 5.02
- Oct 25, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 13, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $19.2bn returned to owners in buybacks and dividends, 65% of net income, and $1.3bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $138.6bn | $156.6bn | $171.3bn | $177.0bn | $199.1bn |
| Net income | $6.2bn | $5.9bn | $6.0bn | $6.0bn | $5.7bn |
| Stock-based pay | $255.0m | $264.0m | $289.0m | $191.0m | $276.0m |
| Buybacks | $1.9bn | $2.3bn | $2.7bn | $2.9bn | $2.6bn |
| Dividends | $1.1bn | $1.2bn | $1.4bn | $1.5bn | $1.5bn |
| Diluted shares | 247m | 243m | 237m | 233m | 225m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.