Forensic Analysis · Professional & Commercial Services · as of Sep 24, 2026
Evolent Health, Inc. (EVH)
A forensic read on Evolent Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-0.8
P / E (ttm)
-128.7%
ROE
$409M
Market cap
0.00%
Dividend yield
-26.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Evolent Health, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -3.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-23.8%
FY2025
Return on invested capital.Return on invested capital is -23.8% in the latest fiscal year and slipping across FY2023–FY2025 from -3%. The capital base behind it came down -25% across FY2023–FY2025, from $1.8B to $1.4B, so this is a return struck on a smaller base rather than a record of money put to work.
+1.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~3%.
841% of FCF
FY2025
Shareholder returns.Returned $40M to shareholders (buybacks + dividends) in FY2025 — 841% of free cash flow. That is $35M (741%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $309M over FY2025, while cash rose $48M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $40M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 1677%.
$398M
FY2025–FY2025
Goodwill impairments.Took $398M of goodwill writedowns across 1 year (FY2025 ($398M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.88B
Revenue Growth YoY-26.6%
Revenue CAGR (2yr)-2.3%
Net Margin-28.5%
Free Cash Flow$4.8M
Return on Equity-128.7%
Debt / Equity2.34x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Evolent Health, Inc.'s actual 10-K/10-Q/8-K filings?