Evolent Health, Inc.

Evolent Health, Inc. is a U.S.-based management services company focused on specialty care management and value-based care enablement for health plans and other risk-bearing healthcare organizations. It uses technology-enabled clinical pathways and administrative services to help customers manage complex, high-cost conditions such as oncology, cardiology, musculoskeletal care, radiology, and genetics.

−15,7 %

21,3 %

−28,5 %

−26,6 %

1.31

1.31

— Evolent Health, Inc.
%
Specialty Care Management Services75% Core services that manage complex specialty conditions and guide care decisions across oncology, cardiology, musculoskeletal, radiology, and genetics.
Administrative Services15% Back-office and operational support services delivered alongside specialty care programs for payer and provider partners.
Total Cost of Care Management5% Care management and risk-related services previously associated with Evolent Care Partners and similar arrangements.
Technology Platform and Implementation Services5% Identifi® and related implementation, workflow, and integration services that support clinical and administrative operations.

Evolent sells primarily to health plans, delegated arrangements, and other risk-bearing entities that want to manage...

  • Health plans and payersprimary

    Buy specialty care management and administrative services to manage high-cost specialty claims and improve member outcomes.

  • Risk-bearing entitiesprimary

    Use Evolent's programs to align incentives, manage utilization, and reduce avoidable specialty spend.

  • Health systems and providerssecondary

    Adopt value-based care tools and workflow support to participate in alternative payment models.

  • Physicians and care teamssecondary

    Use pathway guidance and integrated technology to support evidence-based treatment decisions.

Evolent's business is concentrated in the United States, and management states that all revenue is recognized in the U...

  • •All revenue is recognized in the United States
  • •Substantially all long-lived assets are located in the United States
  • •U.S. healthcare regulation is a core operating exposure
  • •Customer demand is tied to U.S. payer and provider markets
  • •No meaningful international revenue disclosure was provided

Evolent is repositioning its portfolio toward integrated specialty care management and away from non-core activities,...

01
Concentrate on specialty care managementshort-term

This is the company's main revenue source and the clearest fit with its value-based care model.

02
Integrate acquisitions onto one platformmedium-term

A common technology and operating model should improve scalability and service consistency.

03
Improve profitability through simplificationshort-term

Cost reduction and organizational simplification support sustainable earnings growth.

Evolent's results are exposed to U.S. healthcare regulation, reimbursement and utilization trends, and the economics of...

high

Medical claims cost inflation

Higher disease prevalence and higher cost per active patient can increase service costs faster than pricing.

Scope
Performance Suite and specialty care programs
Materiality
high
high

Customer concentration

A small number of payers represent a large share of revenue, so contract changes can materially affect results.

Scope
Molina, Cook County Health, Florida Blue, Centene, Humana
Materiality
high
high

False Claims Act / Anti-Kickback investigations

Coding, review, and claims practices can be challenged by regulators and create legal liabilities.

Scope
DOJ CID related to unsupported diagnosis codes
Materiality
high
medium

Healthcare regulatory and political change

Changes in federal and state healthcare rules can alter reimbursement, compliance costs, and service design.

Scope
U.S. managed care and value-based care markets
Materiality
high
medium

Acquisition integration and restructuring execution

The business depends on consolidating acquired operations and technology without disrupting service delivery.

Scope
Platform migration and operating model changes
Materiality
medium
Goodwill impairment
Could create large non-cash charges if reporting unit value declines
Medical claims cost estimates
Affects revenue-to-cost matching and operating margin
Restructuring and repositioning costs
Creates period-to-period comparability noise in SG&A
Discontinued or sold operations
May affect segment-like trend analysis and cost base

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: 28.4.2026