Tearsheet

Evolv Technologies (EVLV)


Market Price (3/15/2026): $5.105 | Market Cap: $882.1 Mil
Sector: Industrials | Industry: Security & Alarm Services

Evolv Technologies (EVLV)


Market Price (3/15/2026): $5.105
Market Cap: $882.1 Mil
Sector: Industrials
Industry: Security & Alarm Services

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

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%
Weak multi-year price returns
2Y Excs Rtn is -0.5%, 3Y Excs Rtn is -2.2%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -39%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -37%
  Expensive valuation multiples
P/SPrice/Sales ratio is 6.5x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 140x
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Autonomous Technologies. Themes include AI Software Platforms, Edge AI, Show more.
  Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
3   Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%
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 -11%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -37%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Autonomous Technologies. Themes include AI Software Platforms, Edge AI, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -0.5%, 3Y Excs Rtn is -2.2%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -39%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 6.5x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 140x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%
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 -11%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Evolv Technologies (EVLV) stock has lost about 20% since 11/30/2025 because of the following key factors:

1. Lingering Concerns from Prior Accounting Irregularities and Financial Statement Restatement.

Despite initial disclosures in late 2024 and March 2025 regarding accounting inaccuracies in prior financial statements (fiscal years 2022 and 2023) and material weaknesses in internal controls, these issues likely contributed to sustained investor skepticism into the period beginning November 30, 2025. The company's delay in filing its annual report on Form 10-K for the period ended December 31, 2024, announced on March 31, 2025, explicitly cited the need to address these misstatements and complete financials, impacting investor confidence in financial reporting integrity.

2. Mixed Q4 2025 Earnings Report and Persistent Profitability Doubts.

On March 10, 2026, Evolv Technologies reported mixed financial results for Q4 2025. While the company's revenue of $38.5 million exceeded the consensus estimate of $36.43 million (a 32% year-over-year increase), it missed diluted earnings per share expectations, reporting a loss of $0.03 per share against a forecast of -$0.02. Despite a reported Q4 net income of $10.9 million, the full-year 2025 net loss remained substantial at $33.1 million, and analysts' forecasts for continued losses over the next three years created tension between strong revenue growth and the path to sustained profitability. The stock experienced a dip in extended trading following this report.

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Stock Movement Drivers

Fundamental Drivers

The -20.0% change in EVLV stock from 11/30/2025 to 3/14/2026 was primarily driven by a -20.0% change in the company's P/S Multiple.
(LTM values as of)113020253142026Change
Stock Price ($)6.395.11-20.0%
Change Contribution By: 
Total Revenues ($ Mil)1371370.0%
P/S Multiple8.16.5-20.0%
Shares Outstanding (Mil)1731730.0%
Cumulative Contribution-20.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
EVLV-20.0% 
Market (SPY)-3.1%30.7%
Sector (XLI)7.1%17.6%

Fundamental Drivers

The -38.0% change in EVLV stock from 8/31/2025 to 3/14/2026 was primarily driven by a -42.5% change in the company's P/S Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)8.245.11-38.0%
Change Contribution By: 
Total Revenues ($ Mil)12113712.8%
P/S Multiple11.36.5-42.5%
Shares Outstanding (Mil)165173-4.4%
Cumulative Contribution-38.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
EVLV-38.0% 
Market (SPY)3.0%27.5%
Sector (XLI)8.8%20.1%

Fundamental Drivers

The 44.4% change in EVLV stock from 2/28/2025 to 3/14/2026 was primarily driven by a 55.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820253142026Change
Stock Price ($)3.545.1144.4%
Change Contribution By: 
Total Revenues ($ Mil)8813755.2%
P/S Multiple6.36.52.7%
Shares Outstanding (Mil)156173-9.4%
Cumulative Contribution44.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
EVLV44.4% 
Market (SPY)12.4%35.8%
Sector (XLI)22.0%32.7%

Fundamental Drivers

The 85.8% change in EVLV stock from 2/28/2023 to 3/14/2026 was primarily driven by a 233.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820233142026Change
Stock Price ($)2.755.1185.8%
Change Contribution By: 
Total Revenues ($ Mil)41137233.7%
P/S Multiple9.76.5-33.2%
Shares Outstanding (Mil)144173-16.6%
Cumulative Contribution85.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
EVLV85.8% 
Market (SPY)73.4%30.3%
Sector (XLI)70.2%30.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EVLV Return-55%-42%82%-16%81%-20%-43%
Peers Return14%6%14%4%20%4%81%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
EVLV Win Rate25%42%67%42%67%33% 
Peers Win Rate52%47%53%58%65%40% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
EVLV Max Drawdown-56%-62%-8%-54%-28%-32% 
Peers Max Drawdown-11%-17%-28%-16%-25%-9% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: OSIS, LDOS, LHX, SSTI, NSSC.
[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] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventEVLVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-84.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven545.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-3.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven3.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven34 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-79.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven378.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven557 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-98.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven7200.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to OSIS, LDOS, LHX, SSTI, NSSC

In The Past

Evolv Technologies's stock fell -84.5% during the 2022 Inflation Shock from a high on 1/26/2021. A -84.5% loss requires a 545.0% gain to breakeven.

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Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Evolv Technologies (EVLV)

Evolv Technologies Holdings, Inc. provides artificial intelligence (AI)-based touchless security screening systems. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through at a normal pace; Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics; and Evolv Edge to detect non-metallic explosive devices, explosive devices, firearms, and tactical knives without requiring visitors to divest or empty their pockets. The company is headquartered in Waltham, Massachusetts.

AI Analysis | Feedback

Evolv Technologies is like Amazon Go for physical threat detection, using AI to allow people to walk through without stopping while scanning for dangers.

It's akin to Clear, but focused on detecting weapons and explosives rather than just verifying identity, streamlining security at high-traffic venues.

Think of Evolv as the Tesla of security screening, an AI-powered, touchless evolution of traditional metal detectors and X-ray machines.

AI Analysis | Feedback

```html
  • Evolv Express: A touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through.
  • Evolv Insights: A platform providing self-serve access to insights regarding visitor flow, system detection performance, and alarm statistics.
  • Evolv Edge: A security screening system that detects various threats, including non-metallic explosive devices, without requiring visitors to divest items from their pockets.
```

AI Analysis | Feedback

Evolv Technologies (EVLV) sells its artificial intelligence (AI)-based touchless security screening systems primarily to other companies and organizations (B2B) that require high-throughput security screening for visitors. These customers span various sectors, including sports and entertainment, theme parks, education, and corporate/public venues.

Here are some of Evolv Technologies' major customers:

  • Six Flags Entertainment Corporation (NYSE: SIX) - A prominent operator of regional theme parks across North America, utilizing Evolv systems at many of its properties.
  • Cedar Fair, L.P. (NYSE: FUN) - Another major owner and operator of amusement parks, water parks, and entertainment resorts, with Evolv Express deployed at several locations.
  • Wynn Resorts, Limited (NASDAQ: WYNN) - Their luxury resort and casino properties, such as Encore Boston Harbor, utilize Evolv's security systems.
  • The Atlanta Braves - The Major League Baseball team (a subsidiary of Liberty Media Corporation, NASDAQ: FWONA, FWONK) uses Evolv Express at Truist Park.
  • The Kraft Group - A private conglomerate that owns the New England Patriots and Gillette Stadium, which was an early and significant adopter of Evolv technology.
  • Numerous other professional sports teams and their venues, including those in the NFL, NBA, MLB, and NHL (e.g., Milwaukee Bucks at Fiserv Forum, Philadelphia Eagles at Lincoln Financial Field, Los Angeles Rams & Chargers at SoFi Stadium). While many of these teams and stadium operating entities are private, they represent major organizational customers.
  • Many K-12 school districts and universities across the United States.
  • Various healthcare facilities, corporate campuses, and places of worship.

AI Analysis | Feedback

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Better Bets vs. Evolv Technologies (EVLV)

Latest Trefis Analyses

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Trade Ideas

Select ideas related to EVLV.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.0%0.0%0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE02202026LZLegalZoom.comDip BuyDB | 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
7.2%7.2%-5.0%
ADP_2132026_Dip_Buyer_ValueBuy02132026ADPAutomatic Data ProcessingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
1.1%1.1%-3.0%
TREX_2132026_Dip_Buyer_ValueBuy02132026TREXTrexDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-3.2%-3.2%-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE02132026PCTYPaylocityDip BuyDB | 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
-0.6%-0.6%-4.8%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

EVLVOSISLDOSLHXSSTINSSCMedian
NameEvolv Te.OSI Syst.Leidos L3Harris.SoundThi.NAPCO Se. 
Mkt Price5.11270.92173.86358.966.6542.57108.22
Mkt Cap0.94.521.767.10.11.53.0
Rev LTM1371,79817,17421,865103192995
Op Inc LTM-532312,1002,150-1052141
FCF LTM-351191,6252,682-15486
FCF 3Y Avg-64181,2972,16084833
CFO LTM61621,7503,106455108
CFO 3Y Avg-14591,4572,587135054

Growth & Margins

EVLVOSISLDOSLHXSSTINSSCMedian
NameEvolv Te.OSI Syst.Leidos L3Harris.SoundThi.NAPCO Se. 
Rev Chg LTM43.2%9.0%3.1%2.5%-1.8%2.9%3.0%
Rev Chg 3Y Avg51.7%14.8%6.1%8.7%12.0%6.1%10.4%
Rev Chg Q56.6%10.5%-3.6%2.3%-4.4%12.2%6.4%
QoQ Delta Rev Chg LTM12.8%2.5%-0.9%0.6%-1.1%2.8%1.5%
Op Mgn LTM-38.7%12.8%12.2%9.8%-9.7%26.9%11.0%
Op Mgn 3Y Avg-79.1%12.8%10.5%9.5%-7.3%27.1%10.0%
QoQ Delta Op Mgn LTM11.3%-0.1%0.5%-0.8%-1.1%1.2%0.2%
CFO/Rev LTM4.6%9.0%10.2%14.2%3.8%28.5%9.6%
CFO/Rev 3Y Avg-16.7%3.6%8.8%12.3%13.6%26.8%10.6%
FCF/Rev LTM-25.8%6.6%9.5%12.3%-1.0%27.9%8.0%
FCF/Rev 3Y Avg-69.0%1.1%7.8%10.3%7.6%25.6%7.7%

Valuation

EVLVOSISLDOSLHXSSTINSSCMedian
NameEvolv Te.OSI Syst.Leidos L3Harris.SoundThi.NAPCO Se. 
Mkt Cap0.94.521.767.10.11.53.0
P/S6.52.51.33.10.87.92.8
P/EBIT-15.020.510.326.5-8.329.415.4
P/E-14.829.615.041.8-7.932.022.3
P/CFO140.128.112.421.621.527.724.7
Total Yield-6.8%3.4%7.6%3.7%-12.6%4.4%3.6%
Dividend Yield0.0%0.0%1.0%1.3%0.0%1.3%0.5%
FCF Yield 3Y Avg-8.8%0.3%6.9%4.8%3.8%3.5%3.7%
D/E0.00.20.20.20.10.00.1
Net D/E-0.00.10.20.1-0.1-0.10.1

Returns

EVLVOSISLDOSLHXSSTINSSCMedian
NameEvolv Te.OSI Syst.Leidos L3Harris.SoundThi.NAPCO Se. 
1M Rtn-12.6%2.2%1.4%6.0%-10.0%0.3%0.9%
3M Rtn-27.1%4.4%-8.4%25.5%-12.4%1.5%-3.4%
6M Rtn-41.7%15.4%-5.0%29.6%-46.7%2.2%-1.4%
12M Rtn61.7%47.1%30.1%73.0%-56.2%71.6%54.4%
3Y Rtn93.6%196.2%94.5%90.2%-81.2%36.7%91.9%
1M Excs Rtn-8.4%3.8%2.9%8.2%-3.6%1.7%2.3%
3M Excs Rtn-22.9%4.9%-6.1%27.6%-13.0%3.5%-1.3%
6M Excs Rtn-38.8%10.2%-8.5%26.0%-51.2%0.8%-3.9%
12M Excs Rtn40.7%28.1%10.5%53.7%-78.1%52.1%34.4%
3Y Excs Rtn-2.2%116.5%21.9%14.9%-151.5%-39.1%6.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Develops, manufactures, markets and sells security screening products and specific services80    
Leased Equipment 1882 
License fees 0   
Product revenue 321414
Professional services and other revenue 1   
Service revenue 4   
Professional Services  100
Software-as-a-service (SaaS), maintenance, and other revenue  11 
Maintenance revenue    0
Subscription revenue    1
Total80552356


Net Income by Segment
$ Mil20242023202220212020
Develops, manufactures, markets and sells security screening products and specific services-108    
Total-108    


Price Behavior

Price Behavior
Market Price$5.11 
Market Cap ($ Bil)0.9 
First Trading Date04/29/1993 
Distance from 52W High-41.7% 
   50 Days200 Days
DMA Price$5.93$6.70
DMA Trendupdown
Distance from DMA-13.8%-23.7%
 3M1YR
Volatility57.7%63.2%
Downside Capture159.90101.92
Upside Capture-14.33134.28
Correlation (SPY)29.6%34.1%
EVLV Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.111.411.151.101.151.60
Up Beta3.893.802.972.151.251.67
Down Beta0.900.830.330.320.881.45
Up Capture-101%-8%37%35%168%507%
Bmk +ve Days9203170142431
Stock +ve Days7162753122347
Down Capture184%194%156%167%106%110%
Bmk -ve Days12213054109320
Stock -ve Days14253368123378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EVLV
EVLV62.3%63.4%1.00-
Sector ETF (XLI)28.0%19.2%1.1632.3%
Equity (SPY)19.6%18.9%0.8134.4%
Gold (GLD)71.9%26.3%2.053.0%
Commodities (DBC)19.3%17.3%0.895.1%
Real Estate (VNQ)6.2%16.3%0.1924.0%
Bitcoin (BTCUSD)-15.3%44.2%-0.2525.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EVLV
EVLV-13.2%85.2%0.23-
Sector ETF (XLI)13.4%17.1%0.6227.7%
Equity (SPY)13.1%17.0%0.6129.2%
Gold (GLD)24.1%17.3%1.145.3%
Commodities (DBC)11.2%19.0%0.470.4%
Real Estate (VNQ)4.8%18.8%0.1627.1%
Bitcoin (BTCUSD)6.3%56.7%0.3316.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EVLV
EVLV-12.5%83.2%0.19-
Sector ETF (XLI)13.8%19.8%0.6120.0%
Equity (SPY)14.5%17.9%0.7021.7%
Gold (GLD)14.4%15.6%0.773.1%
Commodities (DBC)8.6%17.6%0.402.5%
Real Estate (VNQ)5.6%20.7%0.2319.6%
Bitcoin (BTCUSD)67.4%66.8%1.0710.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity9.4 Mil
Short Interest: % Change Since 2152026-5.7%
Average Daily Volume2.7 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity172.8 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/13/2025-8.8%-14.0%4.3%
8/14/20255.2%6.2%14.4%
4/28/2025-1.4%-1.2%33.9%
1/23/202522.7%20.8%11.5%
8/8/2024-5.0%18.8%23.1%
5/9/2024-38.5%-28.6%-34.9%
2/29/2024-16.8%-21.8%7.1%
11/9/2023-7.9%1.3%7.7%
...
SUMMARY STATS   
# Positive81011
# Negative865
Median Positive20.3%12.1%14.4%
Median Negative-8.4%-17.9%-23.3%
Max Positive32.6%38.3%51.5%
Max Negative-43.1%-43.1%-34.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/20/202510-Q
12/31/202404/28/202510-K
09/30/202404/28/202510-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/10/202310-Q
12/31/202203/24/202310-K
09/30/202211/09/202210-Q
06/30/202208/18/202210-Q
03/31/202205/13/202210-Q
12/31/202103/28/202210-K

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kedzierski, JohnPresident & CEODirectSell10620267.0374,322522,484988,966Form
2Ellenbogen, Michael DirectSell121620256.9180,745557,94814,400,171Form
3Marshall, Robert EChief Revenue OfficerDirectBuy112520256.067,00042,42042,420Form
4Kedzierski, JohnPresident & CEODirectBuy112420255.918,00047,28047,280Form
5Charlton, Kevin M IRABuy112120255.6815,00085,196250,367Form