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. In the quarter to June 2026, revenue grew 46.9%, EPS grew 43.2%, free cash flow grew 58.7% and total debt rose 49.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow EVH
Evolent Health, Inc (EVH) Altman Z-score
Evolent Health, Inc's Altman Z-score for fiscal 2025 is −0.43, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.43 | (1.48) |
| FY2024 | 1.04 | (0.77) |
| FY2023 | 1.81 | (0.15) |
| FY2022 | 1.96 | 0.00 |
| FY2021 | 1.96 | 1.31 |
| FY2020 | 0.65 | 0.30 |
| FY2019 | 0.36 | (1.85) |
| FY2018 | 2.20 | (0.04) |
| FY2017 | 2.25 | 0.99 |
| FY2016 | 1.25 | (1.53) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.08 | |
| Retained earnings / total assets | (0.69) | — | −0.97 | |
| EBIT / total assets | (0.22) | — | −0.71 | |
| Market value of equity / total liabilities | 0.31 | — | 0.18 | |
| Sales / total assets | 0.99 | — | 0.99 | |
| Altman Z-score | Distress zone | −0.43 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.00 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NRC National Research Corporation compare | 3.3× |
| CARL Carlsmed, Inc. compare | 2.9× |
| MDRX Veradigm Inc. compare | 1.6× |
| WEAV Weave Communications, Inc. compare | 1.4× |
| PHR Phreesia, Inc. compare | 0.7× |
| CTEV Claritev Corporation compare | −0.4× |
| EVH Evolent Health, Inc | −0.4× |
| SOPH SOPHiA GENETICS SA compare | −3.4× |
| CSLT Castlight Health, inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets