ABT vs ELV: How Abbott Laboratories and Elevance Health Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ELV is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ABT and ELV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ABT and ELV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Abbott Laboratories is a global healthcare company headquartered in North Chicago, Illinois, that discovers, develops, manufactures, and sells health care products in more than 160 countries through four segments: Medical Devices, Diagnostic Products, Nutritional Products, and Established Pharmaceutical Products. Medical Devices, the largest segment at roughly $21.4 billion in 2025 revenue, includes the FreeStyle Libre family of continuous glucose monitors, structural heart products (Navitor, TriClip), electrophysiology systems (AVEIR leadless pacemaker), vascular devices, and heart-failure technologies. Diagnostics contributes roughly $8.9 billion, Nutrition roughly $8.5 billion (anchored by Similac infant formula and Ensure adult nutrition), and Established Pharmaceuticals roughly $5.5 billion in branded generics sold primarily in emerging markets.

Full ABT guide

Elevance Health (formerly Anthem) is a diversified health insurer and healthcare services company that covers roughly 45.6 million medical members as of mid 2025. Its Health Benefits segment sells commercial, Medicare Advantage, Medicaid, and ACA marketplace plans, operating Blue Cross Blue Shield plans across 14 states, while its fast-growing Carelon segment houses pharmacy benefits (CarelonRx) and risk-based care services. Operating revenue reached roughly $197.6 billion in 2025, with Carelon revenue climbing about 33 percent on CarelonRx growth and the CareBridge acquisition.

Full ELV guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ABT drivers: FreeStyle Libre: A Platform, Not Just a Product; Cardiovascular and Electrophysiology Momentum.
• ELV drivers: Carelon services and pharmacy expansion; Government programs repricing.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most acute near-term risk is infant formula litigation: juries have delivered verdicts including a $53 million compensatory award in late March 2026 and a separately upheld $495 million verdict, with hundreds of additional NEC-related cases still pending, and a securities class action filed in 2026 adds a parallel legal exposure track targeting alleged investor misstatements. For ELV, the dominant risk is medical cost trend: the benefit expense ratio (medical loss ratio) ran near 86.8 percent in Q1 2026 and rising Medicaid and Medicare utilization can compress margins faster than premiums reprice.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ABT if you believe its drivers more; ELV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ABT and ELV guides.

ABT. ABT's trailing GAAP P/E of roughly 26x sits below its own 3-year, 5-year, and 10-year historical averages, and is modestly above the Medical Devices and Instruments industry median of roughly 25x, suggesting the market has re-rated the stock from COVID-era growth-premium levels while still assigning a quality multiple. Revenue growth has remained consistently positive in the 5-7% range even as GAAP EPS was pressured in FY2025 by a year-over-year comparison that included elevated one-time items. The FY2026 adjusted EPS guidance of $5.38-$5.58 implies a forward adjusted P/E in the high-teens to low-twenties range at recent share prices, which analysts broadly describe as modestly discounted relative to fundamental fair value estimates.

ELV. Elevance trades at a low double-digit earnings multiple, reflecting investor caution on medical cost trend rather than doubt about scale. Q1 2026 operating revenue was roughly $49.5 billion with adjusted EPS of about $12.58, and management raised full-year guidance while reaffirming its benefit expense ratio target near 90.2 percent. These figures are approximate and as of April 2026; verify current numbers before acting.

Headline figures (approximate, 2026-06-27 (TTM through Q1 2026; share price data as of June 26, 2026)): ABT shows revenue (ttm) ~$45.1 billion, revenue (fy 2025) ~$44.3 billion (+5.7% YoY), net income (fy 2025) ~$6.5 billion, net profit margin (fy 2025) ~14.7%; ELV shows revenue (ttm) ~$200 billion, fy2025 operating revenue ~$197.6 billion, fy2025 net income ~$5.7 billion, fy2026 adjusted eps guidance at least ~$26.75.

ABT and ELV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ABT and ELV exposure against your real portfolio. It is not an investment adviser.