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Evolent Health, Inc. key statistics and ratios

In fiscal 2025, Evolent Health, Inc. had return on equity of -75.5% and a net margin of -28.5%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−62.8%−13.9%−8.4%−43.9%−36.1%−4.1%−1.4%−5.8%−2.4%−28.5%−24.1%
Return on equity−22.7%−7.1%−4.9%−29.1%−43.2%−5.7%−2.5%−11.7%−6.0%−75.5%−126.5%
Return on assets−13.3%−4.8%−3.5%−18.8%−23.3%−2.7%−1.2%−5.0%−2.4%−24.1%−26.1%
R&D as % of revenue4.4%4.0%2.9%2.9%1.6%1.7%—————
SG&A as % of revenue63.2%47.3%37.5%34.4%22.8%24.2%19.9%18.2%10.3%16.2%13.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EVH vs RDNTEVH vs PRVAEVH vs HIMS

More: Health Care Services stocks compared, Health Care sector, rankings of US companies

Figures from Evolent Health, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Evolent Health, Inc.