NYSE Shariah screener · October 2026

Is Elevance Health, Inc. (ELV) Halal?

FAIL

Elevance Health, Inc. · NYSE: ELV · Healthcare

The short answer

No — Elevance Health, Inc. (ELV) fails this Shariah stock screen at the business-activity gate and the debt gate. Per its own Q2 2026 10-Q, Elevance (formerly Anthem, renamed 2022) is a health benefits company whose core business is underwriting health insurance: premiums of $82,303M for the six months ended June 30, 2026 dominate its $100,655M in total revenue, and its balance sheet carries $18,463M of medical claims payable. Under the AAOIFI-style business screen, conventional insurance is a non-compliant business activity — the same basis as the Progressive fail on October 1, 2026 and the Chubb fail on October 2, 2026. Its debt also fails: $31,044M of interest-bearing debt is about 37.51% of its ~$82.77B market cap ($381.67, October 2, 2026; 216,869,290 shares outstanding), above the ~33% ceiling. The income gate passes: net investment income of $1,469M is about 1.46% of revenue, below the 5% ceiling. Zoya flags ELV as not Shariah-compliant and Musaffa rates it not halal (October 2026); no ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Elevance Health, Inc. (NYSE: ELV), formerly Anthem, Inc. (renamed 2022), is a major US health benefits company headquartered in Indianapolis, Indiana. Zoya describes it as operating through four segments — Health Benefits, CarelonRx, Carelon Services, and Corporate & Other — offering health plans, insurance products, pharmacy services, wellness programs and data management. Its own Q2 2026 10-Q confirms the insurance character of the business: premiums of $82,303M for the six months ended June 30, 2026 dominate total revenues of $100,655M, and the balance sheet carries medical claims payable of $18,463M and other policyholder liabilities of $3,463M. Business screen (factual, from the filing): Elevance's core business is underwriting conventional health insurance — per the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity, the same basis on which Progressive (NYSE: PGR) failed Gate 1 on October 1, 2026 and Chubb (NYSE: CB) failed Gate 1 on October 2, 2026. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Per Elevance's Q2 2026 10-Q (quarter ended June 30, 2026; balance sheet at June 30, 2026), interest-bearing debt was $31,044M — short-term borrowings $0M, current portion of long-term debt $375M, and long-term debt $30,669M. Medical claims payable and other policyholder liabilities are insurance operating liabilities and are not counted as debt. Against a market cap of about $82.77B ($381.67 live quote, October 2, 2026; 216,869,290 shares outstanding per the 10-Q cover), debt divided by market cap is about 37.51%, above the ~33% ceiling. Cash and cash equivalents of $10,232M are about 12.36% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Elevance's Q2 2026 10-Q income statement reports net investment income of $1,469M for the six months ended June 30, 2026 against total revenues of $100,655M — about 1.46% of revenue, below the 5% non-compliant income ceiling (the Q2 quarter alone: $704M against $50,474M, about 1.39%). Net investment income is the separately disclosed interest-type income line for this insurer. The financial-income gate passes; this screen fails at Gates 1 and 2, not on this ratio. Gate 3 passes. Facts only.

Key figures used

Business: major US health benefits company (formerly Anthem, renamed 2022; Indianapolis HQ); segments Health Benefits, CarelonRx, Carelon Services, Corporate & Other; health plans, insurance products, pharmacy services, wellness, data management
Gate 1: premiums $82,303M (six months ended Jun 30, 2026) dominate revenue; medical claims payable $18,463M + policyholder liabilities $3,463M on balance sheet — conventional insurance is a non-compliant business activity under the AAOIFI-style business screen (same basis as the Progressive and Chubb Gate 1 fails)
Debt: $31,044M (ST borrowings $0M + current portion LTD $375M + LT debt $30,669M) — insurance reserves excluded — debt ÷ market cap ≈ 37.51% of ~$82.77B, OVER the ~33% ceiling
Cash: $10,232M cash and equivalents ≈ 12.36% of market cap
Net investment income: $1,469M (six months) vs total revenue $100,655M — ≈1.46% of revenue, under the 5% non-compliant income ceiling (Q2 quarter alone: $704M/$50,474M ≈ 1.39%)
Market cap: $381.67 (live quote, Oct 2, 2026) × 216,869,290 shares outstanding (Q2 2026 10-Q cover) ≈ $82.77B
Zoya: "not Shariah-compliant" / "not considered halal" (page review date blank); Musaffa: "not halal" (Oct 2026, AAOIFI); ShariaPortfolio: no ELV page or rating found
Result: FAIL at Gate 1 (business activity) and Gate 2 (debt ratio) — financial-income ratio passes

Frequently asked questions

What does Elevance Health do?

Why does Elevance Health fail this Shariah stock screen?

Elevance Health fails this screen at the first two gates — business activity and the debt ratio. Per its own Q2 2026 10-Q, Elevance is a health benefits company whose core business is underwriting health insurance: premiums of $82,303M for the six months ended June 30, 2026 dominate revenue. Under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity — the same basis on which Progressive (NYSE: PGR) failed Gate 1 on October 1, 2026 and Chubb (NYSE: CB) failed Gate 1 on October 2, 2026. Its debt gate also fails: interest-bearing debt of $31,044M is about 37.51% of its ~$82.77B market cap, above the ~33% ceiling. Gate 3 passes. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Elevance Health's interest-bearing debt ratio?

Per Elevance's Q2 2026 10-Q (quarter ended June 30, 2026; balance sheet at June 30, 2026), interest-bearing debt was $31,044M — short-term borrowings $0M, current portion of long-term debt $375M, and long-term debt $30,669M. Medical claims payable ($18,463M) and other policyholder liabilities ($3,463M) are insurance operating liabilities and are not counted as debt. Against a market cap of about $82.77B ($381.67 live quote, October 2, 2026; 216,869,290 shares outstanding per the 10-Q cover), debt divided by market cap is about 37.51% — above the ~33% ceiling, so the debt screen fails. Cash and cash equivalents of $10,232M are about 12.36% of market cap.

What is Elevance Health's non-compliant income ratio?

Elevance's Q2 2026 10-Q income statement reports net investment income of $1,469M for the six months ended June 30, 2026, against total revenues of $100,655M — about 1.46% of revenue, below the 5% non-compliant income ceiling (the Q2 quarter alone was $704M against $50,474M, about 1.39%). Net investment income is the separately disclosed interest-type income line for this insurer. The financial-income gate passes; this screen fails at Gates 1 and 2, not on the numbers.

Do Zoya, Musaffa, or ShariaPortfolio cover Elevance Health?

Zoya covers ELV and flags it as "not Shariah-compliant" and "not considered halal to invest in" based on the company's most recent financial reports (zoya.finance/stocks/elv; the page's displayed assessment date was blank in the retrieved text) — it does not rate Elevance halal. Musaffa covers ELV and classifies it as "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/ELV/). No ShariaPortfolio screening page or rating for ELV was found — reported as absent, not invented. All verifiable coverage statements are consistent with this page's own FAIL outcome. This page applies the screen directly from Elevance's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).