Cash generation remains inconsistent, highlighted by a $39.1 million free cash flow outflow in 2025Q2 and a $40 million share buyback in 2025Q3 despite ongoing net losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 33.29M | 38.84M | 18.77M | 142.58M | -11.55M | 38.75M | -16.23M | -42.65M | -20.65M | -27.96M | -35.51M | -19.83M | -75.09M | -13.63M | -12.77M |
| Operating CF Margin % | - | 2.07% | 0.73% | 7.26% | -0.85% | 4.27% | -1.75% | -6.21% | -3.29% | -6.43% | -13.97% | -20.47% | - | -53.09% | -152.97% |
| Operating CF Growth % | -92.46% | 107% | -86.84% | 1334.16% | -129.82% | 338.81% | 61.95% | -106.5% | 26.14% | 21.27% | -79.08% | 73.59% | -450.99% | -6.75% | - |
| Net Income | -496.52M | -579.4M | -61.62M | -113.04M | -19.16M | -37.6M | -328.17M | -301.97M | -54.19M | -69.77M | -226.78M | 319.81M | -25.25M | 20.02M | -19.26M |
| Depreciation & Amortization | 24.2M | 122.64M | 125.61M | 123.42M | 67.19M | 60.04M | 60.84M | 66.64M | 44.52M | 32.37M | 17.22M | 7.17M | 0 | 1.21M | 114K |
| Stock-Based Compensation | 12.29M | 39.74M | 39.75M | 40.5M | 33.98M | 16.71M | 0 | 0 | 17.61M | 20.44M | 22.5M | 14.73M | 0 | 91K | 87K |
| Deferred Taxes | 2.02M | -2.98M | -2.82M | -31.27M | 342K | -526K | -1.13M | -23.12M | 44K | -7.27M | -10.76M | 23.46M | 0 | 4.24M | 0 |
| Other Non-Cash Items | 568.37M | 516.23M | 34.4M | 101.09M | 10.53M | 22.61M | 307.56M | 215.48M | 6.24M | 3.56M | 166.73M | -387.16M | 75.14M | -45.42M | 6.38M |
| Working Capital Changes | -45.87M | -57.38M | -116.56M | 21.89M | -104.44M | -22.49M | -55.32M | 331K | -34.87M | -7.28M | -4.43M | 2.16M | -49.9M | 6.23M | -1.79M |
| Change in Receivables | 85.22M | 73.7M | 32.06M | -164.69M | -102.98M | -24.76M | -47.02M | 6.33M | -24.5M | -11.26M | -11.04M | 11.76M | 0 | -8.67M | -1.79M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 644K | -1.83M | 5.11M | -5.77M | 0 | 2.92M | 0 |
| Change in Payables | 8.76M | 6.64M | 4.25M | -6.72M | 13.16M | 7.25M | 3.55M | -5.48M | 7.6M | 5.56M | -6.37M | 2.76M | 0 | -843K | 0 |
| Cash from Investing | 6.45M | -233K | -62.93M | -415.54M | -259.12M | -15.79M | 261.07M | -181.63M | -160.38M | -12.27M | -97.8M | -43.68M | -3.58M | -25.91M | -3.78M |
| Capital Expenditures | -31.9M | -34.09M | -24.89M | -28.75M | -38.36M | -24.98M | -31.76M | -35.53M | -39.55M | -27.85M | -15.53M | -6.51M | -11.03M | -10.44M | -2.33M |
| CapEx % of Revenue | 1.69% | 1.82% | 0.97% | 1.46% | 2.84% | 2.75% | 3.43% | 5.17% | 6.31% | 6.4% | 6.11% | 6.73% | - | 40.66% | 27.91% |
| Acquisitions | -51.55M | 0 | 0 | 870K | 5.55M | 14.22M | -300K | -8.57M | -139.6M | -4.82M | -85.56M | 13.06M | 0 | -15.52M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 89.91M | 34.85M | -30.72M | -387.67M | -226.31M | -2.53M | 160.86M | -41M | 28.44M | -20M | -6.09M | -50.23M | 7.46M | 50K | -1.45M |
| Cash from Financing | -147.75M | -35.92M | -565K | 281.34M | 131.54M | -29.55M | -11.86M | -35.55M | 274.02M | 165.56M | 122.14M | 209.24M | -1.36M | 34.29M | 4.5M |
| Debt Issued (Net) | -93.44M | 65.06M | 58.58M | 183.29M | 219.74M | -37.69M | 13.46M | 62.65M | 167.18M | 0 | 121.25M | 0 | 0 | 23M | 0 |
| Equity Issued (Net) | -40.02M | -40M | 3.46M | 168M | -18.32M | 0 | 2.58M | 1.09M | 0 | 166.95M | 1.26M | 209.09M | 0 | 11.29M | 4.5M |
| Dividends Paid | -6.55M | -11.13M | -20.09M | -18.79M | 0 | -1.3M | -20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -40.02M | -40M | 0 | 0 | -18.32M | 0 | 0 | 0 | -1.24M | 0 | -365K | 0 | 0 | -100K | 0 |
| Other Financing | -7.74M | -49.86M | -42.52M | -51.16M | -69.88M | 9.44M | -7.89M | -99.28M | 106.85M | -1.39M | -365K | -1.21M | -1.36M | 0 | 0 |
| Net Change in Cash | -96.78M | 14.49M | -44.96M | 8.3M | -139.78M | -6.64M | 212.99M | -262.44M | 92.96M | 125.33M | -11.16M | 145.73M | -80.03M | -5.25M | -12.05M |
| Free Cash Flow | 1.4M | 4.75M | -6.13M | 113.84M | -49.91M | 13.76M | -45.7M | -78.18M | -60.2M | -55.81M | -51.04M | -26.34M | -86.13M | -24.07M | -15.1M |
| FCF Margin % | 0.07% | 0.25% | -0.24% | 5.8% | -3.69% | 1.52% | -4.94% | -11.38% | -9.6% | -12.83% | -20.08% | -27.19% | - | -93.75% | -180.88% |
| FCF Growth % | 114.35% | 177.59% | -105.38% | 328.07% | -462.64% | 130.12% | 41.55% | -29.86% | -7.88% | -9.35% | -93.73% | 69.41% | -257.87% | -59.43% | - |
| FCF per Share | 0.01 | 0.04 | -0.05 | 1.02 | -0.53 | 0.16 | -0.54 | -0.95 | -0.78 | -0.87 | -1.13 | -0.57 | -2.25 | -0.63 | -0.39 |
| FCF Conversion (FCF/Net Income) | -0.00x | -0.07x | -0.30x | -1.26x | 0.60x | -1.03x | 0.05x | 0.14x | 0.39x | 0.46x | 0.22x | -0.06x | 2.97x | -0.68x | 0.66x |
| Interest Paid | 0 | 0 | 20.21M | 53.59M | 6.27M | 7.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.39M | 4.89M | 1.4M | 551K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Performance-based revenue volatility
According to recent financial disclosures, Evolent's operating cash flow frequently diverges from net income, as evidenced by the 2025Q2 period where the company reported a $19.9 million net loss alongside a $30.3 million cash outflow, highlighting the inherent difficulty in reconciling GAAP results with actual cash generation.
The persistent gap between net income and operating cash flow suggests that non-cash charges and timing differences in performance-based revenue recognition significantly distort the company's true economic performance. Investors should monitor whether this disconnect reflects genuine operational inefficiencies or merely the accounting lag associated with settling shared-savings contracts with health plans.
As reported in quarterly filings, Evolent's free cash flow trajectory remains highly erratic, swinging from a peak of $83.3 million in 2024Q4 to a $39.1 million outflow in 2025Q2, which underscores the instability of its cash-generating model in the face of fluctuating clinical performance outcomes.
The lack of a consistent FCF trend suggests that the company's cash flow is highly sensitive to the timing of performance-based settlements and potential medical cost overruns. This volatility complicates long-term valuation, as the company appears unable to maintain positive cash flow margins across consecutive reporting periods.
Based on the provided data, working capital changes have frequently acted as a significant drain on liquidity, with a notable $59.4 million outflow in 2025Q2, indicating that the company's collection cycles or inventory-like clinical service obligations are creating substantial pressure on its short-term cash position.
The recurring negative working capital adjustments suggest that Evolent is struggling to efficiently convert its service-based revenue into cash. This pattern may indicate that the company is forced to carry significant receivables or manage complex payment delays inherent in its value-based care contracts, which warrants further investigation into its credit risk exposure.
As indicated by recent financial statements, Evolent has engaged in share repurchases and acquisitions despite reporting consistent net losses, such as the $40 million buyback in 2025Q3, which raises questions regarding the sustainability of returning capital while the core business struggles to achieve consistent positive cash flow.
The decision to prioritize share repurchases while operating near break-even suggests a management focus on supporting equity valuation that may be at odds with the company's underlying cash requirements. Investors should scrutinize whether these capital deployment choices are prudent given the volatility of the company's performance-based revenue streams.
Quick answers to the most common questions about buying EVH stock.
Evolent Health, Inc. (EVH) generated $38.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evolent Health, Inc. (EVH) generated $4.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Evolent Health, Inc. (EVH) spent $34.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Evolent Health, Inc. (EVH) returned $11.1M to shareholders via cash dividends and spent $40.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.