Evolv Technologies Holdings, Inc.
EVLV Industrials Security & Protection Services
Evolv Technologies Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $145.9 million, up 40.5% from fiscal 2024. In the quarter to June 2026, revenue grew 34.4%, EPS grew 80.0% and free cash flow grew 203.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
Follow EVLV
Evolv Technologies Holdings, Inc. (EVLV) Altman Z-score
Evolv Technologies Holdings, Inc.'s Altman Z-score for fiscal 2025 is 2.19, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.19 | 2.09 |
| FY2024 | 0.10 | (0.88) |
| FY2023 | 0.98 | (0.07) |
| FY2022 | 1.05 | (1.76) |
| FY2021 | 2.81 | 11.22 |
| FY2020 | −8.41 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.09 | — | 0.11 | |
| Retained earnings / total assets | (1.27) | — | −1.78 | |
| EBIT / total assets | (0.16) | — | −0.53 | |
| Market value of equity / total liabilities | 6.52 | — | 3.91 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Grey zone | 2.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.93 | ||
Z and Z″ put Evolv Technologies Holdings, Inc. in different zones: grey zone by Z, distress zone by Z″.
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 |
|---|---|
| NSSC NAPCO Security Technologies, Inc. compare | 20.7× |
| CIX CompX International Inc. compare | 12.7× |
| BRC Brady Corporation compare | 8.1× |
| NL NLI Holdings, Inc. compare | 3.4× |
| MG Mistras Group Inc compare | 2.4× |
| EVLV Evolv Technologies Holdings, Inc. | 2.2× |
| GEO Geo Group Inc (The) compare | 1.7× |
| BCO Brink's Company (The) compare | 1.6× |
| CXW CoreCivic, Inc. compare | 1.6× |
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