Evolent Health Inc Class A Common Stock (EVH)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business. Evolent provides specialty care management and value-based care services for health plans. It has scale, with 4,200 employees, and in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $652.5M while net income was -$28.4M. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $496.2M and net income was -$26.6M. The longer record is worse: in fiscal FY2025, the year ended 2025-12-31, revenue was $1.9B, net loss was $534.5M, and diluted EPS was -$5.07. In fiscal FY2024, the year ended 2024-12-31, revenue was $2.6B and net loss was $61.6M; in fiscal FY2023, the year ended 2023-12-31, revenue was $2.0B and net loss was $113.0M. Four loss years mean no Peter Lynch category fits. The moat is hard to prove: healthcare services can be sticky, but the numbers show no consistent profit. Financial health is poor, with debt-to-equity of 2.53, an Altman Z-score of -0.39, and a Piotroski F-Score of 3/9. Trailing free cash flow is $24.3M, a 4.7% FCF yield, so cash generation exists but is thin against a $520.1M market cap. At the 2026-10-13 close of $4.60, FairStock calculations show P/E of -1.02, P/B of 1.35, ROE of -66.97%, and ROCE of -0.79%. Negative earnings and above-one price-to-book offer no margin of safety on earnings, while the 52-week range of $2.10 to $8.30 shows volatile sentiment. The FairStock Score is 35/100. I would need durable positive earnings and lower leverage before calling this a sound value.

In plain English: Evolent Health helps health plans manage specialty care in cancer, heart, and muscle and bone care. The business is still losing money and uses a lot of debt, though recent quarterly revenue has grown. At $4.60, the price does not look clearly cheap against those losses, even though it produces some cash.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer