Start here if you're new
what it is
It helps health plans and doctors manage care, bills, and patient data for complex cases.
how it gets paid
Last year Evolent Health made $1.9B in revenue. Specialty care management was the main engine at $0.68B, or 36% of sales.
why it's growing
Revenue grew 300.3% last year. The -$3.84 EPS print mattered most. Wall Street wanted $0.01.
what just happened
Revenue landed at $469M, and EPS came in at -$3.84 versus $0.01 expected.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
-$0.81 fy2024 eps est
$3B fy2024 rev est
21.9% operating margin
xvary composite: 34/100 — weak
What they do
It helps health plans and doctors manage care, bills, and patient data for complex cases.
Evolent sells the plumbing for value-based care (paying for outcomes, not visits). In 2024, it had $1.9B of revenue and 4,500 employees. That is why leaving hurts. Your claims, analytics, and care work steps sit in one system.
How they make money
$1.9B
annual revenue · their business grew +300.3% last year
Specialty care management
$0.68B
Health plan services
$0.44B
Identifi platform
$0.29B
Analytics and reporting
$0.24B
Risk management and admin
$0.25B
The products that matter
manages high-cost specialty medical spend
Specialty Care Management
$1.4B disclosed revenue
this is the largest disclosed business line at $1.4B. after the ACO exit, this is the operating core you are really underwriting.
core business
oncology and specialty-care performance tools
Performance Suite
$0.5B disclosed revenue
this contributes $0.5B in disclosed revenue and sits inside the growth pitch. if management is going to get back to roughly 30% growth next year, you need this lane to show up in the reported numbers.
growth watch
signed client business awaiting conversion
2025 bookings
$750M signed
$750M in signed contracts is not revenue yet. it's the bridge between today's disappointment and tomorrow's growth case. if that bridge slips, the stock does too.
the bet
Key numbers
$1.9B
annual revenue
This is the size of the business. It is real scale, but it still sits under a $1.1B debt stack.
$469M
latest quarter
That is the most recent revenue print. It was 28% lower than a year ago, which is a rough tape.
21.9%
operating margin
For every $1 of sales, the business lost about 22 cents at the operating line.
$1.1B
long-term debt
That debt load is bigger than the stock's $334M market cap, which is why leverage matters here.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $1.1B (76% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for EVH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue landed at $469M, and EPS came in at -$3.84 versus $0.01 expected.
Revenue fell 28% vs. prior year. The EPS miss was $3.85 per share versus consensus, and that is the kind of gap markets do not ignore.
$469M
revenue
-$3.84
eps
n/a
n/a
the number that mattered
The -$3.84 EPS print mattered most. Wall Street wanted $0.01, so the miss was $3.85 per share.
source: company earnings report, 2026
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What could go wrong
the central risk is simple: EVH has to turn $750M of signed contracts into clean, timely revenue while carrying $1.1B of long-term debt and rebuilding trust after a 27.5% quarterly revenue drop.
high
contract conversion risk
management is pointing to $750M in signed business and roughly 30% growth next year. after a 27.5% revenue decline in the latest quarter, you need the conversion from bookings to recognized revenue to show up quickly and cleanly.
if the bridge from signed deals to reported revenue slips, the main bull case gets repriced fast
high
balance-sheet pressure
EVH carries $1.1B of long-term debt, equal to 76% of capital. that's more than three times the current $334M market cap, which means weak operating results hit a capital structure that already looks tight.
heavy debt narrows management's room to absorb more execution mistakes
med
thin operating margin
operating margin is 4.3%. that's a small buffer for a business still trying to stabilize revenue and prove it can convert new contracts without giving up too much economics along the way.
small misses can hit earnings hard when the margin cushion is this thin
med
guidance credibility risk
the stock already fell from a 52-week high near $12 to $2.77. when a company that just posted a $429M net loss asks you to focus on next year's acceleration, trust becomes part of the valuation.
another miss would pressure sentiment and the multiple at the same time
$1.1B of debt, a $334M market cap, and a recent 27.5% revenue drop leave EVH very little room for another disappointment.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue actually turning back up
management is guiding to roughly 30% growth for 2026 after a 27.5% drop in the latest quarter. that gap between promise and proof is the first thing you should watch.
calendar
Q1 2026 earnings report
estimated report date is may 5, 2026. this is the next hard check on whether the recovery story is showing up in reported numbers instead of conference-call language.
risk
debt versus operating progress
$1.1B in long-term debt is manageable only if operations cooperate. if results stay messy, the debt burden stops being background noise and becomes the story.
trend
signed contracts turning into recognized revenue
$750M in bookings sounds good. what you care about next is implementation timing, client retention, and whether those wins lift revenue instead of just the slide deck.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not trust this income statement to behave quarter after quarter.
risk rank
4
safer than 20% of stocks means riskier than most. if you own this name, you own volatility with a healthcare wrapper.
source: institutional data
Institutional activity
institutional ownership data for EVH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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