Elevance Health Inc (ELV) is undervalued and Unitedhealth Group Inc (UNH) is slightly undervalued.
Against our estimates of intrinsic value, ELV trades at the wider discount: a margin of safety of +33%, against +15% for UNH.
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 8.4% (average of 3 methods) values the shares at $440.71; the price of $372.95 is 15% below that value, and 78% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
| Metric | ELV | UNH |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $402.43 | $372.95 |
| Intrinsic value | $602.54 | $440.71 |
| Margin of safety | +33% | +15% |
| Leak Score | 61/100 (10/12) | 54/100 (10/12) |
| Market cap | $87.3B | $334.8B |
| Revenue growth, 5 years | 10.3% | 11.7% |
| Operating margin | 3.6% | 4.8% |
| Net margin | 2.5% | 3.1% |
| Return on equity | 11.2% | 14.6% |
| Debt to equity | 0.69 | 0.74 |
| P/E | 17.9x | 24.0x |
| Forward P/E | 13.6x | 16.6x |
| P/B | 1.9x | 3.4x |
| Dividend yield | 1.7% | 2.4% |