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Evolent Health (EVH)

Market Price (12/26/2025): $4.135 | Market Cap: $471.7 Mil
Sector: Health Care | Industry: Health Care Technology

Evolent Health (EVH)

Market Price (12/26/2025): $4.135
Market Cap: $471.7 Mil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61%	Weak multi-year price returns 2Y Excs Rtn is -134%, 3Y Excs Rtn is -166%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -0.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 0.0%
1	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine. Themes include Health Data Analytics, and AI in Healthcare Management.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 205%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -23%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -31%
5			Key risks EVH key risks include [1] challenges in managing key client contracts, Show more.

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61%
1	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine. Themes include Health Data Analytics, and AI in Healthcare Management.
2	Weak multi-year price returns 2Y Excs Rtn is -134%, 3Y Excs Rtn is -166%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -0.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 0.0%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 205%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg QQuarterly Revenue Change % is -23%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -31%
9	Key risks EVH key risks include [1] challenges in managing key client contracts, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$4.13	$11.25	$33.03	$28.08	$27.67
Market Cap CYE ($ Mil)	471.7	1,294.1	3,752.6	2,804.3	2,444.6
Total Debt ($ Mil)	1,082.3	713.7	644.8	476.1	280.5
Total Cash ($ Mil)	116.7	104.2	192.8	188.2	266.3
Enterprise Value ($ Mil)	1,437.3	2,007.8	4,397.4	3,280.4	2,725.1
Valuation Ratios
P/S TTM	0.2	0.5	1.9	1.9	2.6
P/EBIT TTM	-5.6	-33.7	-24.8	-56.6	-544.2
P/E TTM	-3.7	-20.9	-32.5	-137.3	-63.3
P/FCF TTM	-6.9	-210.5	32.3	-52.7	173.0
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.6
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/26/25	2024	2023
Share Price CYE	$4.13	$11.25	$33.03
Market Cap CYE ($ Mil)	471.7	1,294.1	3,752.6
Total Debt ($ Mil)	1,082.3	713.7	644.8
Total Cash ($ Mil)	116.7	104.2	192.8
Enterprise Value ($ Mil)	1,437.3	2,007.8	4,397.4
Valuation Ratios
P/S TTM	0.2	0.5	1.9
P/EBIT TTM	-5.6	-33.7	-24.8
P/E TTM	-3.7	-20.9	-32.5
P/FCF TTM	-6.9	-210.5	32.3
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	EVH	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.1
Rev Chg Q	-22.8%	7.3%
Rev Chg LTM	-16.6%	6.1%
Rev Chg 3Y Avg	22.7%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-0.0%	18.8%
CFO/Rev LTM	-1.8%	20.4%
Net Inc Mgn	-6.2%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.3
P/CFO	-13.0	15.8
P/FCF	-6.9	20.7
P/E	-3.7	23.5
STABILITY	VERY POOR
Debt/Equity	2.29	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Product Lives	84.8 million	3312025	Link
Average Unique Members	39.9 million	6302024	Link
Product Members	79.9 million	6302024	Link
New Annualized Revenue Bookings	Over $70 million	6302024	Link
Average Lives on Platform / Cases - Performance Suite	6.47 million	9302025	Link
Average Lives on Platform / Cases - Specialty Technology and Services Suite	78.05 million	9302025	Link
Average Lives on Platform / Cases - Administrative Services	1.22 million	9302025	Link
Average Lives on Platform / Cases - Cases	13 thousand	9302025	Link
Average PMPM Fees / Revenue per Case - Performance Suite	$14.77	9302025	Link
Average PMPM Fees / Revenue per Case - Specialty Technology and Services Suite	$0.40	9302025	Link
Average PMPM Fees / Revenue per Case - Administrative Services	$15.77	9302025	Link
Average PMPM Fees / Revenue per Case - Cases	$3,236.00	9302025	Link
Newly-contracted annualized revenue set to launch in 2026	Over $500 million	11072025	Link
New annualized revenue to launch in 2026	Over $750 million	11072025	Link
Total new customer agreements for the year	13	11072025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

EVH Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the movement of Evolent Health (EVH) stock by approximately -57.2% during the period from late August 2025 to late December 2025: 1. Analyst Downgrades and Price Target Reductions: On December 2, 2025, Piper Sandler lowered its price target for Evolent Health from $18 to $6, while maintaining an "Overweight" rating. Similarly, Oppenheimer significantly reduced its price target from $18.00 to $12.00 on November 12, 2025, which contributed to a 10.3% drop in the stock on that day.

2. Expected Enrollment Declines in Key Markets: A primary concern highlighted by analysts was the anticipated enrollment declines in the Individual ACA Marketplace and Medicaid over the next two years. These markets collectively account for about two-thirds of Evolent's revenue. The expected drops stem from the expiration of enhanced Advanced Premium Tax Credits and the introduction of work requirements in Medicaid, leading to a degraded risk pool and negatively impacting Evolent's high-margin Tech and Services revenue.

Show more Here are five key points explaining the movement of Evolent Health (EVH) stock by approximately -57.2% during the period from late August 2025 to late December 2025: 1. Analyst Downgrades and Price Target Reductions: On December 2, 2025, Piper Sandler lowered its price target for Evolent Health from $18 to $6, while maintaining an "Overweight" rating. Similarly, Oppenheimer significantly reduced its price target from $18.00 to $12.00 on November 12, 2025, which contributed to a 10.3% drop in the stock on that day.

2. Expected Enrollment Declines in Key Markets: A primary concern highlighted by analysts was the anticipated enrollment declines in the Individual ACA Marketplace and Medicaid over the next two years. These markets collectively account for about two-thirds of Evolent's revenue. The expected drops stem from the expiration of enhanced Advanced Premium Tax Credits and the introduction of work requirements in Medicaid, leading to a degraded risk pool and negatively impacting Evolent's high-margin Tech and Services revenue.

3. Weakness in Performance Suite and Overall Revenue Decline: Evolent Health's 2025 revenue was projected to decrease significantly, primarily due to weakness in its Performance Suite, which constitutes approximately 61% of its revenue. Analysts forecasted a 32% year-on-year fall in average revenue per member per month and a 7% reduction in covered lives for this segment, leading to an estimated 37% decline in Performance Suite revenue to $1.1 billion. The company reported a 22.8% year-on-year revenue decline in Q3 2025.

4. Q3 2025 Earnings Miss and Conservative Guidance: Evolent Health announced its third-quarter 2025 results on November 6, 2025, reporting an earnings per share (EPS) of $0.05, significantly missing the forecast of $0.11. This 54.55% negative surprise on EPS, despite a slight revenue beat, caused the stock to fall by 5.51% to $6.35 following the announcement, reflecting investor concerns over profitability and future growth prospects, further compounded by conservative guidance for Q4.

5. Strategic Divestiture of Value-Based Primary Care Business: On September 23, 2025, Evolent Health announced the sale of its value-based primary care business, Evolent Care Partners (ECP), to Privia Health Group for up to $113 million in cash, with the transaction closing on December 5, 2025. While intended to sharpen focus and reduce debt, this divestiture resulted in the loss of ECP, which generated approximately $10 million in adjusted EBITDA and contributed to a reduction in the company's revenue stream from over 120,000 members. The stock experienced a 2.33% decline on the day the divestiture news was published. Show less

Stock Movement Drivers

Fundamental Drivers

The -53.7% change in EVH stock from 9/25/2025 to 12/25/2025 was primarily driven by a -51.3% change in the company's P/S Multiple.

	9252025	12252025	Change
Stock Price ($)	8.92	4.13	-53.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2195.92	2054.05	-6.46%
P/S Multiple	0.47	0.23	-51.28%
Shares Outstanding (Mil)	115.88	114.07	1.57%
Cumulative Contribution			-53.71%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
EVH	-53.7%
Market (SPY)	4.9%	16.4%
Sector (XLV)	16.2%	12.1%

Fundamental Drivers

The -61.6% change in EVH stock from 6/26/2025 to 12/25/2025 was primarily driven by a -55.6% change in the company's P/S Multiple.

	6262025	12252025	Change
Stock Price ($)	10.75	4.13	-61.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2398.74	2054.05	-14.37%
P/S Multiple	0.52	0.23	-55.62%
Shares Outstanding (Mil)	115.31	114.07	1.08%
Cumulative Contribution			-61.59%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
EVH	-61.6%
Market (SPY)	13.1%	11.7%
Sector (XLV)	16.6%	15.6%

Fundamental Drivers

The -63.4% change in EVH stock from 12/25/2024 to 12/25/2025 was primarily driven by a -56.3% change in the company's P/S Multiple.

	12252024	12252025	Change
Stock Price ($)	11.27	4.13	-63.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2464.25	2054.05	-16.65%
P/S Multiple	0.53	0.23	-56.34%
Shares Outstanding (Mil)	114.86	114.07	0.69%
Cumulative Contribution			-63.36%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
EVH	-63.4%
Market (SPY)	15.8%	17.2%
Sector (XLV)	13.3%	22.9%

Fundamental Drivers

The -84.9% change in EVH stock from 12/26/2022 to 12/25/2025 was primarily driven by a -89.3% change in the company's P/S Multiple.

	12262022	12252025	Change
Stock Price ($)	27.34	4.13	-84.89%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1217.94	2054.05	68.65%
P/S Multiple	2.14	0.23	-89.28%
Shares Outstanding (Mil)	95.29	114.07	-19.71%
Cumulative Contribution			-85.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
EVH	-87.5%
Market (SPY)	48.3%	16.8%
Sector (XLV)	18.5%	20.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EVH Return	77%	73%	1%	18%	-66%	-63%	-54%
Peers Return	�	�	-14%	-12%	-22%	16%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
EVH Win Rate	58%	75%	50%	67%	25%	25%
Peers Win Rate	�	43%	50%	45%	43%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
EVH Max Drawdown	-60%	0%	-21%	-16%	-68%	-69%
Peers Max Drawdown	�	�	-30%	-29%	-45%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNH, CVS, ALHC, AGL, PRVA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	EVH	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-44.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	81.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-69.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	223.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	140 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-79.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	394.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	785 days	120 days

Compare to PEGA, NTCT, TRIP, OMNI, UHP

In The Past

Evolent Health's stock fell -44.7% during the 2022 Inflation Shock from a high on 9/12/2022. A -44.7% loss requires a 81.0% gain to breakeven.

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About Evolent Health (EVH)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 Clinical Solutions. The Evolent Health Services segment provides an integrated administrative and clinical platform for health plan administration and population health management. It offers financial and administrative management services, such as health plan services, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients, population health performance that delivers patient-centric cost-effective care. The Clinical Solutions segment offers specialty care management services support a range of specialty care delivery stakeholders during their transition from fee-for-service to value-based care, independent of their stage of maturation and specific market dynamics in oncology and cardiology; and holistic total cost of care improvement. The company was founded in 2011 and is headquartered in Arlington, Virginia.

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Here are 1-3 brief analogies for Evolent Health (EVH):

Salesforce for value-based healthcare management.
Accenture for healthcare's transition to value-based care.
Palantir for population health data analytics.

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Here are Evolent Health's major products and services:

Clinical and Administrative Solutions for Population Health: Services assisting health systems and plans with managing overall patient populations, including care coordination, utilization management, and network optimization under value-based care.
Specialty Care Management Solutions: Focused clinical and administrative services for high-cost, high-impact medical specialties such as oncology, cardiology, and musculoskeletal conditions to improve quality and reduce costs.
Value-Based Care Technology Platform: A proprietary cloud-based platform offering data integration, analytics, workflow automation, and patient engagement tools essential for effective value-based care delivery.

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Evolent Health (EVH) primarily sells its services and technology to other companies in the healthcare industry, making it a business-to-business (B2B) model. Its customers are healthcare organizations looking to implement value-based care models, population health management, and health plan administration.

While Evolent Health serves a diversified client base, and specific "major customers" that individually account for a significant portion of revenue are not always publicly disclosed by name, key partners and types of customers include:

Molina Healthcare (Symbol: MOH): Molina Healthcare, a publicly traded managed care organization, has been identified in Evolent Health's press releases and investor communications as an important partner, particularly for Medicare Advantage plans, signifying a significant customer relationship.

In addition to specific named partners like Molina Healthcare, Evolent Health's customer base generally consists of the following types of organizations:

Health Plans: This category includes national and regional commercial health insurers, BlueCross BlueShield plans, and government-sponsored plans (Medicare Advantage and Medicaid plans).
Provider Organizations / Health Systems: This includes hospitals, large physician groups, and integrated delivery networks that aim to transition to or improve value-based care delivery.

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Seth Blackley Chief Executive Officer

Seth Blackley is a co-founder of Evolent Health, having been instrumental in its spin-off from The Advisory Board Company in 2011. He served as President of Evolent Health from its founding in August 2011 until becoming Chief Executive Officer in October 2020. Before Evolent Health, Mr. Blackley was the Executive Director of Corporate Development and Strategic Planning at The Advisory Board Company, where he managed partnerships, acquisitions, and strategic growth initiatives. He began his career as an analyst at McKinsey & Company and later worked as an Associate at Bain Capital Partners, a private equity firm, where he participated in the 2006 buyout of Hospital Corporation of America (HCA).

John Johnson Chief Financial Officer

John Johnson is the Chief Financial Officer at Evolent Health. He provides strategic leadership for all financial operations and functions. Prior to his current role, Mr. Johnson served as the acting chief financial officer for New Century Health, an Evolent subsidiary. He was also Senior Vice President of Corporate Performance at Evolent, overseeing strategic finance and performance management during a period of significant revenue growth. Earlier in his career, he was Vice President of Strategy at PSA Healthcare and led operations at an emergency medicine specialty physician group. He also held positions at a private investment firm and a management consultancy. (Note: Effective January 1, 2026, John Johnson will transition to Chief Strategy Officer, and Mario Ramos will assume the role of CFO).

Dan McCarthy President

Dan McCarthy serves as President of Evolent Health, overseeing the company's growth, product, strategy, operations, clinical, and technology functions. He joined Evolent approximately a decade ago and has held various leadership roles, including P&L accountability for the specialty care portfolio since 2018. Mr. McCarthy previously served as CEO of New Century Health, an Evolent subsidiary. Before joining Evolent, he worked in the healthcare practice at McKinsey & Company, providing consulting services to payers and providers on value-based care.

Jonathan Weinberg General Counsel

Jonathan Weinberg is the General Counsel and Chief Legal Officer of Evolent Health. Before Evolent, he was Senior Vice President and Deputy General Counsel for Coventry Health Care, Inc. from 1999 to 2013, where he managed the legal department's operational aspects, including mergers and acquisitions, regulatory issues, and provider contracting, and also led the risk management department. Earlier in his career, Mr. Weinberg was an associate and partner at Epstein Becker and Green, P.C., specializing in managed care issues within their healthcare practice.

Emily Rafferty Chief Operating Officer

Emily Rafferty is the Chief Operating Officer at Evolent Health. She previously held leadership roles in customer operations, partnerships, and growth at Evolent and Headspace, and also led talent at Evolent. (Note: Effective January 1, 2026, Emily Rafferty will become Executive Vice President, Customer Success).

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The key risks to Evolent Health (EVH) include:

Elevated and Volatile Healthcare Costs: A significant risk to Evolent Health's profitability stems from the persistent increase in healthcare costs, particularly in oncology. For instance, oncology costs were projected to rise by 12% in 2025, which can pressure profit margins, especially for contracts not yet renegotiated. If these costs continue to escalate, they could erode the benefits from contract renegotiations and hinder the company's ability to meet its financial targets.
Client and Contract Management Challenges: Evolent Health faces risks related to renegotiating key contracts and potential client concentration. While the company has actively renegotiated Performance Suite contracts to mitigate rising costs, this strategy carries inherent challenges in securing favorable terms for all remaining contracts, potentially leading to uneven profitability. Additionally, the company is exposed to risks associated with client financial health and contract non-renewal, as highlighted by past issues with a major Medicaid client, Passport Health Plan, which significantly impacted Evolent's revenue and stock price due to claims administration failures and non-renewal of contracts.
Market Competition and Operational Hurdles: Evolent Health operates within a highly competitive and rapidly evolving healthcare technology sector, posing ongoing risks from market competition and technological disruption. The company's initiatives in automation and AI, while strategic, incur implementation costs that can impact adjusted EBITDA. Furthermore, challenges such as long sales cycles, resistance to change and slow adoption by healthcare providers, tightening hospital budgets, and cybersecurity threats can hinder growth and operational efficiency.

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Intensifying competition from large, integrated healthcare players and major electronic medical record (EMR) vendors who are increasingly building out comprehensive, in-house value-based care solutions. These entities, such as Optum (UnitedHealth Group) and EMR giants like Epic and Oracle Health, possess significant financial resources, extensive client bases, and are actively developing advanced analytics and artificial intelligence capabilities. This trend enables them to offer end-to-end services that could reduce reliance on specialized third-party platforms like Evolent Health, potentially eroding EVH's market share and differentiation.

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Evolent Health (EVH) primarily focuses on specialty care management and value-based care solutions for health plans and providers in the United States.

The addressable market for Evolent Health's core specialty care management services, which include oncology, cardiology, and musculoskeletal solutions, is approximately $200 billion in the U.S.

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Evolent Health (EVH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

New Contract Wins and Expansions: Evolent Health anticipates significant revenue growth from newly signed contracts and the expansion of existing agreements. The company recently announced two substantial new agreements, including a major Blue Cross plan for its oncology Performance Suite and a provider-sponsored health plan, which are together expected to add over $550 million in 2026 revenue at maturity. Evolent has signed 13 new contracts in 2025, with contracts in place projected to drive more than 30% top-line growth in 2026, and continued strong growth into 2027 and 2028. The company forecasts approximately $2.5 billion in revenue under contract for 2026, with new annualized revenue expected to launch in 2026 exceeding $750 million.
Enhanced Performance Suite Model: The company's new and renewed Performance Suite deals, particularly in oncology, include enhanced contract structures with risk corridors and retroactive adjustments for prevalence and case mix. These enhanced protections are designed to limit downside risk, provide more predictable margins, and ensure sustainable margin growth. This model is expected to contribute to future revenue and adjusted EBITDA expansion.
Strategic Partnerships and Product Innovation (Oncology Care Partners & Member Navigation): Evolent is focusing on strengthening its provider alignment model and enhancing its Oncology Care Partners brand through strategic partnerships, such as with the American Oncology Network. Innovations around member navigation and Oncology Care Partners are specifically mentioned as fueling growth. The company’s solutions for complex specialty care, including cancer, cardiovascular disease, and musculoskeletal disorders, are experiencing robust demand.
AI and Cost Efficiencies: Evolent expects to realize around $20 million in annualized AI-driven cost reductions in 2026, primarily through the rollout of its artificial intelligence review or "Copilot" within authorization intelligence into musculoskeletal workflows. While these are primarily cost efficiencies, they contribute to a stronger financial position and the ability to invest in growth initiatives.

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Share Repurchases

Evolent Health announced in August 2025 its intention to repurchase approximately $40.0 million of its Class A common stock, concurrently with the pricing of a convertible note offering.
The company also plans to use up to $100.0 million from the net proceeds of the same offering to repurchase a portion of its 1.50% convertible senior notes due 2025.

Share Issuance

In November 2022, Evolent issued $250 million in new equity to Centene Corporation as part of the acquisition of NIA (Magellan Specialty Health), with shares issued at a price of $29.50.
In August 2022, Evolent issued 5,394,165 shares of Class A common stock in exchange for $92.8 million in aggregate principal amount of its 2024 Notes.
Evolent plans to offer $140.0 million aggregate principal amount of convertible senior notes due 2031, as announced in August 2025.

Inbound Investments

In August 2024, Evolent Health was reported to be exploring a sale, having received takeover inquiries from private equity firms including TPG Inc, Clayton, Dubilier & Rice (CD&R), KKR & Co. Inc., and potentially health insurer Elevance Health Inc.

Outbound Investments

Evolent acquired NIA (Magellan Specialty Health) from Centene Corporation in November 2022 for an upfront consideration of $650 million, consisting of $400 million in cash and $250 million in newly issued Evolent equity, plus up to $150 million in contingent consideration. This acquisition was projected to significantly boost Adjusted EBITDA by $85 million by 2024.
In June 2022, the company acquired IPG from TPG Growth for $375 million in cash, along with potential additional contingent consideration of up to $87 million, expanding its musculoskeletal specialty care solutions.
Evolent acquired Vital Decisions, a provider of technology-enabled advance care planning services, in October 2021.

Capital Expenditures

For the full year 2024, Evolent Health revised its expectation for software development Capital Expenditures to $25 million, a reduction from an earlier estimate of $30 million.
Capital expenditures for the trailing twelve months ended December 2024 were reported as -$25 million.
Evolent Health prioritizes consistent capital allocation with continued strong annual Research & Development investment aimed at enhancing its core business through product development.

Better Bets than Evolent Health (EVH)

INDUSTRY: Health Care Technology

Higher Rev Chg LTM (Value for EVH: -16.6%)

TEM (72.6%)

Tempus AI

DOCS (20.2%)

Doximity

VEEV (16.0%)

Veeva Systems

WAY (14.8%)

Higher Rev Chg 3Y Avg | Lower P/S (Values for EVH: 22.7% | 0.2x)

AGL (42.2% | 0.0x)

Agilon Health

SBFM (1373.8% | 0.2x)

Sunshine Biopharma

FLGC (47.5% | 0.1x)

Flora Growth

BIAF (5258.7% | 0.2x)

bioAffinity Technologies

IVF (63.2% | 0.1x)

INVO Fertility

Higher Rev Chg LTM (Value for EVH: -16.6%)

LLY (36.8%)

Eli Lilly

UNH (10.5%)

UnitedHealth

ABBV (7.4%)

AbbVie

JNJ (5.1%)

Johnson & Johnson

MRK (1.7%)

Merck

Higher Rev Chg 3Y Avg (Value for EVH: 22.7%)

ALNY (51.4%)

Alnylam Pharmaceuticals

NTRA (40.2%)

Natera

PODD (26.6%)

Insulet

LLY (23.4%)

Eli Lilly

INSM (22.8%)

Insmed

Higher Op Mgn LTM (Value for EVH: 0.0%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

UNH (6.1%)

UnitedHealth

Higher CFO/Rev LTM (Value for EVH: -1.8%)

ABBV (35.0%)

AbbVie

MRK (26.6%)

Merck

JNJ (26.3%)

Johnson & Johnson

LLY (20.5%)

Eli Lilly

UNH (4.8%)

UnitedHealth

Higher FCF/Rev LTM (Value for EVH: -3.3%)

ABBV (33.0%)

AbbVie

MRK (20.3%)

Merck

JNJ (20.3%)

Johnson & Johnson

UNH (4.0%)

UnitedHealth

LLY (-0.1%)

Eli Lilly

Higher Total Yield (Value for EVH: -27.2%)

MRK (10.2%)

Merck

UNH (8.6%)

UnitedHealth

JNJ (7.5%)

Johnson & Johnson

ABBV (3.4%)

AbbVie

LLY (1.9%)

Eli Lilly

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for EVH: 22.7% | 0.2x)

SNEX (29.6% | 0.0x)

StoneX

MAGN (34.5% | 0.2x)

Magnera

SLQT (27.1% | 0.2x)

SelectQuote

IMMR (1178.9% | 0.2x)

Immersion

BKKT (455.2% | 0.0x)

Bakkt

Higher Rev Chg LTM (Value for EVH: -16.6%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for EVH: 22.7%)

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

Higher Op Mgn LTM (Value for EVH: 0.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for EVH: -1.8%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for EVH: -3.3%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for EVH: -27.2%)

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Health Care Sector
	EVH	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	-3.7	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	-5.6	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	-22.8%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	-16.6%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	22.7%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	1.4%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Evolent Health Earnings Notes
2	Would You Still Hold Evolent Health Stock If It Fell 30%?	Return
3	Evolent Health (EVH) Operating Cash Flow Comparison	Financials
4	Evolent Health (EVH) Net Income Comparison	Financials
5	Evolent Health (EVH) EBITDA Comparison	Financials
6	Evolent Health (EVH) Operating Income Comparison	Financials
7	Evolent Health (EVH) Debt Comparison	Financials
8	Evolent Health (EVH) Tax Expense Comparison	Financials
9	Evolent Health (EVH) Revenue Comparison	Financials
10	Why Evolent Health Stock Moved: EVH Stock Has Lost 88% Since 2023 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to EVH. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.1%	21.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.7%	-6.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	16.7%	16.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%
EVH_12312024_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	12312024	EVH	Evolent Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.4%	-63.3%	-68.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Evolent Health

Peers to compare with:

Financials

	EVH	UNH	CVS	ALHC	AGL	PRVA	Median
Name	Evolent .	UnitedHe.	CVS Heal.	Alignmen.	Agilon H.	Privia H.
Mkt Price	4.13	327.58	79.12	19.15	0.70	23.69	21.42
Mkt Cap	0.5	296.8	100.4	3.8	0.3	2.9	3.4
Rev LTM	2,054	435,159	394,084	3,637	5,886	2,043	4,761
Op Inc LTM	-1	26,357	10,751	2	-374	28	15
FCF LTM	-69	17,372	6,293	151	-115	111	131
FCF 3Y Avg	32	18,968	6,427	-30	-154	85	59
CFO LTM	-36	20,958	9,109	182	-69	111	146
CFO 3Y Avg	62	22,443	9,277	6	-116	85	74

Growth & Margins

	EVH	UNH	CVS	ALHC	AGL	PRVA	Median
Name	Evolent .	UnitedHe.	CVS Heal.	Alignmen.	Agilon H.	Privia H.
Rev Chg LTM	-16.6%	10.5%	6.8%	47.4%	5.2%	19.0%	8.6%
Rev Chg 3Y Avg	22.7%	11.4%	7.7%	38.8%	42.2%	17.4%	20.0%
Rev Chg Q	-22.8%	12.2%	7.8%	43.5%	-1.1%	32.5%	10.0%
QoQ Delta Rev Chg LTM	-6.5%	2.9%	1.9%	9.0%	-0.3%	7.5%	2.4%
Op Mgn LTM	-0.0%	6.1%	2.7%	0.1%	-6.4%	1.4%	0.7%
Op Mgn 3Y Avg	-0.9%	7.7%	3.3%	-4.3%	-5.3%	1.2%	0.1%
QoQ Delta Op Mgn LTM	0.7%	-1.2%	0.1%	0.8%	0.0%	0.3%	0.2%
CFO/Rev LTM	-1.8%	4.8%	2.3%	5.0%	-1.2%	5.4%	3.6%
CFO/Rev 3Y Avg	2.9%	5.8%	2.5%	-0.7%	-2.5%	4.7%	2.7%
FCF/Rev LTM	-3.3%	4.0%	1.6%	4.1%	-1.9%	5.4%	2.8%
FCF/Rev 3Y Avg	1.4%	4.9%	1.8%	-2.2%	-3.3%	4.7%	1.6%

Valuation

	EVH	UNH	CVS	ALHC	AGL	PRVA	Median
Name	Evolent .	UnitedHe.	CVS Heal.	Alignmen.	Agilon H.	Privia H.
Mkt Cap	0.5	296.8	100.4	3.8	0.3	2.9	3.4
P/S	0.2	0.7	0.3	1.0	0.0	1.4	0.5
P/EBIT	-5.6	11.3	16.7	-8,662.2	-0.9	103.1	5.2
P/E	-3.7	16.9	214.1	-183.2	-0.9	160.1	8.0
P/CFO	-13.0	14.2	11.0	21.0	-4.2	26.3	12.6
Total Yield	-27.2%	8.6%	3.8%	-0.5%	-106.2%	0.6%	0.0%
Dividend Yield	0.0%	2.6%	3.4%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-0.6%	4.5%	7.1%	-2.7%	-13.4%	3.3%	1.3%
D/E	2.3	0.3	0.8	0.1	0.1	0.0	0.2
Net D/E	2.0	0.2	0.7	-0.1	-0.9	-0.1	0.0

Returns

	EVH	UNH	CVS	ALHC	AGL	PRVA	Median
Name	Evolent .	UnitedHe.	CVS Heal.	Alignmen.	Agilon H.	Privia H.
1M Rtn	-4.2%	1.1%	0.8%	0.1%	9.7%	-3.5%	0.4%
3M Rtn	-53.7%	-4.6%	6.9%	10.6%	-35.7%	1.4%	-1.6%
6M Rtn	-61.6%	9.7%	18.3%	39.2%	-69.7%	7.7%	8.7%
12M Rtn	-63.4%	-33.7%	86.4%	78.6%	-63.3%	19.0%	-7.3%
3Y Rtn	-84.9%	-34.9%	-5.2%	67.2%	-95.7%	1.2%	-20.0%
1M Excs Rtn	-6.7%	-0.0%	-1.8%	5.3%	5.9%	-4.6%	-0.9%
3M Excs Rtn	-58.7%	-9.5%	2.0%	5.7%	-40.6%	-3.5%	-6.5%
6M Excs Rtn	-74.5%	-3.2%	5.5%	26.3%	-82.5%	-5.2%	-4.2%
12M Excs Rtn	-80.7%	-49.8%	69.1%	63.6%	-81.3%	1.2%	-24.3%
3Y Excs Rtn	-166.2%	-115.5%	-88.2%	-14.5%	-177.3%	-79.8%	-101.9%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/21/2025	2/23/2024	2/24/2023	2/24/2022	2/26/2021	3/2/2020
Key Financials
Total Revenue	2,054	2,555	1,964	1,352	908	925	687
EBITDA	17	80	-25	21	56	-241	-255
Operating Income	-1	-14	-21	-20	-29	-43	-123
Net Income	-128	-62	-113	-19	-38	-334	-302
EPS	-1.58	-0.81	-1.28	-0.20	-0.44	-3.94	-3.67
Growth Rates
Total Revenue Growth	-16.6%	30.1%	45.3%	48.9%	-1.8%	34.6%	9.6%
EBITDA Growth	-72.3%	423.0%	-219.8%	-62.8%	123.1%	5.4%	-6030.1%
Operating Income Growth	96.9%	33.2%	-5.9%	31.8%	32.6%	64.8%	-137.8%
Net Income Growth	-77.5%	45.5%	-489.9%	49.0%	88.8%	-10.7%	-473.5%
Margins
EBITDA Margin	0.8%	3.1%	-1.3%	1.5%	6.1%	-26.0%	-37.0%
Operating Income Margin	-0.0%	-0.6%	-1.1%	-1.5%	-3.2%	-4.7%	-17.9%
Net Income Margin	-6.2%	-2.4%	-5.8%	-1.4%	-4.1%	-36.1%	-43.9%
Cash & Debt
Total Cash	117	104	193	188	266	323	103
Total Debt	1,082	714	645	476	280	360	369
Net Debt / (Cash)	966	609	452	288	14	37	266
Cash Flows
Net Cash from Operations	-36	19	143	-12	39	-16	-43
Free Cash from Operations	-69	-6	114	-50	14	-46	-78
Returns to Shareholders
Dividends	0	20	19	15	1	20	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/11/2025	5/9/2025	2/21/2025	11/8/2024	8/9/2024	5/10/2024	2/23/2024	11/2/2023	8/3/2023	5/4/2023	2/24/2023
Key Financials Quarterly
Total Revenue	480	444	484	647	621	647	640	556	511	469	428	382
Ebitda	18	13	-29	15	11	36	19	-6	16	11	-46	16
Operating Income	-1	2	0	-1	-16	8	-5	-9	-5	-5	-2	-20
Net Income	-21	-20	-65	-23	-23	2	-17	-33	-25	-34	-20	-11
EPS	-0.24	-0.44	-0.63	-0.27	-0.27	-0.06	-0.22	-0.36	-0.30	-0.37	-0.24	-0.11
Key Financials TTM
Total Revenue TTM	2,054	2,196	2,399	2,555	2,464	2,354	2,176	1,964	1,790	1,632	1,483	1,352
Ebitda TTM	17	10	33	81	60	65	40	-25	-3	-40	-39	21
Operating Income TTM	-1	-15	-10	-14	-22	-11	-24	-21	-31	-26	-25	-20
Net Income TTM	-128	-130	-109	-62	-72	-74	-110	-113	-91	-64	-34	-19
Growth Rates Quarterly
Total Revenue Growth	-22.8%	-31.3%	-24.4%	16.3%	21.6%	37.9%	49.6%	45.4%	44.9%	46.6%	44.0%	54.0%
EBITDA Growth	60.6%	-64.9%	-252.8%	336.8%	-31.4%	221.6%	140.8%	-139.0%	175.3%	-12.8%	-448.5%	-33.7%
Operating Income Growth	91.1%	-73.9%	100.1%	86.3%	-253.8%	246.3%	-152.0%	52.0%	-1909.2%	-38.9%	-154.5%	-1138.1%
Net Income Growth	9.8%	-1346.7%	-273.9%	31.8%	8.6%	104.6%	13.5%	-194.4%	-1292.8%	-648.1%	-273.5%	-101.0%
Margins Quarterly
EBITDA Margin	3.7%	2.9%	-5.9%	2.3%	1.8%	5.6%	2.9%	-1.1%	3.2%	2.4%	-10.8%	4.2%
Operating Income Margin	-0.3%	0.5%	0.0%	-0.2%	-2.6%	1.2%	-0.7%	-1.7%	-0.9%	-1.1%	-0.4%	-5.1%
Net Income Margin	-4.4%	-4.5%	-13.4%	-3.5%	-3.7%	0.2%	-2.7%	-6.0%	-5.0%	-7.3%	-4.7%	-3.0%
Cash & Debt
Total Cash	117	151	247	104	97	101	165	193	185	143	158	188
Total Debt	1,082	853	870	714	635	636	643	645	654	696	691	476
Net Debt / (Cash)	966	702	624	609	539	534	478	452	469	553	534	288
Cash Flows Quarterly
FCF from Operations	16	-30	5	-26	19	21	5	89	61	1	-8	36
Cash Flows TTM
FCF from Operations TTM	-36	-33	18	19	134	176	155	143	89	25	38	-12
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.2%	0.3%	0.0%	-0.2%	-2.7%	1.4%	-0.8%	-1.2%	-0.7%	-0.9%	-0.1%	-4.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-0.0%	-0.6%	-0.4%	-0.6%	-0.8%	-0.4%	-0.9%	-0.5%	-0.8%	-0.4%	-0.2%	-0.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Performance Suite	1,215	809
Specialty Technology and Services Suite	296	52
Administrative Services	296	408
Cases	157	84
Clinical Solutions			598	542
Evolent Health Services			312	385
Intersegment Eliminations			-2	-3	-13
Services					687
True Health					173
Total	1,964	1,352	908	925	846

Price Behavior

Price Behavior

Market Price	$4.13
Market Cap ($ Bil)	0.5
First Trading Date	06/05/2015
Distance from 52W High	-67.2%
	50 Days	200 Days
DMA Price	$5.19	$8.31
DMA Trend	down	down
Distance from DMA	-20.4%	-50.3%
	3M	1YR
Volatility	70.2%	67.5%
Downside Capture	119.90	91.74
Upside Capture	-264.72	-21.65
Correlation (SPY)	16.7%	17.1%

EVH Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.65	1.12	0.97	1.13	0.61	0.86
Up Beta	8.15	5.33	4.80	3.62	1.05	1.08
Down Beta	1.80	2.65	2.60	1.76	0.37	0.63
Up Capture	-340%	-250%	-207%	-55%	-15%	9%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	17	26	62	120	369
Down Capture	207%	131%	107%	95%	95%	105%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	24	36	62	127	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of EVH With Other Asset Classes (Last 1Y)
	EVH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-63.1%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	67.1%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-1.20	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		23.0%	17.3%	-7.8%	-2.6%	18.8%	8.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EVH With Other Asset Classes (Last 5Y)
	EVH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-22.6%	8.6%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	56.7%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	-0.21	0.41	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		26.3%	29.3%	-0.1%	7.5%	26.2%	13.2%

Based On 10-Year Data

		Comparison of EVH With Other Asset Classes (Last 10Y)
	EVH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-11.1%	9.8%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	62.2%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.09	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		35.1%	36.5%	2.4%	12.6%	30.9%	10.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	19,537,167
Short Interest: % Change Since 11302025	7.6%
Average Daily Volume	3,663,257
Days-to-Cover Short Interest	5.33
Basic Shares Quantity	114,066,000
Short % of Basic Shares	17.1%

Returns Analyses

	Title
0	Would You Still Hold Evolent Health Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	-17.3%	-30.7%	-34.3%
8/7/2025	-7.1%	-9.0%	-0.2%
5/8/2025	-16.0%	-18.2%	-21.3%
2/20/2025	-2.6%	-19.0%	-10.6%
11/7/2024	-45.6%	-48.4%	-54.9%
8/8/2024	26.5%	30.3%	45.0%
5/9/2024	-9.3%	-13.5%	-12.0%
2/22/2024	14.4%	13.9%	8.9%
...
SUMMARY STATS
# Positive	13	10	13
# Negative	11	14	11
Median Positive	4.8%	12.3%	11.5%
Median Negative	-7.1%	-11.5%	-12.0%
Max Positive	26.5%	30.3%	48.7%
Max Negative	-45.6%	-48.4%	-56.0%

	Forward Returns
11/6/2025	-17.3%	-30.7%	-34.3%
8/7/2025	-7.1%	-9.0%	-0.2%
5/8/2025	-16.0%	-18.2%	-21.3%
2/20/2025	-2.6%	-19.0%	-10.6%
11/7/2024	-45.6%	-48.4%	-54.9%
8/8/2024	26.5%	30.3%	45.0%
5/9/2024	-9.3%	-13.5%	-12.0%
2/22/2024	14.4%	13.9%	8.9%
11/2/2023	13.5%	15.3%	22.2%
8/2/2023	-5.1%	-4.8%	-13.9%
5/3/2023	-4.7%	-0.1%	-11.8%
1/11/2023	0.9%	5.3%	13.1%
11/2/2022	-9.4%	-19.7%	0.4%
8/2/2022	3.7%	-0.2%	4.4%
5/4/2022	-0.7%	-11.2%	2.3%
2/23/2022	17.4%	24.0%	41.0%
11/3/2021	4.8%	-2.6%	-9.2%
8/4/2021	5.2%	6.2%	11.5%
5/13/2021	2.3%	9.2%	5.2%
2/25/2021	2.6%	-6.6%	5.0%
11/5/2020	1.0%	10.8%	31.0%
7/17/2020	19.6%	23.7%	48.7%
5/7/2020	1.7%	1.7%	-5.2%
2/25/2020	-4.3%	-11.8%	-56.0%
SUMMARY STATS
# Positive	13	10	13
# Negative	11	14	11
Median Positive	4.8%	12.3%	11.5%
Median Negative	-7.1%	-11.5%	-12.0%
Max Positive	26.5%	30.3%	48.7%
Max Negative	-45.6%	-48.4%	-56.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8112025	10-Q 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8092024	10-Q 6/30/2024
3312024	5102024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Springstubb Brendan B		11192025	Buy	3.82	10,000	38,199	224,690	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Evolent Health (EVH)

Market Price (12/26/2025): $4.135 | Market Cap: $471.7 MilSector: Health Care | Industry: Health Care Technology

Evolent Health (EVH)

Market Price (12/26/2025): $4.135Market Cap: $471.7 MilSector: Health CareIndustry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

EVH Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Evolent Health (EVH)

Interactive Breakdown

Better Bets than Evolent Health (EVH)

INDUSTRY: Health Care Technology

Higher Rev Chg LTM (Value for EVH: -16.6%)

Higher Rev Chg 3Y Avg (Value for EVH: 22.7%)

Higher Op Mgn LTM (Value for EVH: 0.0%)

Higher CFO/Rev LTM (Value for EVH: -1.8%)

Higher FCF/Rev LTM (Value for EVH: -3.3%)

Higher Total Yield (Value for EVH: -27.2%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for EVH: 22.7% | 0.2x)

Higher Rev Chg LTM (Value for EVH: -16.6%)

Higher Rev Chg 3Y Avg (Value for EVH: 22.7%)

Higher Op Mgn LTM (Value for EVH: 0.0%)

Higher CFO/Rev LTM (Value for EVH: -1.8%)

Higher FCF/Rev LTM (Value for EVH: -3.3%)

Higher Total Yield (Value for EVH: -27.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for EVH: 22.7% | 0.2x)

Higher Rev Chg LTM (Value for EVH: -16.6%)

Higher Rev Chg 3Y Avg (Value for EVH: 22.7%)

Higher Op Mgn LTM (Value for EVH: 0.0%)

Higher CFO/Rev LTM (Value for EVH: -1.8%)

Higher FCF/Rev LTM (Value for EVH: -3.3%)

Higher Total Yield (Value for EVH: -27.2%)

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Market Price (12/26/2025): $4.135 | Market Cap: $471.7 Mil
Sector: Health Care | Industry: Health Care Technology

Market Price (12/26/2025): $4.135
Market Cap: $471.7 Mil
Sector: Health Care
Industry: Health Care Technology