Latest Ratios: P/E Ratio -1.1x · EV/EBITDA 13.1x · ROE -75.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $616M | $457M | $1.3B | $3.7B | $2.6B | $2.4B | $1.4B | $745M | $1.5B | $792M | $666M |
| Enterprise Value | $1.5B | $1.3B | $1.9B | $4.1B | $2.9B | $2.4B | $1.4B | $1.0B | $1.5B | $674M | $652M |
| P/E Ratio → | -1.08 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.33 | 0.24 | 0.51 | 1.87 | 1.95 | 2.62 | 1.47 | 1.08 | 2.46 | 1.82 | 2.62 |
| P/B Ratio | 1.51 | 1.10 | 1.29 | 3.44 | 3.06 | 3.43 | 2.20 | 0.80 | 1.30 | 0.76 | 0.73 |
| P/FCF | 129.63 | 96.07 | — | 32.28 | — | 173.02 | — | — | — | — | — |
| P/OCF | 15.87 | 11.76 | 68.75 | 25.77 | — | 61.46 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 13.05 | 11.62 | 22.98 | 79.05 | 31.09 | 135.92 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 272.28 | — | 36.25 | — | 174.05 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.8% | 2.4% | 1.6% | 0.5% | — | 0.1% | 1.5% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 0.8% | 1.0% | — | 3.1% | — | 0.6% | — | — | — | — | — |
| Buyback Yield | 6.5% | 8.8% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 8.3% | 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 |
Performance-based revenue volatility
According to recent market data, Evolent's P/S ratio of 0.33 suggests a significant discount compared to historical averages, likely reflecting investor skepticism regarding the company's ability to return to growth after the reported -26.56% year-over-year revenue contraction observed in the most recent period.
The forward P/E of 30.41 implies that the market is pricing in a substantial recovery in earnings that remains unproven given the current negative net margins. This valuation gap relative to peers suggests that investors are heavily discounting the company's future cash flows due to the high execution risk inherent in its specialty care management model.
Based on reported figures, Evolent's ROIC has struggled to maintain positive territory, hovering near -0.6% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by long-term shareholders.
The persistent inability to achieve positive ROIC suggests that the capital deployed for past acquisitions has not yet translated into meaningful operational scale or margin expansion. This decay in returns highlights the difficulty of integrating complex clinical service platforms while simultaneously managing the volatility of performance-based revenue streams.
As reported in financial statements, Evolent's DSO has fluctuated between 56 and 81 days over the last ten quarters, suggesting that the company faces significant delays in collecting payments from health plans, which creates a persistent drag on its overall working capital efficiency and liquidity position.
The variability in collection cycles appears to be a structural byproduct of the company's reliance on complex, performance-based shared savings arrangements that require lengthy settlement periods. Investors should monitor whether these extended cycles continue to pressure cash flow as the company attempts to scale its specialty care management services.
Based on the provided financial data, Evolent's debt-to-equity ratio has surged to 2.49 as of 2026Q1, a marked increase from the 0.60 level seen in 2023Q4, which indicates that the company is increasingly reliant on debt financing during a period of significant top-line revenue contraction.
This rapid accumulation of debt, combined with negative interest coverage ratios in several recent quarters, suggests that the company's ability to service its obligations may be becoming more constrained. The current leverage profile appears to limit the firm's capacity for further debt-funded acquisitions without potentially compromising its long-term financial stability.
The most commonly misapplied metric for Evolent is the standard P/S ratio, which obscures the fact that a significant portion of the company's revenue is derived from pass-through clinical costs rather than high-margin software subscriptions, leading to an inaccurate assessment of the firm's true earning power.
Analysts should instead focus on Adjusted EBITDA or cash-based metrics that strip out the noise of non-recurring integration costs and the accounting lag associated with performance-based revenue recognition. Relying on top-line multiples fails to account for the underlying risk-bearing nature of the business, which fundamentally differentiates Evolent from pure-play healthcare technology providers.
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Quick answers to the most common questions about buying EVH stock.
Evolent Health, Inc.'s current P/E ratio is -1.1x. The historical average is 1.7x.
Evolent Health, Inc.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.2x.
Evolent Health, Inc.'s return on equity (ROE) is -75.5%. The historical average is -40.3%.
Based on historical data, Evolent Health, Inc. is trading at a P/E of -1.1x. Compare with industry peers and growth rates for a complete picture.
Evolent Health, Inc.'s current dividend yield is 1.78%.
Evolent Health, Inc. has 15.1% gross margin and -0.2% operating margin.
Evolent Health, Inc.'s Debt/EBITDA ratio is 8.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.