MEDIUMBuilt-in & outside partyCustomer
32%
U.S. government
“10-K Item 1: 'we generated approximately 32% ... of our total consolidated revenues from agencies of the U.S. government for the years ended December 31, 2025'”
ELV · Concentration risk · 10-K extracted
Elevance Health (ELV) concentration risks
Updated
The most significant concentration Elevance Health discloses is U.S. government at 32%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Elevance Health’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
CVS (CaremarkPCS Health)
“10-K Item 1: 'CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, L.L.C., which is a subsidiary of CVS Health Corporation ... extending through December 31, 2027.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile shows two moderate-share exposures of different character: a government revenue dependency and a single operational counterparty relationship in pharmacy services. Approximately 32% of total consolidated revenues came from agencies of the U.S. government for the year ended December 31, 2025, a moderate share that reflects the company's participation in government-sponsored health programs. This exposure is mixed in character — it provides revenue stability linked to enrollment and program design, but it also introduces regulatory and reimbursement-rate risk that is governed by policy decisions rather than commercial negotiation. A reduction in government reimbursement rates or a shift in program eligibility rules could affect a meaningful but not dominant portion of the revenue base. The pharmacy services counterparty exposure is qualitatively different. CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, a subsidiary of CVS Health, through a contract extending to December 31, 2027. This is a dependency concentration: the company relies on a single vendor for a specific operational function, and any disruption to that relationship — commercial, contractual, or strategic — would require finding an alternative arrangement or bringing the function in-house. The time-bounded nature of the contract means the renewal decision is a discrete event to monitor. Together, the two exposures represent a concentrated regulatory and operational risk set, each moderate in share, but differing in mechanism — one moves with government policy cycles, the other with a single vendor decision.
For the engine’s reasoning on ELV’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Healthcare Plans
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ALHC | Alignment Healthcare, Inc. | 1 | 1 | 0 | 2 |
| CNC | Centene Corporation | 1 | 0 | 2 | 3 |
| CI | The Cigna Group | 0 | 5 | 0 | 5 |
| ELV● | Elevance Health, Inc. | 0 | 2 | 0 | 2 |
| CVS | CVS Health Corporation | 0 | 0 | 1 | 1 |
| HUM | Humana Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.