Evolent
Runs risk-based and fee-based specialty-care programs covering oncology, cardiology, and musculoskeletal conditions for health plans.
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Profile
Takes on financial risk for oncology, cardiology, and musculoskeletal care under capitation contracts with health plans, while other clients pay a flat technology-and-services fee instead. Grew out of a 2011 UPMC–Advisory Board Company joint venture and works with about 70 health plan partners spanning Medicaid, Medicare, and commercial lines.
Manages specialty-condition care, oncology, cardiology, and musculoskeletal diagnoses, on behalf of health plans and other risk-bearing payers, acting as a platform vendor to insurers rather than a direct care provider. Contracts split into a capitation-based Performance Suite, where the company assumes the medical cost of a specialty population for a fixed monthly fee, and a fee-based Specialty Technology and Services Suite alongside administrative and case-management services that carry no medical risk.
Serves about 70 health plan partners across Medicaid, Medicare, and commercial lines, coordinating clinical pathways and utilization management within the US healthcare system.
Performance Suite margins move with the underlying trend in oncology drug costs, and enrollment shifts tied to Medicaid redeterminations and ACA-exchange participation change the size of the covered population the company prices against.
Company facts
Key statistics
Year to date +18.0% · Average volume (30d) 3.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Citigroup | Upgrade | Neutral | Buy | ||
| Aug 10, 2026 | Citigroup | Upgrade | Neutral | Buy | ||
| Jul 23, 2026 | Citigroup | Downgrade | Sell | Neutral | ||
| Jul 21, 2026 | Canaccord Genuity | Reiterate | Buy | $6 | $7 | |
| Jun 30, 2026 | Truist Financial | Target | $6 | $7 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.01 | $0.02 | +292.1% | $597.7M | $652.5M | +9.2% | +16.56% |
| May 7, 2026Q1 FY26 | −$0.05 | −$0.02 | +60.0% | $534.0M | $496.2M | −7.1% | −2.11% |
| Feb 24, 2026Q4 FY25 | $0.06 | $0.08 | +33.3% | $468.7M | $468.7M | 0.0% | +22.66% |
| Nov 6, 2025Q3 FY25 | $0.10 | $0.05 | −50.0% | $468.5M | $479.5M | +2.4% | −17.33% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $483.6M | $444.3M | $479.5M | $468.7M | $496.2M | $652.5M | |
| Gross profit | $102.5M | $76.9M | $75.9M | $52.2M | $61.9M | $80.8M | |
| Operating income | −$1.6M | $2.8M | $658.0K | −$9.6M | −$10.1M | −$9.6M | |
| Net income | −$64.6M | −$19.9M | −$20.9M | −$429.1M | −$26.6M | −$28.4M | |
| Diluted EPS | −$0.63 | −$0.44 | −$0.24 | −$3.76 | −$0.24 | −$0.25 | |
| Gross margin | 21.2% | 17.3% | 15.8% | 11.1% | 12.5% | 12.4% | |
| Operating margin | -0.3% | 0.6% | 0.1% | -2.1% | -2.0% | -1.5% |
Fiscal years (4-quarter sums)FY21 $908.0M · FY22 $1.35B · FY23 $1.96B · FY24 $2.55B · FY25 $1.88B
Revenue by product · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $115.7M · Total debt $970.4M · Total assets $1.97B · Shareholders' equity $383.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 112.48M · Float 107.68M · 95.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 14.81M | 13.17% | 13F | Aug 7, 2026 |
| Cadian Capital Management, LP | 10.81M | 9.61% | 13F | Aug 14, 2026 |
| Morgan Stanley | 8.97M | 7.97% | 13F | Aug 13, 2026 |
| UBS Group AG | 6.25M | 5.55% | 13F | Aug 13, 2026 |
| Rubicon Founders LLC | 5.82M | 5.17% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Daniel Joseph McCarthy | officer: PRESIDENT | −65,892 | $5.00 |
| Nov 18, 2025 | Brendan B. Springstubb | director | +10,000 | $3.82 |
Peers
- UnitedHealth Group
Optum spans oncology UM, specialty pharmacy, and capitated value-based care
- Elevance Health
Carelon mirrors specialty-benefit management across radiology, cardiology, MSK
- Cigna
Owns eviCore, a top prior-auth and specialty benefit manager for payers
- CVS Health
Diffuse overlap via Aetna oncology VBC and Caremark specialty-drug UM
- Progyny
Manages fertility-benefit carve-outs for employers and health plans
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Evolent | $4.58 | −0.22% | $517.4M | — | 13.6 | 0.2 | +46.9% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Elevance Health | $397.30 | +0.72% | $85.54B | 17.5 | 14.5 | 0.4 | +0.1% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| Progyny | $26.00 | 0.00% | $2.04B | 28.3 | 16.4 | 1.6 | +5.3% |
| Median | 24.6 | 14.5 | 0.4 | +5.3% |