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Evolent Health (EVH)
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Evolent Health Balance Sheet 2025-2011 | EVH
Brief overview of Evolent Health's balance sheet structure
The review uses the five latest available annual reports between 2021 and 2025.
Assets increased from $1.4 billion to $1.9 billion, or +33.8%; CAGR of about 7.6% indicates steady balance sheet expansion.
Liabilities expanded faster than the asset base, +104.5% versus +33.8%. Debt-service capacity deserves attention.
Equity funds just 21.9% of assets versus 48.9% previously. The balance sheet is sensitive to weaker results.
Net debt exceeds equity by 2.01x. The burden makes the balance sheet sensitive to earnings, rates and cash flow.
The cash share moved from 18.8% to 8%. A higher figure generally provides more room in an adverse scenario.
The balance sheet includes a negative accumulated result of -$1.3 billion. It should be assessed alongside historical profits and capital distributions.
Conclusion
Evolent Health has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet Evolent Health
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
834 M | 413 M | 414 M | 232 M | -43.5 M | -48.3 M | 194 M | -6.46 M | -117 M | 30.1 M | -146 M | - | -67.9 M | - | - |
Long Term Debt |
971 M | 491 M | 597 M | 413 M | 216 M | 263 M | 294 M | 221 M | 121 M | 120 M | - | - | - | - | - |
Long Term Debt Current |
15.3 M | 26.7 M | 9.74 M | 7.12 M | 7.07 M | 7.36 M | 6.27 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
1.1 B | 637 M | 760 M | 524 M | 280 M | 349 M | 376 M | 264 M | 134 M | 156 M | 21.4 M | 40.3 M | 41.6 M | - | - |
Total Current Liabilities |
385 M | 716 M | 674 M | 433 M | 445 M | 403 M | 193 M | 269 M | 133 M | 132 M | 59.5 M | - | - | - | - |
Total Liabilities |
1.48 B | 1.35 B | 1.43 B | 958 M | 726 M | 752 M | 569 M | 533 M | 266 M | 288 M | 80.9 M | 40.3 M | 70.9 M | - | - |
Deferred Revenue |
1.2 M | 2.51 M | 5.98 M | 5.76 M | 11.9 M | 10.2 M | 19.8 M | 20.6 M | 24.8 M | 20.5 M | 14.8 M | - | 16.4 M | - | - |
Retained Earnings |
-1.32 B | -781 M | -719 M | -606 M | -627 M | -589 M | -252 M | 50 M | 86 M | 147 M | 307 M | -25.8 M | - | - | - |
Total Assets |
1.9 B | 2.54 B | 2.68 B | 1.82 B | 1.42 B | 1.37 B | 1.5 B | 1.72 B | 1.31 B | 1.2 B | 1.02 B | 38.3 M | 102 M | - | - |
Cash and Cash Equivalents |
152 M | 104 M | 193 M | 188 M | 266 M | 319 M | 101 M | 228 M | 238 M | 135 M | 146 M | - | - | - | - |
Book Value |
415 M | 1.19 B | 1.25 B | 859 M | 694 M | 620 M | 929 M | 1.19 B | 1.05 B | 912 M | 935 M | -2.07 M | 31 M | - | - |
Total Shareholders Equity |
415 M | 1 B | 1.07 B | 859 M | 694 M | 620 M | 922 M | 1.14 B | 1.01 B | 703 M | 649 M | -2.07 M | 13.3 M | - | - |
Annual performance
Select metrics to display
All numbers in USD currency
Quarterly Balance Sheet Evolent Health
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
2.25 M | 2.43 M | 3.16 M | 3.82 M | 4.43 M | 8.41 M | 15.6 M | 25 M | 29.3 M | 30.8 M | 32.5 M | 38 M | 39.6 M | 56.6 M | 54.3 M | 56 M | 57.8 M | 58.6 M | 56.4 M | 57.7 M | 57.3 M | 58.6 M | 202 M | 62.5 M | 64.7 M | 67 M | 61 M | 68.9 M | 70.6 M | 70.8 M | 57.2 M | 221 M | 122 M | 122 M | 122 M | 121 M | 121 M | 121 M | 121 M | 120 M | 120 M | 120 M | 120 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
1.1 B | 1.1 B | 1.1 B | 1.1 B | 1.18 B | 779 M | 786 M | 637 M | 752 M | 754 M | 755 M | 760 M | 783 M | 840 M | 839 M | 524 M | 521 M | 348 M | 345 M | 280 M | 279 M | 276 M | - | 349 M | 372 M | 378 M | 367 M | 376 M | 330 M | 333 M | 316 M | 264 M | 135 M | 134 M | 134 M | 134 M | 138 M | 142 M | 153 M | 156 M | 26.1 M | 27.9 M | 28.3 M | 21.4 M | - | 30.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
1.59 B | 1.59 B | 1.48 B | 1.48 B | 1.61 B | 1.34 B | 1.52 B | 1.35 B | 1.28 B | 1.24 B | 1.41 B | 1.43 B | 1.4 B | 1.38 B | 1.3 B | 958 M | 903 M | 691 M | 728 M | 726 M | 646 M | 679 M | 688 M | 752 M | 737 M | 623 M | 604 M | 569 M | 590 M | 506 M | 479 M | 533 M | 274 M | 270 M | 251 M | 266 M | 243 M | 244 M | 258 M | 288 M | 91.4 M | 84.7 M | 80.8 M | 80.9 M | 80.9 M | 91.1 M | 80.9 M | - | 1.07 M | 1.07 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
823 K | 1.21 M | 1.42 M | 1.2 M | 1.87 M | 2.33 M | 5.02 M | 2.51 M | 2.62 M | 4.56 M | 6.14 M | 5.98 M | 5.76 M | 6.95 M | 7.07 M | 5.76 M | 7.52 M | 8.71 M | 13.3 M | 11.9 M | 13.8 M | 13.2 M | 13.4 M | 10.2 M | 12.5 M | 13.2 M | 17 M | 19.8 M | 22.7 M | 26.9 M | 22.3 M | 20.6 M | 22.4 M | 29.8 M | 33.3 M | 24.8 M | 26.1 M | 27.8 M | 25.5 M | 20.5 M | 17.7 M | 18.8 M | 18.3 M | 14.8 M | 14.8 M | 27.1 M | 14.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.39 B | -1.37 B | -1.34 B | -1.32 B | -886 M | -865 M | -845 M | -781 M | -758 M | -735 M | -736 M | -719 M | -686 M | -660 M | -626 M | -606 M | -595 M | -597 M | -592 M | -627 M | -621 M | -608 M | -599 M | -589 M | -575 M | -537 M | -334 M | -252 M | -53.9 M | -28.3 M | 3.27 M | 50 M | 66.7 M | 79.1 M | 89 M | 86 M | 99.1 M | 112 M | 129 M | 147 M | 164 M | 175 M | 184 M | 307 M | 307 M | 323 M | 307 M | -25.8 M | -25.8 M | -25.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
1.96 B | 1.97 B | 1.88 B | 1.9 B | 2.45 B | 2.46 B | 2.65 B | 2.54 B | 2.5 B | 2.48 B | 2.64 B | 2.68 B | 2.67 B | 2.65 B | 2.59 B | 1.82 B | 1.76 B | 1.3 B | 1.34 B | 1.42 B | 1.25 B | 1.29 B | 1.31 B | 1.37 B | 1.39 B | 1.27 B | 1.45 B | 1.5 B | 1.71 B | 1.65 B | 1.63 B | 1.72 B | 1.32 B | 1.32 B | 1.31 B | 1.31 B | 1.3 B | 1.14 B | 1.15 B | 1.2 B | 851 M | 853 M | 856 M | 1.02 B | 1.02 B | 1.04 B | 1.02 B | 37.2 M | 38.3 M | 38.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
156 M | 141 M | 169 M | 181 M | 143 M | 178 M | 278 M | 178 M | 128 M | 138 M | 233 M | 223 M | 224 M | 208 M | 192 M | 215 M | 195 M | 280 M | 263 M | 355 M | 282 M | 238 M | 236 M | 362 M | 401 M | 153 M | 130 M | 129 M | 206 M | 137 M | 227 M | 388 M | 267 M | 254 M | 236 M | 295 M | 296 M | 114 M | 131 M | 170 M | 110 M | 105 M | 111 M | 152 M | 146 M | 219 M | 146 M | - | - | - | - | - | - | - | - | 5.25 M | - | - | - | - | - | - | - |
Book Value |
373 M | 383 M | 396 M | 415 M | 842 M | 1.12 B | 1.13 B | 1.19 B | 1.23 B | 1.24 B | 1.23 B | 1.25 B | 1.27 B | 1.27 B | 1.29 B | 859 M | 856 M | 613 M | 611 M | 694 M | 607 M | 614 M | 617 M | 620 M | 655 M | 647 M | 847 M | 929 M | 1.12 B | 1.15 B | 1.15 B | 1.19 B | 1.05 B | 1.05 B | 1.05 B | 1.05 B | 1.06 B | 894 M | 897 M | 912 M | 760 M | 768 M | 776 M | 935 M | 935 M | 949 M | 935 M | 37.2 M | 37.2 M | 37.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
373 M | 383 M | 396 M | 415 M | 842 M | 896 M | 936 M | 1 B | 1.04 B | 1.05 B | 1.05 B | 1.07 B | 1.1 B | 1.09 B | 1.12 B | 859 M | 856 M | 613 M | 611 M | 694 M | 607 M | 614 M | 617 M | 620 M | 655 M | 647 M | 847 M | 929 M | 1.12 B | 1.15 B | 1.15 B | 1.19 B | 1.05 B | 1.05 B | 1.05 B | 1.05 B | 1.06 B | 894 M | 897 M | 912 M | 760 M | 768 M | 776 M | 935 M | 649 M | 949 M | 649 M | -2.07 M | -2.07 M | -2.07 M | - | 13.3 M | - | - | - | 5.2 M | - | - | - | - | - | - | - |
Quarterly performance
Select metrics to display
All numbers in USD currency
Balance Sheet is a fundamental financial report of Evolent Health, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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