Evolent Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Evolent Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	254	435	627	846	925	908	1,352	1,964	2,555	1,876
Cost of revenue					697	658	1,035	1,503	2,187	1,476
Gross profit					228	250	317	460	367	400
Research and development	11.1	17.2	18.2	19.8	15.1	15.5
Selling, general and administrative	161	206	235	236	210	219	269	358	263	304
Operating expenses	492	508	675	996	1,192	950
Operating income	-237	-72.8	-47.5	-309	-263	-42.4	3.64	-71.2	-40.5	-410
Interest expense	0.25	3.64	5.48	14.6	28.3	25.4	15.6	54.2	24.7	57.5
Interest income	0.97	1.66	3.44	3.41	2.63	0.41	1.37	5.26	5.54	4.19
Other non-operating income	0	0.17	0.11	-0.49	-0.12	-0.15	0.06	-0.54	0.24	0.25
Pre-tax income	-238	-76.4	-54.2	-330	-331	-29.8	-62.1	-202	-63	-535
Income tax	-10.8	-6.64	0.04	-22.8	-2.37	0.48	-43.4	-89.4	-1.41	-0.13
Income from continuing operations					-328	-30.3	-18.7	-113	-61.6
Net income to minority interests	-67	-9.1	-1.53	-3.61	0	0
Net income	-160	-60.7	-52.7	-302	-334	-37.6	-19.2	-113	-61.6	-535
EBITDA	-220	-40.5	-2.97	-248	-201	17.6	70.8	52.2	77.9	-294
EPS, basic	-3.55	-0.94	-0.68	-3.67	-3.94	-0.44	-0.20	-1.28	-0.81	-5.07
EPS, diluted	-3.55	-0.94	-0.68	-3.67	-3.94	-0.44	-0.20	-1.28	-0.81	-5.07
Shares, basic (weighted)	45	64.4	77.3	82.4	84.9	86.1	93.7	111	115	114
Shares, diluted (weighted)	45	64.4	77.3	82.4	84.9	86.1	93.7	111	115	114

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	135	238	228	101	319	266	188	193	104	152
Short-term investments	44.3	0
Receivables	40.6	48.9	80.2	75.7	124	131	255	447	415	310
Other current assets	11	8.4	22.6	28.5	56.3	51.4	20.7	30.3	28.9	18.5
Total current assets	265	378	488	229	548	524	478	684	607	506
Property, plant and equipment	31.2	50.9	73.6	85.2	86.2	81.4	87.9	78.2	73.2	80.8
Lease right-of-use assets			0	72.2	57.8	50.2	49	12	6.13	4.37
Goodwill	627	628	768	566	349	426	723	1,117	1,137	694
Intangible assets	259	241	335	308	265	280	443	752	680	585
Long-term investments	0
Other non-current assets	10	9.33	15
Total assets	1,200	1,313	1,722	1,498	1,372	1,419	1,817	2,680	2,544	1,899
Accounts payable	43.9	42.9	147	37.5	32	96.1	57.2	48.2	96	59.8
Accrued liabilities	29.2	29.6	49	33.3	73.2	107	111	150	66.4	65.8
Deferred revenue	20.5	24.8	20.6	19.8	10.2	11.9	5.76	5.98	2.51	1.2
Short-term debt				0	26.6	0	0	0	171	0
Total current liabilities	132	133	269	193	403	445	433	674	716	385
Long-term debt				294	263	216	413	597	491	971
Lease liabilities			0	68.9	62.5	57.7	56	38	25	3.82
Other non-current liabilities	14.7	9.86	17.1	11.7	22.1	5.53	4.74	3.64	2.98	8.01
Total liabilities	288	266	533	569	752	726	958	1,434	1,353	1,484
Total debt	120	121	221	294	290	216	413	597	491	971
Paid-in capital	555	924	1,093	1,174	1,229	1,341	1,487	1,808	1,804	1,793
Retained earnings	147	86	50	-252	-589	-627	-606	-719	-781	-1,315
Treasury stock				0	-21.1	-21.1	-21.1	-21.1	-21.1	-61.4
Other comprehensive income		0	-0.18	-0.23	-0.28	-0.36	-1.18	-1.26	-1.75	-2.62
Shareholders' equity	703	1,011	1,144	929	620	694	859	1,068	1,001	415
Minority interests	210	35.4	45.5	6.69	0
Total equity	912	1,046	1,189	929	620	694	859	1,068	1,001	415
Total liabilities and equity	1,200	1,313	1,722	1,498	1,372	1,419	1,817	2,680	2,544	1,899
Shares outstanding				84.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-227	-69.8	-54.2	-306	-334	-37.6	-19.2	-142	-93.5	-579
Depreciation and amortization	17.2	32.4	44.5	60.9	61.5	60	67.2	123	118	116
Stock-based compensation	18.6	20.4	17.6	15.6	14.6	16.7	34	40.5	39.7	39.7
Deferred income tax	-10.8	0.1	-17.1	-32.3	-48.1	-10.4	2.36	-54.5	-18.8	-15
Change in receivables	-11	-11.3
Change in payables	-6.37	5.56	7.6	-5.48	3.55	7.25	13.2	-6.72	4.25	6.64
Cash from operations	-35.5	-28	-20.7	-42.6	-16.2	38.7	-11.6	143	18.8	38.8
Capital expenditures	-15.5	-27.8	-39.6	-35.5
Acquisitions		-3.69	-130	-8.58	-0.3	-49	-248	-388	-30.7	-57.4
Purchases of investments	0	0
Sales and maturities of investments	9.38	44.2	0.35
Cash from investing	-96.7	-12.3	-160	-182	261	-15.8	-259	-416	-62.9	-0.23
Debt issued					30.1	0	220	647
Debt repaid			0	0	-16.6	-98.4	0	-464	0	-343
Stock issued	1.26	4.08	11.9	1.09	2.58	13.3	4.45	12.5	3.46	0
Share buybacks								0	0	-40
Cash from financing	150	166	274	-35.5	-11.9	-29.5	132	281	-0.57	-35.9
Exchange rate effect	0	0	-0.04	0.03	0.07	-0.05	-0.66	-0.08	-0.23	-0.49
Net change in cash	18	125	93	-260	233	-6.64	-140	8.3	-45	2.2
Free cash flow	-51	-55.8	-60.2	-78.2
Interest paid	0	2.47	2.5	5.04	13.4	7.11	6.27
Income taxes paid	0	0.67	0.34	1.48	9.68	0.55	1.4	4.9	1.4	2.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.2%	Gross profit / revenue.
Operating margin	-20.4%	Operating income / revenue.
EBITDA margin	-15.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-23.9%	Pre-tax income / revenue.
Net margin	-24.1%	Net income / revenue.
Operating cash flow margin	2.6%	Cash from operations / revenue.
Return on equity (ROE)	-131.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-25.6%	Net income / average total assets.
Return on invested capital (ROIC)	-27.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-26.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-477.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	107.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-58.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-21.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-25.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.0%	Total debt / total assets.
Liabilities / assets	80.6%	Total liabilities / total assets.
Net debt	$850.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-6.18x	Operating income / interest expense.
Working capital	$117.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$865.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	25.6x	Revenue / average property, plant and equipment.
Receivables turnover	4.67x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.63	Revenue / diluted weighted shares.
Operating cash flow per share	$0.48	Cash from operations / diluted weighted shares.
Book value per share	$3.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.69	Tangible book value / shares outstanding.
Cash per share	$1.03	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$408.1M	Share price x shares outstanding.
Enterprise value	$1.26B	Market cap + total debt - cash - short-term investments.
P/S	0.19x	Market cap / revenue.
P/B	1.07x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	7.51x	Market cap / cash from operations, when positive.
EV/Sales	0.60x	Enterprise value / revenue.
Earnings yield	-123.7%	Net income / market cap (the inverse of P/E).

What was Evolent Health, Inc.'s revenue in fiscal 2025?

Evolent Health, Inc. reported revenue of $1.88B for fiscal 2025, 26.6% lower than the year before.

Was Evolent Health, Inc. profitable in fiscal 2025?

No. It reported a net loss of $534.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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