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Evolent Health, Inc. (EVH) stock

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NYSE: EVH NYSE Health Care Services Next results ~November 5, 2026

D Fundamentals grade

Evolent Health, Inc. is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$9.0

Valuation models combined (2)

Base case. Range ~$7.5–$9.8. Weighted average of 2 models (growth cash-flow model, forward price-to-earnings vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Evolent Health, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds101 adding, 93 cuttingOf 41 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Evolent Health files

Where Evolent Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.10bn, down 4.5% on a year earlier, a smaller fall than the 21.3% decline a quarter earlier. That puts it 21 of 21 for growth among the health care services companies we cover. Free-cash-flow margin rose to -2.7% from -6.4% a year earlier. Operating margin narrowed to -20.4% from -1.7%. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 7 financial-health checks. Our valuation models combined value is $10.35 a share, against a share price of $4.45.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Evolent Health, Inc.'s trailing-twelve-month revenue fell 4.5% year on year, with a free-cash-flow margin of -2.7%. Where it stands out: change in growth rate of +16.8pp ranks 2 of 41 health care services companies we cover. Where it lags: net margin of -24.1% ranks 36 of 41 health care services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 58.8% while net income fell 287.1%: a 346pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.4% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 12.1% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 4.5% over the last 12 months.
  • Loss-making. Operating margin is -20.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 18.7 points on a year ago.
  • Burning cash. Free cash flow was -2.7% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 80% and a beta of 0.9 against the S&P 500.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.02 against an average estimate of -$0.02: beat by 229.9%
Revenue
$653m, up 46.9% on a year earlier
Share reaction
+28.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue guidance $2.6bn to $2.7bn (2026); adjusted EBITDA $120m to $135m (2026)
Next report
November 5, 2026; average EPS estimate $0.06

Evolent Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.5%
  • 1 week-1.8%
  • 1 month+28.6%
  • This year+11.3%
  • 1 year-33.3%
  • 5 years-84.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.1B
Operating margin
-20.4%
Net margin
-24.1%
EPS (TTM, diluted)
$-4.49

Growth

Revenue growth
−4.5%
Change in growth rate
+16.8 pts
Share count change
−2.4%

Cash

Free cash flow (TTM)
-$57.5M
FCF margin
-2.7%
Stock pay % of revenue
2.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Evolent Health, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Evolent Health, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.8 ~$0.4–$18 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.5 ~$6.1–$11 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$23–$65 Left out: out of range vs price (5.91x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.8 ~$0.8–$3.4 Left out: out of range vs price (0.19x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.0 ~$7.5–$9.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Evolent Health, Inc. with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$14.80$12.30$19.95$9.05$16.03$27.67$28.08$33.03$11.25$4.00$4.45
Market value$666m$792m$1.5bn$745m$1.4bn$2.4bn$2.6bn$3.7bn$1.3bn$457m$501m
+ Net debt (− = net cash)−$14m−$117m−$7m$193m−$29m−$51m$225m$404m$558m$819m$851m
Enterprise value$652m$674m$1.5bn$938m$1.3bn$2.3bn$2.9bn$4.1bn$1.8bn$1.3bn$1.4bn
Multiples
Price / sales 2.6x1.8x2.5x1.1x1.5x2.6x1.9x1.9x0.5x0.2x0.2x
Price / earnings ———————————
Price / free cash flow —————61.5x—25.8x68.8x11.8x9.2x
EV / EBITDA —————132.2x40.3x78.1x23.7x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard Evolent Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -5.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.8%; its worst year was -54.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -5.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 32.5% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $727m and EPS of $0.06 (range $0.01 to $0.09) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.20 +122% $2.6bn +41%
Next $0.40 +102% $3.3bn +25%

Next year's EPS estimate has moved +12.1% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 8 analysts raised Evolent Health, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Evolent Health, Inc., last 90 days
$0.10 $0.20 $0.30 $0.40 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.20 Current fiscal year, 60 days ago: $0.20 Current fiscal year, 30 days ago: $0.20 Current fiscal year, 7 days ago: $0.20 Current fiscal year, Now: $0.20 $0.20 Next fiscal year, 90 days ago: $0.36 Next fiscal year, 60 days ago: $0.39 Next fiscal year, 30 days ago: $0.40 Next fiscal year, 7 days ago: $0.40 Next fiscal year, Now: $0.40 $0.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.20$0.36
60 days ago $0.20$0.39
30 days ago $0.20$0.40
7 days ago $0.20$0.40
Now $0.20$0.40

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.02 $0.02 +229.9%
Mar 2026 −$0.05 −$0.02 +57.2%
Dec 2025 $0.05 $0.08 +62.7%
Sept 2025 $0.10 $0.05 −51.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • revenue guidance 2026 $2.6bn to $2.7bn Raised
    “Incorporating its year-to-date performance, the Company is raising its 2026 revenue guidance range to $2.6 to $2.7 billion.” source
  • revenue growth outlook 2027 about 25% growth
    “we expect to see revenue growth of over 25% compared to 2026” source
  • Adjusted EBITDA 2026 $120m to $135m Non-GAAP Narrowed
    “The Company also tightening its Adjusted EBITDA range to $120 to $135 million.” source
  • capitalized software development cash deployment 2026 $25m to $30m
    “The Company expects to deploy $25 million to $30 million in cash for capitalized software development during 2026.” source
  • 2027 Adjusted EBITDA outlook 2027 about $150m Non-GAAP
    “We expect the midpoint of our 2027 Adjusted EBITDA outlook will be at or above $150 million driven by expected improved Performance Suite care margins and a strong focus on expense reductions, despite significant continued industry headwinds from Medicaid and other client specific membership attrition.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

14 analysts, Nov 2026
Buy1179%
Hold321%
Sell00%

Monthly trend

  1. Nov 202647314
  2. Oct 202647314
  3. Sep 202648315

Counts of recommendations published by analysts covering Evolent Health, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.7%
of tradable shares
Days to cover
5.02
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.1%
of shares
Employees
4,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −33.3%

$6.67 on October 31, 2025 to $4.45

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.1bn −4.5%
P/S multiple 0.4x 0.2x −31.8%
Share count 115m 113m +2.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −83.7%

$27.26 on November 3, 2023 to $4.45

ThenNowEffect
Revenue (last 12 months) $1.6bn $2.1bn +28.5%
P/S multiple 1.7x 0.2x −86.2%
Share count 104m 113m −8.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EVH+73%+2%+18%−66%−64%+11%
Industry peers (median)−3%−28%+6%−6%−6%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EVH75%50%67%25%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EVH−26%−45%−35%−69%−72%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 95% from September 12, 2022 to March 30, 2026. Getting back needed a 1731% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.17 – $6.72
From 52-week high
−33.8%
vs 50-day average
+6.2%
vs 200-day average
+14.9%
Volatility (1 year)
80%
Beta vs S&P 500
0.94

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±16.0%
After a week
5 up, 7 down
typical move ±22.7%
After a month
5 up, 7 down
typical move ±23.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +28.2% +0.5% +51.3% +40.3%
May 7, 2026 +9.1% +0.5% +7.0% +21.7%
February 24, 2026 +13.4% +1.6% +26.7% −18.1%
November 6, 2025 −21.9% −1.0% −34.5% −38.1%
August 7, 2025 −4.4% +0.7% −6.3% +2.8%
May 8, 2025 −13.4% +0.6% −15.6% −18.9%
February 20, 2025 −0.9% −2.1% −17.5% −8.9%
November 7, 2024 −46.1% +1.2% −48.8% −55.3%
August 8, 2024 +29.2% +2.8% +33.1% +48.1%
May 9, 2024 −10.3% +0.7% −14.5% −13.0%
February 22, 2024 +13.8% +2.1% +13.3% +8.3%
January 8, 2024 +1.5% +1.3% −4.1% −6.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Evolent Health, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Evolent Health, Inc.
$1.6B $1.8B $2B $2.2B $2.4B $2.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.8B Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.4B Revenue (TTM), FY24 Q3: $2.5B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $2.1B $2.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.8B
FY23 Q4 $2B
FY24 Q1 $2.2B
FY24 Q2 $2.4B
FY24 Q3 $2.5B
FY24 Q4 $2.6B
FY25 Q1 $2.4B
FY25 Q2 $2.2B
FY25 Q3 $2.1B
FY25 Q4 $1.9B
FY26 Q1 $1.9B
FY26 Q2 $2.1B
Revenue growth, TTM YoY Evolent Health, Inc.
-40% -20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 47.0% Revenue growth, TTM YoY, FY23 Q4: 45.3% Revenue growth, TTM YoY, FY24 Q1: 46.8% Revenue growth, TTM YoY, FY24 Q2: 44.2% Revenue growth, TTM YoY, FY24 Q3: 37.6% Revenue growth, TTM YoY, FY24 Q4: 30.1% Revenue growth, TTM YoY, FY25 Q1: 10.2% Revenue growth, TTM YoY, FY25 Q2: -6.7% Revenue growth, TTM YoY, FY25 Q3: -16.6% Revenue growth, TTM YoY, FY25 Q4: -26.6% Revenue growth, TTM YoY, FY26 Q1: -21.3% Revenue growth, TTM YoY, FY26 Q2: -4.5% -4.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 47.0%
FY23 Q4 45.3%
FY24 Q1 46.8%
FY24 Q2 44.2%
FY24 Q3 37.6%
FY24 Q4 30.1%
FY25 Q1 10.2%
FY25 Q2 -6.7%
FY25 Q3 -16.6%
FY25 Q4 -26.6%
FY26 Q1 -21.3%
FY26 Q2 -4.5%
Operating margin (TTM) Evolent Health, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -2.9% Operating margin (TTM), FY23 Q4: -3.6% Operating margin (TTM), FY24 Q1: -3.4% Operating margin (TTM), FY24 Q2: -1.9% Operating margin (TTM), FY24 Q3: -1.8% Operating margin (TTM), FY24 Q4: -1.6% Operating margin (TTM), FY25 Q1: -1.2% Operating margin (TTM), FY25 Q2: -1.7% Operating margin (TTM), FY25 Q3: -1.0% Operating margin (TTM), FY25 Q4: -21.9% Operating margin (TTM), FY26 Q1: -22.2% Operating margin (TTM), FY26 Q2: -20.4% -20.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -2.9%
FY23 Q4 -3.6%
FY24 Q1 -3.4%
FY24 Q2 -1.9%
FY24 Q3 -1.8%
FY24 Q4 -1.6%
FY25 Q1 -1.2%
FY25 Q2 -1.7%
FY25 Q3 -1.0%
FY25 Q4 -21.9%
FY26 Q1 -22.2%
FY26 Q2 -20.4%
FCF margin (TTM) Evolent Health, Inc.
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1.4% FCF margin (TTM), FY23 Q4: 1.0% FCF margin (TTM), FY24 Q1: 1.5% FCF margin (TTM), FY24 Q2: 2.3% FCF margin (TTM), FY24 Q3: 0.6% FCF margin (TTM), FY24 Q4: -3.9% FCF margin (TTM), FY25 Q1: -3.9% FCF margin (TTM), FY25 Q2: -6.4% FCF margin (TTM), FY25 Q3: -6.6% FCF margin (TTM), FY25 Q4: -4.1% FCF margin (TTM), FY26 Q1: -4.2% FCF margin (TTM), FY26 Q2: -2.7% -2.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1.4%
FY23 Q4 1.0%
FY24 Q1 1.5%
FY24 Q2 2.3%
FY24 Q3 0.6%
FY24 Q4 -3.9%
FY25 Q1 -3.9%
FY25 Q2 -6.4%
FY25 Q3 -6.6%
FY25 Q4 -4.1%
FY26 Q1 -4.2%
FY26 Q2 -2.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 254 435 627 687 925 908 1,352 1,964 2,555 1,876 2,097
Gross profit — — — — — 250 317 460 367 400 362
EBITDA −220 −40 −3 −248 −201 18 71 52 78 −294 −316
Operating income −237 −73 −47 −309 −263 −42 4 −71 −40 −410 −428
Net income −160 −61 −53 −302 −334 −38 −19 −113 −62 −535 −505
Diluted EPS −$3.55 −$0.94 −$0.68 −$3.67 −$3.94 −$0.44 −$0.20 −$1.28 −$0.81 −$5.07 −$4.49
Growth (year on year)
Revenue — +71.1% +44.2% +9.6% +34.6% −1.8% +48.9% +45.3% +30.1% −26.6% −4.5%
EBITDA — — — — — — — −26.3% +49.2% −477.8% −560.7%
Margins
Gross margin — — — — — 27.6% 23.4% 23.4% 14.4% 21.3% 17.2%
EBITDA margin −86.6% −9.3% −0.5% −36.1% −21.8% 1.9% 5.2% 2.7% 3.0% −15.7% −15.1%
Operating margin −93.4% −16.7% −7.6% −45.0% −28.4% −4.7% 0.3% −3.6% −1.6% −21.9% −20.4%
Net margin −62.8% −13.9% −8.4% −43.9% −36.1% −4.1% −1.4% −5.8% −2.4% −28.5% −24.1%
Free-cash-flow margin −20.1% −12.8% −9.6% −11.4% −1.8% 4.3% −0.9% 7.3% 0.7% 2.1% 2.6%
Cash flow
Cash from operations −36 −28 −21 −43 −16 39 −12 143 19 39 54
Capital spending 16 28 40 36 0 0 0 0 0 0 0
Free cash flow −51 −56 −60 −78 −16 39 −12 143 19 39 54
Stock-based pay 19 20 18 16 15 17 34 41 40 40 43
Free cash flow after stock pay −70 −76 −78 −94 −31 22 −46 102 −21 −1 11
Balance sheet
Cash 135 238 228 101 319 266 188 193 104 152 116
Total debt 120 121 221 294 290 216 413 597 662 971 966
Net debt (negative = net cash) −14 −117 −7 193 −29 −51 225 404 558 819 851
Diluted shares 45m 64m 77m 82m 85m 86m 94m 111m 115m 114m 113m
Returned to shareholders
Buybacks — — — — — — — 0 0 40 —
Total returned — — — — — — — 0 0 40 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $2.0bn
Short-term assets $611mLonger-term assets $1.4bn
What it owes, and who funded it · $2.0bn
Short-term liabilities $493mLonger-term liabilities $1.1bnShareholders' equity $383m
  • Short-term assets cover short-term liabilities $611m of assets due within a year against $493m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $611m short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $116m of cash against $966m of debt.
  • Debt below 40% of shareholders' equity Debt is 252% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 31% to 252% over five years.
  • A year's operating cash flow covers at least 20% of debt $54m of operating cash flow against $966m of debt.
  • Operating profit covers interest at least five times over Operating income of −$428m against $69m of interest.

From Evolent Health, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$40M
Diluted share count
−2.4%
year over year
Sales & admin spending
13.9%
of revenue
Days sales outstanding
78 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated EVH RDNT PRVA HIMS AVAH CHE Median
Revenue, last 12 months $2.1bn $2.3bn $2.4bn $2.6bn $2.6bn $2.7bn $1.2bn
Revenue growth, last 12 months −4.5% 18.9% 24.1% 28.0% 19.5% 5.2% 7.3%
Revenue growth, 3-year average 8.7% 14.1% 16.1% 53.7% 12.4% 6.1% 11.3%
Revenue growth, latest quarter 46.9% 25.0% 21.4% 38.2% 13.7% 10.6% 8.5%
Gross margin 17.2% 13.4% — 68.4% 32.3% 33.5% 27.9%
Operating margin −20.4% 3.1% 1.9% −6.0% 10.5% 13.9% 2.3%
Operating margin, 3-year average −8.0% 4.4% 1.2% 0.5% 7.0% 14.4% 2.3%
Net margin −24.1% −0.9% 1.2% −5.5% 10.6% 10.6% 1.2%
Cash from operations / revenue 2.6% 13.7% 5.6% 10.2% 6.5% 13.6% 6.1%
Free-cash-flow margin −2.7% 3.2% 5.6% 2.4% 6.0% 11.1% 5.1%
Free-cash-flow margin, 3-year average −2.3% 3.7% 5.2% — 3.2% 11.6% 3.6%
Stock pay / revenue 2.0% 2.6% 3.2% 6.0% 0.7% — 1.1%
Change in share count −2.4% 0.1% 2.7% 0.3% 11.4% −8.3% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth -4.5% 7.3% 33 of 41
Change in growth rate Growth +16.8pp +1.1pp 2 of 41
Gross margin Profitability 17.2% 29.0% 22 of 27
Operating margin Profitability -20.4% 2.6% 35 of 40
Net margin Profitability -24.1% 1.2% 36 of 41
Free-cash-flow margin Cash generation -2.7% 5.1% 32 of 40
Stock pay as % of revenue Cash generation 2.0% 0.9% 24 of 35
Long-term debt as % of assets Balance sheet 49.0% 27.7% 27 of 31
Change in share count Balance sheet -2.4% 0.4% 10 of 39
Days sales outstanding Balance sheet 78 days 39 days 27 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Evolent Health Services $1.9B ▼ 26.6%
Reportable $1.9B ▼ 26.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Evolent Health, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$608M
Institutions reporting
199
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
34 / 29

Top buyers and sellers, Q2 2026: 101 institutions bought and 93 sold ; the biggest buyer was Blackrock, Inc (+3.9M shares) and the biggest seller Maverick Capital Ltd (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $80.3M 14.8M 13.2% ▲ 36.1%
Cadian Capital Management, LP $58.6M 10.8M 9.6% 0.0%
Morgan Stanley $48.6M 9.0M 8.0% ▼ 1.2%
UBS Group AG $33.8M 6.2M 5.6% ▼ 23.4%
Rubicon Founders LLC $31.5M 5.8M 5.2% 0.0%
Engaged Capital LLC $30.2M 5.6M 5.0% 0.0%
D. E. Shaw & Co., Inc. $27.7M 5.1M 4.6% ▼ 6.0%
Vanguard Capital Management LLC $26M 4.8M 4.3% ▼ 1.6%
Marshall Wace, LLP $18.5M 3.4M 3.0% ▲ 334.8%
Nuveen, LLC $17M 3.1M 2.8% ▲ 1081.3%
Geode Capital Management, LLC $15.7M 2.9M 2.6% ▲ 10.9%
Rock Springs Capital Management LP $13.6M 2.5M 2.2% ▼ 6.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Evolent Health, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $38,200 1 trade by 1 insider, last 12 months Insider sales History → $329,460 1 trade by 1 insider · 100% under pre-set plans
Net ▼ $291,260 net selling
Insider Date Trade Shares Price Value
Mccarthy Daniel Joseph PRESIDENT August 26, 2026 Sell pre-set plan 65,892 $5.00 $329,460
Springstubb Brendan B Director November 18, 2025 Buy 10,000 $3.82 $38,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

No trades in Evolent Health, Inc. disclosed in the last 12 months; 7 earlier trades on record.

  • Greg Gianforte(MT):Sale (full), $50,001 - $100,000, traded May 11, 2020, filed May 29, 2020
  • Greg Gianforte(MT):Purchase, $100,001 - $250,000, traded October 11, 2019, filed November 27, 2019
  • Greg Gianforte(MT):Sale (full), $50,001 - $100,000, traded September 10, 2019, filed October 20, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 24, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Evolent Health, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Evolent Health, Inc. in brief

What does Evolent Health, Inc. do?
Evolent Health, Inc. is a US-listed company in the health care services industry. Its financial year ends in December.
What is Evolent Health, Inc.'s stock ticker?
Evolent Health, Inc. trades under the ticker EVH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Evolent Health, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Evolent Health, Inc. reported revenue of $2.1B, 4.5% lower than a year earlier, according to its SEC filings.
What is Evolent Health, Inc.'s free cash flow?
Evolent Health, Inc.'s free-cash-flow margin is -2.7% of revenue over the trailing twelve months, ranking 32 of the 40 health care services companies we cover.
Who are Evolent Health, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Cadian Capital Management, LP and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Evolent Health, Inc.'s market cap?
On November 2, 2026, Evolent Health, Inc.'s market capitalisation was about $501M and net debt of $851M. Market figures come from third-party market data and may be delayed.
How much debt does Evolent Health, Inc. have?
Evolent Health, Inc.'s debt-to-equity ratio is 252.2%, from its latest balance sheet (31.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Evolent Health, Inc.'s competitors?
In our Health Care Services peer group, the companies closest to Evolent Health, Inc. are Radnet, Inc., Privia Health Group, Inc., Hims & Hers Health, Inc., Aveanna Healthcare Holdings, Inc. and Chemed Corp. The side-by-side comparison below sets their revenue, margins and growth against Evolent Health, Inc.'s.
Are insiders buying or selling Evolent Health, Inc. stock?
Over the last 12 months, Evolent Health, Inc.'s directors and officers reported 1 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Evolent Health, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Evolent Health, Inc. announces its own schedule.