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Evolent Health Valuation Multiples

Discover revenue and EBITDA valuation multiples for Evolent Health and similar public comparables like Accolade, Qualicorp, and AIX Inc..

Evolent Health Overview

About Evolent Health

Evolent Health Inc is engaged in healthcare delivery and payment. The company supports health systems and physician organizations in their migration toward value-based care and population health management. It provides specialty care management services in oncology, cardiology, musculoskeletal markets and holistic total cost of care management along with an integrated platform for health plan administration and value-based business infrastructure under one go to market package. The primary solutions provided by the company include specialty care management services, total cost of care management, and administrative services.


Founded

2014

HQ

United States of America
Employees

4.5K+

Financials

LTM Revenue $2.3B

LTM EBITDA $157M

EV

$1.5B

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Evolent Health Financials

Evolent Health has a last 12-month revenue (LTM) of $2.3B and a last 12-month EBITDA of $157M.

In the most recent fiscal year, Evolent Health achieved revenue of $2.6B and an EBITDA of $80.1M.

Evolent Health expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Evolent Health P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.3B XXX $2.6B XXX XXX XXX
Gross Profit $386M XXX $367M XXX XXX XXX
Gross Margin 16% XXX 14% XXX XXX XXX
EBITDA $157M XXX $80.1M XXX XXX XXX
EBITDA Margin 7% XXX 3% XXX XXX XXX
EBIT $64.4M XXX -$14.1M XXX XXX XXX
EBIT Margin 3% XXX -1% XXX XXX XXX
Net Profit $39.5M XXX -$61.6M XXX XXX XXX
Net Margin 2% XXX -2% XXX XXX XXX
Net Debt XXX XXX $558M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Evolent Health Stock Performance

As of May 30, 2025, Evolent Health's stock price is $7.

Evolent Health has current market cap of $875M, and EV of $1.5B.

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Evolent Health Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.5B $875M XXX XXX XXX XXX $0.39

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Evolent Health Valuation Multiples

As of May 30, 2025, Evolent Health has market cap of $875M and EV of $1.5B.

Evolent Health's trades at 0.6x EV/Revenue multiple, and 18.7x EV/EBITDA.

Equity research analysts estimate Evolent Health's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Evolent Health has a P/E ratio of 22.2x.

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Evolent Health Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $875M XXX $875M XXX XXX XXX
EV (current) $1.5B XXX $1.5B XXX XXX XXX
EV/Revenue 0.6x XXX 0.6x XXX XXX XXX
EV/EBITDA 9.6x XXX 18.7x XXX XXX XXX
EV/EBIT 23.3x XXX -106.5x XXX XXX XXX
EV/Gross Profit 3.9x XXX n/a XXX XXX XXX
P/E 22.2x XXX -14.2x XXX XXX XXX
EV/FCF 254.8x XXX -244.5x XXX XXX XXX

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Evolent Health Margins & Growth Rates

Evolent Health's last 12 month revenue growth is -7%

Evolent Health's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.1M for the same period.

Evolent Health's rule of 40 is -8% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Evolent Health's rule of X is -10% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Evolent Health Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -7% XXX -3% XXX XXX XXX
EBITDA Margin 7% XXX 3% XXX XXX XXX
EBITDA Growth 5% XXX n/a XXX XXX XXX
Rule of 40 -8% XXX -4% XXX XXX XXX
Bessemer Rule of X XXX XXX -10% XXX XXX XXX
Revenue per Employee XXX XXX $0.6M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 15% XXX XXX XXX

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Evolent Health Public Comps

See public comps and valuation multiples for Health Benefits & Financial Solutions and Health Data & Analytics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Star Health Insurance XXX XXX XXX XXX XXX XXX
Hapvida XXX XXX XXX XXX XXX XXX
Qualicorp XXX XXX XXX XXX XXX XXX
Accolade XXX XXX XXX XXX XXX XXX
AIX Inc. XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Evolent Health M&A and Investment Activity

Evolent Health acquired  XXX companies to date.

Last acquisition by Evolent Health was  XXXXXXXX, XXXXX XXXXX XXXXXX . Evolent Health acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Evolent Health

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Evolent Health

When was Evolent Health founded? Evolent Health was founded in 2014.
Where is Evolent Health headquartered? Evolent Health is headquartered in United States of America.
How many employees does Evolent Health have? As of today, Evolent Health has 4.5K+ employees.
Who is the CEO of Evolent Health? Evolent Health's CEO is Mr. Seth Blackley.
Is Evolent Health publicy listed? Yes, Evolent Health is a public company listed on NYS.
What is the stock symbol of Evolent Health? Evolent Health trades under EVH ticker.
When did Evolent Health go public? Evolent Health went public in 2015.
Who are competitors of Evolent Health? Similar companies to Evolent Health include e.g. Star Health Insurance, Hapvida, Qualicorp, Accolade.
What is the current market cap of Evolent Health? Evolent Health's current market cap is $875M
What is the current revenue of Evolent Health? Evolent Health's last 12 months revenue is $2.3B.
What is the current revenue growth of Evolent Health? Evolent Health revenue growth (NTM/LTM) is -7%.
What is the current EV/Revenue multiple of Evolent Health? Current revenue multiple of Evolent Health is 0.6x.
Is Evolent Health profitable? Yes, Evolent Health is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Evolent Health? Evolent Health's last 12 months EBITDA is $157M.
What is Evolent Health's EBITDA margin? Evolent Health's last 12 months EBITDA margin is 7%.
What is the current EV/EBITDA multiple of Evolent Health? Current EBITDA multiple of Evolent Health is 9.6x.
What is the current FCF of Evolent Health? Evolent Health's last 12 months FCF is $5.9M.
What is Evolent Health's FCF margin? Evolent Health's last 12 months FCF margin is 0%.
What is the current EV/FCF multiple of Evolent Health? Current FCF multiple of Evolent Health is 254.8x.

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