NYSE : EVH
Evolent Health, Inc. — Financial statements
Healthcare · Health Information Services · United States
Last price 4.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 480.50M
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Financial statements
Evolent Health, Inc. (EVH) reported revenue of 2.10B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.10B | 1.88B | 2.55B | 1.96B | 1.35B | 907.96M |
| Cost of Revenue | 1.74B | 1.48B | 2.19B | 1.50B | 1.04B | 657.55M |
| Gross Profit | 361.64M | 399.88M | 367.35M | 460.47M | 316.58M | 250.41M |
| Selling, General & Admin | 277.70M | 288.47M | 246.64M | 322.87M | 269.27M | 207.78M |
| Operating Expenses | 389.47M | 404.32M | 343.41M | 446.29M | 336.46M | 267.82M |
| Operating Income | -27.84M | -4.43M | 23.94M | 14.18M | -19.88M | -17.41M |
| Interest Expense | -69.21M | -57.47M | -24.72M | -54.20M | -15.57M | -25.43M |
| Interest & Investment Income | 3.55M | 4.19M | 5.54M | 5.26M | 1.37M | 407.00K |
| Earnings From Equity Investments | 135.00K | 365.00K | -3.44M | 1.29M | 4.57M | 13.18M |
| Other Non Operating Income (Expenses) | 379.00K | -53.10M | 68.00K | -62.52M | -45.89M | -146.00K |
| EBT Excluding Unusual Items | -92.98M | -110.45M | 1.39M | -96.00M | -75.41M | -29.40M |
| Merger & Restructuring Charges | -5.58M | -5.25M | -13.53M | -35.24M | -11.72M | |
| Impairment of Goodwill | -398.00M | -398.00M | ||||
| Gain (Loss) on Sale of Assets | 14.87M | 14.87M | -8.11M | 45.94M | ||
| Asset Writedown | -24.19M | -24.07M | ||||
| Other Unusual Items | -20.44M | -35.80M | -26.71M | -38.99M | 13.33M | -34.62M |
| Pretax Income | -502.14M | -534.64M | -63.04M | -202.41M | -62.08M | -29.80M |
| Income Tax Expense | 2.85M | -126.00K | -1.41M | -89.36M | -43.38M | 483.00K |
| Earnings From Continuing Operations | -504.99M | -534.51M | -61.62M | -113.04M | -18.70M | -30.28M |
| Earnings From Discontinued Operations | -463.00K | -7.32M | ||||
| Net Income to Company | -504.99M | -534.51M | -61.62M | -113.04M | -19.16M | -37.60M |
| Net Income | -504.99M | -534.51M | -61.62M | -113.04M | -19.16M | -37.60M |
| Preferred Dividends & Other Adjustments | 6.07M | 44.89M | 31.83M | 29.22M | ||
| Net Income to Common | -511.06M | -579.40M | -93.45M | -142.26M | -19.16M | -37.60M |
| Shares Outstanding (Basic) | 112.52M | 114.21M | 114.68M | 111.25M | 93.70M | 86.07M |
| Shares Outstanding (Diluted) | 112.52M | 114.21M | 114.68M | 111.25M | 93.70M | 86.07M |
| EPS (Basic) | -4.54 | -5.07 | -0.81 | -1.28 | -0.20 | -0.44 |
| EPS (Diluted) | -4.54 | -5.07 | -0.81 | -1.28 | -0.20 | -0.44 |
| Free Cash Flow | 22.94M | -52.69M | -14.35M | 113.84M | -59.08M | 11.25M |
| Free Cash Flow Per Share | 0.20 | -0.46 | -0.12 | 1.02 | -0.63 | 0.13 |
| Gross Margin | 17.24% | 21.31% | 14.38% | 23.45% | 23.42% | 27.58% |
| Operating Margin | -1.33% | -0.24% | 0.94% | 0.72% | -1.47% | -1.92% |
| Profit Margin | -24.37% | -30.88% | -3.66% | -7.24% | -1.42% | -4.14% |
| Free Cash Flow Margin | 1.09% | -2.81% | -0.56% | 5.80% | -4.37% | 1.24% |
| EBITDA | 61.04M | 88.22M | 95.11M | 110.90M | 20.32M | 16.12M |
| EBITDA Margin | 2.91% | 4.70% | 3.72% | 5.65% | 1.50% | 1.78% |
| D&A For EBITDA | 88.87M | 92.65M | 71.17M | 96.72M | 40.20M | 33.54M |
| EBIT | -27.84M | -4.43M | 23.94M | 14.18M | -19.88M | -17.41M |
| EBIT Margin | -1.33% | -0.24% | 0.94% | 0.72% | -1.47% | -1.92% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 115.70M | 151.86M | 104.20M | 192.82M | 188.20M | 266.28M |
| Cash & Short-Term Investments | 115.70M | 151.86M | 104.20M | 192.82M | 188.20M | 266.28M |
| Accounts Receivable | 449.12M | 309.86M | 414.68M | 446.75M | 254.68M | 130.60M |
| Receivables | 449.12M | 309.86M | 414.68M | 446.75M | 254.68M | 130.60M |
| Prepaid Expenses | 22.70M | 18.52M | 28.94M | 30.33M | 20.68M | 51.39M |
| Restricted Cash | 22.99M | 26.13M | 59.30M | 13.77M | 14.49M | 75.69M |
| Total Current Assets | 610.51M | 506.37M | 607.12M | 683.67M | 478.05M | 523.96M |
| Property, Plant & Equipment | 4.93M | 7.36M | 10.59M | 19.28M | 63.20M | 60.37M |
| Long-Term Investments | 8.76M | 8.97M | 8.59M | 4.89M | 4.47M | 5.46M |
| Goodwill | 694.43M | 694.48M | 1.14B | 1.12B | 722.77M | 426.30M |
| Other Intangible Assets | 634.13M | 662.74M | 748.86M | 822.91M | 516.48M | 350.98M |
| Long-Term Accounts Receivable | 4.88M | |||||
| Long-Term Deferred Tax Assets | 2.00M | 1.50M | 1.00M | |||
| Long-Term Deferred Charges | 14.05M | 13.54M | 13.38M | 12.12M | 17.46M | 32.62M |
| Other Long-Term Assets | 5.08M | 3.78M | 17.07M | 19.89M | 14.84M | 14.89M |
| Total Assets | 1.97B | 1.90B | 2.54B | 2.68B | 1.82B | 1.42B |
| Accounts Payable | 38.82M | 59.78M | 96.03M | 48.25M | 57.17M | 96.08M |
| Accrued Expenses | 72.86M | 116.74M | 100.08M | 206.23M | 163.66M | 159.10M |
| Current Portion of Long-Term Debt | 171.47M | |||||
| Current Portion of Leases | 1.54M | 15.34M | 26.72M | 9.74M | 7.12M | 7.07M |
| Current Unearned Revenue | 1.21M | 1.20M | 2.51M | 5.98M | 5.76M | 11.94M |
| Other Current Liabilities | 378.40M | 192.20M | 318.70M | 404.05M | 199.73M | 171.29M |
| Total Current Liabilities | 492.83M | 385.26M | 715.50M | 674.24M | 433.44M | 445.49M |
| Long-Term Debt | 966.47M | 970.54M | 490.52M | 597.05M | 412.99M | 215.68M |
| Long-Term Leases | 2.43M | 3.82M | 24.97M | 38.01M | 56.01M | 57.72M |
| Long-Term Unearned Revenue | 110.00K | 1.17M | 2.53M | 4.44M | ||
| Long-Term Deferred Tax Liabilities | 9.94M | 7.51M | 10.90M | 13.31M | 4.74M | 1.40M |
| Other Long-Term Liabilities | 117.00M | 116.81M | 111.09M | 110.40M | 48.16M | 1.09M |
| Total Liabilities | 1.59B | 1.48B | 1.35B | 1.43B | 957.88M | 725.83M |
| Common Stock | 1.19M | 1.18M | 1.17M | 1.15M | 1.01M | 908.00K |
| Additional Paid-In Capital | 1.82B | 1.79B | 1.80B | 1.81B | 1.49B | 1.34B |
| Retained Earnings | -1.37B | -1.32B | -780.82M | -719.19M | -606.15M | -626.78M |
| Treasury Stock | -61.43M | -61.43M | -21.12M | -21.12M | -21.12M | -21.12M |
| Comprehensive Income & Other | -3.63M | -2.62M | -1.75M | -1.26M | -1.18M | -362.00K |
| Total Common Equity | 383.22M | 415.19M | 1.00B | 1.07B | 859.42M | 693.63M |
| Shareholders' Equity | 383.22M | 415.19M | 1.19B | 1.25B | 859.42M | 693.63M |
| Total Liabilities & Equity | 1.97B | 1.90B | 2.54B | 2.68B | 1.82B | 1.42B |
| Total Debt | 970.43M | 989.70M | 713.67M | 644.80M | 476.12M | 280.47M |
| Net Cash (Debt) | -854.73M | -837.84M | -609.47M | -451.97M | -287.92M | -14.19M |
| Net Cash Per Share | -7.60 | -7.34 | -5.31 | -4.06 | -3.07 | -0.16 |
| Filing Date Shares Outstanding | 113.06M | 111.64M | 115.05M | 113.89M | 109.51M | 89.29M |
| Total Common Shares Outstanding | 112.68M | 111.63M | 115.04M | 113.89M | 99.96M | 89.22M |
| Working Capital | 117.68M | 121.11M | -108.38M | 9.43M | 44.61M | 78.47M |
| Book Value Per Share | 3.40 | 3.72 | 8.70 | 9.38 | 8.60 | 7.77 |
| Tangible Book Value | -945.34M | -942.02M | -884.92M | -871.75M | -379.84M | -83.65M |
| Tangible Book Value Per Share | -8.39 | -8.44 | -7.69 | -7.65 | -3.80 | -0.94 |
| Machinery | 15.87M | 16.99M | 15.72M | 22.80M | 34.31M | 25.55M |
| Leasehold Improvements | 787.00K | 1.44M | 1.48M | 1.05M | 14.93M | 15.32M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -504.99M | -534.51M | -61.62M | -113.04M | -19.16M | -37.60M |
| Depreciation & Amortization | 88.87M | 92.65M | 71.17M | 96.72M | 40.20M | 33.54M |
| Other Amortization | 40.52M | 37.80M | 33.95M | 41.46M | 52.36M | 57.59M |
| Loss (Gain) From Sale of Assets | -14.87M | -14.87M | 8.11M | -45.94M | ||
| Asset Writedown & Restructuring Costs | 398.00M | 398.00M | 24.19M | 24.07M | ||
| Loss (Gain) on Equity Investments | -135.00K | -365.00K | 3.44M | -1.29M | -4.57M | -13.18M |
| Stock-Based Compensation | 42.93M | 39.74M | 39.75M | 40.50M | 33.98M | 16.71M |
| Other Operating Activities | 15.82M | 77.78M | 24.45M | 24.18M | -7.88M | 34.49M |
| Change in Accounts Receivable | -121.48M | 73.70M | 32.06M | -164.69M | -102.98M | -5.78M |
| Change in Accounts Payable | -29.36M | 6.64M | 4.25M | -6.72M | 13.16M | 7.25M |
| Change in Unearned Revenue | -1.12M | -1.30M | -3.47M | -263.00K | -6.51M | -739.00K |
| Change in Other Net Operating Assets | 140.13M | -136.42M | -149.40M | 193.57M | -10.62M | -14.38M |
| Operating Cash Flow | 54.32M | 38.84M | 18.77M | 142.58M | -11.55M | 38.75M |
| Capital Expenditures | -31.37M | -91.53M | -33.12M | -28.75M | -47.52M | -27.50M |
| Sale of Property, Plant & Equipment | 91.31M | 91.31M | 577.00K | 3.49M | ||
| Cash Acquisitions | -19.50M | -388.25M | -248.11M | -46.50M | ||
| Investment in Securities | 348.00K | -14.00K | -10.31M | 870.00K | 5.55M | 11.72M |
| Other Investing Activities | 30.97M | 43.00M | ||||
| Investing Cash Flow | 60.29M | -233.00K | -62.93M | -415.54M | -259.12M | -15.79M |
| Long-Term Debt Issued | 408.05M | 58.58M | 647.49M | 219.74M | ||
| Long-Term Debt Repaid | -342.98M | -464.20M | -98.85M | |||
| Net Debt Issued (Repaid) | -103.44M | 65.06M | 58.58M | 183.29M | 219.74M | -98.85M |
| Issuance of Common Stock | 3.46M | 12.52M | 4.45M | 13.29M | ||
| Repurchase of Common Stock | -42.42M | -45.22M | -15.70M | -15.29M | -18.32M | -3.85M |
| Preferred Dividends Paid | -1.93M | -11.13M | -20.09M | -18.79M | ||
| Dividends Paid | -1.93M | -11.13M | -20.09M | -18.79M | ||
| Other Financing Activities | -2.03M | -44.64M | -26.82M | -48.39M | -74.33M | 59.86M |
| Financing Cash Flow | -149.82M | -35.92M | -565.00K | 281.34M | 131.54M | -29.55M |
| Foreign Exchange Rate Adjustments | -1.29M | -486.00K | -229.00K | -79.00K | -657.00K | -52.00K |
| Net Cash Flow | -36.50M | 2.20M | -44.96M | 8.30M | -139.78M | -6.64M |
| Free Cash Flow | 22.94M | -52.69M | -14.35M | 113.84M | -59.08M | 11.25M |
| Free Cash Flow Margin | 1.09% | -2.81% | -0.56% | 5.80% | -4.37% | 1.24% |
| Free Cash Flow Per Share | 0.20 | -0.46 | -0.12 | 1.02 | -0.63 | 0.13 |
| Levered Free Cash Flow | 126.85M | 40.96M | -48.00M | 162.10M | 12.57M | 93.58M |
| Unlevered Free Cash Flow | 158.78M | 69.08M | -36.09M | 192.17M | 20.00M | 91.42M |
| Cash Interest Paid | 41.16M | 41.16M | 20.21M | 53.59M | 6.27M | 7.11M |
| Cash Income Tax Paid | 2.60M | 2.60M | 1.40M | 4.90M | 1.40M | 551.00K |
| Change in Working Capital | -11.83M | -57.38M | -116.56M | 21.89M | -106.94M | -13.64M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 503.68M | 446.40M | 1.29B | 3.80B | 2.80B | 2.43B |
| Enterprise Value | 1.36B | 1.41B | 2.02B | 4.44B | 3.12B | 2.48B |
| Last Close Price | 4.30 | 4.00 | 11.25 | 33.03 | 28.08 | 27.67 |
| Forward PE | 12.81 | 16.88 | 13.66 | 38.40 | 44.32 | 57.19 |
| PS Ratio | 0.24 | 0.24 | 0.51 | 1.93 | 2.07 | 2.68 |
| PB Ratio | 1.26 | 1.07 | 1.09 | 3.05 | 3.26 | 3.50 |
| P/FCF Ratio | 21.83 | 33.36 | 216.09 | |||
| P/OCF Ratio | 9.22 | 11.49 | 68.96 | 26.63 | 62.75 | |
| PEG Ratio | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | |
| EV/Sales Ratio | 0.65 | 0.75 | 0.79 | 2.26 | 2.31 | 2.73 |
| EV/EBITDA Ratio | 22.21 | 16.01 | 21.24 | 40.05 | 153.52 | 153.84 |
| EV/EBIT Ratio | 84.36 | 313.22 | ||||
| EV/FCF Ratio | 59.09 | 39.02 | 220.47 | |||
| Debt / Equity Ratio | 2.53 | 2.38 | 0.60 | 0.52 | 0.55 | 0.40 |
| Debt / EBITDA Ratio | 14.99 | 10.69 | 6.90 | 5.16 | 13.62 | 8.21 |
| Debt / FCF Ratio | 42.30 | 5.66 | 24.93 | |||
| Net Debt / Equity Ratio | 2.23 | 2.02 | 0.51 | 0.36 | 0.34 | 0.02 |
| Net Debt / EBITDA Ratio | 14.00 | 9.50 | 6.41 | 4.08 | 14.17 | 0.88 |
| Net Debt / FCF Ratio | 37.26 | -15.90 | -42.46 | 3.97 | -4.87 | 1.26 |
| Asset Turnover | 0.95 | 0.84 | 0.98 | 0.87 | 0.83 | 0.65 |
| Quick Ratio | 1.15 | 1.20 | 0.72 | 0.95 | 1.02 | 0.89 |
| Current Ratio | 1.24 | 1.31 | 0.85 | 1.01 | 1.10 | 1.18 |
| Return on Equity (ROE) | -66.97% | -66.54% | -5.06% | -10.74% | -2.41% | -4.61% |
| Return on Assets (ROA) | -0.78% | -0.12% | 0.57% | 0.39% | -0.77% | -0.78% |
| Return on Invested Capital (ROIC) | -2.25% | -0.29% | 1.37% | 1.00% | -2.14% | -2.54% |
| Return on Capital Employed (ROCE) | -1.90% | -0.30% | 1.30% | 0.70% | -1.40% | -1.80% |
| Earnings Yield | -101.95% | -119.74% | -4.76% | -2.98% | -0.69% | -1.55% |
| FCF Yield | 4.58% | -11.80% | -1.11% | 3.00% | -2.11% | 0.46% |
| Buyback Yield / Dilution | 2.39% | 0.41% | -3.08% | -18.73% | -8.87% | -1.34% |