NYSE · Financial Statements

Evolent Health, Inc (EVH) Financial Statements

$4.80 NYSE: EVH Market Cap $539.91M

Evolent Health, Inc most recently reported annual revenue of $1.9B, a net loss of $535.0M. Revenue grew at an average annual rate of 15.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Evolent Health, Inc: Revenue rose from $254.0M in 2016 to $1.9B in 2025, a change of +638.6% over 9 years; net profit was positive in 0 of 10 reported years; operating margin moved from -93.4% to -0.2%, a shift of +93.2 percentage points; the most recent year shows a net loss of $535.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$254.0M	$435.0M	$627.0M	$687.0M	$925.0M	$908.0M	$1.4B	$2.0B	$2.6B	$1.9B
Operating Expenses	$492.0M	$508.0M	$675.0M	$996.0M	$1.2B	$950.0M	$1.3B	$2.0B	$2.6B	$1.9B
Operating Profit	$-237.0M	$-73.0M	$-47.0M	$-309.0M	$-263.0M	$-42.0M	$4.0M	$-71.0M	$-40.0M	$-4.0M
Operating Margin	-93.4%	-16.8%	-7.6%	-45.0%	-28.4%	-4.7%	0.3%	-3.6%	-1.6%	-0.2%
Other Income	$0	$-4.0M	$-7.0M	$-21.0M	$-68.0M	$13.0M	$-66.0M	$-131.0M	$-23.0M	$-530.0M
Interest	$1.0M	$4.0M	$5.0M	$15.0M	$28.0M	$25.0M	$16.0M	$54.0M	$25.0M	$57.0M
Depreciation	$17.0M	$32.0M	$45.0M	$61.0M	$61.0M	$60.0M	$90.0M	$123.0M	$123.0M	$116.0M
Profit Before Tax	$-238.0M	$-76.0M	$-54.0M	$-330.0M	$-331.0M	$-30.0M	$-62.0M	$-202.0M	$-63.0M	$-535.0M
Tax	$4.5M	$8.7M	$-70,000	$6.9M	$720,000	$-1.6M	$69.9M	$44.1M	$2.2M	$20,000
Net Profit	$-160.0M	$-61.0M	$-53.0M	$-302.0M	$-334.0M	$-38.0M	$-19.0M	$-113.0M	$-62.0M	$-535.0M
EPS	$-3.55	$-0.94	$-0.68	$-3.71	$-3.94	$-0.36	$-0.20	$-1.28	$-0.81	$-5.07
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$511.0M	$556.0M	$640.0M	$647.0M	$621.0M	$647.0M	$484.0M	$444.0M	$480.0M	$469.0M	$496.0M	$653.0M
Operating Expenses	$529.0M	$577.0M	$653.0M	$639.0M	$638.0M	$665.0M	$485.0M	$442.0M	$479.0M	$478.0M	$506.0M	$662.0M
Operating Profit	$-18.0M	$-21.0M	$-13.0M	$8.0M	$-16.0M	$-19.0M	$-2.0M	$3.0M	$1.0M	$-10.0M	$-10.0M	$-10.0M
Operating Margin	-3.5%	-3.8%	-2.1%	1.2%	-2.6%	-2.9%	-0.3%	0.6%	0.1%	-2.1%	-2.0%	-1.5%
Interest	$15.0M	$12.0M	$6.0M	$6.0M	$6.0M	$7.0M	$10.0M	$12.0M	$16.0M	$19.0M	$17.0M	$17.0M
Profit Before Tax	$-31.0M	$-48.0M	$-17.0M	$1.0M	$-24.0M	$-24.0M	$-63.0M	$-21.0M	$-20.0M	$-431.0M	$-26.0M	$-26.0M
Tax	$18.0M	$30.5M	$-3.4M	$-17.5M	$2.6M	$4.7M	$-2.3M	$4.0M	$-4.5M	$390,000	$-3.5M	$-10.6M
Net Profit	$-25.0M	$-33.0M	$-17.0M	$2.0M	$-23.0M	$-23.0M	$-65.0M	$-20.0M	$-21.0M	$-429.0M	$-27.0M	$-28.0M
EPS	$-0.30	$-0.36	$-0.22	$-0.06	$-0.27	$-0.27	$-0.63	$-0.44	$-0.24	$-3.76	$-0.24	$-0.25

Over the 10 years reported for Evolent Health, Inc, borrowings increased from $120.0M in 2016 to $990.0M in 2025, cash stood at $152.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 1.31 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$1.2B	$1.3B	$1.7B	$1.5B	$1.5B	$1.4B	$1.8B	$2.7B	$2.5B	$1.9B
Current Assets	$265.0M	$378.0M	$488.0M	$229.0M	$548.0M	$524.0M	$478.0M	$684.0M	$607.0M	$506.0M
Cash	$135.0M	$238.0M	$228.0M	$101.0M	$333.0M	$266.0M	$188.0M	$193.0M	$104.0M	$152.0M
Inventory	$-41.0M	$-3.0M	$79.0M	$0	$0	$0	$0	$0	$0	$0
Receivables	$41.0M	$69.0M	$82.0M	$77.0M	$124.0M	$131.0M	$255.0M	$447.0M	$415.0M	$323.0M
Fixed Assets	$31.0M	$51.0M	$74.0M	$157.0M	$144.0M	$132.0M	$137.0M	$90.0M	$79.0M	$85.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$47.0M	$2.0M	$10.0M	$141.0M	$18.0M	$5.0M	$4.0M	$5.0M	$68.0M	$9.0M
Other Assets	$627.0M	$628.0M	$768.0M	$572.0M	$349.0M	$426.0M	$723.0M	$1.1B	$1.1B	$694.0M
Total Liabilities	$288.0M	$266.0M	$533.0M	$569.0M	$855.0M	$726.0M	$958.0M	$1.6B	$1.5B	$1.5B
Current Liabilities	$132.0M	$133.0M	$147.0M	$193.0M	$403.0M	$445.0M	$433.0M	$674.0M	$716.0M	$385.0M
Borrowings	$120.0M	$121.0M	$221.0M	$369.0M	$360.0M	$280.0M	$476.0M	$645.0M	$714.0M	$990.0M
Other Liabilities	$167.0M	$145.0M	$312.0M	$200.0M	$495.0M	$445.0M	$482.0M	$968.0M	$829.0M	$494.0M
Equity	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Reserves	$703.0M	$1.0B	$1.1B	$922.0M	$620.0M	$694.0M	$859.0M	$1.1B	$1.0B	$415.0M

For Evolent Health, Inc, operating cash flow was positive in 4 of 10 reported years; free cash flow in the latest year was $5.0M; free cash flow was positive in 3 of 10 years; financing activities used $90.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-36.0M	$-28.0M	$-21.0M	$-43.0M	$-16.0M	$39.0M	$-12.0M	$143.0M	$19.0M	$39.0M
Investing Cash Flow	$-122.0M	$-40.0M	$-200.0M	$-217.0M	$232.0M	$-41.0M	$-297.0M	$-444.0M	$-88.0M	$-34.0M
Financing Cash Flow	$-1.0M	$-1.0M	$106.0M	$-99.0M	$-8.0M	$-4.0M	$-78.0M	$-64.0M	$-43.0M	$-90.0M
Net Cash Flow	$-11.0M	$125.0M	$93.0M	$-262.0M	$213.0M	$-7.0M	$-140.0M	$8.0M	$-45.0M	$14.0M
Free Cash Flow	$-51.0M	$-56.0M	$-60.0M	$-78.0M	$-46.0M	$14.0M	$-50.0M	$114.0M	$-6.0M	$5.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.00
EV / EBITDA	-3.92
FCF Yield	4.35%
Quick Ratio	1.24
Interest Coverage	-0.41
Return 1Y	-54.55%
Return 3Y	-84.82%
Return 5Y	-72.19%

Evolent Health, Inc (EVH) financials — frequently asked questions

What is Evolent Health, Inc's annual revenue?

Evolent Health, Inc (EVH) reported annual revenue of $1.9B in its most recent fiscal year.

What is Evolent Health, Inc's net profit?

Evolent Health, Inc (EVH) reported a net loss of $535.0M in its most recent fiscal year.

What is EVH EV/EBITDA?

Evolent Health, Inc's enterprise value to EBITDA (EV/EBITDA) ratio is -3.92. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

Related stock screens

High ROE Healthcare Stocks Low P/E Healthcare Stocks High Net Margin Healthcare Stocks Dividend Healthcare Stocks Low Debt Healthcare Stocks High ROE Stocks Low P/E Stocks High Net Margin Stocks Dividend Stocks Low Debt Stocks NYSE High ROE Stocks All stock screens

EVH Overview EVH Dividend Run Stock Screener

Data for information only, not investment advice. Figures may be delayed or inaccurate; verify against company filings. See our disclaimer.