Evolent Health, Inc. (EVH) intrinsic value & 10-year financials
Evolent Health, Inc. (EVH) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 24.9% a year to $1.9B, with an average return on invested capital of -14.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $4.57
- Market cap
- $521.9M
- Revenue (FY2025)
- $1.9B
- Revenue growth (10-yr CAGR)
- 24.9%
- ROIC (10-yr avg)
- -14.0%
- Free cash flow (FY2025)
- $4.8M
EVH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.9B | -$534.5M | -$5.07 | $4.8M | -21.9% | -29.1% |
| FY2024 | $2.6B | -$61.6M | -$0.81 | -$6.1M | -1.6% | -2.6% |
| FY2023 | $2.0B | -$113.0M | -$1.28 | $113.8M | -3.6% | -3.0% |
| FY2022 | $1.4B | -$19.2M | -$0.20 | -$49.9M | 0.3% | 0.2% |
| FY2021 | $908.0M | -$37.6M | -$0.44 | $13.8M | -4.7% | -6.4% |
| FY2020 | $1.0B | -$334.2M | -$3.94 | -$45.7M | -26.5% | -29.5% |
| FY2019 | $846.4M | -$302.0M | -$3.67 | -$78.2M | -36.2% | -24.7% |
| FY2018 | $627.1M | -$52.7M | — | -$60.2M | -7.6% | -4.7% |
| FY2017 | $434.9M | -$60.7M | -$0.94 | -$55.8M | -16.7% | -8.3% |
| FY2016 | $254.2M | -$159.7M | -$3.55 | -$51.0M | -93.4% | -32.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Evolent Health, Inc. is a consistent compounder, expanding top-line revenue at 24.9% annually over the past decade.
Evolent Health, Inc. has historically struggled to out-earn its cost of capital, averaging just -14.0% ROIC.
Over the decade, Evolent Health, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Evolent Health, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-168.40 per share.