# Evolent Health, Inc. (EVH)

> Source: Nexqual · https://nexqual.com/EVH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Evolent Health, Inc. (EVH), nexqual.com/EVH" · informational, not investment advice.

**Price:** USD 4.89 (+1.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.83 · day 4.79–4.94 · 52w 2.1–7.92 · market cap $553M · NYQ

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Health Information Services)
WEAV (Weave Communications, Inc.) USD 7.39 +0.00% · SOPH (SOPHiA GENETICS SA) USD 7.05 -4.08% · NRC (NRC Health) USD 21.38 +5.27% · CARL (Carlsmed, Inc.) USD 14.61 +2.10% · CTEV (Claritev Corporation) USD 23.5 +2.17% · PHR (Phreesia, Inc.) USD 12.72 +3.75%

## More
Full page: https://nexqual.com/EVH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EVH's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1628908/000162890826000015/evh-20251231.htm):

| 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 o…" |
| 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 o…" |
| 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 extingui…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Evolent Health Services | $652.5M | 100.0% | +46.9% |
| Reportable | $652.5M | 100.0% | +46.9% |
| Total revenue | $652.5M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-30: 22.2%, 21.8%, 14.4%, 12.2% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.06 | $0.05 | +12.1% | $727.1M | 9 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.15 | -2.0% | $759.4M | 8 |
| Current fiscal year (ends 2026-12-31) | $0.20 | $0.20 | +1.7% | $2.64B | 9 |
| Next fiscal year (ends 2027-12-31) | $0.40 | $0.38 | +4.9% | $3.30B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±27.1%; last 8 reports averaged ±17.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 85.5% | ±27.1% |
| 2027-01-15 | 84 | 81.0% | ±31.2% |
| 2027-03-19 | 147 | 84.6% | ±42.4% |