Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026
Basics
Sector
Healthcare
Industry
Health Information Services
Country
United States
Market cap
486.2M USD
Enterprise value
1.4B USD
Full-time employees
4,200
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:growing more slowly than most peersgrowing more slowly than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 1.02 vs a peer median of 0.63), less short-term liquidity (current ratio 1.24 vs a peer median of 2.59) and more debt relative to equity (2.52× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.02 vs peers 0.63), less liquidity (current ratio 1.24 vs peers 2.59) and more debt vs equity (2.52× vs peers 0.22×)
Ranks #1,129 of 1,157 healthcare companies (bottom 3%)
Stock pay outran buybacks. Stock-based pay expense $120M vs $40M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Evolent Health recorded $120M of stock-based pay expense and spent $40M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Evolent Health recorded $120M of stock-based pay expense and spent $40M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Much more borrowing than peers.Debt is 2.5× equity vs a peer median of 0.2×.Debt is 2.5× equity vs peers 0.2×.
Debt is 2.5× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.5× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Borrowing rising faster than profit. Since 2022: debt +135%, operating profit −11361%.
Evolent Health's debt grew 135% since 2022 while operating profit changed −11361%.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Evolent Health looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-113.1%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148
EBITDA yield-23.6%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Evolent Health
Is Evolent Health getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 16/100 since Oct 28, 2026.
How is Evolent Health valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers.Earnings yield -113.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -113.1% vs peers 1.5% (weaker than 100% of peers).
Is Evolent Health growing?
More slowly than most of its peers. Growth scores 30/100 against 1,393 healthcare peers.Revenue growth -4.5% vs a peer median of 6.1% (weaker than 78% of peers).Revenue growth -4.5% vs peers 6.1% (weaker than 78% of peers).
How profitable is Evolent Health?
Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers.Return on assets -27.9% vs a peer median of 1.7% (weaker than 85% of peers).Return on assets -27.9% vs peers 1.7% (weaker than 85% of peers).
How risky is Evolent Health?
Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Debt / equity 2.52× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 2.52× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.9B USD
2.1B USD
+11.0%
Net income (12 months)
−541.4M USD
−549.9M USD
+1.6%
Operating margin
-22.2%
-20.4%
+1.8 pts
Debt
973.5M USD
966.5M USD
−0.7%
Cash
142.0M USD
115.7M USD
−18.5%
Shares outstanding
112.5M
113.1M
+0.5%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Health Information Services companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
27.6%
23.4%
23.4%
14.4%
21.3%
▲ 6.9 pts
Operating margin
-4.7%
0.3%
-3.6%
-1.6%
-21.9%
▼ 20 pts
Net margin
-4.1%
-1.4%
-5.8%
-2.4%
-28.5%
▼ 26 pts
Return on assets (ROA)
-2.6%
-1.1%
-4.2%
-2.4%
-28.1%
▼ 26 pts
Return on equity (ROE)
-5.4%
-2.2%
-10.6%
-6.2%
-128.7%
▼ 123 pts
Free cash flow margin
1.5%
-3.7%
5.8%
-0.2%
0.3%
▲ 0.5 pts
Current ratio
1.18×
1.10×
1.01×
0.85×
1.31×
▲ 55%
Debt to equity
0.31×
0.48×
0.56×
0.66×
2.34×
▲ 254%
Interest coverage
-1.67×
0.23×
-1.31×
-1.64×
-7.14×
▼ 336%
EVH price history
Price history is added with the daily price update and will appear after the next one.