Evolent Health (EVH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Evolent Health

NYSE•Healthcare•Health Information Services

$4.17+0.02(<0.01%)Pre-market

Market Cap

$413.03M

P/S

0.2x

P/B

1.1x

Evolent Health, Inc., through its subsidiary, provides specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company offers integrated value-based care platform for health plan administration and management. It also provides administrative services, such as health plan services, pharmacy benefits management, 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. In addition, the company provides Machinify Auth Intelligence, an artificial intelligence tool to aid nurses and physicians in completing clinical review of prior authorization requests. Evolent Health, Inc. was founded in 2011 and is headquartered in Arlington, Virginia.

How this company scores

WeakMetricSide Score: 25/100

Grade capped at D — Interest coverage below 1× (-6.3x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (12/25); weakest: Balance Sheet & Red Flags (3/25).

Profitability3/25

Growth7/25

Balance Sheet & Red Flags3/25

Cash & Earnings Quality12/25

Strengths

Improving marginsNo share dilution

Grade capped at D

Interest coverage below 1× (-6.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.2x5y range 0.1x – 2.8x

Currently below its 20-quarter median.

P/B · 1.1x5y range 0.6x – 4.6x

Currently below its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $413.03M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.10B
Q. Revenue: $652.52M
TTM EBITDA: $-315.73M
TTM Op. Income: $-427.50M
Q. Op. Income: $-9.56M
TTM Net Income: $-504.99M
Q. Net Income: $-28.36M
EPS: $-0.25
Shares Out.: $112.54M

$2.10B in TTM revenue declined 4.5% YoY, reaching $652.52M last quarter. TTM EBITDA of $-315.73M and TTM operating income of $-427.50M show growth is flowing through to the bottom line. However, net income is negative at $504.99M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 1.8%
Op. Margin: -1.5%
Net Margin: -4.3%

Op. margin of -1.5% is down 1.2% YoY — costs are rising relative to revenue. Net margin at -4.3% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.2x
P/B Ratio: 1.1x

P/S of 0.2x and P/B of 1.1x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.97B
Cash: $115.70M
Long-Term Debt: $966.47M
Book Value: $383.22M
D/E Ratio: 2.5
Debt/EBITDA: 80.5

With $1.97B in assets and $966.47M in long-term debt, D/E is 2.5and book value is $383.22M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 6 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-9.31M
TTM Free Cash Flow: $24.34M
FCF Margin: 1.2%
FCF / Net Income: -0.0

TTM FCF of $24.34M on $-9.31M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 139% — an improving trend.