Evolent Health, Inc. (EVH) Stock Price & Analysis
Evolent Health, Inc. (EVH) closed at USD 4.89 on Thursday, October 22, 2026, up 1.24% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 4.83; the Oct 22, 2026 session ranged USD 4.79–4.94 on volume of 1,262,917 shares. Market capitalization is $552.86M, with a 52-week range of USD 2.1–7.92 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 12:06 UTC.
Also available as compact Markdown for AI agents: nexqual.com/EVH.md
Key facts (EVH)
- Last four reported quarters (through Jun 30, 2026): revenue $2.10B, net income -$505M (-24.1% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold EVH (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $329K; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (14 analysts), mean target USD 5.75 (range 3–8).
- Total return with dividends: 1Y -34.8% vs S&P 500 +14.9%; 5Y -83.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.06, revenue estimate $727M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (EVH)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $908M | $1.35B | $1.96B | $2.55B | $1.88B | $2.10B |
| Gross profit | $250M | $317M | $460M | $367M | $400M | — |
| Operating income | -$42.4M | $3.6M | -$71.2M | -$40.5M | -$410M | -$428M |
| Net income | -$37.6M | -$19.2M | -$113M | -$61.6M | -$535M | -$505M |
| EPS (diluted) | -$0.44 | -$0.20 | -$1.28 | -$0.81 | -$5.07 | — |
| Gross margin | 27.6% | 23.4% | 23.4% | 14.4% | 21.3% | — |
| Operating margin | -4.7% | 0.3% | -3.6% | -1.6% | -21.9% | -20.4% |
| Net margin | -4.1% | -1.4% | -5.8% | -2.4% | -28.5% | -24.1% |
| Revenue growth | -1.8% | +48.9% | +45.3% | +30.1% | -26.6% | — |
| Cash + short-term investments | $266M | $188M | $193M | $104M | $152M | — |
| Total debt | $216M | $413M | $597M | $662M | $971M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (EVH)
P/S 0.3x · EV/Sales 0.7x · P/B 1.4x · Earnings yield -91.34% · Net debt $851M · EV $1.40B
Superinvestors (SEC 13F-HR, Q2 2026) (EVH)
1 of 80 tracked investors hold EVH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Welling | Engaged Capital | 9.34% | $30.2M | Unchanged |
Insider sales (SEC Form 4, open-market, last ~7 months) (EVH)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-26 | McCarthy Daniel Joseph | PRESIDENT | 65,892 | $329K | 9.1% | Yes (adopted May 22, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (EVH)
Consensus Buy (mean 1.93 on a 1–5 scale), 14 analysts; mean target USD 5.75 (low 3, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-18 | JP Morgan | Target raised | Overweight | $5 → $6 |
| 2026-08-17 | TD Cowen | Target raised | Buy | $5 → $6 |
| 2026-08-12 | Truist Securities | Target lowered | Hold | $7 → $6 |
| 2026-08-11 | Citigroup | Upgrade | Neutral → Buy | $6.75 → $6 |
| 2026-08-10 | Canaccord Genuity | Target lowered | Buy | $7 → $6 |
| 2026-07-28 | TD Cowen | Target lowered | Buy | $8 → $5 |
| 2026-07-23 | Citigroup | Downgrade | Buy → Neutral | $5.5 → $6.75 |
| 2026-07-21 | Canaccord Genuity | Target raised | Buy | $6 → $7 |
| 2026-06-30 | Truist Securities | Downgrade | Buy → Hold | $7 |
Total return (dividends reinvested) (EVH)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -34.8% | -83.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.9% | -30.5% |
| Volatility (annualized) | 80.3% | 66.4% |
| Max drawdown | -72.2% (Oct 2025→Mar 2026) | -94.4% (Sep 2022→Mar 2026) |
EVH revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Evolent Health Services | $652.5M | 100.0% | +46.9% |
| Reportable | $652.5M | 100.0% | +46.9% |
| Total revenue | $652.5M | 100% | — |
EVH revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Performance Suite | $484.5M | 74.3% | +80.8% |
| Specialty Technology and Services Suite | $78.2M | 12.0% | -4.0% |
| Administrative Services | $48.0M | 7.4% | -14.1% |
| Cases | $41.9M | 6.4% | +7.0% |
| Total revenue | $652.5M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
EVH suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | MOLINA HEALTHCARE, INC. (MOH) | “Our four largest partners in terms of revenue, Molina Healthcare, Inc. ("Molina"), Cook County Health and Hospitals System, Florida Blue and Centene Corporation comprised 25.7%, 16.4%, 14.2% and 12.2%, respectively, of our revenue for the year ended December 31, 2025.” |
| Partner | Florida Blue and Centene | “Our four largest partners in terms of revenue, Molina Healthcare, Inc. ("Molina"), Cook County Health and Hospitals System, Florida Blue and Centene Corporation comprised 25.7%, 16.4%, 14.2% and 12.2%, respectively, of our revenue for the year ended December 31, 2025.” |
| Partner | ARES CAPITAL CORP (ARCC) | “On December 31, 2025, using proceeds from the sale of Evolent Care Partners, the Company repaid $82.8 million of principal on its Ares First Lien Term Loan Facility and recorded a loss of $3.9 million in loss on extinguishment and repayment of debt, net, comprised of $0.8 million of contractual prepayment penalty in accordance with the Credit Agreement and $3.1 million of acceleration of amortization of deferred f…” |
Quoted from the company's 10-K filed Feb 25, 2026.
EVH customer concentration
In the period ended Jun 30, 2026, 4 direct customers each accounted for at least 10% (22.2%, 21.8%, 14.4%, 12.2%) of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name them.
EVH company outlook (results filed Aug 6, 2026)
- “Full Year 2026 Guidance Incorporating its year-to-date performance, the Company is raising its 2026 revenue guidance range to $2.6 to $2.7 billion.”
- “Additional Outlook Information The Company expects to deploy $25 million to $30 million in cash for capitalized software development during 2026.”
Quoted word-for-word from the SEC 8-K results press release.
EVH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.06 | $0.05 | +12.1% | $727.1M | 9 |
| Next quarter (ends Dec 2026) | $0.15 | $0.15 | -2.0% | $759.4M | 8 |
| Current fiscal year (ends Dec 2026) | $0.20 | $0.20 | +1.7% | $2.64B | 9 |
| Next fiscal year (ends Dec 2027) | $0.40 | $0.38 | +4.9% | $3.30B | 9 |
EVH options: expected move
Options price a move of about ±27.1% (±$1.33) by Dec 18, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±17.2% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Dec 18, 2026 | 56 | 85.5% | ±27.1% |
| Jan 15, 2027 | 84 | 81.0% | ±31.2% |
| Mar 19, 2027 | 147 | 84.6% | ±42.4% |
30-day implied volatility 84.7% vs 67% realized over the last 30 trading days. Put/call ratio (volume) 0. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 12:06 UTC)
| Price | USD 4.89 |
|---|---|
| Change | ▲ 1.24% (up) |
| Previous Close | USD 4.83 |
| Open | USD 4.84 |
| Day Range | USD 4.79 – 4.94 |
| 52-Week Range | USD 2.1 – 7.92 |
| Volume | 1,262,917 shares |
| Market Cap | $552.86M |
| Exchange | NYQ |
Technical Analysis (EVH)
Nexqual's technical model rates EVH "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 12:06 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 64.35 (neutral) |
| vs SMA50 | Above (USD 4.22) |
| MACD | 0.24 (positive) |
Analyst Ratings (EVH)
Wall Street analysts rate EVH "Buy" based on 14 analysts, with a mean price target of USD 5.75 (range USD 3–8), per Nexqual as of October 23, 2026 at 12:06 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 14 |
| Mean Target | USD 5.75 |
| High Target | USD 8 |
| Low Target | USD 3 |
| Buy / Hold / Sell | 11 / 3 / 0 |
Earnings (EVH)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.06 |
| Revenue Estimate | $727.05M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.02 vs est -0.02 ▲ beat |
| 2026-03-31 | USD -0.02 vs est -0.05 ▲ beat |
| 2025-12-31 | USD 0.08 vs est 0.05 ▲ beat |
| 2025-09-30 | USD 0.05 vs est 0.1 ▼ miss |
Source: Nexqual, October 23, 2026 at 12:06 UTC.
Financials & Fundamentals (EVH)
| Total Revenue | $2.10B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +46.90% |
| Gross Margin | +17.24% |
| Operating Margin | -1.34% |
| Profit Margin | -24.08% |
| ROE | -66.97% |
| Debt / Equity | 2.53 |
| Current Ratio | 1.24 |
| Total Cash | $115.70M |
| Total Debt | $970.43M |
Source: Nexqual, October 23, 2026 at 12:06 UTC.
Financial Health Score (EVH)
Nexqual rates Evolent Health, Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 12:06 UTC.
| Growth | Critical — Revenue -27% YoY (annual), sharp decline |
|---|---|
| Profitability | Weak — Gross margin 17%, operating -1% (last 12 months) |
| Balance Sheet | Weak — $116M cash and investments vs $966M debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $39M (FY ended Dec 2025, 10-K) |
| Efficiency | Critical — ROE -67%, ROA -0.8% |
Ownership (EVH)
| Insider Ownership | +3.10% |
|---|---|
| Institutional Ownership | +101.60% |
| Shares Outstanding | 113.06M |
| Float | 94.23M |
| Short % of Float | +11.55% |
Source: Nexqual, October 23, 2026 at 12:06 UTC.
Leadership (EVH)
Evolent Health, Inc. is led by Seth Barrie Blackley, Co-Founder, CEO & Director, per Nexqual as of October 23, 2026 at 12:06 UTC.
| Co-Founder, CEO & Director | Seth Barrie Blackley |
|---|---|
| President | Dan McCarthy |
| Chief Strategy Officer | John Paul Johnson |
| Chief Financial Officer | Mario Marques Ramos |
| Chief Operating Officer | Katie DiPerna Cook |
Major Backers & Investors (EVH)
Notable institutional backers of Evolent Health, Inc. include Cadian Capital Management, LP, Morgan Stanley, UBS Group AG, according to Nexqual as of October 23, 2026 at 12:06 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Cadian Capital Management, LP | 9.57% |
| Morgan Stanley | 7.93% |
| UBS Group AG | 5.52% |
| Rubicon Founders LLC | 5.14% |
| Engaged Capital, LLC | 4.92% |
| Shaw D.E. & Co., Inc. | 4.52% |
| Marshall Wace LLP | 3.02% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 13.1% |
| Vanguard Group | 4.23% |
| Nuveen | 2.77% |
Source: Nexqual, October 23, 2026 at 12:06 UTC.
From Evolent Health, Inc.'s Latest SEC 10-K Filing (filed 2026-02-25)
Key Strengths & Strategy (as disclosed to the SEC)
- Our integrated proprietary technology, Identifi®, allows us to deliver a connected delivery ecosystem, implement replicable clinical processes, scale our value-based services and capitalize on multiple types of value-based payment relationships.
- Our continued growth and success depend, in part, on our ability to protect our intellectual property and proprietary technology, including our Identifi® software and CareProTM platform.
- Identifi® is our proprietary technology system that aggregates and analyzes data, manages care workflows and engages patients.
- By processing data on behalf of our partners, we are subject to specific compliance obligations under privacy and data security-related laws, including HIPAA, the HITECH Act and related state laws.
Legal & Regulatory Risks (Item 1A, quoted)
- Our offerings could be subject to audits by CMS and other governmental payers and whistleblower claims under the False Claims Act.
- Risks Related to Data Protection Privacy, Cybersecurity, Intellectual Property and Technology
- We are subject to data privacy and protection laws governing the collection, use, disclosure and security of health information, which may impose restrictions on the manner in which we access personal data and subject us to penalties if we are unable to fully comply with such laws.
- Our business is subject to online security risks, and if we are unable to safeguard the security and privacy of confidential data, we may face significant liabilities and our reputation and business will be harmed.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| WEAV | Weave Communications, Inc. | USD 7.39 | ▲ 0% |
| SOPH | SOPHiA GENETICS SA | USD 7.05 | ▼ 4.08% |
| NRC | NRC Health | USD 21.38 | ▲ 5.27% |
| CARL | Carlsmed, Inc. | USD 14.61 | ▲ 2.1% |
| CTEV | Claritev Corporation | USD 23.5 | ▲ 2.17% |
| PHR | Phreesia, Inc. | USD 12.72 | ▲ 3.75% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 12:06 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt