Input for p/L

2017 2018
Total operating revenue $ 89,061 $ 91,341
Net investment income $ 867 $ 970
Net gains on financial instruments $ 145 $ (180)
Total revenues $ 90,040 $ 92,105
Benefit expense $ 72,236 $ 71,895
Cost of products sold $ - $ -
Selling, general and administrative
expense $ 12,650 $ 13,364
Other expense1 $ 1,190 $ 1,122
Total expenses $ 86,076 $ 87,037
Income before income tax expense $ 3,964 $ 5,068
Income tax expense $ 121 $ 1,318

Net income $ 3,843 $ 3,750

Net loss attributable to noncontrolling
interests
Shareholders' net income $ 3,843 $ 3,750

Average diluted shares outstanding $ 268 $ 264

Diluted shareholders' net income per

share $ 14.35 $ 14.19
Effective tax rate 3.10% 26.00%
Benefit expense ratio2 86.40% 84.20%
Selling, general and administrative
expense ratio4 14.20% 15.30%
Income before income tax expense as a
percentage of total revenues 4.40% 5.50%
Net income as a percentage of total
revenues 4.30% 4.10%

Sources of Revenue and Segmentation

2017 2018
Operating Revenue
Commercial & Specialty Business $ 40,363 $ 35,782
Government Business $ 48,587 $ 55,348
IngenioRx $ - $ -
Other $ 127 $ 1,519
Eliminations $ (16) $ (1,308)
Total operating revenue $ 89,061 $ 91,341

Operating Gain (Loss)

Commercial & Specialty Business1 $ 2,847 $ 3,600
Government Business2 $ 1,442 $ 1,928
IngenioRx3 $ - $ -
Other4 $ (114) $ (102)

Operating Margin
Commercial & Specialty Business 7.10% 10.10%
Government Business 3.00% 3.50%
IngenioRx 0% 0%

P&L
Year 2017 2018
Revenues
Premiums $ 83,648.0 $ 85,421.0
Product revenue $ - $ -
Administrative fees and other revenue $ 5,413.0 $ 5,920.0
Total operating revenue $ 89,061.0 $ 91,341.0
Net investment income $ 867.0 $ 970.0
Net gains on financial instruments $ 34.0 $ (180.0)

Total revenues $ 90,040.0 $ 92,105.0

Expenses
Benefit expense $ 72,236.0 $ 71,895.0
Cost of products sold $ - $ -
Selling, general and administrative expense $ 12,650.0 $ 14,020.0
Interest expense $ 739.0 $ 753.0
Amortization of other intangible assets $ 169.0 $ 358.0
Loss on extinguishment of debt $ 282.0 $ 11.0
Total expenses $ 86,076.0 $ 87,037.0
Income before income tax expense $ 3,964.0 $ 5,068.0
Income tax expense $ 121.0 $ 1,318.0

Net income $ 3,843.0 $ 3,750.0

Net loss attributable to noncontrolling interests
Shareholders' net income $ 3,843.0 $ 3,750.0
Shareholders' net income per share

Basic $ 14.7 $ 14.5

Diluted $ 14.4 $ 14.2

Dividends per share $ 2.7 $ 3.0
Dividends Paid $ (705.0) $ (776.00)

Cashflow extracts
2017 2018
Net cash provided by operating activities 4,185 3,827
Net Cashflow from Investment Activities (5,082) (1,259)
Net cashflow from Financing activities 427 (2,241)

EBITDA
2017 2018
$ 4,872.0 $ 6,179.0
 2019 2020 2021
$ 103,141 $ 120,808 $ 136,943
$ 1,005 $ 877 $ 1,378
$ 114 $ 182 $ 318
$ 104,213 $ 121,867 $ 138,639
$ 81,786 $ 88,045 $ 102,645
$ 1,992 $ 8,953 $ 10,895

$ 13,364 $ 17,450 $ 15,914

$ 1,086 $ 1,181 $ 1,260
$ 98,228 $ 115,629 $ 130,714
$ 5,985 $ 6,238 $ 7,925
$ 1,178 $ 1,666 $ 1,830

$ 4,807 $ 4,572 $ 6,095

$ - $ 9
$ 4,807 $ 4,572 $ 6,104

$ 260 $ 254 $ 247

$ 18.47 $ 17.98 $ 24.73

19.70% 26.70% 23.10%
86.80% 84.60% 87.50%

13.00% 14.40% 11.60%

5.70% 5.10% 5.70%

4.60% 3.80% 4.40%

2019 2020 2021

$ 37,421 $ 36,699 $ 38,809 Additional rev from gov

$ 62,632 $ 71,572 $ 82,919 $ 86,235.76
$ 5,402 $ 21,911 $ 25,431
$ 2,293 $ 6,057 $ 10,250
$ (4,607) $ (15,431) $ (20,466)
$ 103,141 $ 120,808 $ 136,943

$ 4,032 $ 2,681 $ 2,753

$ 2,056 $ 2,444 $ 3,061
$ - $ 1,361 $ 1,684
$ (89) $ (126) $ (9)

10.80% 7.30% 7.10%

3.30% 3.40% 3.70%
0% 6.20% 6.60%

2019 2020 2021 E2022 E2023

$ 94,173.0 $ 104,109.0 $ 117,373.0 $ 125,523.25 $ 134,141.80

$ 2,760.0 $ 10,384.0 $ 12,657.0 $ 13,606.28 $ 14,384.29
$ 6,208.0 $ 6,315.0 $ 6,913.0 $ 6,733.60 $ 6,787.42
$ 103,141.0 $ 120,808.0 $ 136,943.0 $ 145,863.13 $ 155,313.51
$ 1,005.0 $ 877.0 $ 1,378.0 $ 964.60 $ 1,041.77
$ 67.0 $ 182.0 $ 318.0 $ (350.0) $ 189.0

$ 104,213.0 $ 121,867.0 $ 138,639.0 $ 146,477.73 $ 156,544.28

$ 81,786.0 $ 88,045.0 $ 102,645.0 $ 109,772.55 $ 117,309.65

$ 1,992.0 $ 8,953.0 $ 10,895.0 $ 11,712.13 $ 12,381.83
$ 13,364.0 $ 17,450.0 $ 15,914.0 $ 16,813.79 $ 17,969.30
$ 746.0 $ 784.0 $ 798.0 $ 783.76 $ 796.47
$ 338.0 $ 361.0 $ 441.0 $ 401.0 $ 421.0
$ 2.0 $ 36.0 $ 21.0 $ 28.5 $ 24.8
$ 98,228.0 $ 115,629.0 $ 130,714.0 $ 139,511.73 $ 148,903.00
$ 5,985.0 $ 6,238.0 $ 7,925.0 $ 6,966.00 $ 7,641.28
$ 1,178.0 $ 1,666.0 $ 1,830.0 $ 1,608.55 $ 1,764.48

$ 4,807.0 $ 4,572.0 $ 6,095.0 $ 5,357.45 $ 5,876.79

$ - $ - $ 9.0 $ - $ -
$ 4,807.0 $ 4,572.0 $ 6,104.0 $ 5,357.45 $ 5,876.79

$ 18.8 $ 18.2 $ 25.0 $ 25.0

$ 18.5 $ 18.0 $ 24.7 $ 24.7

$ 3.2 $ 3.8 $ 4.5
$ (818.0) $ (954.0) $ (1,104.0) $ (1,011.5) $ (1,109.6)

2019 2020 2021

6,061 10,688 8,364
(2,792) (7,324) (9,638)
(2,266) (2,567) 423

2019 2020 2021 E2022 E2023

$ 7,069.0 $ 7,383.0 $ 9,164.0 $ 8,150.8 $ 8,858.8
tional rev from gov
$ 89,685.19 $ 93,272.60 $ 97,003.50 $ 100,883.64
 Total revenues
E2024 E2025 E2026 $200,000.0
$180,000.0
$ 143,253.25 $ 152,883.41 $ 163,059.38 $160,000.0
$ 15,206.79 $ 16,076.33 $ 16,995.58 $140,000.0
$ 6,771.27 $ 6,776.12 $ 6,774.66 $120,000.0
$ 165,231.32 $ 175,735.85 $ 186,829.63 $100,000.0
$ 1,125.11 $ 1,215.12 $ 1,312.33 $80,000.0
$ 189.0 $ 86.5 $ 154.8
$60,000.0
$40,000.0
$ 166,545.43 $ 177,037.47 $ 188,296.79
$20,000.0
$-
$ 125,277.79 $ 133,699.55 $ 142,598.64 2017 2018 2019 2020 2021 E2022 E2023 E2
$ 13,089.83 $ 13,838.32 $ 14,629.60
$ 19,117.30 $ 20,321.66 $ 21,614.08 Shareholders' net income
$ 792.7 $ 791.0 $ 793.4 $7,000.0
$ 411.0 $ 416.0 $ 413.5
$ 26.6 $ 25.7 $ 26.2 $6,000.0
$ 158,715.30 $ 169,092.21 $ 180,075.38
$5,000.0
$ 7,830.13 $ 7,945.27 $ 8,221.40
$ 1,808.09 $ 1,834.68 $ 1,898.44 $4,000.0

$3,000.0
$ 6,022.04 $ 6,110.59 $ 6,322.96
$ - $ - $ - $2,000.0
$ 6,022.04 $ 6,110.59 $ 6,322.96
$1,000.0

$-
2017 2018 2019 2020 2021 E2022 E2023 E20
$ (1,137.0) $ (1,153.7) $ (1,193.8)

E2024 E2025 E2026

$ 9,033.9 $ 9,152.3 $ 9,428.3
revenues

2021 E2022 E2023 E2024 E2025 E2026

rs' net income

2021 E2022 E2023 E2024 E2025 E2026

 Balance Sheet
2018

Assets
Current assets:
Cash and cash equivalents $ 3,934.0
Fixed maturity securities (amortized cost of $25,641 and $22,222;
allowance for credit losses of $6 and $7) $ 16,692.0
Equity securities $ 1,676.0

Premium receivables $ 4,465.0

Self-funded receivables $ 2,278.0
Other receivables $ 2,558.0

Other current assets $ 2,104.0

Total current assets $ 34,321.0

Long-term investments:
Fixed maturity securities (amortized cost of $616 and $532; allowance
for credit losses of $0 and $0) $ 520.0
Other invested assets $ 3,726.0
Property and equipment, net $ 2,735.0
Goodwill $ 20,504.0
Other intangible assets $ 9,007.0
Other noncurrent assets $ 758.0
Total assets $ 71,571.0

Liabilities and shareholders' equity

Liabilities
Current liabilities:
Medical claims payable $ 7,454.0

Other policyholder liabilities $ 2,665.0

Unearned income $ 902.0
Accounts payable and accrued expenses $ 4,959.0

Short-term borrowings $ 1,145.0

Current portion of long-term debt $ 849.0
Other current liabilities $ 3,190.0

Total current liabilities $ 21,965.0

Long-term debt, less current portion $ 17,217.0
Reserves for future policy benefits $ 706.0
Deferred tax liabilities, net $ 1,960.0
Other noncurrent liabilities $ 1,182.0
Total liabilities $ 43,030.0
Commitments and contingencies-Note 14
Shareholders' equity
Preferred stock, without par value, shares authorized - 100,000,000;
shares issued and outstanding - none
Common stock, par value $0.01, shares authorized - 900,000,000; shares
issued and outstanding - 241,770,746 and 245,401,430 $ 3.0
Additional paid-in capital $ 9,536.0
Retained earnings $ 19,988.0
Accumulated other comprehensive (loss) income $ (986.0)
Total shareholders' equity $ 28,541.0
Noncontrolling interests $ -
Total equity $ 28,541.0
Total liabilities and equity $ 71,571.0

Assumtions for Balance Sheet

Allowance growth rate 12%
Net property growth 9.4%
Medical Claim payable per benefit paid 12%
Premium Receivables per premium revenue 5.1%
Cash growth 7%
Long Term debt to Total assets 23%
 2019 2020 2021 E2022 E2023

$ 4,937.0 $ 5,741.0 $ 4,880.0 $ 5,243.42 $ 5,633.91

$ 19,676.0 $ 23,433.0 $ 26,267.0 $ 24,099.46 $ 27,743.99

$ 1,195.0 $ 1,559.0 $ 1,881.0 $ 1,316.70 $ 1,435.2

$ 5,173.0 $ 5,279.0 $ 5,681.0 $ 6,446.48 $ 6,889.10

$ 2,411.0 $ 2,849.0 $ 4,010.0 $ 4,550.32 $ 4,862.75
$ 2,634.0 $ 2,830.0 $ 3,749.0 $ 4,254.15 $ 4,546.25

$ 2,319.0 $ 4,060.0 $ 4,654.0 $ 5,281.10 $ 5,643.70

$ 39,033.0 $ 45,751.0 $ 51,122.0 $ 51,191.63 $ 56,754.91

$ 535.0 $ 562.0 $ 632.0 $ 442.40 $ 482.2

$ 4,228.0 $ 4,285.0 $ 5,225.0 $ 4,911.50 $ 5,599.11
$ 3,133.0 $ 3,483.0 $ 3,919.0 $ 4,287.75 $ 4,691.20
$ 20,500.0 $ 21,691.0 $ 24,228.0 $ 23,827.0 $ 25,278.5
$ 8,674.0 $ 9,405.0 $ 10,615.0 $ 11,031.1 $ 11,565.0
$ 1,350.0 $ 1,438.0 $ 1,719.0 $ 1,950.62 $ 2,084.56
$ 77,453.0 $ 86,615.0 $ 97,460.0 $ 97,642.03 $ 106,455.51

$ 8,842.0 $ 11,359.0 $ 13,518.0 $ 13,124.41 $ 14,025.54

$ 3,135.0 $ 4,590.0 $ 5,521.0 $ 5,360.25 $ 5,728.29

$ 1,017.0 $ 1,259.0 $ 1,153.0 $ 1,218.19 $ 1,301.91
$ 4,198.0 $ 5,493.0 $ 4,970.0 $ 5,304.51 $ 5,661.58

$ 700.0 $ - $ 275.0 $ 530.0 $ 376.3

$ 1,598.0 $ 700.0 $ 1,599.0 $ 1,672.6 $ 1,823.5
$ 3,692.0 $ 6,052.0 $ 7,849.0 $ 3,124.4 $ 3,218.2

$ 23,617.0 $ 29,453.0 $ 34,885.0 $ 30,334.35 $ 32,135.27

$ 17,787.0 $ 19,335.0 $ 21,157.0 $ 22,130.31 $ 24,127.86
$ 674.0 $ 794.0 $ 802.0 $ 744.0 $ 753.5
$ 2,227.0 $ 2,019.0 $ 2,805.0 $ 2,252.75 $ 2,325.94
$ 1,420.0 $ 1,815.0 $ 1,683.0 $ 1,525.0 $ 1,610.8
$ 45,725.0 $ 53,416.0 $ 61,332.0 $ 56,986.40 $ 60,953.31

$ - $ -

$ 3.0 $ 3.0 $ 2.0 $ 2.0 $ 2.0

$ 9,448.0 $ 9,244.0 $ 9,148.0 $ 9,344.0 $ 9,296.0
$ 22,573.0 $ 23,802.0 $ 27,088.0 $ 31,433.90 $ 36,201.09
$ (296.0) $ 150.0 $ (178.0) $ (178.0) $ (68.7)
$ 31,728.0 $ 33,199.0 $ 36,060.0 $ 40,601.9 $ 45,430.4
$ - $ - $ 68.0 $ 68.0 $ 74.1
$ 31,728.0 $ 33,199.0 $ 36,128.0 $ 40,669.90 $ 45,504.55
$ 77,453.0 $ 86,615.0 $ 97,460.0 $ 97,656.30 $ 106,457.86
E2024 E2025 E2026

$ 6,053.48 $ 6,504.30 $ 6,988.69

$ 30,422.94 $ 32,517.17 $ 34,389.75

$ 1,564.4 $ 1,705.2 $ 1,858.6

$ 7,357.04 $ 7,851.61 $ 8,374.22

$ 5,193.05 $ 5,542.15 $ 5,911.04
$ 4,855.05 $ 5,181.43 $ 5,526.30

$ 6,027.05 $ 6,432.21 $ 6,860.34

$ 61,472.98 $ 65,734.03 $ 69,908.97

$ 525.6 $ 572.9 $ 624.5

$ 6,326.99 $ 6,959.69 $ 7,655.66
$ 5,132.62 $ 5,615.56 $ 6,143.95
$ 26,856.9 $ 28,556.1 $ 30,394.1
$ 12,157.9 $ 12,798.7 $ 13,499.8
$ 2,226.15 $ 2,375.80 $ 2,533.93
$ 114,699.12 $ 122,612.82 $ 130,760.89

$ 14,978.21 $ 15,985.12 $ 17,049.09

$ 6,117.38 $ 6,528.62 $ 6,963.16

$ 1,385.09 $ 1,472.34 $ 1,565.98
$ 6,034.66 $ 6,429.21 $ 6,846.82
Check $ (14.27) $ (2.35)
$ 295.3 $ 369.1 $ 392.7
$ 1,964.7 $ 2,100.3 $ 2,239.9
$ 3,314.7 $ 3,414.1 $ 3,516.6

$ 34,090.10 $ 36,298.88 $ 38,574.18

$ 25,996.25 $ 27,789.87 $ 29,636.61
$ 773.4 $ 768.2 $ 759.8
$ 2,350.67 $ 2,433.59 $ 2,340.74
$ 1,658.4 $ 1,619.3 $ 1,603.4
$ 64,868.84 $ 68,909.86 $ 72,914.66

$ 2.0 $ 2.0 $ 2.0

$ 9,258.0 $ 9,261.5 $ 9,289.9
$ 41,086.11 $ 46,042.95 $ 51,172.06
$ (141.6) $ (129.4) $ (113.2)
$ 50,204.6 $ 55,177.0 $ 60,350.7
$ 80.8 $ 88.1 $ 96.0
$ 50,285.34 $ 55,265.10 $ 60,446.72
$ 115,154.18 $ 124,174.96 $ 133,361.38
$ (455.06) $ (1,562.14) $ (2,600.49)
 Revenue Segmentation Analysis

Average share in
Segment revenue for 2021
Commercial & Specialty Business 25%
Government Business 53%
IngenioRx 16%
Other 7%

US Health Insurance market data

Operations (millions) 2017 2018
Direct written premium $ 668,521 $ 716,190
% change 7.13%
Net Earned premium $ 664,107 $ 708,473
% change 6.68%
Net Investment income earned $ 4,798 $ 5,146
% change 7.25%
Net Income/Loss $ 16,060 $ 23,142
% change 44.10%
Admin Expanses $ 78,499 $ 92,628
% change 18.00%
Ratio of admin expanses 11.80% 13.00%
Profit Margin 2.40% 3.20%
CashFlow from operatons $ 25,435 $ 17,046

ROE 11.90% 15.80%

Investment yield per Balance sheet (invested and admitted assets) 2.40% 2.40%

Market projections for US health insurance

Premium growth (per Deloitte) 2022 3%
Annualized Growth for Market 7.7%
Annualized Growth rate for Firm 8.84%
Premium on market 1.12%
Expected growth for firm (for premiums) 4.12%

Pharmacies and Drug Stores /retail pharmacy arm of Anthem Applicable to IngenioRX
Market size (mln) $ 351,600
Annualized Growth 2017-2022 2.8%
Projected Growth 2022 and beyond 4.60%
IngenioXR revenue stabilization 2023
IngenioXR Revenue growth forecast for 2022 7.50%
Assumed premium on market same as insurance 1.12%
Projected growth 2023 and beyond 5.72%
Product revenue as part of IngenioXR 49.8%

Other Cost assumptions as share of revenue

Benefit expense (per premium revenues) 87.5%
Cost of products sold (per product revenue) 86.1%
Selling, general and administrative expense (per total) 11.5%
effective income tax 23.1%
Dividend per Net income 18.9%
Investment income decrease as market entered bear market 30%
 Trend analysis for segmentation
Chart Title

2017 2018 2019 2020 2021 7%

16% 25%
45% 39% 35% 27% 25%
55% 60% 58% 53% 53%
0% 0% 5% 16% 16%
0% 2% 2% 4% 7%
53%

Corresponds to commercial and government businesses in Anthems revenue generation,

but not IngenioRX
2019 2020 2021
$ 761,738 $ 824,728 $ 900,098
6.36% 8.27% 9.14%
$ 734,993 $ 816,208 $ 890,056 Dicrepensy with market
3.74% 11.05% 9.05%
$ 6,083 $ 4,997 $ 5,266
18.21% -17.85% 5.38%
$ 22,168 $ 31,465 $ 18,575 Dicrepency with market
-4.21% 41.94% -40.97%
$ 87,596 $ 110,770 $ 102,710
-5.43% 26.46% -7.28%
11.90% 13.40% 11.50%
3.00% 3.80% 2.10%
$ 24,674 $ 55,745 $ 18,266

14.90% 18.40% 10.20%

2.70% 2.00% 1.80%

Segmentation within insurance premium revenue streams

2021
Commercial & Specialty Busines 29%
Government Business 63%
Other 8%

Applicable to IngenioRX IngenioXR Revenues

2019 2020 2021 E2022 E2023 E2024
rev from ingen $ 5,402 $ 21,911 $ 25,431 $ 27,338.33 $ 28,901.55 $ 30,554.15
Product revenue $ 13,606.28 $ 14,384.29 $ 15,206.79

With Democrats in the majority, new

Inge
Income from government
social security benefits will be added to $40,000

$35,000

$30,000
 Inge
social security benefits will be added to $40,000
Govt spending for 2021 $ 644,000 federal spending for Medicareand other
Share of Anthem 12.9% insurance schemes $35,000
expected y-y Increase 4.00% on top of market growth $30,000

$25,000

$20,000

$15,000

$10,000

$5,000

$-
2019 2020
 Commercial &
Chart Title Specialty Business
Government
Business
7% IngenioRx
16% 25% Other

53%

Insurance
14.0%
Comparable Data for Anthem
2017 2018 2019 2020 2021 2018 2019
$ 83,648 $ 85,421 $ 94,173 $ 104,109 $ 117,373 12.0%
Market 7.1% 6.4%
2.12% 10.25% 10.55% 12.74% Anthem In 2.1% 10.2%
10.0% 10.2
-5.01% 3.89% 2.28% 3.60%

867 970 1005 877 1378 8.0%

7.1%
11.88% 3.61% -12.74% 57.13% 6.4%
4.63% -14.60% 5.12% 51.74% 6.0%

4.0%

2.0% 2.1%
4.27% 4.07% 4.61% 3.75% 4.40%
0.0%
2018 2019

Ma

E2025 E2026
$ 32,301.26 $ 34,148.27
$ 16,076.33 $ 16,995.58

IngenioRx arm revenue

$40,000

$35,000

$30,000
 IngenioRx arm revenue
$40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

$-
2019 2020 2021 E2022 E2023 E2024 E2025 E2026
 Insurance market growth rate

2020 2021 12.7%

8.3% 9.1%
10.6% 12.7% 10.6%
10.2%
9.1%
8.3%

6.4%

2019 2020 2021

Market Anthem Inc

 Quote Stock price Mrkt Cap
Anthem ELV $ 486.00 $ 117,160.00
CVS Aetna CVS $ 93.94 $ 123,180.00

Anthem EV per Industry EV/EBITDA $ 84,125.52 $ (33,034.48)

anthem EBITDA 9164
Stong Sell!
Industry Multiple 9.18

Anthem EV per Industry P/E $ 129,404.80 $ 12,244.80

Anthem earnings $ 6,104.00
Buy!
Industry P/E $ 21.20
 Key Ratios applicable to insurance
2019 2020 2021 E2022

Anthem 7.7% 7.1% 8.2% 6.8%

ROA CVS Aetna 6.94%
Industry 7.04%
Overperformance

Anthem 5.5% 4.8% 5.5% 4.5%

Profit Margin CVS Aetna 6.41%
Industry 3.80%
Overperformance

Anthem 10.8% 9.5% 11.9% 9.5%

ROE CVS Aetna 12.03%
Industry 13.50%
Underperformance

Anthem 4.7% 3.8% 4.5% 3.7%

Profit Margin for ROE CVS Aetna 4.62%
Industry 4.36%
Overperformance

Anthem 2.5 2.5 2.7 2.5

Capital Structure (leverage) CVS Aetna
Industry

Anthem $ 26.03 $ 25.43 $ 24.68 $ 21.66

EPS CVS Aetna $ 2.22
Industry NA

ELV $ 485.00
Anthem 19.6
Price to earnings CVS Aetna 17.4
Industry 21.2

Anthem 1.65 1.55 1.47 1.69

Current Ratio CVS Aetna 1.55
Industry 1.87
overperforms

Anthem 0.69 0.62 0.58 0.72

Quick Ratio
 Quick Ratio CVS Aetna 0.51
Industry 0.83
Underperforms

Anthem 0.23 0.22 0.22 0.23

Long-term debt ratio CVS Aetna 0.21
Industry 0.18

Anthem 12.8
EV/EEBITDA CVS Aetna 9.5
Industry 9.2
Overvalued

Anthem 9.0 9.0 10.9 9.9

Interest Coverage CVS Aetna 16.3
Industry 15.9
Underperforms

Anthem 59% 62% 63% 58%

Liabilities to Asets CVS Aetna 68%
Industry 64%

Anthem 3.31 1.87 2.75 2.72

Debt to Op.Cashflow CVS Aetna 3.1
Industry