CoreCivic, Inc.

CXW

$33.66

+3.22%

N/A+$1.05

Real Estate

REIT - Specialty

NYSE

Active Trading

CoreCivic, Inc. specializes in the ownership and management of a diverse portfolio of correctional institutions, detention centers, and residential reentry facilities throughout ...

Supply Chain of CXW

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Wellpath LLC

Securus Technologies (Aventiv Technologies)

Trinity Services Group (TKC Holdings)

Black Creek Integrated Systems Corp.

Keefe Group (TKC Holdings)

HIG Capital

Platinum Equity

Aramark Correctional Services

NYSE:ARMK

Food service provider — supplies meals, kitchen maintenance, and commissary/gift package services across CoreCivic facilities under subcontract

Wellpath LLC

Correctional healthcare provider — delivers medical, mental health, dental, and medication-assisted treatment services to inmates and detainees at CoreCivic facilities

Securus Technologies (Aventiv Technologies)

Inmate communications and technology provider — supplies telephone systems, video visitation, electronic messaging, tablet devices, and security monitoring platforms

Trinity Services Group (TKC Holdings)

Alternative correctional food service provider — outsourced meal preparation and commissary management for certain CoreCivic-managed facilities

Black Creek Integrated Systems Corp.

Security control and integrated systems provider — touchscreen door controls, CCTV, intercom, detainee monitoring, and jail management software

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

U.S. Immigration and Customs Enforcement (ICE)

U.S. Marshals Service (USMS)

Federal Bureau of Prisons (BOP)

State of Tennessee — Department of Correction

State of Georgia — Department of Corrections

State of Montana — Department of Corrections

State of Colorado — Department of Corrections

State of Arizona — Department of Corrections

U.S. Immigration and Customs Enforcement (ICE)

Largest single customer; contracts for immigration detention services at multiple owned/managed facilities including California City Correctional Facility, Elizabeth Contract Detention Center, and West Tennessee Detention Facility. FY2025 revenue of $770.7M. · 35.0%

U.S. Marshals Service (USMS)

Second-largest federal customer; contracts for detention of federal pretrial and sentenced detainees. FY2025 revenue of $390.6M. · 18.0%

Federal Bureau of Prisons (BOP)

Federal correctional services; smaller federal customer. FY2025 revenue of $32.2M. · 1.0%

State of Tennessee — Department of Correction

Largest state customer; contracts for management and operation of state correctional facilities. Represented approximately 9-10% of total revenue (~$200-220M) in FY2025. · 9.5%

State of Georgia — Department of Corrections

Major state customer; contracts for correctional bed capacity. Revenue growth driver in FY2025.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

The GEO Group, Inc.

Management & Training Corporation (MTC)

Aramark

The GEO Group, Inc.

NYSE:GEO

Direct competitor and the other dominant publicly traded private prison operator in the US. GEO Group and CoreCivic collectively control over 90% of the US private prison market. GEO has similar revenue profile (~$2B), customer concentration (ICE, USMS), and federal policy exposure. Trades on NYSE under GEO.

Management & Training Corporation (MTC)

Third-largest private prison contractor in the US, privately held. Operates correctional and detention facilities alongside CoreCivic and GEO Group. Not publicly traded but serves as a meaningful industry benchmark and competitor on contract bids.

Aramark

NYSE:ARMK

Major food service vendor to CoreCivic facilities and the broader corrections industry. Aramark's correctional services division is a significant sub-sector within its overall food and facilities management portfolio. Acts as a proxy for correctional supply chain cost pressures.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States — Federal Policy Risk

United States — State-Level Policy Risk

United States — Litigation & Reputational Risk

U.S. Immigration and Customs Enforcement (ICE)

U.S. Marshals Service (USMS)

Federal Bureau of Prisons (BOP)

State of Tennessee — Department of Correction

State of California

CoreCivic, Inc.

United States — Federal Policy Risk

Regulatory / Political

U.S. Immigration and Customs Enforcement (ICE)35% of revenue depends on ICE detention policies. 2021 Biden administration had ordered phase-out of private prison contracts; Trump administration reversed course and expanded ICE detention. Policy whipsaw is a material risk.

U.S. Marshals Service (USMS)18% of revenue from USMS contracts, equally exposed to federal policy shifts on private prison usage.

Federal Bureau of Prisons (BOP)Smaller federal exposure (1%) but BOP contracts are subject to same policy dynamics; DOJ had directed BOP to phase out private contracts in 2021.

United States — State-Level Policy Risk

Legislative / Regulatory

State of Tennessee — Department of CorrectionLargest state customer at ~9-10% of revenue. State-level moratoriums or bans on private prison contracts (as adopted by California, Illinois, New York, Washington) could set precedents affecting CoreCivic's operations.

State of CaliforniaCalifornia banned private prisons and private ICE detention in 2019. CoreCivic's California City facility now operates under federal ICE contract; state-level actions could indirectly affect operational capacity.

United States — Litigation & Reputational Risk

Legal / Operational

CoreCivic, Inc.NYSE:CXWOngoing litigation related to conditions of confinement, medical care adequacy, and human rights allegations across multiple facilities. Shareholder activism and ESG-focused divestment campaigns (e.g., BlackRock holds ~14.9% stake).

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Extreme customer concentration: ICE alone accounts for ~35% of total revenue ($770.7M in FY2025). Combined, ICE + USMS represent ~53% of revenue. Loss or non-renewal of either contract would be catastrophic to revenue and operations.

Customer

High

State customer concentration: Tennessee represents ~9-10% of revenue. No other state individually exceeds 10%, but aggregate state exposure (~46%) creates material dependency on state correctional budgets and political dynamics.

Other

High

Supplier concentration in healthcare: Wellpath (and parent HIG Capital) was a dominant healthcare provider but emerged from Chapter 11 bankruptcy in May 2025. Healthcare vendor instability poses operational risk to CoreCivic facilities that rely on outsourced medical services.

Other

Medium

Food service concentration: Aramark and Trinity Services Group (both under TKC/HIG umbrella) dominate correctional food services. Vendor performance issues or contract disputes could disrupt facility operations.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Safety Segment

93.6%

$2.1B

Core operating segment; drives the vast majority of procurement for food services, healthcare, security technology, inmate communications, facility maintenance, and utilities. Any disruption in these vendor categories directly impacts daily facility operations.

Community Segment

5.6%

$0.1B

Residential reentry center management; requires vendors for rehabilitation programming, counseling services, electronic monitoring technology, and job training partnerships. Smaller but growing segment tied to alternatives-to-incarceration policy trends.

Properties Segment

0.8%

$0.0B

REIT operations leasing criminal justice real estate to government agencies; primarily involves property maintenance, construction/renovation contractors, and facilities management vendors. Captive internal maintenance team but outsources specialized construction.

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

CoreCivic, Inc.

Supply Chain of CXW

Upstream

Aramark Correctional Services

Wellpath LLC

Securus Technologies (Aventiv Technologies)

Trinity Services Group (TKC Holdings)

Black Creek Integrated Systems Corp.

Keefe Group (TKC Holdings)

HIG Capital

Platinum Equity

Downstream

U.S. Immigration and Customs Enforcement (ICE)

U.S. Marshals Service (USMS)

Federal Bureau of Prisons (BOP)

State of Tennessee — Department of Correction

State of Georgia — Department of Corrections

State of Montana — Department of Corrections

State of Colorado — Department of Corrections

State of Arizona — Department of Corrections

View More

Proxies

The GEO Group, Inc.

Management & Training Corporation (MTC)

Aramark

Geographic

United States — Federal Policy Risk

United States — State-Level Policy Risk

United States — Litigation & Reputational Risk

Supply Chain of CXW

Upstream

Aramark Correctional Services

Wellpath LLC

Securus Technologies (Aventiv Technologies)

Trinity Services Group (TKC Holdings)

Black Creek Integrated Systems Corp.

Keefe Group (TKC Holdings)

HIG Capital

Platinum Equity

Downstream

U.S. Immigration and Customs Enforcement (ICE)

U.S. Marshals Service (USMS)

Federal Bureau of Prisons (BOP)

State of Tennessee — Department of Correction

State of Georgia — Department of Corrections

State of Montana — Department of Corrections

State of Colorado — Department of Corrections

State of Arizona — Department of Corrections

View More

Proxies

The GEO Group, Inc.

Management & Training Corporation (MTC)

Aramark

Geographic

United States — Federal Policy Risk

United States — State-Level Policy Risk

United States — Litigation & Reputational Risk