Evolent Health, Inc. EVH
Evolent is a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses. We work on behalf of health plans and other risk-bearing entities and payers (our customers) to support physicians and other healthcare providers (our users) in providing high quality evidence-based care to their patients. We believe adherence to evidence-based clinical pathways supports better outcomes for patients, a better experience for physicians, and lower costs for the healthcare system overall.
Specialty care represents a significant and fast-growing portion of healthcare costs in the United States, driven in part by the pace of development of new therapies and treatments. To manage these increasing costs, some health plans and other risk-bearing entities historically deployed cost containment strategies that can limit access to care and operate in narrow silos (for example, prior authorization for radiological studies being considered independently from a comprehensive chemotherapy regimen). We believe Evolent can bring an integrated approach to a patient's condition across multiple specialties, using technology to recommend our evidence-based clinical pathways in a way that provides rapid feedback to the provider, seeks to remove barriers to care, and aligns financial incentives with the best evidence.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $2.55B | $1.96B | $1.35B | $908.0M | $924.6M | $687.1M | $627.1M | $434.9M | $254.2M |
| Cost of revenue | $1.48B | $2.19B | $1.50B | $1.04B | $657.6M | — | — | — | — | — |
| Gross profit | $399.9M | $367.4M | $460.5M | $316.6M | $250.4M | — | — | — | — | — |
| R&D | — | — | — | — | $15.5M | $15.1M | $19.8M | $18.2M | $17.2M | $11.1M |
| SG&A | $303.9M | $263.1M | $358.1M | $269.3M | $219.5M | $210.4M | $236.4M | $235.4M | $205.7M | $160.7M |
| Total operating expenses | $2.29B | $2.60B | $2.04B | $1.35B | $950.4M | $1.19B | $996.0M | $674.5M | $507.8M | $491.6M |
| Operating income | -$410.1M | -$40.5M | -$71.2M | $3.6M | -$42.4M | -$262.8M | -$308.9M | -$47.5M | -$72.8M | -$237.4M |
| Interest expense | $57.5M | $24.7M | $54.2M | $15.6M | $25.4M | $28.3M | $14.6M | $5.5M | $3.6M | $247.0K |
| Pre-tax income | -$534.6M | -$63.0M | -$202.4M | -$62.1M | -$29.8M | -$330.5M | -$330.0M | -$54.2M | -$76.4M | -$237.5M |
| Income tax | $126.0K | $1.4M | $89.4M | $43.4M | $483.0K | $2.4M | $22.8M | $40.0K | $6.6M | $10.8M |
| Net income | -$579.4M | -$93.5M | -$142.3M | -$19.2M | -$37.6M | -$334.2M | -$305.6M | -$52.7M | -$60.7M | -$159.7M |
| EPS, basic | -5.07 | -0.81 | -1.28 | -0.20 | -0.44 | -3.94 | -3.67 | — | -0.94 | -3.55 |
| EPS, diluted | -5.07 | -0.81 | -1.28 | -0.20 | -0.44 | -3.94 | -3.67 | -0.68 | -0.94 | -3.55 |
| Shares, diluted (wtd. avg.) | $114.2M | $114.7M | $111.3M | $93.7M | $86.1M | $84.9M | $82.4M | — | $64.4M | $45.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $151.9M | $104.2M | $223.5M | $215.2M | $354.9M | $361.6M | $128.5M | $388.3M | $295.4M | $170.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $44.3M |
| Receivables | $309.9M | $414.7M | $446.7M | $254.7M | $130.6M | $124.1M | $75.7M | $80.2M | $48.9M | $40.6M |
| Total current assets | $506.4M | $607.1M | $683.7M | $478.1M | $524.0M | $547.6M | $228.8M | $488.0M | $378.2M | $265.0M |
| Property, plant and equipment | $80.8M | $73.2M | $78.2M | $87.9M | $81.4M | $86.2M | $85.2M | $73.6M | $50.9M | $31.2M |
| Goodwill | $694.5M | $1.14B | $1.12B | $722.8M | $426.3M | $349.0M | $566.4M | $768.1M | $628.2M | $626.6M |
| Other intangibles | $584.9M | $680.2M | $752.0M | $442.8M | $279.8M | $265.0M | $308.5M | $335.0M | $241.3M | $258.9M |
| Total assets | $1.90B | $2.54B | $2.68B | $1.82B | $1.42B | $1.37B | $1.50B | $1.72B | $1.31B | $1.20B |
| Accounts payable | $59.8M | $96.0M | $48.2M | $57.2M | $96.1M | $32.0M | $37.5M | $146.8M | $42.9M | $43.9M |
| Short-term debt | $0 | $171.5M | $0 | — | $0 | $26.6M | $0 | — | — | — |
| Total current liabilities | $385.3M | $715.5M | $674.2M | $433.4M | $445.5M | $403.3M | $192.8M | $269.4M | $132.7M | $131.9M |
| Long-term debt | $970.5M | $490.5M | $597.0M | $413.0M | $215.7M | $263.3M | $293.7M | $221.0M | $121.4M | $120.3M |
| Total liabilities | $1.48B | $1.35B | $1.43B | $957.9M | $725.8M | $752.1M | $569.0M | $532.9M | $266.4M | $287.7M |
| Retained earnings | -$1.32B | -$780.8M | -$719.2M | -$606.2M | -$626.8M | -$589.2M | -$252.0M | $50.0M | $86.0M | $146.6M |
| Total equity | $415.2M | $1.00B | $1.07B | $859.4M | $693.6M | $619.6M | $929.0M | $1.19B | $1.05B | $912.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $38.8M | $18.8M | $142.6M | -$11.6M | $38.7M | -$16.2M | -$42.6M | -$20.7M | -$28.0M | -$35.5M |
| Depreciation and amortisation | $115.9M | $118.4M | $123.4M | $67.2M | $60.0M | $61.5M | $60.9M | $44.5M | $32.4M | $17.2M |
| Stock-based compensation | $39.7M | $39.7M | $40.5M | $34.0M | $16.7M | $14.6M | $15.6M | $17.6M | $20.4M | $18.6M |
| Capital expenditure | — | — | — | — | — | — | $35.5M | $39.5M | $27.8M | $15.5M |
| Investing cash flow | -$233.0K | -$62.9M | -$415.5M | -$259.1M | -$15.8M | $261.1M | -$181.6M | -$160.4M | -$12.3M | -$96.7M |
| Financing cash flow | -$35.9M | -$565.0K | $281.3M | $131.5M | -$29.5M | -$11.9M | -$35.5M | $274.0M | $165.6M | $150.2M |
| Buybacks | $40.0M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177267.
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