EVH

MKT CAP:$341M

Evolent Health, Inc.

Market Cap

$341M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$2.95-$0.94 (-24.16%)

Apr 23, 2026

Company Details

Evolent Health, Inc., a healthcare company, through its subsidiary, Evolent Health LLC, provides clinical and administrative solutions to payers and providers in the United States. It operates in two segments, Evolent Health Services and Cl...

CEO

Seth Barrie Blackley

IPO Date

Jun 5, 2015

Website

www.evolenthealth.com

Key Metrics TTM

Revenue

$2.1B

-15.7% YoY

Net Income

-$537M

EPS (Diluted)

-$4.90

Free Cash Flow

$11M

Revenue / Share

$18.20

Gross Margin

12.4%

Operating Margin

-1.4%

Net Margin

-25.9%

FCF Margin

0.6%

P/S

0.2x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 24, 2026

$469M-27.5%EPS -$3.76

Q3 2025

Nov 6, 2025

$480M-22.8%EPS -$0.24

Q1 2025

May 8, 2025

$484M-24.4%EPS -$0.63

FY 2024

Feb 20, 2025

$2.6B+30.1%EPS -$0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$222M	$59M	-$7M
Q1 22	$297M	$77M	-$3M
Q2 22	$320M	$70M	-$5M
Q3 22	$353M	$86M	$13M
Q4 22	$382M	$83M	-$2M
Q1 23	$428M	$117M	-$10M
Q2 23	$469M	$117M	-$22M
Q3 23	$511M	$124M	-$18M
Q4 23	$556M	$102M	-$21M
Q1 24	$640M	$104M	-$13M
Q2 24	$647M	$107M	$8M
Q3 24	$621M	$81M	-$16M
Q4 24	$647M	$76M	-$19M
Q1 25	$484M	$102M	-$2M
Q3 25	$480M	$100M	$886.0K
Q4 25	$469M	-$20M	-$10M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	—
Q1 22	2.9x	—
Q2 22	2.7x	—
Q3 22	3.1x	—
Q4 22	2.2x	—
Q1 23	2.4x	—
Q2 23	2.1x	—
Q3 23	1.7x	—
Q4 23	1.9x	—
Q1 24	1.7x	—
Q2 24	0.9x	—
Q3 24	1.3x	—
Q4 24	0.5x	—
Q1 25	0.5x	—
Q3 25	0.5x	—
Q4 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$45M	$38M
Q1 22	-$57M	-$66M
Q2 22	$14M	$4M
Q3 22	-$3M	-$13M
Q4 22	$36M	$25M
Q1 23	-$8M	-$17M
Q2 23	$654.0K	-$6M
Q3 23	$61M	$54M
Q4 23	$89M	$83M
Q1 24	$5M	-$438.0K
Q2 24	$21M	$14M
Q3 24	$19M	$12M
Q4 24	-$26M	-$32M
Q1 25	$5M	-$4M
Q3 25	$16M	$7M
Q4 25	$49M	$41M

Capital Expenditures

Quarter	CapEx
Q3 21	$6M
Q1 22	$9M
Q2 22	$9M
Q3 22	$10M
Q4 22	$11M
Q1 23	$9M
Q2 23	$7M
Q3 23	$7M
Q4 23	$6M
Q1 24	$5M
Q2 24	$7M
Q3 24	$6M
Q4 24	$6M
Q1 25	$9M
Q3 25	$9M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+34.3%	+21.7%
Q2 22	+48.8%	+40.5%
Q3 22	+58.8%	+47.8%
Q4 22	+71.9%	+67.8%
Q1 23	+44.0%	+46.1%
Q2 23	+46.6%	+51.2%
Q3 23	+44.9%	+55.7%
Q4 23	+45.4%	+50.2%
Q1 24	+49.6%	+49.1%
Q2 24	+37.9%	+30.3%
Q3 24	+21.6%	+20.6%
Q4 24	+16.3%	+15.2%
Q1 25	-24.4%	-25.7%
Q3 25	-25.9%	-25.1%
Q4 25	-24.6%	-25.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	2.0%
Q1 22	$5M	1.8%
Q2 22	$7M	2.2%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$11M	2.5%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$14M	2.3%
Q4 24	$0	0.0%
Q1 25	$11M	2.3%
Q3 25	$15M	3.1%
Q4 25	-$2M	-0.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 21	—	—	$51M
Q1 22	—	$59M	—
Q2 22	—	$59M	—
Q3 22	—	—	$69M
Q4 22	—	—	$83M
Q1 23	—	$90M	—
Q2 23	—	$90M	—
Q3 23	$7M	—	$97M
Q4 23	$7M	—	$81M
Q1 24	—	$79M	—
Q2 24	—	—	$69M
Q3 24	—	—	$67M
Q4 24	—	—	$47M
Q1 25	—	$78M	—
Q3 25	$5.6K	—	$76M
Q4 25	—	—	$73M

Revenue Segments

Quarter	Platforms And Operations Services	Transformation Services	Clinical Solutions Segment	Evolent Health Services Segment	Reportable Segment
Q3 21	$220M	$2M	—	—	—
Q1 22	—	—	$190M	$107M	—
Q2 22	—	—	$228M	$92M	—
Q3 22	—	—	$245M	$107M	—
Q4 22	—	—	$281M	$101M	—
Q1 23	—	—	—	$428M	—
Q2 23	—	—	—	$469M	—
Q3 23	—	—	—	$511M	—
Q4 23	—	—	—	$556M	—
Q1 24	—	—	—	$640M	—
Q2 24	—	—	—	$647M	—
Q3 24	—	—	—	$621M	—
Q1 25	—	—	—	—	$484M
Q3 25	—	—	—	—	$480M
Q4 25	—	—	—	—	$469M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$210M	$0	$210M
Q2 22	$193M	$0	$193M
Q3 22	$157M	$0	$157M
Q4 22	$188M	$0	$188M
Q1 23	$158M	$0	$158M
Q2 23	$143M	$0	$143M
Q3 23	$185M	$0	$185M
Q4 23	$193M	$0	$193M
Q1 24	$165M	$0	$165M
Q2 24	$101M	$0	$101M
Q3 24	$97M	$0	$97M
Q4 24	$104M	$0	$104M
Q1 25	$247M	$0	$247M
Q2 25	$151M	$0	$151M
Q3 25	$117M	$0	$117M
Q4 25	$152M	$0	$152M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	86M	+0.4%	—
Q1 22	90M	+4.3%	+5.6%
Q2 22	90M	+0.6%	+6.4%
Q3 22	99M	+10.3%	+16.2%
Q4 22	100M	+0.5%	+16.3%
Q1 23	108M	+8.0%	+20.4%
Q2 23	111M	+3.2%	+23.5%
Q3 23	112M	+0.9%	+13.1%
Q4 23	114M	+1.2%	+13.8%
Q1 24	114M	+0.5%	+5.9%
Q2 24	115M	+0.5%	+3.1%
Q3 24	115M	+0.2%	+2.3%
Q4 24	115M	+0.1%	+1.3%
Q1 25	115M	+0.2%	+1.0%
Q3 25	114M	-1.1%	-0.5%
Q4 25	114M	+0.1%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$76.7K	3K
Q1 22	$84.9K	4K
Q2 22	$91.4K	4K
Q3 22	$100.7K	4K
Q4 22	$75.0K	5K
Q1 23	$83.9K	5K
Q2 23	$92.0K	5K
Q3 23	$100.2K	5K
Q4 23	$118.3K	5K
Q1 24	$136.1K	5K
Q2 24	$137.7K	5K
Q3 24	$132.2K	5K
Q4 24	$143.7K	5K
Q1 25	$107.5K	5K
Q3 25	$106.6K	5K
Q4 25	$111.6K	4K

Revenue / Employee