Evolent Health, Inc.

EVH

$4.26

+0.71%

N/A+$0.03

Healthcare

Medical - Healthcare Information Services

NYSE

Active Trading

Evolent Health, Inc., a prominent healthcare firm, operates through its subsidiary, Evolent Health LLC, to furnish clinical and administrative solutions to both ...

Supply Chain of EVH

Upstream

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

Upstream

Microsoft Corporation (Azure Cloud)

Careology Health Ltd.

Machinify, Inc. (Auth product)

Fivetran Inc.

dbt Labs Inc.

Pinecone Systems Inc.

Microsoft Corporation (Azure Cloud)

NASDAQ:MSFT

Primary cloud infrastructure provider — Azure preferred for hosting Identifi platform, clinical data processing, and AI/ML workloads

Amazon.com, Inc. (AWS)

NASDAQ:AMZN

Secondary cloud infrastructure provider — AWS used for data analytics, backup workloads, and select production environments

Snowflake Inc.

NYSE:SNOW

Data cloud and analytics platform — core data warehouse for clinical, claims, and operational analytics powering Identifi platform

Careology Health Ltd.

Digital cancer care navigation platform — distribution partner for U.S. health plans; integrated into Evolent's care navigation services (partnership since May 2024)

Machinify, Inc. (Auth product)

AI-powered prior authorization and utilization management platform — Evolent acquired Machinify Auth assets in June 2024 for clinical review automation

Downstream

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

Downstream

Centene Corporation (incl. WellCare Health Plans)

Elevance Health, Inc. (formerly Anthem)

UnitedHealthcare (UnitedHealth Group)

Highmark Health

EmblemHealth, Inc.

American Oncology Network LLC

Point32Health, Inc.

Centene Corporation (incl. WellCare Health Plans)

NYSE:CNC

Largest strategic customer — multi-year expanded oncology partnership (2023); Evolent acquired Magellan Specialty Health from Centene (2022); manages oncology, radiology, and MSK benefits for Centene/WellCare Medicare Advantage and Medicaid members nationally · 25.0%

Elevance Health, Inc. (formerly Anthem)

NYSE:ELV

Major health plan customer — Evolent provides specialty care management services (oncology, radiology) across Anthem/Elevance commercial and Medicare plans · 15.0%

UnitedHealthcare (UnitedHealth Group)

NYSE:UNH

Major customer — Evolent provides oncology benefit management, radiology utilization management, and surgical management services across UnitedHealthcare commercial and Medicare Advantage plans · 15.0%

Molina Healthcare, Inc.

NYSE:MOH

Strategic customer — Evolent manages oncology quality management (formerly New Century Health) and cardiovascular care for Molina's Medicaid and Medicare members across multiple states; expanded partnership 2024-2026 · 10.0%

Highmark Health

Long-term partnership (since 2013) — Evolent provides value-based care strategy, Identifi platform, and specialty management services for Highmark's health plan members; non-profit Blue Cross Blue Shield affiliate · 8.0%

Proxies

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

Proxies

Centene Corporation

Molina Healthcare, Inc.

Privia Health Group, Inc.

Elevance Health, Inc.

Centene Corporation

NYSE:CNC

Largest strategic customer and partner. Centene's Medicare Advantage and Medicaid membership growth directly drives Evolent's revenue. Evolent acquired Magellan Specialty Health from Centene in 2023, and the expanded oncology partnership in 2023 was a transformational contract. Centene's financial health and membership trends are the strongest leading indicator for Evolent's Performance Suite revenue.

Molina Healthcare, Inc.

NYSE:MOH

Key customer with expanding oncology and cardiovascular management partnership. Molina's Medicaid-focused membership and state contract wins serve as a proxy for Evolent's Medicaid-adjacent specialty management revenue.

Privia Health Group, Inc.

NASDAQ:PRVA

Acquired Evolent's value-based primary care ACO business (Evolent Care Partners) in September 2025. The transaction reflects the market valuation of Evolent's divested assets and the two companies maintain a continued relationship.

Elevance Health, Inc.

NYSE:ELV

Major Blue Cross customer whose commercial and Medicare Advantage membership trends correlate with Evolent's fee-for-service specialty management volumes.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States (national)

Centene Corporation

Elevance Health, Inc.

UnitedHealthcare

Molina Healthcare, Inc.

United States (national)

Single-country revenue concentration — 100% of revenue derived from U.S. healthcare market. No international diversification.

Centene CorporationNYSE:CNCLargest customer — services deliverable across 50 states through Centene/WellCare Medicare Advantage and Medicaid plans

Elevance Health, Inc.NYSE:ELVMajor customer — Blue Cross Blue Shield plans covering 45+ million members across 14 states

UnitedHealthcareNYSE:UNHMajor customer — the largest U.S. health insurer by membership, covering over 50 million Americans

Concentration

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

Customer

Critical

Extreme customer concentration — top customers (Centene, Elevance, UnitedHealthcare, Molina) together represent an estimated 65%+ of total revenue. Top customer retention was cited as 100% across customers representing >90% of 2024 revenue. Loss or renegotiation of any single large contract (particularly Centene) would materially impact financial results.

Other

High

Revenue decline from divestiture — Evolent Care Partners ACO business sold to Privia Health in Q4 2025 removed ~$200-300M in annual revenue, contributing to FY2025 revenue decline to $1.88B from $2.55B in FY2024.

Other

High

Medicare/Medicaid regulatory dependency — a significant portion of Evolent's health plan customers serve government-sponsored programs (Medicare Advantage, Managed Medicaid). Policy changes, reimbursement cuts, or regulatory shifts (e.g., CMS changes to prior authorization rules or Star Ratings) could reduce health plan demand for Evolent's services.

Other

Medium

Technology/platform concentration — heavy reliance on Microsoft Azure cloud infrastructure and Snowflake data platform. Disruption, pricing changes, or security incidents at these providers could impair Evolent's ability to deliver services.

Revenue mix

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

Performance Suite (Capitation-based specialty care management — Oncology & Cardiology)

60.0%

$1.5B

Drives demand for clinical data platforms, AI prior authorization tools (Machinify Auth), oncology pathways technology, and care navigation partnerships (Careology). Requires deep integration with health plan claims systems and EMR platforms.

Specialty Suite (Fee-for-service utilization management — Radiology, MSK, Surgical)

25.0%

$0.6B

Leverages NIA radiology management platform and IPG surgical/preference card management. Requires cloud infrastructure for prior authorization workflows, imaging guidelines databases, and surgical implant cost data analytics.

Evolent Care Partners / Value-Based Primary Care (divested Q4 2025 to Privia Health)

10.0%

$0.3B

Legacy segment — ACO management business sold to Privia Health in September 2025. Previously required primary care analytics, population health management tools, and physician network management infrastructure.

Other / Platform Services

5.0%

$0.1B

Includes Identifi platform licensing, analytics services, and EMR optimization consulting. Relies on data warehousing (Snowflake) and cloud compute (Azure/AWS).

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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

Evolent Health, Inc.

Supply Chain of EVH

Upstream

Microsoft Corporation (Azure Cloud)

Amazon.com, Inc. (AWS)

Snowflake Inc.

Careology Health Ltd.

Machinify, Inc. (Auth product)

Fivetran Inc.

dbt Labs Inc.

Pinecone Systems Inc.

View More

Downstream

Centene Corporation (incl. WellCare Health Plans)

Elevance Health, Inc. (formerly Anthem)

UnitedHealthcare (UnitedHealth Group)

Molina Healthcare, Inc.

Highmark Health

EmblemHealth, Inc.

American Oncology Network LLC

Point32Health, Inc.

View More

Proxies

Centene Corporation

Molina Healthcare, Inc.

Privia Health Group, Inc.

Elevance Health, Inc.

Geographic

United States (national)

Supply Chain of EVH

Upstream

Microsoft Corporation (Azure Cloud)

Amazon.com, Inc. (AWS)

Snowflake Inc.

Careology Health Ltd.

Machinify, Inc. (Auth product)

Fivetran Inc.

dbt Labs Inc.

Pinecone Systems Inc.

View More

Downstream

Centene Corporation (incl. WellCare Health Plans)

Elevance Health, Inc. (formerly Anthem)

UnitedHealthcare (UnitedHealth Group)

Molina Healthcare, Inc.

Highmark Health

EmblemHealth, Inc.

American Oncology Network LLC

Point32Health, Inc.

View More

Proxies

Centene Corporation

Molina Healthcare, Inc.

Privia Health Group, Inc.

Elevance Health, Inc.

Geographic

United States (national)