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EVH

Evolent Health, Inc.

EVH

Evolent Health, Inc. • NYSE
$4.20 ▲ 0.00% (+0.00)
Market Cap $483.31 M
52w High $12.98
52w Low $3.50
Dividend Yield 0%
P/E -2.66
Volume 1.33M
Outstanding Shares 115.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $479.533M ▲ $98.888M ▼ $-20.864M ▼ -4.351% ▲ $-0.24 ▲ $14.532M ▲
Q2-2025 $444.328M ▼ $101.556M ▼ $-19.897M ▲ -4.478% ▲ $-0.44 ▲ $12.771M ▲
Q1-2025 $483.649M ▼ $104.093M ▲ $-64.618M ▼ -13.361% ▼ $-0.63 ▼ $-28.705M ▼
Q4-2024 $646.542M ▲ $94.307M ▼ $-22.802M ▲ -3.527% ▲ $-0.27 $13.287M ▲
Q3-2024 $621.401M $96.961M $-23.137M -3.723% $-0.27 $11.955M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $116.65M ▼ $2.453B ▼ $1.611B ▲ $842.233M ▼
Q2-2025 $150.995M ▼ $2.462B ▼ $1.566B ▼ $896.005M ▼
Q1-2025 $246.547M ▲ $2.653B ▲ $1.718B ▲ $935.521M ▼
Q4-2024 $104.203M ▲ $2.544B ▲ $1.543B ▲ $1.001B ▼
Q3-2024 $96.583M $2.502B $1.463B $1.039B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.864M ▲ $15.812M ▲ $-8.762M ▲ $-41.815M ▼ $-35.024M ▲ $6.85M ▲
Q2-2025 $-51.09M ▲ $-30.334M ▼ $-60.531M ▼ $-8.927M ▼ $-87.423M ▼ $-39.104M ▼
Q1-2025 $-64.618M ▼ $4.565M ▲ $-13.093M ▲ $107.854M ▲ $99.349M ▲ $-4.03M ▲
Q4-2024 $-22.802M ▲ $-26.231M ▼ $-19.93M ▼ $96.942M ▲ $50.572M ▲ $-32.382M ▼
Q3-2024 $-23.137M $18.67M $-19.729M $-9.008M $-8.377M $12.381M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$480.00M ▲$440.00M ▼$480.00M ▲
Evolent Health Services Segment
Evolent Health Services Segment
 $1.29Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Evolent has grown its revenue meaningfully over the past several years, especially since 2021, showing that its services are gaining adoption with health plans and providers. At the same time, the company is still not consistently profitable: operating income hovers around break-even and bottom-line results remain modestly negative. Profitability improved significantly compared with several years ago but has been bumpy, with some pressure on margins recently despite the strong top-line growth. Overall, the income statement tells a story of a company successfully scaling revenue in a complex market, while still working to convert that growth into steady, durable profits.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown its asset base and shareholder equity over time, reflecting expansion and investment in the platform. Debt levels have risen, so the company is relying more on borrowing than in the past, but it still carries a meaningful equity cushion. Cash on hand has trended downward compared with earlier years, which reduces flexibility and increases the importance of maintaining positive cash flow and access to financing. In simple terms, the balance sheet is stronger in size and equity than a few years ago, but more leveraged and somewhat thinner on cash, which management will need to manage carefully.

Cash Flow

Cash Flow Evolent’s cash generation has improved compared with the early years, shifting from mostly negative operating cash flow to generally positive in recent periods, although with some volatility. Free cash flow has also moved in a better direction, helped by relatively modest ongoing capital spending needs. This suggests the business model is becoming more self-sustaining, but not yet to the point where cash generation looks consistently strong or fully predictable. The trend is encouraging, yet investors should expect some lumpiness as contracts, growth investments, and working capital needs fluctuate.

Competitive Edge

Competitive Edge Evolent occupies an attractive niche at the intersection of healthcare services and technology, focused on value-based care for high-cost specialties like oncology, cardiology, and musculoskeletal conditions. Its strength lies in deep clinical expertise, a data and analytics platform that integrates into provider workflows, and long-term partnerships with large health plans and health systems. Taking on financial risk for specialty care differentiates it from many pure software vendors and can deepen client relationships, but it also raises execution and underwriting risk. The company operates in a competitive and heavily regulated environment, with rivals ranging from health-plan internal teams to other analytics and care-management firms, so ongoing innovation and strong client outcomes are critical to maintaining its edge and justifying switching costs.

Innovation and R&D

Innovation and R&D Innovation is a central part of Evolent’s strategy. The company has built proprietary platforms for population health, specialty care management, and clinical decision support, and it is now leaning heavily into artificial intelligence and automation through acquisitions like Machinify. Its Identifi platform, oncology care pathways, and “gold-carding” models are all examples of attempts to redesign how high-cost care is authorized, delivered, and monitored. Evolent is also investing in new analytics tools and digital patient engagement solutions with partners. These initiatives could enhance efficiency, clinical outcomes, and client stickiness, but they require ongoing software and R&D spending and carry the usual risks that not every project will deliver the expected financial return or adoption.

Summary

Overall, Evolent Health looks like a growing healthcare technology and services platform that has successfully scaled revenue by focusing on value-based specialty care, but is still refining its path to consistent profitability. The balance sheet reflects a larger, more mature company that uses more debt and has less cash cushion than before, increasing the importance of disciplined execution and sustained cash generation. The competitive positioning is differentiated by deep specialization, long-term partnerships, and a willingness to assume financial risk, all supported by a technology and analytics stack that is being enhanced with AI. The key questions going forward are whether Evolent can keep converting its clinical and technological strengths into stable margins, maintain strong client outcomes in a complex regulatory environment, and turn its sizable innovation agenda into durable economic advantages over time.

NEWS

November 6, 2025 · 4:12 PM UTC

Evolent and American Oncology Network unveil innovative model seeking to improve cancer care while eliminating prior authorization burden

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November 6, 2025 · 4:10 PM UTC

Evolent Announces Third Quarter 2025 Results

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October 9, 2025 · 8:30 AM UTC

Evolent To Release Third Quarter 2025 Financial Results on Thursday, November 6, 2025

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September 23, 2025 · 4:10 PM UTC

Evolent Announces Strategic Divestiture of its Value-Based Primary Care Business, Evolent Care Partners

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