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

Evolent Health, Inc (EVH) reported diluted earnings per share of -$5.07 for fiscal year 2025. This represents a -525.9% 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.

Evolent Health, Inc (EVH) Financials

EVH

Trailing 12 months to June 30, 2026

Revenue $2.1B -4.5% YoY

Net Income -$505.0M -287.1% YoY

EPS (Diluted) -$4.57 -183.9% YoY

Operating Cash Flow $54.3M +263.0% YoY

Market Cap $391.2M as of Oct 5, 2026

Price / Sales 0.2x on $2.1B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 1.0x on $383.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EVH SEC filings page.

Evolent Health, Inc (EVH) reported $2.1B in revenue over the twelve months to Jun 30, 2026, down 4.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).

Rhea AI EVH FY2025 2026-10-03

Evolent’s 2025 loss and leverage surged while cash flow stayed positive, revealing divergent earnings quality and a more debt-dependent balance sheet.

In FY2025, a net loss of $579.4M coexisted with operating cash flow of $38.8M, so the reported earnings deterioration was not mirrored by cash generation. The gap indicates that accounting earnings and cash movement were being driven by materially different items, although these figures alone do not identify the precise source.

Gross margin recovered to 21.3% in FY2025, but operating margin was -21.9%; the business retained more gross profit per revenue dollar while costs below that line overwhelmed it.

Debt-to-equity rose from 0.5x in FY2024 to 2.3x in FY2025, making the capital structure materially more leveraged. The current ratio improved to 1.3x, but that short-term measure does not offset the longer-term weakening visible in equity.

Financial Health Signals

Financial Health Score 21/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Evolent Health, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Evolent Health, Inc has an operating margin of -21.9%, meaning the company loses $22 on every $100 of revenue. This results in a profitability score of 21/100. This is down from -1.6% the prior year.

Growth

Evolent Health, Inc's revenue declined 26.6% year-over-year, from $2.6B to $1.9B. This contraction results in a growth score of 23/100.

Leverage

Evolent Health, Inc has elevated debt relative to equity (D/E of 2.34), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.

Liquidity

Evolent Health, Inc's current ratio of 1.31 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Not available for Evolent Health, Inc, and counted as zero in the overall score.

Returns

Evolent Health, Inc posts a -139.5% return on equity (ROE), meaning it loses $140 for every $100 of shareholders' equity. This results in a returns score of 18/100. This is down from -9.3% the prior year.

Altman Z-Score Distress

-0.46

Evolent Health, Inc scores -0.46, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($391.2M) relative to total liabilities ($1.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

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

Earnings Quality Mixed

N/A

Evolent Health, Inc reported a net loss of $579.4M while generating $38.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Evolent Health, Inc reported an operating loss of $410.1M against $57.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$652.5M

YoY+46.9%

QoQ+31.5%

5Y CAGR+24.1%

10Y CAGR+27.7%

Evolent Health, Inc generated $652.5M in revenue in Q2 2026. This represents an increase of 46.9% from the same quarter a year earlier. Against the prior quarter it is up 31.5%.

EBITDA

$12.0M

YoY-45.4%

QoQ+9.6%

Evolent Health, Inc's EBITDA was $12.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 45.4% from the same quarter a year earlier. Against the prior quarter it is up 9.6%.

Net Income

-$28.4M

YoY-42.6%

QoQ-6.5%

Evolent Health, Inc reported -$28.4M in net income in Q2 2026. This represents a decrease of 42.6% from the same quarter a year earlier. Against the prior quarter it is down 6.5%.

EPS (Diluted)

-$0.25

QoQ-4.2%

Evolent Health, Inc earned -$0.25 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 4.2%.

Cash & Balance Sheet

Cash & Debt

$115.7M

YoY-23.4%

QoQ-18.5%

5Y CAGR-11.0%

10Y CAGR+1.0%

Evolent Health, Inc held $115.7M in cash against $966.5M in long-term debt as of Q2 2026.

Shares Outstanding

113M

QoQ+0.5%

5Y CAGR+5.3%

Evolent Health, Inc had 113M shares outstanding in Q2 2026. Against the prior quarter it is up 0.5%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

12.4%

YoY-10.2pp

QoQ-4.5pp

Evolent Health, Inc's gross margin was 12.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 10.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.5 percentage points.

Operating Margin

-1.5%

YoY-1.2pp

QoQ+0.7pp

Evolent Health, Inc's operating margin was -1.5% in Q2 2026, reflecting core business profitability. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Net Margin

-4.3%

YoY+0.1pp

QoQ+1.0pp

5Y change-0.2pp

10Y change+10.5pp

Evolent Health, Inc's net profit margin was -4.3% in Q2 2026, showing the share of revenue converted to profit. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Return on Equity

-7.4%

YoY-5.2pp

QoQ-0.7pp

5Y change-5.9pp

10Y change-5.8pp

Evolent Health, Inc's ROE was -7.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.

Capital Allocation

None of these metrics is reported for Q2 2026.

EVH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EVH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Revenue	$2.1B	$1.9B-26.6%	$2.6B+30.1%	$2.0B+45.3%	$1.4B+48.9%	$908.0M-1.8%	$924.6M+34.6%	$687.1M+9.6%	$627.1M+44.2%	$434.9M+71.1%	$254.2M+162.4%	$96.9M	$0-100.0%	$25.7M
Cost of Revenue	N/A	$1.5B-32.5%	$2.2B+45.5%	$1.5B+45.2%	$1.0B+57.5%	$657.6M-5.6%	$696.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	$399.9M+8.9%	$367.4M-20.2%	$460.5M+45.4%	$316.6M+26.4%	$250.4M+9.8%	$228.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	$15.5M+2.6%	$15.1M-23.7%	$19.8M+8.8%	$18.2M+5.8%	$17.2M+55.0%	$11.1M+91.4%	$5.8M	$0-100.0%	$2.0M
SG&A Expenses	N/A	$303.9M+15.5%	$263.1M-26.5%	$358.1M+33.0%	$269.3M+22.7%	$219.5M+4.3%	$210.4M-11.0%	$236.4M+0.4%	$235.4M+14.5%	$205.7M+28.0%	$160.7M+113.4%	$75.3M	$0-100.0%	$15.6M
Operating Income	N/A	-$410.1M-913.1%	-$40.5M+43.1%	-$71.2M-2055.3%	$3.6M+108.6%	-$42.4M+83.9%	-$262.8M+14.9%	-$308.9M-550.6%	-$47.5M+34.8%	-$72.8M+69.3%	-$237.4M-452.5%	-$43.0M	$0+100.0%	-$21.2M
EBITDA	N/A	-$294.3M-477.8%	$77.9M+49.2%	$52.2M-26.3%	$70.8M+301.9%	$17.6M+108.8%	-$201.4M+18.8%	-$248.0M-8263.3%	-$3.0M+92.7%	-$40.5M+81.6%	-$220.2M-515.0%	-$35.8M	$0+100.0%	-$19.9M
Interest Expense	N/A	$57.5M+132.5%	$24.7M-54.4%	$54.2M+248.1%	$15.6M-38.8%	$25.4M-10.2%	$28.3M+94.6%	$14.6M+165.4%	$5.5M+50.8%	$3.6M+1372.1%	$247K	$0	$0+100.0%	-$820K
Income Tax	N/A	-$126K+91.1%	-$1.4M+98.4%	-$89.4M-106.0%	-$43.4M-9080.5%	$483K+120.4%	-$2.4M+89.6%	-$22.8M-57087.5%	$40K+100.6%	-$6.6M+38.3%	-$10.8M-145.8%	$23.5M	$0-100.0%	$8K
Net Income	-$505.0M	-$579.4M-519.7%	-$93.5M+34.3%	-$142.3M-641.1%	-$19.2M+48.9%	-$37.6M+88.8%	-$334.2M-10.7%	-$302.0M-473.5%	-$52.7M+13.2%	-$60.7M+62.0%	-$159.7M-148.0%	$332.5M+1417.0%	-$25.2M-226.1%	$20.0M
EPS (Basic)	N/A	-$5.07-525.9%	-$0.81+36.7%	-$1.28-540.0%	-$0.20+54.5%	-$0.44+88.8%	-$3.94-7.4%	-$3.67	N/A	-$0.94+73.5%	-$3.55-127.0%	$13.14+197.6%	-$13.46-636.3%	$2.51
EPS (Diluted)	-$4.57	-$5.07-525.9%	-$0.81+36.7%	-$1.28-540.0%	-$0.20+54.5%	-$0.44+88.8%	-$3.94-7.4%	-$3.67	N/A	-$0.94+73.5%	-$3.55-151.2%	$6.93	-$13.46	$0.99
Diluted Shares (Avg)	N/A	114M-0.4%	115M+3.1%	111M+18.7%	94M+8.9%	86M+1.3%	85M+3.1%	82M	N/A	64M+42.9%	45M-2.4%	46M	2M	3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$652.5M+46.9%	$496.2M+2.6%	$468.7M-27.5%	$479.5M-22.8%	$444.3M-31.3%	$483.6M-24.4%	$646.5M+16.3%	$621.4M+21.6%
Cost of Revenue	$571.7M+66.2%	$412.5M+8.2%	N/A	$379.8M-29.8%	$343.9M-36.3%	$381.2M-28.8%	N/A	$540.7M+39.9%
Gross Profit	$80.8M-19.5%	$83.8M-18.2%	N/A	$99.8M+23.6%	$100.4M-6.0%	$102.5M-1.6%	N/A	$80.7M-35.1%
SG&A Expenses	$68.8M-8.5%	$72.8M-7.1%	N/A	$77.6M+15.7%	$75.2M+8.7%	$78.4M-0.9%	N/A	$67.1M-30.6%
Operating Income	-$9.6M-716.5%	-$10.6M-553.5%	N/A	$886K+105.4%	-$1.2M-115.0%	-$1.6M+87.9%	N/A	-$16.3M+9.3%
EBITDA	$12.0M-45.4%	$11.0M-51.2%	N/A	$24.5M+82.4%	$22.0M-41.7%	$22.4M+39.4%	N/A	$13.4M-7.1%
Interest Expense	$16.9M+45.3%	$16.9M+62.4%	N/A	$16.5M+174.1%	$11.6M+93.5%	$10.4M+73.2%	N/A	$6.0M-58.9%
Income Tax	$2.7M+429.1%	$910K-38.1%	N/A	$906K+246.4%	-$825K-246.6%	$1.5M+160.2%	N/A	-$619K+88.8%
Net Income	-$28.4M-42.6%	-$26.6M+58.8%	-$429.1M-1782.0%	-$20.9M+9.8%	-$19.9M-1346.7%	-$64.6M-273.9%	-$22.8M+31.8%	-$23.1M+8.6%
EPS (Basic)	-$0.25+43.2%	-$0.24+61.9%	-$3.84-1322.2%	-$0.24+11.1%	-$0.44-633.3%	-$0.63-186.4%	-$0.27+25.0%	-$0.27+10.0%
EPS (Diluted)	-$0.25	-$0.24+61.9%	-$3.84-1322.2%	-$0.24+11.1%	-$0.44-633.3%	-$0.63-186.4%	-$0.27+25.0%	-$0.27+10.0%
Diluted Shares (Avg)	113M	112M-3.0%	N/A	114M-0.7%	116M+1.0%	115M+1.0%	N/A	115M+2.3%

Not reported in any period shown, so not listed: R&D Expenses.

EVH Balance Sheet

EVH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Total Assets	$1.9B-25.4%	$2.5B-5.1%	$2.7B+47.5%	$1.8B+28.0%	$1.4B+3.5%	$1.4B-8.4%	$1.5B-13.0%	$1.7B+31.2%	$1.3B+9.4%	$1.2B+18.2%	$1.0B+2629.7%	$37.2M	N/A
Current Assets	$506.4M-16.6%	$607.1M-11.2%	$683.7M+43.0%	$478.1M-8.8%	$524.0M-4.3%	$547.6M+139.4%	$228.8M-53.1%	$488.0M+29.0%	$378.2M+42.7%	$265.0M+43.6%	$184.5M	$0	N/A
Cash & Equivalents	$151.9M+45.7%	$104.2M-46.0%	$192.8M+2.5%	$188.2M-29.3%	$266.3M-16.5%	$319.0M+215.8%	$101.0M-55.8%	$228.3M-4.2%	$238.4M+77.2%	$134.6M-7.7%	$145.7M	$0	$0
Short-Term Investments	$0	$0	$0	$0	$0-100.0%	$3.9M+113.5%	$1.8M	$0	$0-100.0%	$44.3M+369.5%	$9.4M	$0	$0
Accounts Receivable	$309.9M-25.3%	$414.7M-7.2%	$446.7M+75.4%	$254.7M+95.0%	$130.6M+5.3%	$124.1M+64.0%	$75.7M-5.7%	$80.2M+63.9%	$48.9M+20.5%	$40.6M+99.4%	$20.4M	$0	N/A
Long-Term Investments	$0	$0	$0	$0	$0-100.0%	$10.9M-34.8%	$16.8M+67.3%	$10.0M	$0	$0-100.0%	$44.6M	$0	$0
Goodwill	$694.5M-38.9%	$1.1B+1.9%	$1.1B+54.5%	$722.8M+69.5%	$426.3M+22.1%	$349.0M-38.4%	$566.4M-26.3%	$768.1M+22.3%	$628.2M+0.3%	$626.6M+2.9%	$608.9M	$0	N/A
Total Liabilities	$1.5B+9.7%	$1.4B-5.7%	$1.4B+49.7%	$957.9M+32.0%	$725.8M-3.5%	$752.1M+32.2%	$569.0M+6.8%	$532.9M+100.1%	$266.4M-7.4%	$287.7M-21.4%	$366.2M+832.4%	$39.3M	N/A
Current Liabilities	$385.3M-46.2%	$715.5M+6.1%	$674.2M+55.6%	$433.4M-2.7%	$445.5M+10.5%	$403.3M+109.2%	$192.8M-28.4%	$269.4M+103.0%	$132.7M+0.6%	$131.9M+121.7%	$59.5M	$0	N/A
Non-Current Liabilities	$1.1B+72.4%	$637.5M-16.1%	$759.9M+44.9%	$524.4M+87.1%	$280.3M-19.6%	$348.8M-7.3%	$376.2M+42.7%	$263.6M+97.1%	$133.7M-14.2%	$155.8M-49.2%	$306.7M+680.9%	$39.3M	N/A
Long-Term Debt	$970.5M+97.9%	$490.5M-17.8%	$597.0M+44.6%	$413.0M+91.5%	$215.7M-18.1%	$263.3M-10.3%	$293.7M+32.9%	$221.0M+82.1%	$121.4M+0.9%	$120.3M	$0	N/A	N/A
Total Equity	$415.2M-58.5%	$1.0B-6.2%	$1.1B+24.2%	$859.4M+23.9%	$693.6M+11.9%	$619.6M-33.3%	$929.0M-18.8%	$1.1B+13.2%	$1.0B+43.9%	$702.5M+8.2%	$649.3M+31469.1%	-$2.1M-115.6%	$13.3M
Retained Earnings	-$1.3B-68.5%	-$780.8M-8.6%	-$719.2M-18.6%	-$606.2M+3.3%	-$626.8M-6.4%	-$589.2M-133.8%	-$252.0M-603.8%	$50.0M-41.8%	$86.0M-41.4%	$146.6M-52.2%	$306.7M+1288.4%	-$25.8M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$2.0B-19.9%	$1.9B-29.2%	$1.9B-25.4%	$2.5B-1.9%	$2.5B-0.5%	$2.7B+0.4%	$2.5B-5.1%	$2.5B-6.3%
Current Assets	$610.5M+8.6%	$502.0M-31.0%	$506.4M-16.6%	$570.1M+4.8%	$562.3M+7.9%	$727.9M+8.8%	$607.1M-11.2%	$544.0M-14.8%
Cash & Equivalents	$115.7M-23.4%	$142.0M-42.4%	$151.9M+45.7%	$116.7M+20.8%	$151.0M+49.1%	$246.5M+49.3%	$104.2M-46.0%	$96.6M-47.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$449.1M+25.2%	$314.2M-27.0%	$309.9M-25.3%	$386.6M-5.2%	$358.8M-4.0%	$430.5M+0.6%	$414.7M-7.2%	$407.9M+3.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$694.4M-38.9%	$694.4M-38.9%	$694.5M-38.9%	$1.1B-5.4%	$1.1B+1.9%	$1.1B+1.9%	$1.1B+1.9%	$1.1B+1.8%
Total Liabilities	$1.6B+18.8%	$1.5B-2.8%	$1.5B+9.7%	$1.6B+26.3%	$1.3B+8.1%	$1.5B+7.8%	$1.4B-5.7%	$1.3B-8.7%
Current Liabilities	$492.8M-11.6%	$381.2M-48.4%	$385.3M-46.2%	$429.9M-17.9%	$557.5M+15.3%	$739.1M+12.2%	$715.5M+6.1%	$523.7M-14.9%
Non-Current Liabilities	$1.1B+40.6%	$1.1B+40.2%	$1.1B+72.4%	$1.2B+57.0%	$779.2M+3.4%	$785.6M+4.0%	$637.5M-16.1%	$752.2M-3.9%
Long-Term Debt	$966.5M+49.0%	$973.5M+50.3%	$970.5M+97.9%	$1.1B+75.9%	$648.5M+8.3%	$647.5M+8.3%	$490.5M-17.8%	$599.7M0.0%
Total Equity	$383.2M-57.2%	$396.4M-57.6%	$415.2M-58.5%	$842.2M-18.9%	$896.0M-15.0%	$935.5M-10.7%	$1.0B-6.2%	$1.0B-5.2%
Retained Earnings	-$1.4B-58.4%	-$1.3B-58.7%	-$1.3B-68.5%	-$886.2M-16.9%	-$865.3M-17.8%	-$845.4M-14.8%	-$780.8M-8.6%	-$758.0M-10.5%

Not reported in any period shown, so not listed: Inventory.

EVH Cash Flow Statement

EVH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Cash Flow	$54.3M	$38.8M+107.0%	$18.8M-86.8%	$142.6M+1334.2%	-$11.6M-129.8%	$38.7M+338.8%	-$16.2M+62.0%	-$42.6M-106.5%	-$20.7M+26.1%	-$28.0M+21.3%	-$35.5M-92.3%	-$18.5M	$0+100.0%	-$13.6M
Depreciation & Amortization	N/A	$115.9M-2.1%	$118.4M-4.1%	$123.4M+83.7%	$67.2M+11.9%	$60.0M-2.3%	$61.5M+0.9%	$60.9M+36.8%	$44.5M+37.5%	$32.4M+87.9%	$17.2M+140.4%	$7.2M	$0-100.0%	$1.2M
Stock-Based Compensation	N/A	$39.7M0.0%	$39.7M-1.9%	$40.5M+19.2%	$34.0M+103.3%	$16.7M+14.4%	$14.6M-6.5%	$15.6M-11.3%	$17.6M-13.8%	$20.4M+9.9%	$18.6M+26.3%	$14.7M	$0-100.0%	$91K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$35.5M-10.2%	$39.5M+42.0%	$27.8M+79.4%	$15.5M+138.3%	$6.5M	$0-100.0%	$10.4M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$78.2M-29.9%	-$60.2M-7.9%	-$55.8M-9.3%	-$51.0M-104.3%	-$25.0M	$0+100.0%	-$24.1M
Investing Cash Flow	$60.3M	-$233K+99.6%	-$62.9M+84.9%	-$415.5M-60.4%	-$259.1M-1541.4%	-$15.8M-106.0%	$261.1M+243.7%	-$181.6M-13.3%	-$160.4M-1207.6%	-$12.3M+87.3%	-$96.7M-121.3%	-$43.7M	$0+100.0%	-$25.9M
Financing Cash Flow	-$149.8M	-$35.9M-6258.2%	-$565K-100.2%	$281.3M+113.9%	$131.5M+545.2%	-$29.5M-149.1%	-$11.9M+66.6%	-$35.5M-113.0%	$274.0M+65.5%	$165.6M+10.2%	$150.2M-29.9%	$214.2M	$0-100.0%	$34.3M
Share Buybacks	N/A	$40.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	-$9.3M+69.3%	-$984K-121.6%	$48.8M+286.0%	$15.8M-15.3%	-$30.3M-241.6%	$4.6M-7.0%	-$26.2M-129.3%	$18.7M-69.2%
Depreciation & Amortization	$21.6M-6.8%	$21.6M-10.4%	$45.0M+53.7%	$23.6M-20.5%	$23.1M-22.5%	$24.1M-18.5%	$29.3M-1.0%	$29.7M-8.3%
Stock-Based Compensation	$15.2M+31.3%	$10.6M-3.9%	N/A	$14.7M+1.8%	$11.6M-8.5%	$11.1M-41.0%	N/A	$14.4M+41.0%
Investing Cash Flow	-$6.7M+88.9%	-$6.4M+51.1%	$82.2M+512.2%	-$8.8M+55.6%	-$60.5M-347.0%	-$13.1M-34.5%	-$19.9M-229.3%	-$19.7M-221.1%
Financing Cash Flow	-$11.0M-23.1%	-$4.0M-103.7%	-$93.0M-196.0%	-$41.8M-364.2%	-$8.9M+91.4%	$107.9M+624.7%	$96.9M+214.9%	-$9.0M+75.9%
Share Buybacks	N/A	N/A	$0	N/A	N/A	N/A	$0	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.

EVH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EVH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Gross Margin	21.3%+6.9pp	14.4%-9.1pp	23.4%0.0pp	23.4%-4.2pp	27.6%+2.9pp	24.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-21.9%-20.3pp	-1.6%+2.0pp	-3.6%-3.9pp	0.3%+4.9pp	-4.7%+23.8pp	-28.4%+16.5pp	-45.0%-37.4pp	-7.6%+9.2pp	-16.8%+76.7pp	-93.4%-49.0pp	-44.4%	N/A	-82.4%
Net Margin	-30.9%-27.2pp	-3.7%+3.6pp	-7.2%-5.8pp	-1.4%+2.7pp	-4.1%+32.0pp	-36.1%+7.8pp	-44.0%-35.5pp	-8.4%+5.6pp	-14.0%+48.9pp	-62.8%	343.2%	N/A	78.0%
Return on Equity	-139.5%-130.2pp	-9.3%+4.0pp	-13.3%-11.1pp	-2.2%+3.2pp	-5.4%+48.5pp	-53.9%-21.4pp	-32.5%-27.9pp	-4.6%+1.4pp	-6.0%+16.7pp	-22.7%-73.9pp	51.2%	N/A	151.0%
Return on Assets	-30.5%-26.8pp	-3.7%+1.6pp	-5.3%-4.3pp	-1.1%+1.6pp	-2.6%+21.7pp	-24.4%-4.2pp	-20.2%-17.1pp	-3.1%+1.6pp	-4.6%+8.7pp	-13.3%-46.1pp	32.7%+100.6pp	-67.9%	N/A
Current Ratio	1.31+0.5x	0.85-0.2x	1.01-0.1x	1.10-0.1x	1.18-0.2x	1.36+0.2x	1.19-0.6x	1.81-1.0x	2.85+0.8x	2.01-1.1x	3.10	N/A	N/A
Debt-to-Equity	2.34+1.8x	0.49-0.1x	0.56+0.1x	0.48+0.2x	0.31-0.1x	0.42+0.1x	0.32+0.1x	0.19+0.1x	0.12-0.1x	0.17+0.2x	0.00	N/A	N/A
Asset Turnover	0.990.0x	1.00+0.3x	0.730.0x	0.74+0.1x	0.640.0x	0.67+0.2x	0.46+0.1x	0.360.0x	0.33+0.1x	0.21+0.1x	0.10+0.1x	0.00	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-11.4%-1.8pp	-9.6%+3.2pp	-12.8%+7.3pp	-20.1%+5.7pp	-25.8%	N/A	-93.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	12.4%-10.2pp	16.9%-4.3pp	N/A	20.8%+7.8pp	22.6%+6.1pp	21.2%+4.9pp	N/A	13.0%-11.4pp
Operating Margin	-1.5%-1.2pp	-2.1%-1.8pp	N/A	0.2%+2.8pp	-0.3%-1.5pp	-0.3%+1.8pp	N/A	-2.6%+0.9pp
Net Margin	-4.3%+0.1pp	-5.4%+8.0pp	-91.5%-88.0pp	-4.3%-0.6pp	-4.5%-4.7pp	-13.4%-10.7pp	-3.5%+2.5pp	-3.7%+1.2pp
Return on Equity	-7.4%-5.2pp	-6.7%+0.2pp	-103.4%-101.1pp	-2.5%-0.2pp	-2.2%-2.4pp	-6.9%-5.3pp	-2.3%+0.9pp	-2.2%+0.1pp
Return on Assets	-1.4%-0.6pp	-1.4%+1.0pp	-22.6%-21.7pp	-0.9%+0.1pp	-0.8%-0.9pp	-2.4%-1.8pp	-0.9%+0.4pp	-0.9%0.0pp
Current Ratio	1.24+0.2x	1.32+0.3x	1.31+0.5x	1.33+0.3x	1.01-0.1x	0.980.0x	0.85-0.2x	1.040.0x
Debt-to-Equity	2.52+1.8x	2.46+1.8x	2.34+1.8x	1.25+0.7x	0.72+0.2x	0.69+0.1x	0.49-0.1x	0.580.0x
Asset Turnover	0.33+0.2x	0.26+0.1x	0.250.0x	0.20-0.1x	0.18-0.1x	0.18-0.1x	0.250.0x	0.25+0.1x

Not reported in any period shown, so not listed: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Evolent Health, Inc EVH	FY2025	$1.9B	-$579.4M	-30.9%	$391.2M	21/100
Omnicell Inc OMCL	FY2025	$1.2B	$2.1M	0.2%	$1.5B	42/100
Phreesia, Inc. PHR	FY2026	$480.6M	$2.3M	0.5%	$625.1M	45/100
Teladoc Health, Inc. TDOC	FY2025	$2.5B	-$200.3M	-7.9%	$1.0B	41/100
HealthStream Inc HSTM	FY2025	$304.1M	$18.3M	6.0%	$943.0M	55/100
Schrodinger, Inc. SDGR	FY2025	$255.9M	-$103.3M	-40.4%	$2.3B	60/100

Where Evolent Health, Inc Ranks

Frequently Asked Questions

What is Evolent Health, Inc's annual revenue?

Evolent Health, Inc (EVH) reported $1.9B in total revenue for fiscal year 2025. This represents a -26.6% 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 declined by 26.6% year-over-year, from $2.6B to $1.9B in fiscal year 2025.

Is Evolent Health, Inc profitable?

No, Evolent Health, Inc (EVH) reported a net income of -$579.4M in fiscal year 2025, with a net profit margin of -30.9%.

What is Evolent Health, Inc's EBITDA?

Evolent Health, Inc (EVH) had EBITDA of -$294.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Evolent Health, Inc have?

As of fiscal year 2025, Evolent Health, Inc (EVH) had $151.9M in cash and equivalents against $970.5M in long-term debt.

What is Evolent Health, Inc's gross margin?

Evolent Health, Inc (EVH) had a gross margin of 21.3% in fiscal year 2025, 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 -21.9% in fiscal year 2025, 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 -30.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Evolent Health, Inc's return on equity (ROE)?

Evolent Health, Inc (EVH) has a return on equity of -139.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Evolent Health, Inc's operating cash flow?

Evolent Health, Inc (EVH) generated $38.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Evolent Health, Inc's total assets?

Evolent Health, Inc (EVH) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Evolent Health, Inc buy back shares?

Yes, Evolent Health, Inc (EVH) spent $40.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Evolent Health, Inc have outstanding?

Evolent Health, Inc (EVH) had 112M shares outstanding as of fiscal year 2025.

What is Evolent Health, Inc's current ratio?

Evolent Health, Inc (EVH) had a current ratio of 1.31 as of fiscal year 2025, which is considered adequate.

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

Evolent Health, Inc (EVH) had a debt-to-equity ratio of 2.34 as of fiscal year 2025, 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 -30.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Evolent Health, Inc's P/E ratio?

Evolent Health, Inc (EVH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $391.2M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Evolent Health, Inc's price-to-sales ratio?

Evolent Health, Inc (EVH) trades at 0.2x sales, its market capitalization divided by revenue of $2.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $391.2M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Evolent Health, Inc's Altman Z-Score?

Evolent Health, Inc (EVH) has an Altman Z-Score of -0.46, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 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) reported a net loss of $579.4M while generating $38.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $410.1M against $57.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 21 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.