Elevance Health Inc (ELV) is undervalued and Humana Inc (HUM) is fairly valued.
Against our estimates of intrinsic value, ELV trades at the wider discount: a margin of safety of +33%, against -4% for HUM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $602.54; the price of $402.43 is 33% below that value, and 80% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
Discounting its cash flows at 8.3% (average of 3 methods) values the shares at $358.19; the price of $372.00 is 4% above that value, and 79% of that value comes from beyond year five.
Leak Score 36/100 on 10 of 12 signals
| Metric | ELV | HUM |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $402.43 | $372.00 |
| Intrinsic value | $602.54 | $358.19 |
| Margin of safety | +33% | -4% |
| Leak Score | 61/100 (10/12) | 36/100 (10/12) |
| Market cap | $87.3B | $44.7B |
| Revenue growth, 5 years | 10.3% | 10.9% |
| Operating margin | 3.6% | 1.9% |
| Net margin | 2.5% | 0.9% |
| Return on equity | 11.2% | 6.8% |
| Debt to equity | 0.69 | 0.74 |
| P/E | 17.9x | 35.2x |
| Forward P/E | 13.6x | 22.1x |
| P/B | 1.9x | 2.3x |
| Dividend yield | 1.7% | 1.0% |