Who are Evolent Health's biggest customers?

Molina Healthcare accounts for 26% of Evolent Health's revenue (FY2025 10-K). Other disclosed customers: Cook County Health and Hospitals System 16%, Florida Blue 14%, Centene 12%.

EVHEvolent Health, Inc.

Healthcare

$4.80-41% 1Y

$4.80

$2.1752 weeks$7.81

Is the business good?

Watch

Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.

1 to watch, 3 without data

Margin direction, 3 years−21.7 ptsderived

Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is EVH?

Evolent Health, Inc. earns −27% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.

−27%

Return on invested capital · cost of capital 9.0% · 36 points below what the capital costs: growth destroys value

Operating margin: −20%
Operating margin · Health Information Services median 2.8% · 12 months to Q2 2026
Share count, year on year: −2.9%
Share count, year on year · bought back, each share owns more of the company
Gross margin: 17%
Gross margin

Operating margin by fiscal year
Year	Operating margin
FY2020	−28%
FY2021	−4.7%
FY2022	0.27%
FY2023	−3.6%
FY2024	−1.6%
FY2025	−22%

Details›

Gross margin12 months to Q2 2026: 17%
Operating margin12 months to Q2 2026: −20%
Net margin12 months to Q2 2026: −24%
Revenue, trailing twelve months: $2.10B
Net income, trailing twelve months: −$505M
Return on invested capitaloperating profit after tax ÷ debt + equity − cash: −27%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Customers and suppliers

Who buys from EVH and who it buys from, as the companies report it.

26%of revenue comes from Molina Healthcare, Inc., the largest of 4 disclosed customers

Customerswho buys

MOHMolina Healthcare, Inc.
26%
Share of revenue · FY2025 10-K
Cook County Health and Hospitals System
16%
Share of revenue · FY2025 10-K
Florida Blue
14%
Share of revenue · FY2025 10-K
CNCCentene Corporation
12%
Share of revenue · FY2025 10-K

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; EVH’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

Health Information Services

Ranks #17 of 18 by RyuScore

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