Evolent Health, Inc. (EVH) Financial Ratios
14 years of historical data (2012–2025) · Healthcare · Medical - Healthcare Information Services
EV/EBITDA
↓
12.05
↓-79% vs avg
5yr avg: 56.13
30Y Low11.6·High79.0
P/FCF
↓
106.21
+6% vs avg
5yr avg: 100.46
30Y Low32.3·High173.0
P/B Ratio
↓
1.24
↓-50% vs avg
5yr avg: 2.47
30Y Low0.6·High3.4
ROE
↓
-75.5%
↑-272% vs avg
5yr avg: -20.3%
30Y Low-370%·High110%
Debt/EBITDA
↓
8.88
↓-13% vs avg
5yr avg: 10.17
30Y Low5.1·High15.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EVH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Evolent Health, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 106.2x P/FCF, 6% above the 5-year average of 100.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $505M | $457M | $1.3B | $3.7B | $2.6B | $2.4B | $1.4B | $745M | $1.5B | $792M | $666M |
| Enterprise Value | $1.3B | $1.3B | $1.9B | $4.1B | $2.9B | $2.4B | $1.4B | $1.0B | $1.5B | $674M | $652M |
| P/E Ratio → | -0.89 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.27 | 0.24 | 0.51 | 1.87 | 1.95 | 2.62 | 1.47 | 1.08 | 2.46 | 1.82 | 2.62 |
| P/B Ratio | 1.24 | 1.10 | 1.29 | 3.44 | 3.06 | 3.43 | 2.20 | 0.80 | 1.30 | 0.76 | 0.73 |
| P/FCF | 106.21 | 96.07 | — | 32.28 | — | 173.02 | — | — | — | — | — |
| P/OCF | 13.00 | 11.76 | 68.75 | 25.77 | — | 61.46 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
EVH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Evolent Health, Inc.'s enterprise value stands at 12.1x EBITDA, 79% below its 5-year average of 56.1x. The Healthcare sector median is 14.2x, placing the stock at a 15% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.69 | 0.74 | 2.10 | 2.16 | 2.64 | 1.50 | 1.47 | 2.45 | 1.55 | 2.57 |
| EV / EBITDA | 12.05 | 11.62 | 22.98 | 79.05 | 31.09 | 135.92 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 272.28 | — | 36.25 | — | 174.05 | — | — | — | — | — |
EVH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Evolent Health, Inc. earns an operating margin of -0.2%. Operating margins have expanded from -3.6% to -0.2% over the past 3 years, signaling improving operational efficiency. A negative ROE of -75.5% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.1% | 15.1% | 14.4% | 23.4% | 23.4% | 27.6% | 24.7% | 25.3% | 47.7% | 38.1% | 39.0% |
| Operating Margin | -0.2% | -0.2% | -1.6% | -3.6% | 0.3% | -4.7% | -28.4% | -45.0% | -7.6% | -16.7% | -93.4% |
| Net Profit Margin | -28.5% | -28.5% | -2.4% | -5.8% | -1.4% | -4.1% | -36.1% | -43.9% | -8.4% | -13.9% | -62.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -75.5% | -75.5% | -6.0% | -11.7% | -2.5% | -5.7% | -43.2% | -28.5% | -4.7% | -6.2% | -17.3% |
| ROA | -24.1% | -24.1% | -2.4% | -5.0% | -1.2% | -2.6% | -22.5% | -18.8% | -3.5% | -4.8% | -14.4% |
| ROIC | -0.2% | -0.2% | -1.9% | -4.0% | 0.3% | -4.7% | -21.4% | -19.5% | -3.4% | -6.0% | -21.1% |
| ROCE | -0.3% | -0.3% | -2.1% | -4.2% | 0.3% | -4.1% | -22.1% | -21.4% | -3.4% | -6.5% | -23.5% |
EVH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Evolent Health, Inc. carries a Debt/EBITDA ratio of 8.9x, which is highly leveraged (176% above the sector average of 3.2x). Net debt stands at $838M ($990M total debt minus $152M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.38 | 2.38 | 0.71 | 0.60 | 0.55 | 0.40 | 0.58 | 0.40 | 0.19 | 0.12 | 0.13 |
| Debt / EBITDA | 8.88 | 8.88 | 8.63 | 12.35 | 5.07 | 15.91 | — | — | — | — | — |
| Net Debt / Equity | — | 2.02 | 0.61 | 0.42 | 0.34 | 0.02 | 0.04 | 0.29 | -0.01 | -0.11 | -0.02 |
| Net Debt / EBITDA | 7.52 | 7.52 | 7.37 | 8.66 | 3.07 | 0.80 | — | — | — | — | — |
| Debt / FCF | — | 176.20 | — | 3.97 | — | 1.03 | — | — | — | — | — |
| Interest Coverage | -0.08 | -0.08 | -1.55 | -2.73 | -2.99 | -0.17 | -10.67 | -21.67 | -8.87 | -20.01 | -328.20 |
EVH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.31x means Evolent Health, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.01x to 1.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.31 | 1.31 | 0.85 | 1.01 | 1.10 | 1.18 | 1.36 | 1.19 | 3.32 | 2.85 | 2.01 |
| Quick Ratio | 1.31 | 1.31 | 0.85 | 1.01 | 1.10 | 1.18 | 1.36 | 1.19 | 2.79 | 2.87 | 2.32 |
| Cash Ratio | 0.39 | 0.39 | 0.23 | 0.29 | 0.43 | 0.60 | 0.83 | 0.53 | 1.56 | 1.80 | 1.36 |
| Asset Turnover | — | 0.99 | 1.00 | 0.73 | 0.74 | 0.64 | 0.63 | 0.46 | 0.36 | 0.33 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 4.18 | — | — |
| Days Sales Outstanding | — | 62.91 | 59.25 | 83.03 | 68.76 | 52.50 | 49.10 | 41.12 | 47.91 | 57.86 | 58.35 |
EVH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Evolent Health, Inc. returns 10.1% to shareholders annually — split between a 2.2% dividend yield and 7.9% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.4% | 1.6% | 0.5% | — | 0.1% | 1.5% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.9% | 1.0% | — | 3.1% | — | 0.6% | — | — | — | — | — |
| Buyback Yield | 7.9% | 8.8% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 10.1% | 11.2% | 1.6% | 0.5% | 0.7% | 0.1% | 1.5% | 0.0% | 0.1% | 0.0% | 0.1% |
| Shares Outstanding | — | $114M | $115M | $111M | $94M | $86M | $85M | $82M | $77M | $64M | $45M |
Peer Comparison
Compare EVH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EVHYou | $505M | -0.9 | 12.1 | 106.2 | 15.1% | -0.2% | -75.5% | -0.2% | 8.9 |
 PINC | $2B | 128.5 | 21.3 | 7.3 | 73.4% | 0.1% | 1.2% | 0.0% | 2.4 |
 ALHC | $4B | -5908.1 | 93.4 | 39.5 | 12.4% | 0.4% | -0.5% | — | 7.5 |
 HQY | $7B | 34.6 | 24.2 | 15.7 | 69.5% | 24.6% | 10.2% | 8.5% | 3.1 |
 TDOC | $1B | -7.1 | 17.1 | 5.1 | 69.5% | -10.4% | -13.9% | -11.5% | 10.4 |
 OSCR | $7B | -16.8 | — | 7.0 | 14.4% | -3.4% | -44.4% | — | — |
 CLOV | $3B | -29.4 | — | — | 18.5% | -4.4% | -26.3% | -34.0% | — |
 HIMS | $8B | 69.5 | 55.1 | 105.3 | 73.8% | 4.5% | 25.2% | 8.6% | 7.9 |
 DOCS | $4B | 20.9 | 16.8 | — | 89.1% | 33.3% | 19.3% | 19.8% | 0.0 |
 UNH | $364B | 30.3 | 17.9 | 22.6 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CVS | $125B | 70.7 | 14.0 | 16.1 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 14 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
EVH — Frequently Asked Questions
Quick answers to the most common questions about buying EVH stock.
What is Evolent Health, Inc.'s P/E ratio?
Evolent Health, Inc.'s current P/E ratio is -0.9x. The historical average is 1.7x.
What is Evolent Health, Inc.'s EV/EBITDA?
Evolent Health, Inc.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.2x.
What is Evolent Health, Inc.'s ROE?
Evolent Health, Inc.'s return on equity (ROE) is -75.5%. The historical average is -40.3%.
Is EVH stock overvalued?
Based on historical data, Evolent Health, Inc. is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
What is Evolent Health, Inc.'s dividend yield?
Evolent Health, Inc.'s current dividend yield is 2.17%.
What are Evolent Health, Inc.'s profit margins?
Evolent Health, Inc. has 15.1% gross margin and -0.2% operating margin.
How much debt does Evolent Health, Inc. have?
Evolent Health, Inc.'s Debt/EBITDA ratio is 8.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.