FCF on the other hand stands at a meager $516 million for the TTM. However, as I always highlight when performing analysis on these kinds of beath insurance stocks: FCF is very volatile for these companies, so we have to gauge what I call a "normalized" FCF. "Normalized" FCF is the anoount of FCF ELV should be able to generate in an average year. In my last article, I calculated that ELV was able to convert 85% of EBIT into FCF (on average) for the fiscal years 2016-2022. I wil just use this conversion rati ...