Elevance Health

Debt metrics are reasonable for a regulated payer: debt‑to‑capital around 42% at Q3 2025; liquidity includes $8.7B cash and robust investment portfolios at operating subsidiaries.

TTM operating cash flow is temporarily reduced by the BCBSA Provider Settlement payment and working capital timing, with TTM FCF we compute near $3.77B through Q3 2025. Capital needs are modest; RBC levels exceed requirements. We view bankruptcy risk as remote, but we mark down for litigation outflows and cost trend uncertainty.