EVH · Evolent Health, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $496.25M | - | $479.53M | $444.33M | $483.65M | - | $621.40M | $647.14M | $639.65M | - |
| Cost of Revenue | $412.47M | - | $379.76M | $343.94M | $381.18M | - | $540.71M | $540.30M | $535.55M | - |
| Gross Profit | $83.77M | - | $99.77M | $100.39M | $102.47M | - | $80.69M | $106.84M | $104.11M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $72.82M | - | $77.59M | $75.21M | $78.41M | - | $67.06M | $69.19M | $79.10M | - |
| Total Operating Expenses | $506.85M | - | $478.65M | $445.50M | $485.27M | - | $637.67M | $639.36M | $653.06M | - |
| D&A | $21.55M | - | $23.61M | $23.14M | $24.06M | - | $29.70M | $29.87M | $29.50M | - |
| Operating Income | ($10.60M) | - | $886.0K | ($1.17M) | ($1.62M) | - | ($16.27M) | $7.79M | ($13.41M) | - |
| Interest Expense | $16.87M | - | $16.48M | $11.60M | $6.00M | - | $14.61M | $6.00M | $6.00M | - |
| Income Tax | $910.0K | - | $906.0K | ($825.0K) | $1.47M | - | ($619.0K) | ($238.0K) | $565.0K | - |
| Net Income | ($26.63M) | - | ($20.86M) | ($19.90M) | ($64.62M) | - | ($23.14M) | $1.60M | ($17.28M) | - |
| EPS - Basic | ($0.24) | - | ($0.24) | ($0.44) | ($0.63) | - | ($0.27) | ($0.06) | ($0.22) | - |
| EPS - Diluted | ($0.24) | - | ($0.24) | ($0.44) | ($0.63) | - | ($0.27) | ($0.06) | ($0.22) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $142.03M | $151.86M | $116.65M | $151.00M | $246.55M | $104.20M | $96.58M | $101.25M | $165.15M | $192.82M |
| Accounts Receivable | $314.16M | $309.86M | $386.56M | $358.76M | $430.50M | $414.68M | $407.90M | $373.73M | $427.74M | $446.75M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $63.01M | $59.78M | $72.18M | $69.46M | $57.81M | $96.03M | $50.09M | $39.03M | $77.35M | $48.25M |
| Current Assets | $502.01M | $506.37M | $570.09M | $562.26M | $727.93M | $607.12M | $544.01M | $520.97M | $669.25M | $683.67M |
| Total Assets | $1.88B | $1.90B | $2.45B | $2.46B | $2.65B | $2.54B | $2.50B | $2.48B | $2.64B | $2.68B |
| Current Liabilities | $381.24M | $385.26M | $429.93M | $557.52M | $739.10M | $715.50M | $523.68M | $483.37M | $659.02M | $674.24M |
| Long-term Debt | $973.49M | $970.54M | $1.05B | $648.46M | $647.53M | $490.52M | $599.67M | $598.78M | $597.90M | $597.05M |
| Total Liabilities | $1.48B | $1.48B | $1.61B | $1.34B | $1.52B | $1.35B | $1.28B | $1.24B | $1.41B | $1.43B |
| Stockholders' Equity | $396.39M | $415.19M | $842.23M | $896.00M | $935.52M | $1.00B | $1.04B | $1.05B | $1.05B | $1.07B |
| Retained Earnings | ($1.34B) | ($1.32B) | ($886.20M) | ($865.33M) | ($845.43M) | ($780.82M) | ($758.01M) | ($734.88M) | ($736.47M) | ($719.19M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($984.0K) | - | - | - | $4.57M | - | - | - | $4.91M | - |
| Investing Cash Flow | ($6.41M) | - | - | - | ($13.09M) | - | - | - | ($9.73M) | - |
| Financing Cash Flow | ($3.97M) | - | - | - | $107.85M | - | - | - | $14.88M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 16.9% | - | 20.8% | 22.6% | 21.2% | - | 13.0% | 16.5% | 16.3% | - |
| Operating margin | -2.1% | - | 0.2% | -0.3% | -0.3% | - | -2.6% | 1.2% | -2.1% | - |
| EBITDA margin | 2.2% | - | 5.1% | 4.9% | 4.6% | - | 2.2% | 5.8% | 2.5% | - |
| Net margin | -5.4% | - | -4.4% | -4.5% | -13.4% | - | -3.7% | 0.2% | -2.7% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 14.7% | - | 16.2% | 16.9% | 16.2% | - | 10.8% | 10.7% | 12.4% | - |
| Effective tax rate | - | - | - | - | - | - | - | -17.5% | - | - |
| Return on assets | -1.4% | - | -0.9% | -0.8% | -2.4% | - | -0.9% | 0.1% | -0.7% | - |
| Return on equity | -6.7% | - | -2.5% | -2.2% | -6.9% | - | -2.2% | 0.2% | -1.6% | - |
| Return on invested capital | -0.6% | - | 0.0% | -0.1% | -0.1% | - | -0.8% | 0.5% | -0.6% | - |
| Liquidity | ||||||||||
| Current ratio | 1.32 | 1.31 | 1.33 | 1.01 | 0.98 | 0.85 | 1.04 | 1.08 | 1.02 | 1.01 |
| Quick ratio | 1.32 | 1.31 | 1.33 | 1.01 | 0.98 | 0.85 | 1.04 | 1.08 | 1.02 | 1.01 |
| Cash ratio | 0.37 | 0.39 | 0.27 | 0.27 | 0.33 | 0.15 | 0.18 | 0.21 | 0.25 | 0.29 |
| Leverage | ||||||||||
| Debt / Equity | 2.46 | 2.34 | 1.25 | 0.72 | 0.69 | 0.49 | 0.58 | 0.57 | 0.57 | 0.56 |
| Debt / Assets | 0.52 | 0.51 | 0.43 | 0.26 | 0.24 | 0.19 | 0.24 | 0.24 | 0.23 | 0.22 |
| Debt / EBITDA | 88.85 | - | 43.05 | 29.52 | 28.86 | - | 44.64 | 15.90 | 37.15 | - |
| Interest coverage | -0.6x | - | 0.1x | -0.1x | -0.3x | - | -1.1x | 1.3x | -2.2x | - |
| Equity multiplier | 4.74 | 4.57 | 2.91 | 2.75 | 2.84 | 2.54 | 2.41 | 2.35 | 2.52 | 2.51 |
| Liabilities / Assets | 0.79 | 0.78 | 0.66 | 0.54 | 0.57 | 0.53 | 0.51 | 0.50 | 0.54 | 0.54 |
| Efficiency | ||||||||||
| Asset turnover | 0.26 | - | 0.20 | 0.18 | 0.18 | - | 0.25 | 0.26 | 0.24 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 231d | - | 294d | 295d | 325d | - | 240d | 211d | 244d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 56d | - | 69d | 74d | 55d | - | 34d | 26d | 53d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | 1.1x | 1.5x | 1.2x | - | 3.1x | 2.1x | 3.6x | - |
| P / S | 0.5x | - | 2.0x | 2.9x | 2.3x | - | 5.2x | 3.4x | 5.9x | - |
| EV / EBITDA | 99.2x | - | 77.7x | 82.0x | 66.5x | - | 279.3x | 71.4x | 259.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.6% | - | -22.8% | -31.3% | -24.4% | - | 21.6% | 37.9% | 49.6% | - |
| Revenue CAGR (3y) | 5.1% | - | 10.8% | 26.0% | 31.0% | - | 37.4% | 42.8% | - | - |
| Revenue CAGR (5y) | - | - | 12.6% | 13.2% | 14.4% | - | 23.1% | 27.5% | 26.5% | - |
| Gross profit growth (YoY) | -18.2% | - | 23.6% | -6.0% | -1.6% | - | -35.1% | -8.8% | -11.2% | - |
| Operating income growth (YoY) | -553.5% | - | - | - | 87.9% | - | 9.3% | - | -29.5% | - |
| Net income growth (YoY) | 58.8% | - | 9.8% | - | -273.9% | - | 8.6% | - | 34.2% | - |
| EPS growth (YoY) | 61.9% | - | 11.1% | -633.3% | -186.4% | - | 10.0% | 83.8% | 8.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -57.6% | -58.5% | -18.9% | -15.0% | -10.7% | -6.2% | -5.2% | -3.6% | -6.6% | 24.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.69B totalReportable Segment$1.88B · 69.6%
Evolent Health Services Segment$818.31M · 30.4%
Product / service
$1.88B totalPerformance Suite$1.13B · 60.1%
Specialty Technology And Services Suite$353.23M · 18.8%
Administrative Service$226.68M · 12.1%
Cases$168.98M · 9.0%
Peer comparison
Same SIC group: Services-Management Services
Comparing Evolent Health against the 5 most active filers in the same SIC group.