Evolent Health Inc Financials
Evolent Health Inc (EVH) reported $1.9B in revenue for fiscal year 2025, down 26.6% from the prior fiscal year. 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).
Cash stayed positive while accounting losses exploded, revealing a balance-sheet reset that left the business much more debt-dependent.
FY2025's$579.4M net loss still produced$38.8M of operating cash flow, so the year's hit was far larger in accounting earnings than in actual cash movement. That gap lines up with goodwill dropping from$1.1B to$694.5M , pointing to a balance-sheet reset rather than a like-for-like cash operating collapse.
This was not a simple case of weaker unit economics: revenue fell to
Leverage became the governing balance-sheet feature: long-term debt rose to
Financial Health Signals
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.
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 24/100. This is down from -1.6% the prior year.
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 24/100.
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 27/100, reflecting increased financial risk.
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.
Not available for Evolent Health Inc, and counted as zero in the overall score.
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 20/100. This is down from -9.3% the prior year.
Evolent Health Inc scores -0.41, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($517.8M) 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.
Evolent Health Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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.
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
Earnings & Revenue
Evolent Health Inc generated $1.9B in revenue in fiscal year 2025. This represents a decrease of 26.6% from the prior year.
Evolent Health Inc's EBITDA was -$294.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 477.8% from the prior year.
Evolent Health Inc reported -$579.4M in net income in fiscal year 2025. This represents a decrease of 519.7% from the prior year.
Evolent Health Inc earned -$5.07 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 525.9% from the prior year.
Cash & Balance Sheet
Evolent Health Inc held $151.9M in cash against $970.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Evolent Health Inc's gross margin was 21.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.9 percentage points from the prior year.
Evolent Health Inc's operating margin was -21.9% in fiscal year 2025, reflecting core business profitability. This is down 20.3 percentage points from the prior year.
Evolent Health Inc's net profit margin was -30.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 27.2 percentage points from the prior year.
Evolent Health Inc's ROE was -139.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 130.2 percentage points from the prior year.
Capital Allocation
Evolent Health Inc spent $40.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
EVH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 (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 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EVH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
Not reported in any period shown, so not listed: Inventory.
EVH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
EVH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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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.
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 Altman Z-Score?
Evolent Health Inc (EVH) has an Altman Z-Score of -0.41, 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 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 22 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.