EVLV Industrials

Evolv Technologies Holdings, Inc.

$4.63+0.43%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Security & Protection Services
Country: United States
Market cap: 832.8M USD
Enterprise value: 719.6M USD
Full-time employees: 286

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable 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 1.74 vs a peer median of 0.64) and less short-term liquidity (current ratio 1.18 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.74 vs peers 0.64) and less liquidity (current ratio 1.18 vs peers 1.62)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.
Evolv Technologies had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Evolv Technologies had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.
Evolv Technologies paid employees $21M in stock in 2025, 14% of its $146M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -33% in 2025, the smallest loss relative to revenue of the last 6 years.
Evolv Technologies still lost money on operations in 2025 (margin -33%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -21%).

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.6%

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 -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-1.1%

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 -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-0.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield14.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.0%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.28Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth32.3%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth41.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 5.8 points to -20.8%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-20.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-1.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.01Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-29.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin49.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-4.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.74

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio1.18×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.82Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.24×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.47Sector median: 0.4019 · MAD: 0.3378

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 Evolv Technologies

Is Evolv Technologies getting weaker?: Its latest SEC filing (Aug 11, 2026) got stronger: operating margin rose 5.8 points to -20.8%. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Evolv Technologies valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -0.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.6% vs peers 3.8% (weaker than 100% of peers).
Is Evolv Technologies growing?: Yes, faster than most of its peers. Growth scores 95/100 against 2,459 industrials peers. 3-year revenue growth 32.3% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 32.3% vs peers 4.2% (stronger than 95% of peers).
How profitable is Evolv Technologies?: Less profitable than most of its peers. Profitability scores 4/100 against 2,459 industrials peers. Operating margin -20.8% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -20.8% vs peers 7.7% (weaker than 100% of peers).
How risky is Evolv Technologies?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.24× vs a peer median of 0.40× (stronger than 64% of peers).Debt / equity 0.24× vs peers 0.40× (stronger than 64% of peers). Beta 1.74 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.74 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 11, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 5.8 points to -20.8%

Worth watching: Evolv Technologies is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	160.2M USD	171.4M USD	+7.0%
Net income (12 months)	−36.5M USD	−5.2M USD	−85.7%
Operating margin	-26.6%	-20.8%	+5.8 pts
Debt	28.7M USD	28.7M USD	+0.3%
Cash	56.1M USD	52.7M USD	−6.0%
Shares outstanding	179.9M	181.1M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Security & Protection Services companies have a long enough history of their own.

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	17.2%	2.7%	40.1%	57.2%	51.6%	▼ 5.6 pts
Operating margin	-236.3%	-195.3%	-113.2%	-79.2%	-33.2%	▲ 46 pts
Net margin	-46.5%	-164.6%	-135.8%	-52.0%	-22.7%	▲ 29 pts
Return on assets (ROA)	-3.0%	-25.2%	-36.4%	-20.2%	-10.9%	▲ 9.3 pts
Return on equity (ROE)	-3.8%	-38.3%	-75.0%	-45.9%	-27.7%	▲ 18 pts
Free cash flow margin	-258.6%	—	—	—	—	—
Current ratio	13.61×	4.90×	2.13×	1.26×	1.23×	▼ 2.0%
Quick ratio	13.49×	4.69×	2.01×	1.08×	1.15×	▲ 6.9%
Debt to equity	0.03×	0.13×	0.00×	0.00×	0.24×	—
Interest coverage	-9.11×	-144.59×	-137.70×	—	-27.98×	—

EVLV price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable 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 1.74 vs a peer median of 0.64) and less short-term liquidity (current ratio 1.18 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.74 vs peers 0.64) and less liquidity (current ratio 1.18 vs peers 1.62)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.

Evolv Technologies had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Evolv Technologies had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.

Evolv Technologies paid employees $21M in stock in 2025, 14% of its $146M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -33% in 2025, the smallest loss relative to revenue of the last 6 years.

Evolv Technologies still lost money on operations in 2025 (margin -33%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -21%).

Questions investors ask about Evolv Technologies

Is Evolv Technologies getting weaker?

Its latest SEC filing (Aug 11, 2026) got stronger: operating margin rose 5.8 points to -20.8%. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Evolv Technologies valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -0.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.6% vs peers 3.8% (weaker than 100% of peers).

Is Evolv Technologies growing?

Yes, faster than most of its peers. Growth scores 95/100 against 2,459 industrials peers. 3-year revenue growth 32.3% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 32.3% vs peers 4.2% (stronger than 95% of peers).

How profitable is Evolv Technologies?

Less profitable than most of its peers. Profitability scores 4/100 against 2,459 industrials peers. Operating margin -20.8% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -20.8% vs peers 7.7% (weaker than 100% of peers).

How risky is Evolv Technologies?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.24× vs a peer median of 0.40× (stronger than 64% of peers).Debt / equity 0.24× vs peers 0.40× (stronger than 64% of peers). Beta 1.74 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.74 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

160.2M USD

171.4M USD

+7.0%

Net income (12 months)

−36.5M USD

−5.2M USD

−85.7%

Operating margin

-26.6%

-20.8%

+5.8 pts

Debt

28.7M USD

28.7M USD

+0.3%

Cash

56.1M USD

52.7M USD

−6.0%

Shares outstanding

179.9M

181.1M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

17.2%

2.7%

40.1%

57.2%

51.6%

▼ 5.6 pts

Operating margin

-236.3%

-195.3%

-113.2%

-79.2%

-33.2%

▲ 46 pts

Net margin

-46.5%

-164.6%

-135.8%

-52.0%

-22.7%

▲ 29 pts

Return on assets (ROA)

-3.0%

-25.2%

-36.4%

-20.2%

-10.9%

▲ 9.3 pts

Return on equity (ROE)

-3.8%

-38.3%

-75.0%

-45.9%

-27.7%

▲ 18 pts

Free cash flow margin

-258.6%

—

Current ratio

13.61×

4.90×

2.13×

1.26×

1.23×

▼ 2.0%

Quick ratio

13.49×

4.69×

2.01×

1.08×

1.15×

▲ 6.9%

Debt to equity

0.03×

0.13×

0.00×

0.24×

—

Interest coverage

-9.11×

-144.59×

-137.70×

—

-27.98×

—