Evolent Health, Inc. (EVH)

NYSE: EVH · Real-Time Price · USD

4.420

-0.110 (-2.43%)

At close: Oct 27, 2026, 4:00 PM EDT

4.400

-0.020 (-0.45%)

After-hours: Oct 27, 2026, 4:11 PM EDT

Evolent Health Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,097	1,876	2,555	1,964	1,352	907.96
Revenue Growth	-4.50%	-26.56%	30.09%	45.26%	48.91%	-1.80%
Gross Profit	361.64	399.88	367.35	460.47	316.58	250.41
Operating Income	-27.84	-4.44	23.94	14.18	-19.88	-17.41
Net Income	-511.06	-579.4	-93.45	-142.26	-19.16	-37.6
Earnings Per Share	-4.54	-5.07	-0.81	-1.28	-0.20	-0.44
EPS Growth	-	-	-	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Medicaid	872.79	818.31	862.4	785.05	559.36	421.07
Medicare	627.98	464.24	1,046	708.85	458.41	407.33
Commercial and Other	596.25	593.68	646.42	469.99	334.24	79.56
Revenue (Total)	2,097	1,876	2,555	1,964	1,352	907.96

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	115.7	151.86	104.2	192.83	188.2	266.28
Total Debt	970.43	989.7	713.67	644.8	476.12	280.47
Net Cash (Debt)	-854.73	-837.84	-609.47	-451.97	-287.92	-14.19
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-7.60	-7.34	-5.31	-4.06	-3.07	-0.16

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	54.32	38.84	18.77	142.58	-11.55	38.75
Capital Expenditures	-31.37	-91.53	-33.12	-28.75	-47.53	-27.5
Free Cash Flow	22.94	-52.69	-14.35	113.84	-59.08	11.25
Free Cash Flow Growth	-	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
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%
Pretax Margin	-23.95%	-28.50%	-2.47%	-10.31%	-4.59%	-3.28%
Profit Margin	-24.37%	-30.88%	-3.66%	-7.24%	-1.42%	-4.14%
FCF Margin	1.09%	-2.81%	-0.56%	5.80%	-4.37%	1.24%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '26 Oct 27, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Forward PE	12.59	16.88	13.66	38.40	44.32	57.19
P/FCF Ratio	22.25	-	-	33.36	-	216.09
PS Ratio	0.24	0.24	0.51	1.93	2.07	2.68