Elevance Health
What Elevance Health is up to now
The strongest BH-strategy story in the bloc with the thinnest AI story: Carelon re-led (new co-chiefs over 90M consumers, 03-31), ABA/SUD cost targeting — against a 'ghost network' class action (inaccurate BH provider directories) a court let proceed (04-01), a live network-adequacy exposure specific to behavioral health.
as of 2026-07-28
Sphere us
Pocket
Health
Blue-licensed payer (+Carelon); deepest payer behavioral-health bench (ex-Beacon).
The metrics
- Posture high
- hedging 2 src →
- Capital · available high
- ~$10.2B cash + ~$27.3B short-term inv (~$49.6B total investments/float) against ~$31-32B debt — well-reserved 1 src →
- Capital · operating high
- ~$197.6B FY25 revenue (~$198.7B TTM); operating cash flow ~$4.3B FY25 (shock) / ~$7.5B TTM (recovering) 1 src →
- Capital · deployed high
- ~$1.1B capex + ~$2.6B buybacks committed FY25; near-zero M&A (~$88M) — capital held back during the margin shock 1 src →
- Capital · in high
- inflows — ~$197.6B FY25: Blue-licensed premiums (14-15 states) + Carelon services revenue 1 src →
- Capital · out high
- outflows — medical costs (rising MLR from Medicaid/ACA morbidity) dominate; then ~$2.6B buybacks + ~$1.5B dividends FY25 1 src →
- Optionality med
- constrained — the 14-15-state Blue Cross Blue Shield license fence blocks geographic expansion and MLR caps the core; Carelon services is the one relatively free lever. 2 src →
- Gravity med
- GROSS ~$197.6B/yr routed — ~46.8M medical members across the Blue-licensed states + Carelon's deep behavioral-health bench. 2 src →
Projects & threads
·
AI Denial Machine
legitimacy dispute
— open · last seen 2026-07-28
· 2 entries
Vocabulary