ELV vs MOH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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. ELV and MOH 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 ELV and MOH 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.

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

Molina Healthcare is a Fortune 500 managed-care organization that provides health coverage almost exclusively through government-sponsored programs. It runs four segments (Medicaid, Medicare, Marketplace, and Other) and serves roughly 5.6 million members, with about 90% in Medicaid. Its model is to specialize in low-income, senior, and disabled populations, winning state Medicaid contracts and managing medical costs tightly rather than competing in commercial employer insurance. Revenue is dominated by premiums the states and federal government pay per member, so growth comes from new contract wins, acquisitions, and membership rather than pricing power.

Full MOH guide

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

• ELV drivers: Carelon services and pharmacy expansion; Government programs repricing.
• MOH drivers: Medicaid rate catch-up; Contract wins and membership growth.

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 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. For MOH, the central risk is that elevated medical utilization and retroactive Medicaid adjustments keep outpacing state rate increases, keeping the medical care ratio high and margins compressed longer than expected.

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 ELV if you believe its drivers more; MOH 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 ELV and MOH guides.

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.

MOH. MOH shares fell roughly 28% in early 2026 after a surprise quarterly loss and a steep cut to 2026 adjusted earnings guidance. The reported P/E looks distorted (very high on depressed trailing GAAP earnings, lower on forward views), so the market is valuing it on a hoped-for margin recovery rather than trailing profits. The key metric to watch is the medical care ratio versus state rate updates.

Headline figures (approximate, April 2026): 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; MOH shows revenue (ttm) ~$43B, 2026 premium revenue (guided) ~$42B, 2026 adjusted eps (guided) at least ~$5.00, q1 2026 medical care ratio ~91%.

ELV and MOH 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 ELV and MOH exposure against your real portfolio. It is not an investment adviser.