Elevance Health

Revenue is highly recurring and diversified across Commercial, Medicare, and Medicaid with scale pharmacy operations. 2025 revenue grew double‑digits, but earnings are more volatile because benefit expense ratio fluctuates with utilization and policy.

MA Star improvements lift medium‑term visibility, yet Medicaid redeterminations and IRA Part D redesign introduce noise. Compared with cyclical industries, predictability is good; compared with pure tollbooths, variability is higher.