Here are 1-3 brief analogies for Evolent Health (EVH):

• Salesforce for value-based healthcare management.
• Accenture for healthcare's transition to value-based care.
• Palantir for population health data analytics.

• Clinical and Administrative Solutions for Population Health: Services assisting health systems and plans with managing overall patient populations, including care coordination, utilization management, and network optimization under value-based care.
• Specialty Care Management Solutions: Focused clinical and administrative services for high-cost, high-impact medical specialties such as oncology, cardiology, and musculoskeletal conditions to improve quality and reduce costs.
• Value-Based Care Technology Platform: A proprietary cloud-based platform offering data integration, analytics, workflow automation, and patient engagement tools essential for effective value-based care delivery.

Evolent Health (EVH) primarily sells its services and technology to other companies in the healthcare industry, making it a business-to-business (B2B) model. Its customers are healthcare organizations looking to implement value-based care models, population health management, and health plan administration.

While Evolent Health serves a diversified client base, and specific "major customers" that individually account for a significant portion of revenue are not always publicly disclosed by name, key partners and types of customers include:

• Molina Healthcare (Symbol: MOH): Molina Healthcare, a publicly traded managed care organization, has been identified in Evolent Health's press releases and investor communications as an important partner, particularly for Medicare Advantage plans, signifying a significant customer relationship.

In addition to specific named partners like Molina Healthcare, Evolent Health's customer base generally consists of the following types of organizations:

• Health Plans: This category includes national and regional commercial health insurers, BlueCross BlueShield plans, and government-sponsored plans (Medicare Advantage and Medicaid plans).
• Provider Organizations / Health Systems: This includes hospitals, large physician groups, and integrated delivery networks that aim to transition to or improve value-based care delivery.

Seth Blackley Chief Executive Officer

Seth Blackley is a co-founder of Evolent Health, having been instrumental in its spin-off from The Advisory Board Company in 2011. He served as President of Evolent Health from its founding in August 2011 until becoming Chief Executive Officer in October 2020. Before Evolent Health, Mr. Blackley was the Executive Director of Corporate Development and Strategic Planning at The Advisory Board Company, where he managed partnerships, acquisitions, and strategic growth initiatives. He began his career as an analyst at McKinsey & Company and later worked as an Associate at Bain Capital Partners, a private equity firm, where he participated in the 2006 buyout of Hospital Corporation of America (HCA).

John Johnson Chief Financial Officer

John Johnson is the Chief Financial Officer at Evolent Health. He provides strategic leadership for all financial operations and functions. Prior to his current role, Mr. Johnson served as the acting chief financial officer for New Century Health, an Evolent subsidiary. He was also Senior Vice President of Corporate Performance at Evolent, overseeing strategic finance and performance management during a period of significant revenue growth. Earlier in his career, he was Vice President of Strategy at PSA Healthcare and led operations at an emergency medicine specialty physician group. He also held positions at a private investment firm and a management consultancy. (Note: Effective January 1, 2026, John Johnson will transition to Chief Strategy Officer, and Mario Ramos will assume the role of CFO).

Dan McCarthy President

Dan McCarthy serves as President of Evolent Health, overseeing the company's growth, product, strategy, operations, clinical, and technology functions. He joined Evolent approximately a decade ago and has held various leadership roles, including P&L accountability for the specialty care portfolio since 2018. Mr. McCarthy previously served as CEO of New Century Health, an Evolent subsidiary. Before joining Evolent, he worked in the healthcare practice at McKinsey & Company, providing consulting services to payers and providers on value-based care.

Jonathan Weinberg General Counsel

Jonathan Weinberg is the General Counsel and Chief Legal Officer of Evolent Health. Before Evolent, he was Senior Vice President and Deputy General Counsel for Coventry Health Care, Inc. from 1999 to 2013, where he managed the legal department's operational aspects, including mergers and acquisitions, regulatory issues, and provider contracting, and also led the risk management department. Earlier in his career, Mr. Weinberg was an associate and partner at Epstein Becker and Green, P.C., specializing in managed care issues within their healthcare practice.

Emily Rafferty Chief Operating Officer

Emily Rafferty is the Chief Operating Officer at Evolent Health. She previously held leadership roles in customer operations, partnerships, and growth at Evolent and Headspace, and also led talent at Evolent. (Note: Effective January 1, 2026, Emily Rafferty will become Executive Vice President, Customer Success).

The key risks to Evolent Health (EVH) include:

1. Elevated and Volatile Healthcare Costs: A significant risk to Evolent Health's profitability stems from the persistent increase in healthcare costs, particularly in oncology. For instance, oncology costs were projected to rise by 12% in 2025, which can pressure profit margins, especially for contracts not yet renegotiated. If these costs continue to escalate, they could erode the benefits from contract renegotiations and hinder the company's ability to meet its financial targets.
2. Client and Contract Management Challenges: Evolent Health faces risks related to renegotiating key contracts and potential client concentration. While the company has actively renegotiated Performance Suite contracts to mitigate rising costs, this strategy carries inherent challenges in securing favorable terms for all remaining contracts, potentially leading to uneven profitability. Additionally, the company is exposed to risks associated with client financial health and contract non-renewal, as highlighted by past issues with a major Medicaid client, Passport Health Plan, which significantly impacted Evolent's revenue and stock price due to claims administration failures and non-renewal of contracts.
3. Market Competition and Operational Hurdles: Evolent Health operates within a highly competitive and rapidly evolving healthcare technology sector, posing ongoing risks from market competition and technological disruption. The company's initiatives in automation and AI, while strategic, incur implementation costs that can impact adjusted EBITDA. Furthermore, challenges such as long sales cycles, resistance to change and slow adoption by healthcare providers, tightening hospital budgets, and cybersecurity threats can hinder growth and operational efficiency.

Evolent Health (EVH) primarily focuses on specialty care management and value-based care solutions for health plans and providers in the United States.

The addressable market for Evolent Health's core specialty care management services, which include oncology, cardiology, and musculoskeletal solutions, is approximately $200 billion in the U.S.

Evolent Health (EVH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Contract Wins and Expansions: Evolent Health anticipates significant revenue growth from newly signed contracts and the expansion of existing agreements. The company recently announced two substantial new agreements, including a major Blue Cross plan for its oncology Performance Suite and a provider-sponsored health plan, which are together expected to add over $550 million in 2026 revenue at maturity. Evolent has signed 13 new contracts in 2025, with contracts in place projected to drive more than 30% top-line growth in 2026, and continued strong growth into 2027 and 2028. The company forecasts approximately $2.5 billion in revenue under contract for 2026, with new annualized revenue expected to launch in 2026 exceeding $750 million.
2. Enhanced Performance Suite Model: The company's new and renewed Performance Suite deals, particularly in oncology, include enhanced contract structures with risk corridors and retroactive adjustments for prevalence and case mix. These enhanced protections are designed to limit downside risk, provide more predictable margins, and ensure sustainable margin growth. This model is expected to contribute to future revenue and adjusted EBITDA expansion.
3. Strategic Partnerships and Product Innovation (Oncology Care Partners & Member Navigation): Evolent is focusing on strengthening its provider alignment model and enhancing its Oncology Care Partners brand through strategic partnerships, such as with the American Oncology Network. Innovations around member navigation and Oncology Care Partners are specifically mentioned as fueling growth. The company’s solutions for complex specialty care, including cancer, cardiovascular disease, and musculoskeletal disorders, are experiencing robust demand.
4. AI and Cost Efficiencies: Evolent expects to realize around $20 million in annualized AI-driven cost reductions in 2026, primarily through the rollout of its artificial intelligence review or "Copilot" within authorization intelligence into musculoskeletal workflows. While these are primarily cost efficiencies, they contribute to a stronger financial position and the ability to invest in growth initiatives.

Share Repurchases

• Evolent Health announced in August 2025 its intention to repurchase approximately $40.0 million of its Class A common stock, concurrently with the pricing of a convertible note offering.
• The company also plans to use up to $100.0 million from the net proceeds of the same offering to repurchase a portion of its 1.50% convertible senior notes due 2025.

Share Issuance

• In November 2022, Evolent issued $250 million in new equity to Centene Corporation as part of the acquisition of NIA (Magellan Specialty Health), with shares issued at a price of $29.50.
• In August 2022, Evolent issued 5,394,165 shares of Class A common stock in exchange for $92.8 million in aggregate principal amount of its 2024 Notes.
• Evolent plans to offer $140.0 million aggregate principal amount of convertible senior notes due 2031, as announced in August 2025.

Inbound Investments

• In August 2024, Evolent Health was reported to be exploring a sale, having received takeover inquiries from private equity firms including TPG Inc, Clayton, Dubilier & Rice (CD&R), KKR & Co. Inc., and potentially health insurer Elevance Health Inc.

Outbound Investments

• Evolent acquired NIA (Magellan Specialty Health) from Centene Corporation in November 2022 for an upfront consideration of $650 million, consisting of $400 million in cash and $250 million in newly issued Evolent equity, plus up to $150 million in contingent consideration. This acquisition was projected to significantly boost Adjusted EBITDA by $85 million by 2024.
• In June 2022, the company acquired IPG from TPG Growth for $375 million in cash, along with potential additional contingent consideration of up to $87 million, expanding its musculoskeletal specialty care solutions.
• Evolent acquired Vital Decisions, a provider of technology-enabled advance care planning services, in October 2021.

Capital Expenditures

• For the full year 2024, Evolent Health revised its expectation for software development Capital Expenditures to $25 million, a reduction from an earlier estimate of $30 million.
• Capital expenditures for the trailing twelve months ended December 2024 were reported as -$25 million.
• Evolent Health prioritizes consistent capital allocation with continued strong annual Research & Development investment aimed at enhancing its core business through product development.