olivLaw · US equity research
Evolent Health, Inc. EVH
Services-Management Services · SIC 8741 · Vertical: Engineering, research and management services (SIC 874x)
Evolent Health is a U.S. company that manages specialty care for patients with complex conditions such as cancer, cardiovascular disease and musculoskeletal disorders for health plans and other payers. In 2026 the company raised its revenue guidance to a range of 2.6 to 2.7 billion USD, and this matters because rising medical costs and Medicaid membership losses are testing its performance-based contract model.
At the close of 04 Nov 2026, Evolent Health, Inc. (EVH) stock was 4.80 USD (+11.63% on the day), with market capitalisation 542.7 m USD, beta 0.71, 52-week range 2.17–6.35 USD. Latest reported quarter (Q2 2026): revenue of 652.5 m USD (+46.9% YoY), net income of -28.4 m USD, diluted EPS -0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.0
- strong (55–70)
- Bollinger (20, 2)
- 3.96 – 5.07
- in the upper half of the band · %B 0.76 · band width 24.5%
- SMA 50 / 200
- 4.19 / 3.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +33.0% | −1.1% | +34.1 pp | — |
| 3 months | +55.8% | −0.5% | +56.3 pp | — |
| 6 months | +25.3% | +4.4% | +20.9 pp | — |
| Year to date | +20.0% | +12.3% | +7.7 pp | — |
| 1 year | −26.0% | +13.5% | −39.6 pp | −12.6% |
| 3 years | −82.4% | +76.4% | −158.8 pp | −28.0% |
| 5 years | −83.8% | +63.7% | −147.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 621.4 m | 646.5 m | 483.6 m | 444.3 m | 479.5 m | 468.7 m | 496.2 m | 652.5 m |
| Cost of revenue | 540.7 m | 570.8 m | 381.2 m | 343.9 m | 379.8 m | 371.5 m | 412.5 m | 571.7 m |
| SG&A | 67.1 m | 47.7 m | 78.4 m | 75.2 m | 77.6 m | 72.7 m | 72.8 m | 68.8 m |
| Operating income | -16.3 m | -18.6 m | -1.6 m | -1.2 m | 886.0 k | -408.2 m | -10.6 m | -9.6 m |
| Depreciation & amortisation | 29.7 m | 29.3 m | 24.1 m | 23.1 m | 23.6 m | 45.0 m | 21.6 m | 21.6 m |
| Interest expense | 6.0 m | 6.7 m | 10.4 m | 11.6 m | 16.5 m | 19.0 m | 16.9 m | 16.9 m |
| Pre-tax income | -23.8 m | -23.9 m | -63.1 m | -20.7 m | -20.0 m | -430.8 m | -25.7 m | -25.6 m |
| Income tax | -619.0 k | -1.1 m | 1.5 m | -825.0 k | 906.0 k | -1.7 m | 910.0 k | 2.7 m |
| Net income | -23.1 m | -22.8 m | -64.6 m | -19.9 m | -20.9 m | -429.1 m | -26.6 m | -28.4 m |
| Diluted EPS | -0.27 | -0.27 | -0.63 | -0.44 | -0.24 | -3.84 | -0.24 | -0.25 |
| Operating cash flow | 18.7 m ≈ | -26.2 m | 4.6 m | -30.3 m ≈ | 15.8 m ≈ | 48.8 m | -984.0 k | -9.3 m ≈ |
| Share repurchases | — | 0 | — | — | — | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 627.1 m | 687.1 m | 924.6 m | 908.0 m | 1.4 bn | 2.0 bn | 2.6 bn | 1.9 bn |
| Revenue YoY | +44.2% | +9.6% | +34.6% | −1.8% | +48.9% | +45.3% | +30.1% | −26.6% |
| Net income | -52.7 m | -302.0 m | -334.2 m | -37.6 m | -19.2 m | -113.0 m | -61.6 m | -534.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.67 | -3.94 | -0.44 | -0.20 | -1.28 | -0.81 | -5.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8.4% | -43.9% | -36.1% | -4.1% | -1.4% | -5.8% | -2.4% | -28.5% |
| Free cash flow | -60.2 m | -78.2 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 151.9 m USD
- Financial debt
- 970.5 m USD
- Net debt
- 818.7 m USD
- Equity
- 415.2 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 2.34x
- Current ratio
- 1.31x
- ROE
- -75.5%
- ROA
- -24.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 924.6 m | 908.0 m | 1.4 bn | 2.0 bn | 2.6 bn | 1.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 696.6 m | 657.6 m | 1.0 bn | 1.5 bn | 2.2 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 228.1 m ≈ | 250.4 m ≈ | 316.6 m ≈ | 460.5 m ≈ | 367.4 m ≈ | 399.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Research & development | 15.1 m | 15.5 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| SG&A | 210.4 m | 219.5 m | 269.3 m | 358.1 m | 263.1 m | 303.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -262.8 m | -42.4 m | 3.6 m | -71.2 m | -40.5 m | -410.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 61.5 m | 60.0 m | 67.2 m | 123.4 m | 118.4 m | 115.9 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -201.4 m ≈ | 17.6 m ≈ | 70.8 m ≈ | 52.2 m ≈ | 77.9 m ≈ | -294.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 28.3 m | 25.4 m | 15.6 m | 54.2 m | 24.7 m | 57.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -330.5 m | -29.8 m | -62.1 m | -202.4 m | -63.0 m | -534.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -2.4 m | 483.0 k | -43.4 m | -89.4 m | -1.4 m | -126.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -334.2 m | -37.6 m | -19.2 m | -113.0 m | -61.6 m | -534.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -3.94 | -0.44 | -0.20 | -1.28 | -0.81 | -5.07 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 84.9 m | 86.1 m | 93.7 m | 111.3 m | 114.7 m | 114.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 319.0 m | 266.3 m | 188.2 m | 192.8 m | 104.2 m | 151.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 124.1 m | 130.6 m | 254.7 m | 446.7 m | 414.7 m | 309.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 547.6 m | 524.0 m | 478.1 m | 683.7 m | 607.1 m | 506.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 86.2 m | 81.4 m | 87.9 m | 78.2 m | 73.2 m | 80.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 349.0 m | 426.3 m | 722.8 m | 1.1 bn | 1.1 bn | 694.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 265.0 m | 279.8 m | 442.8 m | 752.0 m | 680.2 m | 584.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 1.4 bn | 1.4 bn | 1.8 bn | 2.7 bn | 2.5 bn | 1.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 32.0 m | 96.1 m | 57.2 m | 48.2 m | 96.0 m | 59.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 26.6 m | 0 | 0 | 0 | 171.5 m | 0 | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 263.3 m | 215.7 m | 413.0 m | 597.0 m | 490.5 m | 970.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 403.3 m | 445.5 m | 433.4 m | 674.2 m | 715.5 m | 385.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 752.1 m | 725.8 m | 957.9 m | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 619.6 m | 693.6 m | 859.4 m † | 1.1 bn † | 1.0 bn † | 415.2 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.2 m | 38.7 m | -11.6 m | 142.6 m | 18.8 m | 38.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Investing cash flow | 261.1 m | -15.8 m | -259.1 m | -415.5 m | -62.9 m | -233.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -11.9 m | -29.5 m | 131.5 m | 281.3 m | -565.0 k | -35.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 40.0 m | SEC (XBRL)· 25 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 542.7 m USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -25.7% | 29 (vs peers) | 25% |
| Net margin · Quality | -24.1% | 23 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.5% | 96 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.2x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 2/3 factors with a value
- Growth· partial96/100 · 1/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Evolent Health, Inc. (EVH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth -26.6%; net margin -24.1%; ROE -79.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.5%
- Shareholder yield (distributions): 7.4%
What contradicts it
- ROIC: -25.7%
- Net margin: -24.1%
- Interest coverage: -6.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Engineering, research and management services (SIC 874x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RTORentokil Initial PLC | 61.1 bn | 130.4 | 8.7% | 6.8% | +4.4% | −13% / −12% |
| ITGartner, Inc. | 13.1 bn | 14.8 | 365.8% | 14.8% | +3.7% | −11% / −52% |
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| VVXV2X, Inc. | 2.4 bn | 24.7 | 8.8% | 2.0% | +3.7% | +41% / +83% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| EVHEvolent Health, Inc. | 542.7 m | — | -79.0% | -24.1% | −26.6% | −26% / −82% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| FCFranklin Covey Co. | 195.7 m | 106.3 | 4.0% | 0.8% | −7.0% | +10% / −55% |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| VCIGVCI Global Limited | 141.3 m | 0.1 | 14.7% | 28.3% | +40.6% | −99% / −100% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
1- and 3-year price returns: for EVH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Evolent Health is a U.S. company that manages specialty care for patients with complex conditions such as cancer, cardiovascular disease and musculoskeletal disorders for health plans and other payers. In 2026 the company raised its revenue guidance to a range of 2.6 to 2.7 billion USD, and this matters because rising medical costs and Medicaid membership losses are testing its performance-based contract model 13.
SWOT
Strengths
- The company has a proprietary technology platform integrated across several specialties that links clinical data to payment workflows.
- The partnership-based model and standardized clinical pathways give clients an integrated offering that is hard to fragment.
- Growth in oncology contracts and other scheduled launches support revenue expectations for the coming period.
Weaknesses
- Revenue is concentrated in a few large partners, and losing or renegotiating one contract could affect results.
- The company has reported net losses and recorded a significant goodwill impairment, reflecting profitability difficulties.
- The capital structure includes several debt instruments at high cost, and reducing debt remains a priority.
Opportunities
- If new oncology partnerships launch on schedule, they could expand revenue and improve margins.
- High medical costs may push payers to outsource more specialty management.
- Using AI-enabled tools could reduce operating costs over time.
Threats
- Falling membership in Medicaid and exchange markets could reduce contract revenue.
- Public policy changes and cuts in government funding may alter contract terms.
- Competition and price pressure from payers could limit margin expansion.
Risks
- Dependence on large partnershigh
A small number of clients generate a large share of revenue, and losing a major contract could seriously affect results 1.
- Performance contract riskhigh
Assuming claims costs can produce losses if rates do not cover cost increases, and refund estimates may prove inaccurate 1.
- Indebtedness and refinancing termsmedium
Debt, including second lien loans and convertible notes obligations, could limit financial flexibility if not reduced 12.
- Regulation and public policymedium
Changes to Medicaid, Medicare and ACA exchange programs could reduce membership and alter contract conditions 1.
- Goodwill impairmentlow
Further declines in the company's value could trigger additional goodwill impairments with accounting effects on results 2.
Investment thesis
What would need to be true (bull case)
- If the new oncology partnerships launch as planned, revenue could rise significantly in 2027, and margins could benefit from better performance contracts 3.
- Demand for specialty management amid high medical costs may support growth even as health plans face pressure 13.
- Better cash flow conversion and debt reduction could strengthen the company's financial position in the coming years 3.
What would break the thesis
- Declining membership in Medicaid and exchange markets could shrink the revenue base faster than expected 12.
- Revenue concentration means that a renegotiation or loss of one contract could have a major effect on results 1.
- If Performance Suite margins do not improve, profitability pressure could persist despite cost reduction goals 3.
What to watch
- Launch of the new Oncology Performance Suite partnershipQ4 2026
- Trend in membership of ACA exchange and Medicaid populations2026
- Delivery against 2026 revenue and Adjusted EBITDA guidancenext 10-K
- Debt reduction measures and delivery of the 2027 outlook2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Evolent builds its business around Specialty Care Management Services, its primary solution, which combines high-performance provider networks, evidence-based clinical pathways and proprietary technology, notably the CarePro platform and Identifi 1. The company operates one operating segment and one reportable segment, and revenue comes from fixed fees per member per month, sometimes with a risk-sharing component 1. Its customers are health plans and other payers, and revenue is concentrated in a few large partners such as Molina Healthcare 1.
Segments
Performance Suite
Performance Suite covers contracts in which Evolent takes responsibility for medical claims costs for covered members, under performance-based arrangements with a narrowed risk corridor since 2024 1. This segment has been the main source of margin pressure, but also of the largest increase in revenue per member in the second quarter of 2026 3.
Specialty Technology and Services Suite
This suite provides services and technology for oncology, cardiology, musculoskeletal and advanced imaging management, paid through fixed member fees without assuming claims costs 1. It also includes case-based services such as surgery management and advanced care planning programs 1.
Market context
The addressed market is U.S. specialty care, a segment with rapidly rising costs, driven in part by the pace of development of new therapies 1. According to the company, demand remains robust given rising medical costs at health plans 3. Changes to Medicaid and ACA markets, including under the 2025 OBBBA law, could reduce the number of covered members and therefore the company's revenue base 12.
Trends
- Rising medical costsmixed
Performance Suite claims costs grew faster than historical norms in 2024 and 2025, and the company believes the trend is industry-wide 1. If demand for specialty management solutions stays high, cost pressure could support the value of Evolent's offering 3.
- Declining Medicaid and ACA exchange membershipheadwind
Legislative changes created expectations of fewer and sicker members, and customers already reported membership declines in the second quarter of 2026 12. The company expects exchange attrition to continue through year end, though at a slower pace 2.
- Performance-based and risk-sharing contractsmixed
Performance contracts could lift revenue and profit if margins improve, as the company's 2027 outlook suggests 3. However, exposure to claims costs caps upside and can produce losses if rates do not adjust to cost increases 1.
- Demand for oncology and integrated solutionstailwind
Management says demand for its oncology solution is strong and that new partnerships, including a Performance Suite contract, could add significant revenue from December 2026 3. Payers' preference for fewer vendors and integrated services supports the company's position 1.
Competitive position
Evolent competes with other specialty care and cost management providers offering similar services to health plans, and competitive pressure could limit its market share 1. The company argues that integrating several specialties and its proprietary technology differentiate it from fragmented vendors 1.
- Specialty care management providers
Companies offering similar specialty management services to payers; the sources do not name direct competitors.
- Health plan administrative service providers
Firms offering administration, risk management and analytics to health plans, competing with the company's administrative services.
- Pharmacy benefit management providers
Players managing the drug component of health plans, which Evolent describes as different from traditional PBMs.
- Health plans managing specialty care in-house
Plans that run specialty care management themselves are an alternative to outsourcing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report25 Feb 2026
- Current report24 Feb 2026Results of operations · Financial statements and exhibits
- Current report08 Dec 2025Other events
- Current report02 Dec 2025Departure or appointment of officers · Regulation FD disclosure
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Evolent Health, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Evolent Health, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Evolent Health, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.