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Employees: 4,200
Size Evolent Health (EVH) is a United States Health Care company (Miscellaneous Commercial Services) with a market value of $518M, the 2673rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.58 on 6 Nov 2026.
Performance Over six months the shares gained 9.6%, against -22.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 8 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median -7.3%); the operating margin is -1.3% (peer median -115.5%).
Valuation It trades at 12.1× forward earnings.
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.8 points below its cost of capital (7.0% WACC).
Backlog Backlog (remaining performance obligations) was $6.00M at 30 Sep 2026, down 80% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Evolent Health has 2 bonds outstanding ($569M).
Short interest Short interest is 10.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.10B | $1.88B | $2.55B | $1.96B | $1.35B |
| Revenue growth | — | -27% | +30% | +45% | — |
| Gross profit | $249M | $284M | $248M | $337M | $246M |
| EBITDA | $88.0M | $111M | $126M | $154M | $95.3M |
| Net income | -$505M | -$535M | -$61.6M | -$113M | -$18.7M |
| Free cash flow | $24.3M | $4.75M | -$6.13M | $114M | -$49.9M |
| Capital expenditure | $30.0M | $34.1M | $24.9M | $28.7M | $47.5M |
| Total debt | $970M | $990M | $904M | $823M | $476M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EVH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.7% | -5.6% | 2nd highest of 8 |
| 6-month return | +9.6% | -22.6% | 4th highest of 8 |
| Distance from 52-week high | -27.7% | -40.4% | 4th highest of 8 |
| Revenue growth (TTM) | -4.5% | -7.3% | 2nd highest of 5 |
| Operating margin | -1.3% | -115.5% | 2nd highest of 6 |
| Forward P/E | 12.1× | n/a | — |
| Growth the price implies (Req g, 7 yrs) | 22.6% | n/a | — |
| Growth delivered (Del g) | +15.2% | n/a | — |
| Hurdle (Req g minus delivered) | +7.4 pp | n/a | — |
| ROIC minus cost of capital | -8.8 pp | -21.3 pp | 2nd highest of 4 |
| Net debt / EBITDA | 9.4× | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evolent Health EVH | United States | $518M | +10% | -4% | -1% | 12.1× | 22.6% | +15.2% |
| SBC Medical SBC | United States | $518M | +58% | -7% | 37% | 10.3× | -16.1% | -6.9% |
| Oculis OCS | United States | $462M | -77% | n/a | n/a | n/a | n/a | n/a |
| Adlai Nortye Ltd. Sponsored ADR ANL | United States | $619M | -23% | n/a | -134% | n/a | n/a | n/a |
| Evotec EVT.DE | Germany | $630M | -33% | -8% | -19% | n/a | n/a | n/a |
| Tectonic Therapeutic TECX | United States | $403M | -29% | n/a | n/a | n/a | n/a | n/a |
| OmniAb OABI | United States | $734M | +29% | +91% | -116% | n/a | 59.6% | -31.9% |
| Silence Therapeutics PLC Sponsored ADR SLN | United States | $1.23B | +184% | -97% | -10,478% | n/a | n/a | n/a |
Evolent Health has 2 bonds outstanding with $569M face value.
Evolent Health reported $6.00M of remaining performance obligations at 30 Sep 2026, down 80% from a year earlier and down 42% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.