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Evolent Health, Inc.

EVH Clue Score42
United States Fiscal year ends December CIK 0001628908
$4.25 +5.20% Close, 12 Oct 2026
Alert on the numbers Alert on insider trades
Price $4.25 −87.18% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue254.2Operating income−237.4Net income−159.7EPS, diluted−3.55Fiscal year 2017Revenue435.0 +71.1%Operating income−72.8Net income−60.7EPS, diluted−0.94Fiscal year 2018Revenue627.1 +44.2%Operating income−47.5Net income−52.7Fiscal year 2019Revenue846.4 +35.0%Operating income−308.9Net income−302.0EPS, diluted−3.67Fiscal year 2020Revenue924.6 +9.2%Operating income−262.8Net income−334.2EPS, diluted−3.94Fiscal year 2021Revenue908.0 −1.8%Operating income−42.4Net income−37.6EPS, diluted−0.44Fiscal year 2022Revenue1,352.0 +48.9%Operating income3.6Net income−19.2EPS, diluted−0.20Fiscal year 2023Revenue1,963.9 +45.3%Operating income−71.2Net income−113.0EPS, diluted−1.28Fiscal year 2024Revenue2,554.7 +30.1%Operating income−40.5Net income−61.6EPS, diluted−0.81Fiscal year 2025Revenue1,876.2 −26.6%Operating income−410.1Net income−534.5EPS, diluted−5.07
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 254.2 435.0 627.1 846.4 924.6 908.0 1,352.0 1,963.9 2,554.7 1,876.2
Growth +71.1% +44.2% +35.0% +9.2% −1.8% +48.9% +45.3% +30.1% −26.6%
Operating income −237.4 −72.8 −47.5 −308.9 −262.8 −42.4 3.6 −71.2 −40.5 −410.1
Net income −159.7 −60.7 −52.7 −302.0 −334.2 −37.6 −19.2 −113.0 −61.6 −534.5
Growth
EPS, diluted −3.55 −0.94 n/a −3.67 −3.94 −0.44 −0.20 −1.28 −0.81 −5.07
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−93.4%Net margin−62.8%Free cash flow margin−20.1%Fiscal year 2017Operating margin−16.7%Net margin−13.9%Free cash flow margin−12.8%Fiscal year 2018Operating margin−7.6%Net margin−8.4%Free cash flow margin−9.6%Fiscal year 2019Operating margin−36.5%Net margin−35.7%Free cash flow margin−9.2%Fiscal year 2020Operating margin−28.4%Net margin−36.1%Fiscal year 2021Operating margin−4.7%Net margin−4.1%Fiscal year 2022Operating margin0.3%Net margin−1.4%Fiscal year 2023Operating margin−3.6%Net margin−5.8%Fiscal year 2024Operating margin−1.6%Net margin−2.4%Fiscal year 2025Operating margin−21.9%Net margin−28.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −93.4% −16.7% −7.6% −36.5% −28.4% −4.7% 0.3% −3.6% −1.6% −21.9%
Net margin −62.8% −13.9% −8.4% −35.7% −36.1% −4.1% −1.4% −5.8% −2.4% −28.5%
Free cash flow margin −20.1% −12.8% −9.6% −9.2% n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−35.5Capital expenditure−15.5Free cash flow−51.0Fiscal year 2017Operating cash flow−28.0Capital expenditure−27.8Free cash flow−55.8Fiscal year 2018Operating cash flow−20.7Capital expenditure−39.6Free cash flow−60.2Fiscal year 2019Operating cash flow−42.6Capital expenditure−35.5Free cash flow−78.2Fiscal year 2020Operating cash flow−16.2Fiscal year 2021Operating cash flow38.7Fiscal year 2022Operating cash flow−11.6Fiscal year 2023Operating cash flow142.6Buybacks0.0Fiscal year 2024Operating cash flow18.8Buybacks0.0Fiscal year 2025Operating cash flow38.8Buybacks−40.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −35.5 −28.0 −20.7 −42.6 −16.2 38.7 −11.6 142.6 18.8 38.8
Capital expenditure −15.5 −27.8 −39.6 −35.5 n/a n/a n/a n/a n/a n/a
Free cash flow −51.0 −55.8 −60.2 −78.2 n/a n/a n/a n/a n/a n/a
Growth
Buybacks n/a n/a n/a n/a n/a n/a n/a 0.0 0.0 −40.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash134.6Total debt120.3Net cash (debt)14.3Shareholders’ equity702.5Debt to equity0.17Fiscal year 2017Cash238.4Total debt121.4Net cash (debt)117.0Shareholders’ equity1,010.9Debt to equity0.12Fiscal year 2018Cash228.3Total debt221.0Net cash (debt)7.3Shareholders’ equity1,143.8Debt to equity0.19Fiscal year 2019Cash101.0Total debt293.7Net cash (debt)−192.7Shareholders’ equity929.0Debt to equity0.32Fiscal year 2020Cash319.0Total debt289.9Net cash (debt)29.1Shareholders’ equity619.6Debt to equity0.47Fiscal year 2021Cash266.3Total debt215.7Net cash (debt)50.6Shareholders’ equity693.6Debt to equity0.31Fiscal year 2022Cash188.2Total debt413.0Net cash (debt)−224.8Shareholders’ equity859.4Debt to equity0.48Fiscal year 2023Cash192.8Total debt597.0Net cash (debt)−404.2Shareholders’ equity1,067.7Debt to equity0.56Fiscal year 2024Cash104.2Total debt490.5Net cash (debt)−386.3Shareholders’ equity1,001.3Debt to equity0.49Fiscal year 2025Cash151.9Total debt970.5Net cash (debt)−818.7Shareholders’ equity415.2Debt to equity2.34
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 134.6 238.4 228.3 101.0 319.0 266.3 188.2 192.8 104.2 151.9
Total debt 120.3 121.4 221.0 293.7 289.9 215.7 413.0 597.0 490.5 970.5
Net cash (debt) 14.3 117.0 7.3 −192.7 29.1 50.6 −224.8 −404.2 −386.3 −818.7
Shareholders’ equity 702.5 1,010.9 1,143.8 929.0 619.6 693.6 859.4 1,067.7 1,001.3 415.2
Debt to equity 0.17 0.12 0.19 0.32 0.47 0.31 0.48 0.56 0.49 2.34

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
254.2 435.0 627.1 846.4 924.6 908.0 1,352.0 1,963.9 2,554.7 1,876.2
Growth +71.1% +44.2% +35.0% +9.2% −1.8% +48.9% +45.3% +30.1% −26.6%
n/a n/a n/a n/a n/a 657.6 1,035.4 1,503.4 2,187.4 1,476.3
11.1 17.2 18.2 19.8 15.1 15.5 n/a n/a n/a n/a
160.7 205.7 235.4 236.4 210.4 219.5 269.3 358.1 263.1 303.9
−237.4 −72.8 −47.5 −308.9 −262.8 −42.4 3.6 −71.2 −40.5 −410.1
Growth −2,055.3%
−237.5 −76.4 −54.2 −330.0 −330.5 −29.8 −62.1 −202.4 −63.0 −534.6
−10.8 −6.6 0.0 −22.8 −2.4 0.5 −43.4 −89.4 −1.4 −0.1
−159.7 −60.7 −52.7 −302.0 −334.2 −37.6 −19.2 −113.0 −61.6 −534.5
Growth
Per share
−3.55 −0.94 n/a −3.67 −3.94 −0.44 −0.20 −1.28 −0.81 −5.07
−3.55 −0.94 n/a −3.67 −3.94 −0.44 −0.20 −1.28 −0.81 −5.07
Growth
45.0 64.4 n/a 82.4 84.9 86.1 93.7 111.3 114.7 114.2
45.0 64.4 n/a 82.4 84.9 86.1 93.7 111.3 114.7 114.2
Growth +42.9% +3.1% +1.3% +8.9% +18.7% +3.1% −0.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 15.2% a year over five years.
  • The diluted share count rose 34.5% in five years, which is dilution.
  • Operating margin is up 6.6 points on five years ago, at -21.9%.
  • A net loss in 10 of 10 years on file.