Evolent Health Inc Financials

EVH

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 52/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Evolent Health Inc has an operating margin of -1.6%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3.6% the prior year.

Growth

100

Evolent Health Inc's revenue surged 30.1% year-over-year to $2.6B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Evolent Health Inc carries a low D/E ratio of 0.49, meaning only $0.49 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Evolent Health Inc's current ratio of 0.85 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.

Piotroski F-Score Neutral

5/9

Evolent Health Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.30x

For every $1 of reported earnings, Evolent Health Inc generates $-0.30 in operating cash flow ($18.8M OCF vs -$61.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1.6x

Evolent Health Inc earns $-1.6 in operating income for every $1 of interest expense (-$40.5M vs $24.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Evolent Health Inc (EVH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$2.6B

YoY+30.1%

5Y CAGR+30.0%

Evolent Health Inc generated $2.6B in revenue in fiscal year 2024. This represents an increase of 30.1% from the prior year.

EBITDA

$77.9M

YoY+49.2%

Evolent Health Inc's EBITDA was $77.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.2% from the prior year.

Free Cash Flow

N/A

Net Income

-$61.6M

YoY+45.5%

Evolent Health Inc reported -$61.6M in net income in fiscal year 2024. This represents an increase of 45.5% from the prior year.

EPS (Diluted)

$-0.81

YoY+36.7%

Evolent Health Inc earned $-0.81 per diluted share (EPS) in fiscal year 2024. This represents an increase of 36.7% from the prior year.

Cash & Debt

$104.2M

YoY-46.0%

5Y CAGR+0.6%

Evolent Health Inc held $104.2M in cash against $490.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

117M

5Y CAGR+6.6%

Evolent Health Inc had 117M shares outstanding in fiscal year 2024.

Gross Margin

14.4%

YoY-9.1pp

Evolent Health Inc's gross margin was 14.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 9.1 percentage points from the prior year.

Operating Margin

-1.6%

YoY+2.0pp

5Y CAGR+43.4pp

Evolent Health Inc's operating margin was -1.6% in fiscal year 2024, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin

-2.4%

YoY+3.4pp

5Y CAGR+41.5pp

Evolent Health Inc's net profit margin was -2.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

EVH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.6B+30.1%	$2.0B+45.3%	$1.4B+48.9%	$908.0M-1.8%	$924.6M+34.6%	$687.1M
Cost of Revenue	$2.2B+45.5%	$1.5B+45.2%	$1.0B+57.5%	$657.6M-5.6%	$696.6M	N/A
Gross Profit	$367.4M-20.2%	$460.5M+45.4%	$316.6M+26.4%	$250.4M+9.8%	$228.1M	N/A
R&D Expenses	N/A	N/A	N/A	$15.5M+2.6%	$15.1M-23.7%	$19.8M
SG&A Expenses	$263.1M-26.5%	$358.1M+33.0%	$269.3M+22.7%	$219.5M+4.3%	$210.4M-11.0%	$236.4M
Operating Income	-$40.5M+43.1%	-$71.2M-2055.3%	$3.6M+108.6%	-$42.4M+83.9%	-$262.8M+14.9%	-$308.9M
Interest Expense	$24.7M-54.4%	$54.2M+248.1%	$15.6M-38.8%	$25.4M-10.2%	$28.3M+94.6%	$14.6M
Income Tax	-$1.4M+98.4%	-$89.4M-106.0%	-$43.4M-9080.5%	$483K+120.4%	-$2.4M+89.6%	-$22.8M
Net Income	-$61.6M+45.5%	-$113.0M-489.9%	-$19.2M+49.0%	-$37.6M+88.8%	-$334.2M-10.7%	-$302.0M
EPS (Diluted)	$-0.81+36.7%	$-1.28-540.0%	$-0.20+54.5%	$-0.44+88.8%	$-3.94-7.4%	$-3.67

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$479.5M+7.9%	$444.3M-8.1%	$483.6M-25.2%	$646.5M+4.0%	$621.4M-4.0%	$647.1M+1.2%	$639.7M+15.0%	$556.1M
Cost of Revenue	$379.8M+10.4%	$343.9M-9.8%	$381.2M-33.2%	$570.8M+5.6%	$540.7M+0.1%	$540.3M+0.9%	$535.5M+17.9%	$454.4M
Gross Profit	$99.8M-0.6%	$100.4M-2.0%	$102.5M+35.3%	$75.7M-6.2%	$80.7M-24.5%	$106.8M+2.6%	$104.1M+2.4%	$101.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$77.6M+3.2%	$75.2M-4.1%	$78.4M+64.4%	$47.7M-28.9%	$67.1M-3.1%	$69.2M-12.5%	$79.1M-2.9%	$81.4M
Operating Income	$886K+175.7%	-$1.2M+27.8%	-$1.6M+91.3%	-$18.6M-14.3%	-$16.3M-308.9%	$7.8M+158.1%	-$13.4M+37.2%	-$21.4M
Interest Expense	$16.5M+42.0%	$11.6M+11.7%	$10.4M+54.5%	$6.7M+11.8%	$6.0M+0.3%	$6.0M0.0%	$6.0M-51.0%	$12.2M
Income Tax	$906K+209.8%	-$825K-156.1%	$1.5M+231.1%	-$1.1M-81.1%	-$619K-160.1%	-$238K-142.1%	$565K+103.9%	-$14.7M
Net Income	-$20.9M-4.9%	-$19.9M+69.2%	-$64.6M-183.4%	-$22.8M+1.4%	-$23.1M-1549.7%	$1.6M+109.2%	-$17.3M+48.3%	-$33.4M
EPS (Diluted)	$-0.24+45.5%	$-0.44+30.2%	$-0.63-133.3%	$-0.270.0%	$-0.27-350.0%	$-0.06+72.7%	$-0.22+38.9%	$-0.36

EVH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.5B-5.1%	$2.7B+47.5%	$1.8B+28.0%	$1.4B+3.5%	$1.4B-8.4%	$1.5B
Current Assets	$607.1M-11.2%	$683.7M+43.0%	$478.1M-8.8%	$524.0M-4.3%	$547.6M+139.4%	$228.8M
Cash & Equivalents	$104.2M-46.0%	$192.8M+2.5%	$188.2M-29.3%	$266.3M-16.5%	$319.0M+215.8%	$101.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$414.7M-7.2%	$446.7M+75.4%	$254.7M+95.0%	$130.6M+5.3%	$124.1M+64.0%	$75.7M
Goodwill	$1.1B+1.9%	$1.1B+54.5%	$722.8M+69.5%	$426.3M+22.1%	$349.0M-38.4%	$566.4M
Total Liabilities	$1.4B-5.7%	$1.4B+49.7%	$957.9M+32.0%	$725.8M-3.5%	$752.1M+32.2%	$569.0M
Current Liabilities	$715.5M+6.1%	$674.2M+55.6%	$433.4M-2.7%	$445.5M+10.5%	$403.3M+109.2%	$192.8M
Long-Term Debt	$490.5M-17.8%	$597.0M+44.6%	$413.0M+91.5%	$215.7M-18.1%	$263.3M-10.3%	$293.7M
Total Equity	$1.0B-6.2%	$1.1B+24.2%	$859.4M+23.9%	$693.6M+11.9%	$619.6M-33.3%	$929.0M
Retained Earnings	-$780.8M-8.6%	-$719.2M-18.6%	-$606.2M+3.3%	-$626.8M-6.4%	-$589.2M-133.8%	-$252.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$2.5B-0.3%	$2.5B-7.2%	$2.7B+4.3%	$2.5B+1.7%	$2.5B+1.1%	$2.5B-6.4%	$2.6B-1.4%	$2.7B
Current Assets	$570.1M+1.4%	$562.3M-22.8%	$727.9M+19.9%	$607.1M+11.6%	$544.0M+4.4%	$521.0M-22.2%	$669.2M-2.1%	$683.7M
Cash & Equivalents	$116.7M-22.7%	$151.0M-38.8%	$246.5M+136.6%	$104.2M+7.9%	$96.6M-4.6%	$101.3M-38.7%	$165.1M-14.4%	$192.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$386.6M+7.8%	$358.8M-16.7%	$430.5M+3.8%	$414.7M+1.7%	$407.9M+9.1%	$373.7M-12.6%	$427.7M-4.3%	$446.7M
Goodwill	$1.1B-5.4%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B+1.9%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$1.6B+20.5%	$1.3B-12.3%	$1.5B+12.7%	$1.4B+6.0%	$1.3B+3.1%	$1.2B-12.5%	$1.4B-1.4%	$1.4B
Current Liabilities	$429.9M-22.9%	$557.5M-24.6%	$739.1M+3.3%	$715.5M+36.6%	$523.7M+8.3%	$483.4M-26.7%	$659.0M-2.3%	$674.2M
Long-Term Debt	$1.1B+62.7%	$648.5M+0.1%	$647.5M+32.0%	$490.5M-18.2%	$599.7M+0.1%	$598.8M+0.1%	$597.9M+0.1%	$597.0M
Total Equity	$842.2M-6.0%	$896.0M-4.2%	$935.5M-6.6%	$1.0B-3.6%	$1.0B-1.4%	$1.1B+0.6%	$1.0B-1.9%	$1.1B
Retained Earnings	-$886.2M-2.4%	-$865.3M-2.4%	-$845.4M-8.3%	-$780.8M-3.0%	-$758.0M-3.1%	-$734.9M+0.2%	-$736.5M-2.4%	-$719.2M

EVH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$18.8M-86.8%	$142.6M+1334.2%	-$11.6M-129.8%	$38.7M+338.8%	-$16.2M+62.0%	-$42.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$35.5M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$78.2M
Investing Cash Flow	-$62.9M+84.9%	-$415.5M-60.4%	-$259.1M-1541.4%	-$15.8M-106.0%	$261.1M+243.7%	-$181.6M
Financing Cash Flow	-$565K-100.2%	$281.3M+113.9%	$131.5M+545.2%	-$29.5M-149.1%	-$11.9M+66.6%	-$35.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$15.8M+152.1%	-$30.3M-764.5%	$4.6M+117.4%	-$26.2M-240.5%	$18.7M-12.8%	$21.4M+336.3%	$4.9M-94.5%	$89.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.8M+85.5%	-$60.5M-362.3%	-$13.1M+34.3%	-$19.9M-1.0%	-$19.7M-45.7%	-$13.5M-39.1%	-$9.7M-60.8%	-$6.1M
Financing Cash Flow	-$41.8M-368.4%	-$8.9M-108.3%	$107.9M+11.3%	$96.9M+1176.2%	-$9.0M+91.3%	-$103.4M-794.7%	$14.9M+117.6%	-$84.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EVH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	14.4%-9.1pp	23.4%+0.0pp	23.4%-4.2pp	27.6%+2.9pp	24.7%	N/A
Operating Margin	-1.6%+2.0pp	-3.6%-3.9pp	0.3%+4.9pp	-4.7%+23.8pp	-28.4%+16.5pp	-45.0%
Net Margin	-2.4%+3.4pp	-5.8%-4.3pp	-1.4%+2.7pp	-4.1%+32.0pp	-36.1%+7.8pp	-44.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.4%+1.8pp	-4.2%-3.2pp	-1.1%+1.6pp	-2.6%+21.7pp	-24.4%-4.2pp	-20.2%
Current Ratio	0.85-0.2	1.01-0.1	1.10-0.1	1.18-0.2	1.36+0.2	1.19
Debt-to-Equity	0.49-0.1	0.56+0.1	0.48+0.2	0.31-0.1	0.42+0.1	0.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	-11.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	20.8%-1.8pp	22.6%+1.4pp	21.2%+9.5pp	11.7%-1.3pp	13.0%-3.5pp	16.5%+0.2pp	16.3%-2.0pp	18.3%
Operating Margin	0.2%+0.4pp	-0.3%+0.1pp	-0.3%+2.5pp	-2.9%-0.3pp	-2.6%-3.8pp	1.2%+3.3pp	-2.1%+1.7pp	-3.8%
Net Margin	-4.3%+0.1pp	-4.5%+8.9pp	-13.4%-9.8pp	-3.5%+0.2pp	-3.7%-4.0pp	0.3%+2.9pp	-2.7%+3.3pp	-6.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	0.1%	N/A	N/A
Return on Assets	-0.9%-0.0pp	-0.8%+1.6pp	-2.4%-1.5pp	-0.9%+0.0pp	-0.9%-1.0pp	0.1%+0.7pp	-0.7%+0.6pp	-1.3%
Current Ratio	1.33+0.3	1.01+0.0	0.98+0.1	0.85-0.2	1.04-0.0	1.08+0.1	1.020.0	1.01
Debt-to-Equity	1.25+0.5	0.72+0.0	0.69+0.2	0.49-0.1	0.580.0	0.570.0	0.57+0.0	0.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.85), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Evolent Health Inc's annual revenue?

Evolent Health Inc (EVH) reported $2.6B in total revenue for fiscal year 2024. This represents a 30.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Evolent Health Inc's revenue growing?

Evolent Health Inc (EVH) revenue grew by 30.1% year-over-year, from $2.0B to $2.6B in fiscal year 2024.

Is Evolent Health Inc profitable?

No, Evolent Health Inc (EVH) reported a net income of -$61.6M in fiscal year 2024, with a net profit margin of -2.4%.

What is Evolent Health Inc's earnings per share (EPS)?

Evolent Health Inc (EVH) reported diluted earnings per share of $-0.81 for fiscal year 2024. This represents a 36.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Evolent Health Inc's EBITDA?

Evolent Health Inc (EVH) had EBITDA of $77.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Evolent Health Inc have?

As of fiscal year 2024, Evolent Health Inc (EVH) had $104.2M in cash and equivalents against $490.5M in long-term debt.

What is Evolent Health Inc's gross margin?

Evolent Health Inc (EVH) had a gross margin of 14.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Evolent Health Inc's operating margin?

Evolent Health Inc (EVH) had an operating margin of -1.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Evolent Health Inc's net profit margin?

Evolent Health Inc (EVH) had a net profit margin of -2.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Evolent Health Inc's operating cash flow?

Evolent Health Inc (EVH) generated $18.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Evolent Health Inc's total assets?

Evolent Health Inc (EVH) had $2.5B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Evolent Health Inc have outstanding?

Evolent Health Inc (EVH) had 117M shares outstanding as of fiscal year 2024.

What is Evolent Health Inc's current ratio?

Evolent Health Inc (EVH) had a current ratio of 0.85 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Evolent Health Inc's debt-to-equity ratio?

Evolent Health Inc (EVH) had a debt-to-equity ratio of 0.49 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Evolent Health Inc's return on assets (ROA)?

Evolent Health Inc (EVH) had a return on assets of -2.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Evolent Health Inc's Piotroski F-Score?

Evolent Health Inc (EVH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Evolent Health Inc's earnings high quality?

Evolent Health Inc (EVH) has an earnings quality ratio of -0.30x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Evolent Health Inc cover its interest payments?

Evolent Health Inc (EVH) has an interest coverage ratio of -1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Evolent Health Inc?

Evolent Health Inc (EVH) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.