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Evolent Health, Inc

EVH Healthcare Health Information Services

Evolent Health, Inc’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 26.6% from fiscal 2024.

Revenue
+51.3%
EPS
+12.5%
Free cash flow
+179.8%
Total debt
−8.09%

Quarter to September 2026, against a year earlier

4.61 0.07 +1.54%
Market cap
$513.3M
P/E
0.0×
Fwd P/E
−5.4×
Dividend yield
—
F-score
5/9
Altman Z
−0.43
Beneish M
−4.60
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.33
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 9.43%

Capital & Financial Ratios $m

Size
Market Cap 513.28
Revenue ttm 2,342.85
Net income ttm (507.69)
Free cash flow ttm 36.66
Net debt Q 814.70
Valuation
P/E 0.00
Forward P/E (5.44) (negative: loss-making)
Price / sales 0.22
Forward P/S Powerpack
Price / FCF 14.28
Price / book 1.40
Financial health
Current ratio Q 1.26
Debt / equity Q 2.60 (above 2: weak)
Interest coverage Q (0.36)
Growth
Revenue growth Q +51.27% (above 0%: growing)
Operating income growth Q −798.42% (below 0%: shrinking)
EPS, this year +115.47% (at or above 15%: strong)
EPS, next year A +96.64% (at or above 15%: strong)
Revenue, next year A +40.44% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +75.54% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.6×, against a ten-year median of 1.8×; over the ten years it ranged from 0.5× in 2026 to 4.8× in 2016.
P/S against its own 10 years 4.69%
10-year low 10-year high
P/B against its own 10 years 50.90%
10-year low 10-year high
EV/Sales against its own 10 years 2.75%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 207 163 178 155
Receivables 447 415 310 443
Inventory — — — —
Other — — — —
684 607 506 617
2023 2024 2025 Q'26
Payables 48 96 60 38
ST’ Debt — — — —
Other 404 319 192 376
674 716 385 490

Compound Annual Growth %

10y 5y 3y
Sales 34.49% 15.20% 11.54%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (7.79%) (7.69%) (21.53%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.01 Actual 0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.10 0.05 Miss by 0.05
Q4 FY25 0.06 0.08 Beat by 0.02
Q1 FY26 −0.05 −0.02 Beat by 0.03
Q2 FY26 −0.01 0.02 Beat by 0.03
Q3 FY26 0.06 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.24) (0.25) (0.21) — —
’25 (0.63) (0.44) (0.24) (3.84) (5.07)
’24 (0.22) (0.06) (0.27) (0.27) (0.81)
’23 (0.24) (0.37) (0.30) (0.36) (1.28)
’22 (0.06) (0.05) 0.02 (0.11) (0.20)
’21 (0.12) (0.11) (0.15) (0.06) (0.44)
’20 (0.92) (2.38) (0.44) (0.17) (3.94)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 496 653 725 — —
’25 484 444 480 469 1,876
’24 640 647 621 647 2,555
’23 428 469 511 556 1,964
’22 297 320 353 382 1,352
’21 215 222 222 248 908
’20 221 217 240 247 925
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (9) 26 — —
’25 5 (30) 16 49 39
’24 5 21 19 (26) 19
’23 (8) 1 61 89 143
’22 (57) 14 (3) 36 (12)
’21 (48) (24) 45 67 39
’20 (21) 38 (20) (13) (16)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (7) (16) 19 — —
’25 (4) (39) 7 41 5
’24 0 14 12 (32) (6)
’23 (17) (6) 54 83 114
’22 (66) 4 (13) 25 (50)
’21 (54) (30) 38 59 14
’20 (28) 28 (27) (19) (46)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 254 435 627 687 925 908 1,352 1,964 2,555 1,876 2,343 +24.9% 2,635 3,296 3,665 +25.0%
Gross margin, % 38.95 38.07 47.72 25.34 24.66 27.58 23.42 23.45 14.38 21.31 14.95 (17.6) pt
EBT (238) (76) (54) (330) (331) (30) (62) (202) (63) (535) (505) +9.4%
EBT margin, % (93.45) (17.57) (8.64) (48.02) (35.75) (3.28) (4.59) (10.31) (2.47) (28.50) (21.54) +65.0 pt
Net income (227) (70) (54) (306) (334) (38) (19) (113) (62) (535) (508) +10.0%
Per share, $
Per share, $ Revenue 5.64 6.76 8.11 8.34 10.89 10.55 14.43 17.65 22.28 16.43 20.72 +12.6%
Earnings (3.55) (0.94) (0.68) (3.67) (3.94) (0.44) (0.20) (1.28) (0.81) (5.07) (4.54) +4.0%
Cash flow (0.79) (0.43) (0.27) (0.52) (0.19) 0.45 (0.12) 1.28 0.16 0.34 0.57 n/m
Capex (0.34) (0.43) (0.51) (0.43) (0.35) (0.29) (0.41) (0.26) (0.22) (0.30) (0.25) (1.6%)
Free cash flow (1.13) (0.87) (0.78) (0.95) (0.54) 0.16 (0.53) 1.02 (0.05) 0.04 0.32 n/m
Book value 20.26 16.26 15.38 11.28 7.30 8.06 9.17 11.20 10.39 3.64 3.30 (17.4%)
Shares, m 45 64 77 82 85 86 94 111 115 114 113 +10.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 2.64 1.89 2.46 1.08 1.47 2.62 1.87 1.89 0.51 0.24 0.22 1.7
P/B 0.74 0.79 1.30 0.80 2.20 3.43 2.94 3.47 1.29 1.10 1.40 1.8
EV/Sales 2.27 1.48 2.20 1.33 1.40 2.48 2.03 2.08 0.63 0.67 0.57 1.7
EV/FCF (11.32) (11.54) (22.94) (11.72) (28.26) 163.85 (54.86) 35.95 (263.90) 262.75 36.51 5.8
Cash, $m
Cash, $m Operating cash flow (36) (28) (21) (43) (16) 39 (12) 143 19 39 65 n/m
Capex (16) (28) (40) (36) (29) (25) (38) (29) (25) (34) (28) +9.1%
Free cash flow (51) (56) (60) (78) (46) 14 (50) 114 (6) 5 37 n/m
Balance, $m
Balance, $m Working capital 133 245 219 36 144 78 45 9 (108) 121 127 (1.0%)
Net debt (93) (179) (162) 171 (70) (126) 210 390 327 793 815 n/m
Shareholders’ equity 912 1,046 1,189 929 620 694 859 1,246 1,191 415 373 (8.4%)
Returns, %
Returns, % ROA (14.42) (4.83) (3.47) (18.75) (23.29) (2.69) (1.18) (6.33) (3.58) (26.08) (23.00) (11.7) pt
ROIC (18.12) (5.25) (2.89) (17.55) (29.89) (4.67) 0.21 (2.72) (1.67) (21.22) (22.87) (3.1) pt
ROE (17.30) (6.20) (4.71) (28.51) (43.17) (5.73) (2.47) (14.76) (9.03) (81.81) (83.57) (64.5) pt
People
People Employees 2,400 2,600 3,800 3,400 2,900 3,500 5,100 4,700 4,500 4,200 — +6.4%
Revenue/emp, $m 0.11 0.17 0.17 0.20 0.32 0.26 0.27 0.42 0.57 0.45 — +17.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Evolent Health, Inc vs peers in Health Information Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OMDA Omada Health, Inc. $1.2B 267× 156× +43.12% (above 0%: growing) n/m +45.71% (above 0%: growing) 72.62% 4.04% Compare
HSTM HealthStream, Inc. $905.6M 42.0× 45.4× +8.94% (above 0%: growing) −8.90% (below 0%: shrinking) −4.80% (below 0%: shrinking) 63.98% 7.91% Compare
PHR Phreesia, Inc. $788.9M 74.4× 40.2× +10.41% (above 0%: growing) +200.00% (above 0%: growing) +43.51% (above 0%: growing) 66.64% 5.88% Compare
NRC National Research Corporation $563.6M 87.6× 61.1× +10.95% (above 0%: growing) +22.22% (above 0%: growing) −31.38% (below 0%: shrinking) 59.95% 23.20% Compare
SOPH SOPHiA GENETICS SA $563.6M — (loss-making) — (loss-making) +24.69% (above 0%: growing) n/m −1.87% (below 0%: shrinking) 65.66% (73.45%) Compare
EVH Evolent Health, Inc $513.3M — (loss-making) — (loss-making) +51.27% (above 0%: growing) n/m +179.84% (above 0%: growing) 12.19% (0.85%)
CARL Carlsmed, Inc. $418.3M — (loss-making) — (loss-making) +56.75% (above 0%: growing) n/m −6.84% (below 0%: shrinking) 76.78% (58.27%) Compare
CTEV Claritev Corporation $342.7M — (loss-making) — (loss-making) +6.59% (above 0%: growing) n/m +49.10% (above 0%: growing) 73.72% 9.09% Compare
SPOK Spok Holdings, Inc. $245.9M 12.9× 16.2× −2.56% (below 0%: shrinking) +190.31% (above 0%: growing) +61.57% (above 0%: growing) 79.66% 17.08% Compare
Median of peers $563.6M 74.4× 45.4× +10.68% +106.27% +20.82% 69.63% 6.90%

All 44 Health Information Services stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.24m 2.58m 25.00
2024 11.14m (9.30m) 70.00
2023 8.93m 20.11m 206.00
2022 7.73m 11.80m 175.00
2021 6.53m 21.86m 173.00

Ownership

Directors and executive officers, together 1.48%
The Vanguard Group 9.50%
Entities affiliated with Cadian Capital Management, LP 9.50%
Entities affiliated with Morgan Stanley 8.00%
BlackRock, Inc. 7.40%
Entities affiliated with Rubicon Founders 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Evolent Health, Inc (EVH) Latest News

5 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · PR Newswire

26 Oct

Impact 3 · · StockStory

21 Sep

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16 Sep

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14 Aug

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13 Aug

Impact 4 · · The Motley Fool transcript

10 Aug

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8 Aug

Impact 3 · · MarketBeat

6 Aug

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23 Jul

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10 May

Impact 4 · · MarketBeat

8 May

Impact 4 · · The Motley Fool transcript
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7 May

Impact 4 · · Zacks
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Impact 3 · · Zacks
Impact 3 · · StockStory

7 Apr

Impact 4 · · StockStory

19 Mar

Impact 3 · · PR Newswire

6 Mar

Impact 4 · · Simply Wall St.

28 Feb

Impact 4 · · Simply Wall St.

25 Feb

Impact 4 · · StockStory
Impact 4 · · Moby
stockrow.com/EVH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com