Elevance Health Inc (ELV)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	8,741,000	8,626,000	8,732,000	7,022,000	6,731,000
Long-term debt	US$ in thousands	23,246,000	22,349,000	21,157,000	19,335,000	17,787,000
Total stockholders’ equity	US$ in thousands	39,306,000	36,243,000	36,095,000	33,199,000	31,728,000
Return on total capital		13.97%	14.72%	15.25%	13.37%	13.59%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $8,741,000K ÷ ($23,246,000K + $39,306,000K)
= 13.97%

Elevance Health Inc's return on total capital has shown a generally increasing trend over the past five years, ranging from 12.99% in 2019 to 13.57% in 2023. This indicates that the company has been efficient in generating profits relative to the total capital employed in its operations. However, there was a slight decrease in 2023 compared to the preceding years. Overall, Elevance Health Inc has maintained a healthy level of return on total capital, demonstrating effective utilization of its capital resources to generate earnings.