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Evolent Health (EVH) Financials

Evolent Health logo
$5.57 -0.28 (-4.79%)
Closing price 03:59 PM Eastern
Extended Trading
$5.56 0.00 (-0.09%)
As of 05:16 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Evolent Health

Annual Income Statements for Evolent Health

This table shows Evolent Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 332 -160 -61 -53 -302 -334 -38 -19 -142 -93 -579
Consolidated Net Income / (Loss)		 320 -227 -70 -54 -306 -334 -38 -19 -113 -62 -535
Net Income / (Loss) Continuing Operations		 320 -227 -70 -54 -307 -328 -30 -19 -113 -62 -535
Total Pre-Tax Income 		343 -238 -76 -54 -330 -331 -30 -62 -202 -63 -535
Total Operating Income		 -43 -237 -73 -47 -309 -263 -42 3.64 -71 -40 -410
Total Gross Profit		 97 254 435 627 687 925 250 317 460 367 400
Total Revenue		 97 254 435 627 687 925 908 1,352 1,964 2,555 1,876
Operating Revenue		 97 254 435 627 687 925 908 1,352 1,964 2,555 1,876
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 658 1,035 1,503 2,187 1,476
Operating Cost of Revenue		 - - - - - - 658 1,035 1,503 2,187 1,476
Total Operating Expenses		 140 492 508 674 996 1,187 293 313 532 408 810
Selling, General & Admin Expense		 75 161 206 235 236 210 219 269 358 263 304
Depreciation Expense		 7.17 17 32 45 60 61 60 67 123 118 116
Other Operating Expenses / (Income)		 57 155 269 399 513 697 - 0.00 0.00 19 0.68
Impairment Charge		 0.00 161 0.00 0.00 200 215 0.00 0.00 24 2.59 398
Other Special Charges / (Income)		 0.00 -2.09 0.40 -4.10 -14 4.56 13 -24 26 4.91 -8.37
Total Other Income / (Expense), net		 386 -0.12 -3.74 -6.78 -21 -68 13 -66 -131 -23 -124
Interest Expense		 0.00 0.25 3.64 5.48 15 33 47 26 75 25 76
Interest & Investment Income		 -28 0.13 -0.10 -1.30 -6.06 -34 60 5.94 6.55 2.10 4.56
Other Income / (Expense), net		 414 - - - -0.49 -0.12 -0.15 -46 -63 0.07 -53
Income Tax Expense		 23 -11 -6.64 0.04 -23 -2.37 0.48 -43 -89 -1.41 -0.13
Preferred Stock Dividends Declared		 - - - - - - 0.00 0.00 29 32 45
Basic Earnings per Share		 $13.14 ($3.55) ($0.94) ($0.68) ($3.67) ($3.94) ($0.44) ($0.20) ($1.28) ($0.81) ($5.07)
Weighted Average Basic Shares Outstanding		 25.13M 45.03M 64.35M 77.34M 82.36M 84.93M 86.07M 93.70M 111.25M 114.68M 114.21M
Diluted Earnings per Share		 $6.93 ($3.55) ($0.94) ($0.68) ($3.67) ($3.94) ($0.44) ($0.20) ($1.28) ($0.81) ($5.07)
Weighted Average Diluted Shares Outstanding		 46.14M 45.03M 64.35M 77.34M 82.36M 84.93M 86.07M 93.70M 111.25M 114.68M 114.21M
Weighted Average Basic & Diluted Shares Outstanding		 25.30M 45.03M 64.35M 77.34M 82.36M 84.93M 90.83M 111.05M 115.43M 116.59M 111.64M

Quarterly Income Statements for Evolent Health

This table shows Evolent Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -33 -41 -25 -6.38 -31 -31 -72 -51 -27 -429 -27
Consolidated Net Income / (Loss)		 -25 -33 -17 1.60 -23 -23 -65 -20 -21 -429 -27
Net Income / (Loss) Continuing Operations		 -25 -33 -17 1.60 -23 -23 -65 -20 -21 -429 -27
Total Pre-Tax Income 		-31 -48 -17 1.36 -24 -24 -63 -21 -20 -431 -26
Total Operating Income		 -18 -21 -13 7.79 -16 -19 -1.62 -1.17 0.89 -408 -11
Total Gross Profit		 124 102 104 107 81 76 102 100 100 97 84
Total Revenue		 511 556 640 647 621 647 484 444 480 469 496
Operating Revenue		 511 556 640 647 621 647 484 444 480 469 496
Total Cost of Revenue		 387 454 536 540 541 571 381 344 380 371 412
Operating Cost of Revenue		 387 454 536 540 541 571 381 344 380 371 412
Total Operating Expenses		 142 123 118 99 97 94 104 102 99 505 94
Selling, General & Admin Expense		 97 81 79 69 67 48 78 75 78 73 73
Depreciation Expense		 32 30 30 30 30 29 24 23 24 45 22
Other Special Charges / (Income)		 13 12 8.91 0.00 0.20 -4.20 -0.28 3.21 -1.09 -10 0.00
Total Other Income / (Expense), net		 -13 -27 -3.31 -6.43 -7.49 -5.33 -62 -20 -21 -23 -15
Interest Expense		 15 33 6.00 6.00 6.01 6.72 10 21 22 23 17
Interest & Investment Income		 1.76 2.55 2.86 -0.33 -1.44 1.01 1.26 1.28 1.12 0.90 1.00
Other Income / (Expense), net		 -0.08 3.98 -0.17 -0.11 -0.04 0.38 -52 -0.23 0.08 -0.55 0.74
Income Tax Expense		 -5.55 -15 0.57 -0.24 -0.62 -1.12 1.47 -0.83 0.91 -1.68 0.91
Preferred Stock Dividends Declared		 7.87 7.98 7.95 7.98 8.09 7.81 7.63 31 6.07 - 0.00
Basic Earnings per Share		 ($0.30) ($0.37) ($0.22) ($0.06) ($0.27) ($0.26) ($0.63) ($0.44) ($0.24) ($3.76) ($0.24)
Weighted Average Basic Shares Outstanding		 112.28M 111.25M 114.14M 114.69M 114.86M 114.68M 115.32M 115.88M 114.07M 114.21M 111.91M
Diluted Earnings per Share		 ($0.30) ($0.37) ($0.22) ($0.06) ($0.27) ($0.26) ($0.63) ($0.44) ($0.24) ($3.76) ($0.24)
Weighted Average Diluted Shares Outstanding		 112.28M 111.25M 114.14M 114.69M 114.86M 114.68M 115.32M 115.88M 114.07M 114.21M 111.91M
Weighted Average Basic & Diluted Shares Outstanding		 114.96M 115.43M 116.21M 116.29M 116.56M 116.59M 117.40M 117.51M 111.60M 111.64M 112.48M

Annual Cash Flow Statements for Evolent Health

This table details how cash moves in and out of Evolent Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 152 18 125 93 -260 233 -6.64 -140 8.30 -45 2.20
Net Cash From Operating Activities		 -18 -36 -28 -21 -43 -16 39 -12 143 19 39
Net Cash From Continuing Operating Activities		 -18 -36 -28 -21 -43 -16 39 -12 143 19 39
Net Income / (Loss) Continuing Operations		 320 -227 -70 -54 -306 -334 -38 -19 -113 -62 -535
Consolidated Net Income / (Loss)		 320 -227 -70 -54 -306 -334 -38 -19 -113 -62 -535
Depreciation Expense		 7.17 17 32 45 61 61 60 67 123 118 116
Amortization Expense		 0.00 0.00 0.91 5.16 15 36 31 25 15 8.35 15
Non-Cash Adjustments To Reconcile Net Income		 -371 180 11 -3.93 231 179 -40 -37 143 8.80 436
Changes in Operating Assets and Liabilities, net		 26 -6.23 -2.90 -12 -44 42 25 -48 -25 -55 6.69
Net Cash From Investing Activities		 -44 -97 -12 -160 -182 261 -16 -259 -416 -63 -0.23
Net Cash From Continuing Investing Activities		 -44 -97 -12 -160 -182 261 -16 -259 -416 -63 -0.23
Purchase of Property, Plant & Equipment		 -6.52 -16 -28 -40 -36 -29 -25 -38 -29 -25 -34
Acquisitions		 - - -3.69 -130 -8.58 -0.30 -49 -248 -388 -31 -57
Purchase of Investments		 -54 -7.95 -4.93 -19 -93 -10 -3.00 0.00 0.00 -7.32 -1.00
Sale and/or Maturity of Investments		 4.00 9.38 44 8.29 2.58 143 15 5.55 0.87 0.01 0.99
Other Investing Activities, net		 0.00 -83 -20 20 -47 0.11 - - 0.58 0.00 91
Net Cash From Financing Activities		 214 150 166 274 -36 -12 -30 132 281 -0.57 -36
Net Cash From Continuing Financing Activities		 214 150 166 274 -36 -12 -30 132 281 -0.57 -36
Repayment of Debt		 0.00 - -4.20 0.00 0.00 -17 -99 0.00 -464 0.00 -343
Repurchase of Common Equity		 -1.36 - - - - - - - 0.00 0.00 -40
Payment of Dividends		 - - - 0.00 0.00 -20 -1.30 -15 -19 -20 -11
Issuance of Debt		 6.29 149 0.00 167 63 30 0.00 220 647 59 408
Issuance of Preferred Equity		 - - - - - - 0.00 0.00 168 0.00 0.00
Other Financing Activities, net		 0.15 1.62 2.81 107 -98 -5.32 71 -73 -51 -39 -50
Effect of Exchange Rate Changes		 - - - - 0.03 0.07 -0.05 -0.66 -0.08 -0.23 -0.49

Quarterly Cash Flow Statements for Evolent Health

This table details how cash moves in and out of Evolent Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 17 -1.04 10 -96 -10 51 99 -100 -35 38 -12
Net Cash From Operating Activities		 61 89 4.91 21 19 -26 4.57 -30 16 49 -0.98
Net Cash From Continuing Operating Activities		 61 89 4.91 21 19 -26 4.57 -30 16 49 -0.98
Net Income / (Loss) Continuing Operations		 -25 -33 -17 1.60 -23 -23 -65 -20 -21 -429 -27
Consolidated Net Income / (Loss)		 -25 -33 -17 1.60 -23 -23 -65 -20 -21 -429 -27
Depreciation Expense		 32 30 30 30 30 29 24 23 24 45 22
Amortization Expense		 3.33 3.84 2.09 2.00 2.17 2.09 2.39 2.54 5.54 4.13 3.88
Non-Cash Adjustments To Reconcile Net Income		 25 93 1.72 16 -35 26 64 -54 -6.63 433 46
Changes in Operating Assets and Liabilities, net		 25 -3.83 -11 -28 45 -61 -21 18 14 -4.53 -45
Net Cash From Investing Activities		 -6.15 -6.05 -9.73 -14 -20 -20 -13 -61 -8.76 82 -6.41
Net Cash From Continuing Investing Activities		 -6.15 -6.05 -9.73 -14 -20 -20 -13 -61 -8.76 82 -6.41
Purchase of Property, Plant & Equipment		 -6.79 -6.05 -5.35 -7.11 -6.29 -6.15 -8.60 -8.77 -8.96 -7.76 -6.41
Acquisitions		 - - -1.39 -4.56 -11 -14 -4.50 -52 0.00 -1.40 0.00
Net Cash From Financing Activities		 -37 -84 15 -103 -9.01 97 108 -8.93 -42 -93 -3.97
Net Cash From Continuing Financing Activities		 -37 -84 15 -103 -9.01 97 108 -8.93 -42 -93 -3.97
Repayment of Debt		 -10 -417 0.00 - - - -63 - -167 -114 0.00
Payment of Dividends		 -5.10 -5.16 -5.08 -5.07 -5.13 -4.81 -4.58 -4.62 -1.93 - 0.00
Issuance of Debt		 - 391 -0.53 - - 59 221 - 169 18 0.00
Other Financing Activities, net		 -22 -54 20 -98 -3.87 43 -46 -4.31 -1.88 2.39 -3.97
Effect of Exchange Rate Changes		 -0.11 -0.02 -0.04 -0.02 -0.03 -0.14 0.02 -0.08 -0.20 -0.23 -0.59

Annual Balance Sheets for Evolent Health

This table presents Evolent Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,016 1,200 1,313 1,722 1,498 1,372 1,419 1,817 2,680 2,544 1,899
Total Current Assets		 184 265 378 488 229 548 524 478 684 607 506
Cash & Equivalents		 146 135 238 228 101 319 266 188 193 104 152
Restricted Cash		 4.70 34 62 155 20 14 76 14 14 59 26
Accounts Receivable		 20 41 49 80 76 124 131 255 447 415 310
Prepaid Expenses		 4.21 11 8.40 23 28 56 51 21 30 29 19
Plant, Property, & Equipment, net		 13 31 51 74 85 86 81 88 78 73 81
Total Noncurrent Assets		 818 904 884 1,161 1,184 738 814 1,251 1,918 1,864 1,312
Long-Term Investments		 46 8.16 4.82 22 148 13 18 17 22 24 12
Goodwill		 609 627 628 768 572 349 426 723 1,117 1,137 694
Intangible Assets		 163 259 241 335 308 265 280 443 752 680 585
Other Noncurrent Operating Assets		 0.00 10 9.33 35 156 90 90 69 28 23 21
Total Liabilities & Shareholders' Equity		 1,016 1,200 1,313 1,722 1,498 1,372 1,419 1,817 2,680 2,544 1,899
Total Liabilities		 81 288 266 533 569 752 726 958 1,434 1,353 1,484
Total Current Liabilities		 60 132 133 269 193 403 445 433 674 716 385
Accounts Payable		 17 44 43 147 37 32 96 57 48 96 60
Accrued Expenses		 6.05 29 30 49 33 73 107 111 150 66 66
Current Deferred Revenue		 15 20 25 - 20 10 12 5.76 5.98 2.51 1.20
Current Employee Benefit Liabilities		 22 38 35 25 35 47 52 52 56 34 51
Other Current Liabilities		 - - 0.00 48 67 186 178 207 414 345 208
Total Noncurrent Liabilities		 21 156 134 264 376 349 280 524 760 637 1,099
Long-Term Debt		 0.00 120 121 221 294 263 216 413 597 491 971
Noncurrent Deferred & Payable Income Tax Liabilities		 21 21 2.44 25 1.94 0.68 1.40 4.74 13 11 7.51
Other Noncurrent Operating Liabilities		 0.11 15 9.86 17 81 85 63 107 150 136 121
Total Equity & Noncontrolling Interests		 935 912 1,046 1,189 929 620 694 859 1,068 1,001 415
Total Preferred & Common Equity		 649 703 1,011 1,144 922 620 694 859 1,068 1,001 415
Total Common Equity		 649 702 1,010 1,144 922 619 694 859 1,068 1,001 415
Common Stock		 343 555 924 1,094 1,175 1,229 1,342 1,488 1,809 1,805 1,795
Retained Earnings		 307 147 86 50 -252 -589 -627 -606 -719 -781 -1,315
Accumulated Other Comprehensive Income / (Loss)		 - - 0.00 -0.18 -0.23 -0.28 -0.36 -1.18 -1.26 -1.75 -2.62
Other Equity Adjustments		 - - - - - - -21 -21 -21 -21 -61

Quarterly Balance Sheets for Evolent Health

This table presents Evolent Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,759 2,589 2,647 2,670 2,644 2,475 2,502 2,653 2,462 2,453 1,879
Total Current Assets		 394 476 577 639 669 521 544 728 562 570 502
Cash & Equivalents		 157 158 143 185 165 101 97 247 151 117 142
Restricted Cash		 25 22 47 23 52 20 16 16 24 24 24
Accounts Receivable		 188 263 345 394 428 374 408 430 359 387 314
Prepaid Expenses		 24 34 41 37 25 26 23 35 28 22 22
Plant, Property, & Equipment, net		 95 89 84 80 76 75 74 74 77 80 81
Total Noncurrent Assets		 1,271 2,025 1,987 1,951 1,898 1,879 1,884 1,851 1,822 1,803 1,296
Long-Term Investments		 18 17 22 22 25 25 23 24 12 12 12
Goodwill		 723 1,118 1,118 1,118 1,117 1,117 1,137 1,137 1,137 1,075 694
Intangible Assets		 451 826 802 778 731 711 697 668 651 624 570
Other Noncurrent Operating Assets		 78 64 45 34 26 26 26 22 22 19 20
Total Liabilities & Shareholders' Equity		 1,759 2,589 2,647 2,670 2,644 2,475 2,502 2,653 2,462 2,453 1,879
Total Liabilities		 903 1,297 1,381 1,398 1,414 1,237 1,276 1,525 1,337 1,611 1,482
Total Current Liabilities		 382 458 541 615 659 483 524 739 558 430 381
Accounts Payable		 62 51 77 52 77 39 50 58 69 72 63
Accrued Expenses		 132 170 167 194 165 85 120 100 64 61 45
Current Deferred Revenue		 7.52 7.07 6.95 5.76 6.14 4.56 2.62 5.02 2.33 1.87 1.42
Current Employee Benefit Liabilities		 38 28 38 50 29 31 32 36 38 55 31
Other Current Liabilities		 143 202 252 313 381 324 319 369 211 230 241
Total Noncurrent Liabilities		 521 839 840 783 755 754 752 786 779 1,181 1,101
Long-Term Debt		 412 632 633 600 598 599 600 648 648 1,055 973
Noncurrent Deferred & Payable Income Tax Liabilities		 3.61 148 146 27 13 13 12 11 10 10 7.57
Other Noncurrent Operating Liabilities		 105 59 61 156 144 142 141 127 120 116 120
Total Equity & Noncontrolling Interests		 856 1,122 1,093 1,096 1,048 1,054 1,039 936 896 842 396
Total Preferred & Common Equity		 856 1,122 1,093 1,096 1,048 1,054 1,039 936 896 842 396
Total Common Equity		 856 1,122 1,093 1,096 1,048 1,054 1,039 936 896 842 396
Common Stock		 1,473 1,770 1,776 1,804 1,807 1,811 1,819 1,804 1,784 1,792 1,803
Retained Earnings		 -595 -626 -660 -686 -736 -735 -758 -845 -865 -886 -1,342
Accumulated Other Comprehensive Income / (Loss)		 -1.04 -1.12 -1.11 -1.27 -1.31 -1.36 -1.37 -1.73 -1.71 -2.38 -3.63
Other Equity Adjustments		 -21 -21 -21 -21 0.18 -21 -21 -21 -21 -61 -61

Annual Metrics And Ratios for Evolent Health

This table displays calculated financial ratios and metrics derived from Evolent Health's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 162.38% 71.11% 44.17% 9.58% 34.57% -1.80% 48.91% 45.26% 30.09% -26.56%
EBITDA Growth		 0.00% -158.20% 82.04% 105.54% -10,741.50% 29.08% 129.34% 3.57% -91.18% 1,845.84% -485.63%
EBIT Growth		 0.00% -163.97% 69.32% 34.82% -551.59% 15.00% 83.82% 0.72% -216.53% 69.78% -1,046.14%
NOPAT Growth		 0.00% -315.14% 69.32% 34.82% -550.56% 14.90% 83.86% 108.59% -2,055.27% 43.15% -913.06%
Net Income Growth		 1,366.79% -170.91% 69.24% 22.33% -463.89% -9.38% 88.75% 49.03% -489.86% 45.49% -767.39%
EPS Growth		 151.49% -151.23% 73.52% 27.66% -439.71% -7.36% 88.83% 54.55% -540.00% 36.72% -525.93%
Operating Cash Flow Growth		 0.00% -92.28% 21.27% 26.14% -106.50% 61.95% 338.81% -129.82% 1,334.16% -86.84% 107.00%
Free Cash Flow Firm Growth		 0.00% 67.65% 58.92% -72.49% 7.22% 241.55% -118.05% -1,100.61% -22.06% 86.95% 329.39%
Invested Capital Growth		 0.00% 11.31% 6.31% 16.58% -5.25% -43.62% 2.25% 91.79% 53.39% 3.19% -28.22%
Revenue Q/Q Growth		 0.00% 19.77% 6.28% 14.49% -30.94% 64.12% 0.20% 11.01% 9.70% 3.67% -8.66%
EBITDA Q/Q Growth		 0.00% -8.00% 34.12% 125.66% -306.94% 54.83% -27.75% 35.54% -62.86% -3.25% -932.01%
EBIT Q/Q Growth		 0.00% -9.04% 17.66% 9.35% -136.88% 42.71% -63.42% 14.66% -10.16% -2.14% -537.46%
NOPAT Q/Q Growth		 0.00% -9.04% 17.66% 9.35% -136.51% 42.74% -65.18% 154.41% -37.64% 6.37% -1,900.38%
Net Income Q/Q Growth		 0.00% -8.07% 14.05% -7.43% -146.78% 35.69% 17.82% -42.36% -24.25% 14.69% -317.00%
EPS Q/Q Growth		 0.00% -113.86% 4.08% -11.48% -147.97% 35.94% 22.81% -33.33% -25.49% 11.96% -222.93%
Operating Cash Flow Q/Q Growth		 -51.91% -74.79% 49.62% -299.49% 47.22% -265.34% 195.06% -159.53% 60.39% -86.04% 207.34%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 70.21% -184.43% 38.40% -1.98% 33.15% 2.61% -0.16% -4.71% 1,169.90%
Invested Capital Q/Q Growth		 0.00% 37.15% -1.16% 11.98% -11.12% 4.44% -1.72% -1.48% -1.73% -1.36% -27.97%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 27.58% 23.42% 23.45% 14.38% 21.31%
EBITDA Margin		 390.52% -86.63% -9.09% 0.35% -33.96% -17.90% 5.35% 3.72% 0.23% 3.38% -17.74%
Operating Margin		 -44.36% -93.40% -16.75% -7.57% -44.95% -28.43% -4.67% 0.27% -3.63% -1.58% -21.86%
EBIT Margin		 383.12% -93.40% -16.75% -7.57% -45.02% -28.44% -4.69% -3.13% -6.81% -1.58% -24.69%
Profit (Net Income) Margin		 330.12% -89.22% -16.04% -8.64% -44.47% -36.15% -4.14% -1.42% -5.76% -2.41% -28.49%
Tax Burden Percent		 93.16% 95.47% 91.31% 100.07% 92.60% 101.12% 126.17% 30.87% 55.85% 97.76% 99.98%
Interest Burden Percent		 92.49% 100.05% 104.89% 114.05% 106.66% 125.70% 70.03% 146.92% 151.35% 155.96% 115.41%
Effective Tax Rate		 6.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -10.99% -21.59% -6.10% -3.56% -22.10% -24.71% -5.47% 0.32% -3.74% -1.73% -20.06%
ROIC Less NNEP Spread (ROIC-NNEP)		 -306.82% 17.84% 7.06% 7.81% 88.74% 479.37% 1.49% -88.98% -26.22% -9.62% -59.46%
Return on Net Nonoperating Assets (RNNOA)		 76.81% -2.97% -1.03% -1.29% -6.75% -18.45% -0.26% -2.79% -7.00% -3.33% -46.48%
Return on Equity (ROE)		 65.82% -24.56% -7.12% -4.85% -28.85% -43.17% -5.73% -2.47% -10.74% -5.06% -66.54%
Cash Return on Invested Capital (CROIC)		 -210.99% -32.30% -12.21% -18.87% -16.70% 31.07% -7.69% -62.60% -45.88% -4.87% 12.80%
Operating Return on Assets (OROA)		 70.51% -21.43% -5.80% -3.13% -19.21% -18.33% -3.05% -2.61% -5.95% -1.55% -20.85%
Return on Assets (ROA)		 60.76% -20.47% -5.55% -3.57% -18.98% -23.29% -2.69% -1.18% -5.03% -2.36% -24.06%
Return on Common Equity (ROCE)		 43.84% -17.97% -6.23% -4.67% -28.14% -42.96% -5.72% -2.47% -9.83% -4.29% -58.66%
Return on Equity Simple (ROE_SIMPLE)		 49.25% -32.28% -6.90% -4.74% -33.13% -53.95% -5.42% -2.23% -10.59% -6.15% 0.00%
Net Operating Profit after Tax (NOPAT)		 -40 -166 -51 -33 -216 -184 -30 2.55 -50 -28 -287
NOPAT Margin		 -41.32% -65.38% -11.72% -5.30% -31.47% -19.90% -3.27% 0.19% -2.54% -1.11% -15.30%
Net Nonoperating Expense Percent (NNEP)		 295.83% -39.43% -13.16% -11.37% -110.84% -504.08% -6.96% 89.30% 22.49% 7.89% 39.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 0.20% -2.99% -1.70% -20.72%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 72.42% 76.58% 76.55% 85.62% 78.69%
SG&A Expenses to Revenue		 77.71% 63.22% 47.29% 37.54% 34.41% 22.76% 24.18% 19.92% 18.23% 10.30% 16.20%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 144.36% 193.40% 116.71% 107.55% 144.95% 128.43% 32.25% 23.15% 27.07% 15.96% 43.17%
Earnings before Interest and Taxes (EBIT)		 371 -237 -73 -47 -309 -263 -43 -42 -134 -40 -463
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 378 -220 -40 2.19 -233 -166 49 50 4.44 86 -333
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.10 1.43 0.94 1.43 0.83 2.22 3.57 3.31 3.56 1.31 1.08
Price to Tangible Book Value (P/TBV)		 0.00 0.00 6.76 40.34 18.30 291.32 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 7.38 3.95 2.19 2.62 1.11 1.49 2.72 2.10 1.93 0.51 0.24
Price to Earnings (P/E)		 2.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 46.54% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.09 1.37 0.93 1.49 0.84 2.46 4.24 2.88 2.69 1.19 1.03
Enterprise Value to Revenue (EV/Rev)		 8.19 4.38 1.84 2.39 1.16 1.43 2.57 2.24 2.21 0.77 0.65
Enterprise Value to EBITDA (EV/EBITDA)		 2.10 0.00 0.00 684.72 0.00 0.00 47.96 60.33 979.54 22.90 0.00
Enterprise Value to EBIT (EV/EBIT)		 2.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,190.40 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 60.11 0.00 30.47 105.32 31.60
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 5.70 0.00 0.00 0.00 0.00 6.70
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.13 0.12 0.19 0.32 0.47 0.31 0.48 0.48 0.56 2.34
Long-Term Debt to Equity		 0.00 0.13 0.12 0.19 0.32 0.43 0.31 0.48 0.48 0.41 2.34
Financial Leverage		 -0.25 -0.17 -0.15 -0.16 -0.08 -0.04 -0.17 0.03 0.27 0.35 0.78
Leverage Ratio		 1.08 1.20 1.28 1.36 1.52 1.85 2.13 2.08 2.14 2.14 2.77
Compound Leverage Factor		 1.00 1.20 1.35 1.55 1.62 2.33 1.49 3.06 3.23 3.34 3.19
Debt to Total Capital		 0.00% 11.65% 10.40% 15.67% 24.02% 31.87% 23.72% 32.46% 32.39% 35.72% 70.04%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 2.92% 0.00% 0.00% 0.00% 9.25% 0.00%
Long-Term Debt to Total Capital		 0.00% 11.65% 10.40% 15.67% 24.02% 28.95% 23.72% 32.46% 32.39% 26.47% 70.04%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 30.52% 20.30% 3.03% 3.23% 0.55% 0.00% 0.00% 0.00% 9.68% 10.26% 0.00%
Common Equity to Total Capital		 69.48% 67.98% 86.50% 81.10% 75.44% 68.03% 76.28% 67.54% 57.93% 54.02% 29.96%
Debt to EBITDA		 0.00 -0.55 -3.07 100.79 -1.26 -1.75 4.44 8.21 134.62 7.67 -2.92
Net Debt to EBITDA		 0.00 0.46 4.66 -84.08 -0.10 0.34 -2.98 3.84 83.13 5.50 -2.35
Long-Term Debt to EBITDA		 0.00 -0.55 -3.07 100.79 -1.26 -1.59 4.44 8.21 134.62 5.68 -2.92
Debt to NOPAT		 0.00 -0.72 -2.38 -6.65 -1.36 -1.58 -7.26 161.99 -11.98 -23.36 -3.38
Net Debt to NOPAT		 0.00 0.61 3.61 5.55 -0.11 0.31 4.87 75.84 -7.40 -16.76 -2.72
Long-Term Debt to NOPAT		 0.00 -0.72 -2.38 -6.65 -1.36 -1.43 -7.26 161.99 -11.98 -17.31 -3.38
Altman Z-Score		 7.17 1.96 2.61 2.31 0.38 0.66 2.03 2.01 1.79 1.05 -0.53
Noncontrolling Interest Sharing Ratio		 33.39% 26.83% 12.58% 3.66% 2.47% 0.49% 0.07% 0.00% 8.47% 15.12% 11.84%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.10 2.01 2.85 1.81 1.19 1.36 1.18 1.10 1.01 0.85 1.31
Quick Ratio		 2.95 1.66 2.32 1.15 0.93 1.10 0.89 1.02 0.95 0.73 1.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -769 -249 -102 -176 -163 231 -42 -501 -612 -80 183
Operating Cash Flow to CapEx		 -283.47% -228.71% -100.40% -52.21% -120.01% -55.05% 155.09% -30.12% 496.02% 75.38% 113.95%
Free Cash Flow to Firm to Interest Expense		 0.00 -1,006.50 -28.09 -32.12 -11.23 6.99 -0.89 -19.46 -8.14 -3.23 2.41
Operating Cash Flow to Interest Expense		 0.00 -143.77 -7.69 -3.77 -2.93 -0.49 0.83 -0.45 1.90 0.76 0.51
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -206.62 -15.35 -10.98 -5.37 -1.38 0.29 -1.94 1.51 -0.25 0.06
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.18 0.23 0.35 0.41 0.43 0.64 0.65 0.84 0.87 0.98 0.84
Accounts Receivable Turnover		 0.00 8.33 9.71 9.71 8.82 9.26 7.13 7.02 5.60 5.93 5.18
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 11.56 10.60 10.07 8.65 10.79 10.83 15.98 23.65 33.76 24.38
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 10.27 13.51 28.52 30.32 18.95
Days Sales Outstanding (DSO)		 0.00 43.81 37.59 37.59 41.40 39.42 51.19 52.01 65.18 61.54 70.48
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 35.54 27.01 12.80 12.04 19.26
Cash Conversion Cycle (CCC)		 0.00 43.81 37.59 37.59 41.40 39.42 15.65 25.00 52.39 49.50 51.22
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 729 811 862 1,005 952 537 549 1,053 1,615 1,666 1,196
Invested Capital Turnover		 0.27 0.33 0.52 0.67 0.70 1.24 1.67 1.69 1.47 1.56 1.31
Increase / (Decrease) in Invested Capital		 729 82 51 143 -53 -415 12 504 562 52 -470
Enterprise Value (EV)		 794 1,114 802 1,502 796 1,318 2,329 3,035 4,344 1,976 1,227
Market Capitalization		 714 1,005 951 1,640 766 1,375 2,474 2,841 3,797 1,311 446
Book Value per Share		 $11.01 $10.33 $13.06 $13.91 $10.90 $7.21 $7.76 $8.49 $9.29 $8.59 $3.72
Tangible Book Value per Share		 ($2.08) ($2.70) $1.82 $0.49 $0.49 $0.06 ($0.14) ($3.03) ($6.97) ($7.00) ($7.74)
Total Capital		 935 1,032 1,168 1,410 1,223 910 909 1,272 1,843 1,853 1,386
Total Debt		 0.00 120 121 221 294 290 216 413 597 662 971
Total Long-Term Debt		 0.00 120 121 221 294 263 216 413 597 491 971
Net Debt		 -206 -101 -184 -184 23 -57 -145 193 369 475 781
Capital Expenditures (CapEx)		 6.52 16 28 40 36 29 25 38 29 25 34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -35 -80 -55 -164 -87 -162 -263 -158 -197 -100 -57
Debt-free Net Working Capital (DFNWC)		 125 133 245 219 36 171 78 45 9.43 63 121
Net Working Capital (NWC)		 125 133 245 219 36 144 78 45 9.43 -108 121
Net Nonoperating Expense (NNE)		 -360 61 19 21 89 150 7.91 22 63 33 247
Net Nonoperating Obligations (NNO)		 -206 -101 -184 -184 23 -83 -145 193 369 475 781
Total Depreciation and Amortization (D&A)		 7.17 17 33 50 76 97 91 93 138 127 130
Debt-free, Cash-free Net Working Capital to Revenue		 -36.04% -31.59% -12.73% -26.22% -12.64% -17.57% -29.02% -11.69% -10.04% -3.93% -3.03%
Debt-free Net Working Capital to Revenue		 128.98% 52.33% 56.44% 34.86% 5.24% 18.48% 8.64% 3.30% 0.48% 2.47% 6.46%
Net Working Capital to Revenue		 128.98% 52.33% 56.44% 34.86% 5.24% 15.61% 8.64% 3.30% 0.48% -4.24% 6.46%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $13.14 ($3.55) ($0.94) ($0.68) ($3.67) ($3.94) ($0.44) ($0.20) ($1.28) ($0.81) ($5.07)
Adjusted Weighted Average Basic Shares Outstanding		 25.13M 45.03M 64.35M 82.57M 84.72M 86.09M 86.07M 93.70M 111.25M 114.68M 114.21M
Adjusted Diluted Earnings per Share		 $6.93 ($3.55) ($0.94) ($0.68) ($3.67) ($3.94) ($0.44) ($0.20) ($1.28) ($0.81) ($5.07)
Adjusted Weighted Average Diluted Shares Outstanding		 46.14M 45.03M 64.35M 82.57M 84.72M 86.09M 86.07M 93.70M 111.25M 114.68M 114.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($3.55) $0.00 ($0.68) ($3.67) ($3.94) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.08M 67.96M 77.44M 77.34M 82.36M 84.93M 90.83M 111.05M 115.43M 116.59M 111.64M
Normalized Net Operating Profit after Tax (NOPAT)		 -40 -55 -51 -36 -86 -30 -20 -14 -15 -23 -14
Normalized NOPAT Margin		 -41.32% -21.73% -11.66% -5.76% -12.50% -3.27% -2.25% -1.03% -0.75% -0.90% -0.77%
Pre Tax Income Margin		 354.35% -93.45% -17.57% -8.64% -48.02% -35.75% -3.28% -4.59% -10.31% -2.47% -28.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -961.21 -20.03 -8.66 -21.26 -7.94 -0.91 -1.64 -1.78 -1.63 -6.10
NOPAT to Interest Expense		 0.00 -672.85 -14.02 -6.06 -14.86 -5.56 -0.63 0.10 -0.66 -1.15 -3.78
EBIT Less CapEx to Interest Expense		 0.00 -1,024.07 -27.69 -15.87 -23.70 -8.83 -1.44 -3.13 -2.16 -2.64 -6.55
NOPAT Less CapEx to Interest Expense		 0.00 -735.71 -21.68 -13.27 -17.30 -6.45 -1.17 -1.39 -1.04 -2.15 -4.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -5.98% -3.46% -77.67% -16.63% -32.59% -2.08%
Augmented Payout Ratio		 0.43% 0.00% 0.00% 0.00% 0.00% -5.98% -3.46% -77.67% -16.63% -32.59% -9.56%

Quarterly Metrics And Ratios for Evolent Health

This table displays calculated financial ratios and metrics derived from Evolent Health's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - 117,399,810.00 117,508,717.00 - 111,638,338.00
DEI Adjusted Shares Outstanding		 - - - - - - - 117,399,810.00 117,508,717.00 - 111,638,338.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - -0.44 -0.23 - -0.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 44.93% 45.40% 49.56% 37.94% 21.60% 16.27% -24.39% -31.34% -22.83% -27.50% 2.60%
EBITDA Growth		 264.02% -31.83% 140.68% 164.97% -12.18% -18.05% -253.03% -38.62% 93.58% -2,830.14% 156.51%
EBIT Growth		 40.47% -245.22% 82.32% 135.58% 9.46% -4.88% -297.95% -118.25% 105.92% -2,144.21% 81.75%
NOPAT Growth		 -238.51% -1,036.85% -29.49% 160.62% 9.31% 12.90% 87.90% -108.96% 105.45% -2,095.26% -553.45%
Net Income Growth		 -1,292.84% -194.40% 13.52% 104.65% 8.64% 31.75% -273.95% -1,346.68% 9.82% -1,781.99% 58.79%
EPS Growth		 -1,600.00% -236.36% 8.33% 83.78% 10.00% 29.73% -186.36% -633.33% 11.11% -1,346.15% 61.90%
Operating Cash Flow Growth		 1,844.12% 150.40% 161.56% 3,174.77% -69.15% -129.35% -7.01% -241.64% -15.31% 286.04% -121.56%
Free Cash Flow Firm Growth		 -17.23% -14.22% 112.06% 100.53% 90.23% 88.82% -157.84% -1,278.74% 151.23% 385.93% 697.45%
Invested Capital Growth		 53.79% 53.39% -8.28% 0.20% 2.80% 3.19% 4.81% 4.02% -1.70% -28.22% -28.25%
Revenue Q/Q Growth		 8.93% 8.81% 15.03% 1.17% -3.98% 4.05% -25.19% -8.13% 7.92% -2.26% 5.87%
EBITDA Q/Q Growth		 18.71% -9.29% 12.09% 119.53% -60.66% -15.35% -309.30% 188.05% 24.09% -1,293.90% 104.33%
EBIT Q/Q Growth		 16.57% 3.59% 21.84% 156.60% -312.30% -11.67% -196.56% 97.40% 168.90% -42,417.08% 97.59%
NOPAT Q/Q Growth		 16.83% -19.02% 37.19% 197.51% -224.42% -14.31% 91.28% 27.81% 175.66% -46,175.73% 97.40%
Net Income Q/Q Growth		 26.22% -31.93% 48.28% 109.24% -1,549.69% 1.45% -183.39% 69.21% -4.86% -1,956.80% 93.79%
EPS Q/Q Growth		 18.92% -23.33% 40.54% 72.73% -350.00% 3.70% -142.31% 30.16% 45.45% -1,466.67% 93.62%
Operating Cash Flow Q/Q Growth		 9,153.98% 47.69% -94.51% 336.28% -12.83% -240.50% 117.40% -764.49% 152.13% 208.63% -102.02%
Free Cash Flow Firm Q/Q Growth		 46.14% 1.75% 123.18% -95.64% -1,084.21% -12.46% -19.86% 11.15% 142.78% 527.65% 150.43%
Invested Capital Q/Q Growth		 -2.60% -1.73% -1.82% 6.63% -0.08% -1.36% -0.28% 5.82% -5.57% -27.97% -0.33%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.35% 18.28% 16.28% 16.51% 12.99% 11.71% 21.19% 22.59% 20.81% 20.75% 16.88%
EBITDA Margin		 3.47% 2.89% 2.82% 6.11% 2.50% 2.04% -5.70% 5.46% 6.28% -76.72% 3.14%
Operating Margin		 -3.51% -3.84% -2.10% 1.20% -2.62% -2.88% -0.34% -0.26% 0.18% -87.10% -2.14%
EBIT Margin		 -3.53% -3.12% -2.12% 1.19% -2.62% -2.82% -11.17% -0.32% 0.20% -87.21% -1.99%
Profit (Net Income) Margin		 -4.96% -6.01% -2.70% 0.25% -3.72% -3.53% -13.36% -4.48% -4.35% -91.55% -5.37%
Tax Burden Percent		 82.02% 69.51% 103.38% 117.53% 97.39% 95.31% 102.33% 96.02% 104.54% 99.61% 103.54%
Interest Burden Percent		 171.38% 276.76% 123.14% 17.68% 145.64% 131.34% 116.90% 1,478.03% -2,066.05% 105.39% 260.95%
Effective Tax Rate		 0.00% 0.00% 0.00% -17.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -3.24% -3.96% -1.93% 1.97% -2.71% -3.14% -0.35% -0.23% 0.16% -79.92% -1.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 -7.62% -10.53% -3.92% 0.24% -5.52% -5.46% -14.63% -3.75% -3.19% -102.76% -4.87%
Return on Net Nonoperating Assets (RNNOA)		 -2.09% -2.81% -1.23% 0.08% -1.85% -1.89% -5.52% -1.72% -1.98% -80.32% -4.24%
Return on Equity (ROE)		 -5.33% -6.77% -3.16% 2.06% -4.56% -5.02% -5.86% -1.96% -1.82% -160.24% -6.22%
Cash Return on Invested Capital (CROIC)		 -45.06% -45.88% 5.50% -2.06% -4.58% -4.87% -5.93% -5.47% 0.86% 12.80% 12.34%
Operating Return on Assets (OROA)		 -2.85% -2.73% -1.76% 1.09% -2.50% -2.76% -10.12% -0.28% 0.17% -73.65% -1.66%
Return on Assets (ROA)		 -4.01% -5.25% -2.25% 0.23% -3.55% -3.45% -12.10% -3.98% -3.61% -77.31% -4.47%
Return on Common Equity (ROCE)		 -4.89% -6.19% -2.72% 1.76% -3.90% -4.26% -4.93% -1.62% -1.66% -141.27% -5.43%
Return on Equity Simple (ROE_SIMPLE)		 -8.30% 0.00% -10.53% -7.06% -6.95% 0.00% -11.65% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -15 -9.39 9.15 -11 -13 -1.14 -0.82 0.62 -286 -7.42
NOPAT Margin		 -2.46% -2.69% -1.47% 1.41% -1.83% -2.01% -0.23% -0.18% 0.13% -60.97% -1.50%
Net Nonoperating Expense Percent (NNEP)		 4.37% 6.57% 1.99% 1.73% 2.81% 2.32% 14.28% 3.51% 3.35% 22.83% 2.89%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.90% - - - -0.78% -0.06% -0.05% 0.03% -20.62% -0.54%
Cost of Revenue to Revenue		 75.65% 81.72% 83.72% 83.49% 87.01% 88.29% 78.81% 77.41% 79.19% 79.25% 83.12%
SG&A Expenses to Revenue		 18.90% 14.64% 12.37% 10.69% 10.79% 7.38% 16.21% 16.93% 16.18% 15.50% 14.67%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.86% 22.12% 18.37% 15.31% 15.60% 14.59% 21.52% 22.86% 20.62% 107.84% 19.02%
Earnings before Interest and Taxes (EBIT)		 -18 -17 -14 7.68 -16 -18 -54 -1.40 0.97 -409 -9.86
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 18 16 18 40 16 13 -28 24 30 -360 16
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.81 3.56 3.60 2.11 3.17 1.31 1.18 1.48 1.18 1.08 0.64
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.72 1.93 1.73 0.94 1.33 0.51 0.46 0.60 0.48 0.24 0.13
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.21 2.69 2.72 1.69 2.33 1.19 1.10 1.24 1.15 1.03 0.88
Enterprise Value to Revenue (EV/Rev)		 2.03 2.21 1.98 1.21 1.60 0.77 0.76 0.99 0.93 0.65 0.56
Enterprise Value to EBITDA (EV/EBITDA)		 304.09 979.54 64.54 31.29 44.16 22.90 44.96 85.87 47.56 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 40.84 30.47 27.70 16.22 29.32 105.32 99.36 0.00 0.00 31.60 31.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 47.27 0.00 0.00 0.00 0.00 0.00 131.87 6.70 5.96
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.47 0.48 0.49 0.48 0.49 0.56 0.73 0.73 1.26 2.34 2.46
Long-Term Debt to Equity		 0.47 0.48 0.49 0.48 0.49 0.41 0.57 0.58 1.25 2.34 2.46
Financial Leverage		 0.27 0.27 0.31 0.35 0.33 0.35 0.38 0.46 0.62 0.78 0.87
Leverage Ratio		 2.08 2.14 2.08 2.05 2.07 2.14 2.25 2.09 2.40 2.77 2.97
Compound Leverage Factor		 3.57 5.91 2.56 0.36 3.02 2.82 2.63 30.88 -49.50 2.91 7.75
Debt to Total Capital		 32.09% 32.39% 32.72% 32.60% 32.85% 35.72% 42.06% 42.18% 55.72% 70.04% 71.06%
Short-Term Debt to Total Capital		 0.05% 0.00% 0.00% 0.00% 0.00% 9.25% 8.82% 8.85% 0.27% 0.00% 0.00%
Long-Term Debt to Total Capital		 32.04% 32.39% 32.72% 32.60% 32.85% 26.47% 33.24% 33.33% 55.45% 70.04% 71.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.38% 9.68% 9.92% 10.03% 10.25% 10.26% 9.92% 11.76% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 58.53% 57.93% 57.36% 57.37% 56.90% 54.02% 48.02% 46.06% 44.28% 29.96% 28.94%
Debt to EBITDA		 50.33 134.62 8.96 6.55 6.72 7.67 20.12 32.26 26.50 -2.92 -3.36
Net Debt to EBITDA		 31.12 83.13 5.34 4.95 5.20 5.50 13.09 24.91 22.70 -2.35 -2.75
Long-Term Debt to EBITDA		 50.25 134.62 8.96 6.55 6.72 5.68 15.90 25.49 26.37 -2.92 -3.36
Debt to NOPAT		 -16.59 -11.98 -11.50 -19.05 -19.81 -23.36 -40.79 -31.13 -73.85 -3.38 -3.32
Net Debt to NOPAT		 -10.26 -7.40 -6.85 -14.39 -15.31 -16.76 -26.53 -24.04 -63.27 -2.72 -2.71
Long-Term Debt to NOPAT		 -16.57 -11.98 -11.50 -19.05 -19.81 -17.31 -32.23 -24.60 -73.50 -3.38 -3.32
Altman Z-Score		 1.62 1.93 2.02 1.64 2.10 1.08 0.82 0.99 0.77 -0.44 0.17
Noncontrolling Interest Sharing Ratio		 8.25% 8.47% 13.95% 14.26% 14.53% 15.12% 15.88% 17.48% 9.05% 11.84% 12.67%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.04 1.01 1.02 1.08 1.04 0.85 0.98 1.01 1.33 1.31 1.32
Quick Ratio		 0.94 0.95 0.90 0.98 0.96 0.73 0.92 0.91 1.17 1.20 1.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -587 -577 134 5.83 -57 -65 -77 -69 29 185 462
Operating Cash Flow to CapEx		 890.93% 1,476.88% 91.81% 301.39% 296.87% -426.45% 53.11% -345.88% 176.43% 628.79% -15.36%
Free Cash Flow to Firm to Interest Expense		 -40.19 -17.35 22.30 0.97 -9.55 -9.60 -7.45 -3.34 1.33 8.05 27.39
Operating Cash Flow to Interest Expense		 4.14 2.69 0.82 3.57 3.11 -3.90 0.44 -1.47 0.72 2.13 -0.06
Operating Cash Flow Less CapEx to Interest Expense		 3.68 2.51 -0.07 2.39 2.06 -4.82 -0.39 -1.90 0.31 1.79 -0.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.81 0.87 0.83 0.92 0.95 0.98 0.91 0.89 0.83 0.84 0.83
Accounts Receivable Turnover		 6.15 5.60 6.30 6.55 6.14 5.93 5.59 6.00 5.17 5.18 5.07
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 20.51 23.65 26.43 29.64 32.04 33.76 31.88 28.79 26.67 24.38 24.27
Accounts Payable Turnover		 23.73 28.52 26.93 33.05 40.66 30.32 30.08 33.86 27.41 18.95 24.96
Days Sales Outstanding (DSO)		 59.32 65.18 57.92 55.75 59.41 61.54 65.30 60.88 70.59 70.48 71.95
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 15.38 12.80 13.55 11.04 8.98 12.04 12.13 10.78 13.32 19.26 14.63
Cash Conversion Cycle (CCC)		 43.93 52.39 44.36 44.70 50.43 49.50 53.16 50.10 57.27 51.22 57.32
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,643 1,615 1,585 1,691 1,689 1,666 1,662 1,758 1,660 1,196 1,192
Invested Capital Turnover		 1.32 1.47 1.31 1.39 1.48 1.56 1.48 1.27 1.23 1.31 1.32
Increase / (Decrease) in Invested Capital		 575 562 -143 3.32 46 52 76 68 -29 -470 -469
Enterprise Value (EV)		 3,631 4,344 4,307 2,859 3,939 1,976 1,830 2,184 1,902 1,227 1,050
Market Capitalization		 3,084 3,797 3,770 2,222 3,289 1,311 1,104 1,322 994 446 255
Book Value per Share		 $9.68 $9.29 $9.18 $9.07 $8.93 $8.59 $8.02 $7.63 $7.17 $3.72 $3.55
Tangible Book Value per Share		 ($7.06) ($6.97) ($7.01) ($6.66) ($6.84) ($7.00) ($7.46) ($7.60) ($7.29) ($7.74) ($7.77)
Total Capital		 1,873 1,843 1,827 1,837 1,826 1,853 1,948 1,945 1,902 1,386 1,370
Total Debt		 601 597 598 599 600 662 819 821 1,060 971 973
Total Long-Term Debt		 600 597 598 599 600 491 648 648 1,055 971 973
Net Debt		 372 369 356 452 463 475 533 634 908 781 796
Capital Expenditures (CapEx)		 6.79 6.05 5.35 7.11 6.29 6.15 8.60 8.77 8.96 7.76 6.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -183 -197 -207 -84 -93 -100 -102 1.49 4.95 -57 -45
Debt-free Net Working Capital (DFNWC)		 24 9.43 10 38 20 63 161 177 145 121 121
Net Working Capital (NWC)		 24 9.43 10 38 20 -108 -11 4.74 140 121 121
Net Nonoperating Expense (NNE)		 13 18 7.89 7.56 12 9.78 63 19 21 143 19
Net Nonoperating Obligations (NNO)		 372 369 356 452 463 475 533 634 818 781 796
Total Depreciation and Amortization (D&A)		 36 33 32 32 32 31 26 26 29 49 25
Debt-free, Cash-free Net Working Capital to Revenue		 -10.24% -10.04% -9.49% -3.56% -3.76% -3.93% -4.26% 0.07% 0.24% -3.03% -2.39%
Debt-free Net Working Capital to Revenue		 1.37% 0.48% 0.47% 1.60% 0.82% 2.47% 6.70% 8.05% 7.07% 6.46% 6.39%
Net Working Capital to Revenue		 1.31% 0.48% 0.47% 1.60% 0.82% -4.24% -0.47% 0.22% 6.82% 6.46% 6.39%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.30) ($0.37) ($0.22) ($0.06) ($0.27) ($0.26) ($0.63) ($0.44) ($0.24) ($3.76) ($0.24)
Adjusted Weighted Average Basic Shares Outstanding		 112.28M 111.25M 114.14M 114.69M 114.86M 114.68M 115.32M 115.88M 114.07M 114.21M 111.91M
Adjusted Diluted Earnings per Share		 ($0.30) ($0.37) ($0.22) ($0.06) ($0.27) ($0.26) ($0.63) ($0.44) ($0.24) ($3.76) ($0.24)
Adjusted Weighted Average Diluted Shares Outstanding		 112.28M 111.25M 114.14M 114.69M 114.86M 114.68M 115.32M 115.88M 114.07M 114.21M 111.91M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 114.96M 115.43M 116.21M 116.29M 116.56M 116.59M 117.40M 117.51M 111.60M 111.64M 112.48M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.18 -6.58 -3.15 5.45 -11 -16 -1.33 1.42 -0.14 -293 -7.42
Normalized NOPAT Margin		 -0.62% -1.18% -0.49% 0.84% -1.81% -2.47% -0.28% 0.32% -0.03% -62.49% -1.50%
Pre Tax Income Margin		 -6.04% -8.64% -2.61% 0.21% -3.82% -3.70% -13.06% -4.66% -4.16% -91.91% -5.18%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.23 -0.52 -2.26 1.28 -2.71 -2.71 -5.20 -0.07 0.04 -17.83 -0.58
NOPAT to Interest Expense		 -0.86 -0.45 -1.57 1.53 -1.89 -1.94 -0.11 -0.04 0.03 -12.47 -0.44
EBIT Less CapEx to Interest Expense		 -1.70 -0.70 -3.16 0.10 -3.76 -3.63 -6.03 -0.49 -0.36 -18.17 -0.96
NOPAT Less CapEx to Interest Expense		 -1.32 -0.63 -2.46 0.34 -2.94 -2.85 -0.94 -0.47 -0.38 -12.80 -0.82
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -14.98% -16.63% -18.33% -27.42% -28.30% -32.59% -17.97% -14.67% -12.43% -2.08% -1.32%
Augmented Payout Ratio		 -14.98% -16.63% -18.33% -27.42% -28.30% -32.59% -17.97% -14.67% -12.43% -9.56% -1.32%

Financials Breakdown Chart

Key Financial Trends

Evolent Health (NYSE: EVH) entered 2026 with a much tighter balance sheet than it had a year ago, while quarterly operating performance remained under pressure. Revenue grew modestly in Q1 2026, but the company still posted a loss and continued to burn cash from operations.

  • Revenue is still growing year over year. Q1 2026 revenue was $496.2 million, up from $483.6 million in Q1 2025 and $469.1 million in Q2 2025, showing the top line is holding up.
  • Gross profit remains positive and sizable. Q1 2026 gross profit was $83.8 million, which means the business is still generating meaningful margin before overhead and interest.
  • Cash improved versus the prior quarter. Cash and equivalents rose to $142.0 million in Q1 2026 from $116.7 million in Q3 2025, helped by seasonality and financing activity.
  • Current assets are ample relative to near-term liabilities. Q1 2026 current assets were $502.0 million versus current liabilities of $381.2 million, which provides some near-term liquidity cushion.
  • Debt was lower than a year earlier. Long-term debt fell to $973.5 million in Q1 2026 from $1.05 billion in Q3 2025 and $1.11 billion in Q2 2025.
  • Operating margin remains weak. Q1 2026 operating loss was $10.6 million, so the company is still not consistently covering operating costs with gross profit.
  • Interest expense is still a big drag. In Q1 2026, interest expense of $16.9 million exceeded interest income, keeping pre-tax losses elevated.
  • Large goodwill and intangible balances remain on the books. Goodwill plus intangible assets totaled about $1.26 billion in Q1 2026, so the balance sheet still carries meaningful acquisition-related assets.
  • The company is still losing money. Q1 2026 net loss attributable to common shareholders was $26.6 million, after a much larger $429.1 million loss in Q4 2025.
  • Operating cash flow was negative in Q1 2026. Cash from operations was -$1.0 million, compared with +$48.8 million in Q4 2025 and +$15.8 million in Q3 2025.
  • Cash declined sharply over the past year. Cash and equivalents were $246.5 million in Q1 2025 and fell to $142.0 million by Q1 2026.
  • Working capital pressure is building. Accounts receivable remained large at $314.2 million, while other current liabilities were also elevated at $240.7 million.
  • Equity has been eroding over time. Retained earnings stayed deeply negative at -$1.34 billion in Q1 2026, reflecting cumulative losses.

Looking at the last four years, Evolent has grown revenue, but profitability has been volatile and recently worsened. Quarterly losses have widened at several points, especially in late 2025, and the company has relied on debt and financing activity to manage liquidity.

The most important takeaway for investors is that EVH still has scale and revenue growth, but it has not yet translated that into durable earnings or strong operating cash flow. The balance sheet is still sizable, but debt and prior losses leave limited room for execution mistakes.

07/22/26 05:55 PM ETAI Generated. May Contain Errors.

Evolent Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Evolent Health's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Evolent Health's net income appears to be on an upward trend, with a most recent value of -$534.51 million in 2025, falling from $319.81 million in 2015. The previous period was -$61.62 million in 2024. Check out Evolent Health's forecast to explore projected trends and price targets.

Evolent Health's total operating income in 2025 was -$410.14 million, based on the following breakdown:
  • Total Gross Profit: $399.88 million
  • Total Operating Expenses: $810.02 million

Over the last 10 years, Evolent Health's total revenue changed from $96.88 million in 2015 to $1.88 billion in 2025, a change of 1,836.7%.

Evolent Health's total liabilities were at $1.48 billion at the end of 2025, a 9.7% increase from 2024, and a 1,733.6% increase since 2015.

In the past 10 years, Evolent Health's cash and equivalents has ranged from $101.01 million in 2019 to $319.00 million in 2020, and is currently $151.86 million as of their latest financial filing in 2025.

Over the last 10 years, Evolent Health's book value per share changed from 11.01 in 2015 to 3.72 in 2025, a change of -66.2%.


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Financial statements for NYSE:EVH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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