Forensic Analysis · Consulting & Engineering Services · as of Nov 11, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-3.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-75.5%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.0, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-19.9%
FY2025
Return on invested capital.Return on invested capital is -19.9% in the latest fiscal year and slipping across FY2023–FY2025 from -3.1%. After-tax operating profit was ($56M) in FY2023 and ($324M) in FY2025, with operating income at -3.6% of revenue in FY2023, -1.6% in FY2024 and -21.9% in FY2025. The capital base behind it came down -10% across FY2023–FY2025, from $1.8B to $1.6B, so this return is struck on a smaller base than it started on. FY2025's operating profit carried a $398M goodwill write-off that alone took about 19.3 points off that year's return, so more than the whole 16.8-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
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
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-75.5%
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?