Forensic Analysis · Professional & Commercial Services · as of Aug 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
6
Forensic signals
-0.9
P / E (ttm)
-128.7%
ROE
$464M
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). 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. 6 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 from 0% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +22% over the last 3 years to FY2025 (+6.8%/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 ~6.8% 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 FY2022 has been diluted ~18%.
841% of FCF
FY2025
Shareholder returns.Returned $40M to shareholders (buybacks + dividends) in FY2025 — 841% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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%.
70d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 62 to 70 days FY2024→FY2025 (receivables -25% vs revenue -27%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 51 → 52 → 65 → 62 → 70 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.
2% of rev
Key fundamentals
Latest Revenue$1.88B
Revenue Growth YoY-26.6%
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?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Evolent Health, Inc. (EVH) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 836% of free cash flow in FY2025 — about $0.35 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 7.1% a year and is falling.
$813M
FY2019–FY2025
Goodwill impairments.Took $813M of goodwill writedowns across 3 years (FY2019 ($200M), FY2020 ($215M), FY2025 ($398M)). Writedowns mean past acquisitions underperformed what was paid for them.