Evolent Health, Inc. Financial Ratios — EVH Stock

Profitability (USD)

	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	-23.63	-7.08	-4.89	-29.23	-43.35	-5.73	-2.47	-14.76	-9.03	-81.81
Return on Assets (%)	- -	-36.28	63.17	-14.42	-4.83	-3.47	-18.75	-23.29	-2.69	-1.18	-5.03	-2.36	-24.06
Return on Capital (%)	- -	- -	74.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	-8.59	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	-16.93	- -	40.75	38.95	38.07	47.72	25.34	24.66	27.58	23.42	23.45	14.38	21.31
EBITDA Margin (%)	-77.7	- -	-36.96	-24.27	-9.21	-1.13	-8.99	1.98	3.4	3.5	5.21	4.08	5.12
Operating Margin (%)	-82.41	- -	-44.36	-31.04	-16.65	-8.23	-17.85	-4.67	-3.21	-1.47	-1.07	-0.55	-1.06
Incremental Operating Margin (%)	- -	-82.41	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	78.03	- -	354.35	-93.45	-17.57	-8.64	-48.02	-35.75	-3.28	-4.59	-10.31	-2.47	-28.5
Profit Margin (%)	78	- -	343.21	-62.84	-13.95	-8.4	-43.95	-36.15	-4.14	-1.42	-5.76	-2.41	-28.49
Net Income to Common Margin (%)	78	- -	343.21	-62.84	-13.95	-8.4	-43.95	-36.15	-4.14	-1.42	-7.24	-3.66	-30.88
Effective Tax Rate (%)	0.04	- -	6.84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	-6.09	-4.29	-79.59	7.33	12.57	5.83
Sustainable Growth Rate (%)	- -	- -	- -	-23.63	-7.08	-4.89	-29.23	-46	-5.97	-4.43	-13.68	-7.9	-77.04

Credit (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	120	121	221	369	360	280	476	645	714	990
ST Debt	- -	- -	- -	- -	- -	- -	6	34	7	7	10	198	15
LT Debt	- -	- -	- -	120	121	221	363	326	273	469	635	515	974
Total Debt/EBITDA	- -	- -	- -	-1.95	-3.03	-31.27	-5.97	19.68	9.07	10.06	6.3	6.84	10.31
Net Debt/EBITDA	3.4	- -	4.07	0.23	2.92	1.03	-3.12	-1.59	-1.64	4.75	3.95	5.35	8.53
Total Debt/EBIT	- -	- -	- -	-1.52	-1.68	-4.29	-3.01	-8.33	-9.63	-23.95	-30.62	-50.73	-49.9
Net Debt/EBIT	3.21	- -	3.39	0.18	1.62	0.14	-1.57	0.67	1.74	-11.31	-19.2	-39.65	-41.28
EBITDA to Interest Expense	- -	- -	- -	-249.72	-11.02	-1.29	-4.24	0.65	1.22	3.04	1.89	4.22	1.67
EBITDA-CapEx/Interest Expense	- -	- -	- -	-312.58	-18.68	-8.5	-6.69	-0.39	-0.75	-1.89	1.36	3.21	1.08
EBIT to Interest Expense	- -	- -	- -	-319.45	-19.92	-9.41	-8.43	-1.52	-1.15	-1.28	-0.39	-0.57	-0.35
Interest Expense	- -	- -	- -	- -	4	5	15	28	25	16	54	25	57
Common Equity/Total Assets	- -	-5.57	63.94	58.55	77.01	66.41	61.57	45.17	48.87	47.29	39.84	39.35	21.86
Long-Term Debt/Equity (%)	- -	- -	- -	13.19	11.6	18.58	39.02	52.59	39.42	54.57	59.48	51.48	234.67
Long-Term Debt/Capital (%)	- -	- -	- -	11.65	10.4	15.67	27.93	33.27	28.07	35.12	37.08	30.06	69.35
Long-Term Debt/Total Assets (%)	- -	- -	- -	10.02	9.25	12.83	24.2	23.76	19.26	25.81	23.69	20.26	51.3
Total Debt/Equity (%)	- -	- -	- -	13.19	11.6	18.58	39.7	58.07	40.43	55.4	60.39	71.28	238.37
Total Debt/Capital (%)	- -	- -	- -	11.65	10.4	15.67	28.42	36.74	28.79	35.65	37.65	41.62	70.45
Total Debt/Total Assets (%)	- -	- -	- -	10.02	9.25	12.83	24.62	26.23	19.76	26.2	24.06	28.05	52.11
Net Debt to Equity	-218.69	- -	-15.59	-1.57	-11.19	-0.61	20.74	-4.7	-7.3	26.16	37.86	55.71	197.18
Net Debt/Capital (%)	184.25	- -	-18.47	-1.59	-12.59	-0.62	16.1	-4.41	-7.15	19.59	26.6	34.63	65.34
EBITDA	-20	- -	-36	-62	-40	-7	-62	18	31	47	102	104	96
EBITDA-CapEx	-30	- -	-42	-77	-68	-47	-97	-11	-19	-29	74	79	62
Operating Income (Loss)	-21	- -	-43	-79	-72	-52	-123	-43	-29	-20	-21	-14	-20

Liquidity (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	2.32	- -	2.61	1.36	1.8	0.85	0.53	0.8	0.6	0.43	0.29	0.15	0.39
Current Ratio	2.74	- -	3.1	2.01	2.85	1.81	1.19	1.36	1.18	1.1	1.01	0.85	1.31
Quick Ratio	2.67	- -	2.95	1.66	2.32	1.15	0.93	1.11	0.89	1.02	0.95	0.73	1.2
CFO/Avg Current Liab	- -	- -	-0.62	-0.37	-0.21	-0.1	-0.18	-0.05	0.09	-0.03	0.26	0.03	0.07
Common Equity/Total Assets	- -	-5.57	63.94	58.55	77.01	66.41	61.57	45.17	48.87	47.29	39.84	39.35	21.86
Long-Term Debt/Equity (%)	- -	- -	- -	13.19	11.6	18.58	39.02	52.59	39.42	54.57	59.48	51.48	234.67
Long-Term Debt/Capital (%)	- -	- -	- -	11.65	10.4	15.67	27.93	33.27	28.07	35.12	37.08	30.06	69.35
Long-Term Debt/Total Assets (%)	- -	- -	- -	10.02	9.25	12.83	24.2	23.76	19.26	25.81	23.69	20.26	51.3
Total Debt/Equity (%)	- -	- -	- -	13.19	11.6	18.58	39.7	58.07	40.43	55.4	60.39	71.28	238.37
Total Debt/Capital (%)	- -	- -	- -	11.65	10.4	15.67	28.42	36.74	28.79	35.65	37.65	41.62	70.45
Total Debt/Total Assets (%)	- -	- -	- -	10.02	9.25	12.83	24.62	26.23	19.76	26.2	24.06	28.05	52.11
CFO/Total Liabilities	-19.21	- -	-22.82	-12.34	-10.5	-3.88	-7.5	-2.16	5.34	-1.21	8.84	1.22	2.62
CFO/CapEx	-1.31	- -	-2.83	-2.29	-1	-0.52	-1.2	-0.55	0.78	-0.15	4.96	0.75	1.14
Altman's Z-Score	0.17	-0.97	5.92	2.76	3.45	3.05	0.76	1.25	2.08	2.51	2.51	2.27	0.37

Working Capital (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	9.51	8.33	9.71	9.71	8.82	9.26	7.13	7.02	5.6	5.93	5.18
Days Sales Outstanding	- -	- -	38.39	43.81	37.59	37.59	41.4	39.42	51.19	52.01	65.18	61.54	70.48
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	6.87	5.12	6.2	3.46	5.57	20.06	10.27	13.51	28.52	30.32	18.95
Accounts Payable Turnover Days	- -	- -	53.1	71.26	58.83	105.6	65.54	18.2	35.54	27.01	12.8	12.04	19.26
Cash Conversion Cycle	- -	- -	-14.7	-27.45	-21.24	-68.01	-24.14	21.22	15.65	25	52.39	49.5	51.22
Inventory to Cash Days	- -	- -	38.39	43.81	37.59	37.59	41.4	39.42	51.19	52.01	65.18	61.54	70.48
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	502	778	919	1,579	766	1,352	2,469	2,807	3,762	1,294	447
- Cash & Cash Equivalents	68	- -	146	135	238	228	101	319	266	188	193	104	152
+ Preferred Equity and Hybrid Capital	31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	285	210	35	46	7	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	120	121	221	369	360	280	476	645	714	990
Enterprise Value	-37	- -	633	929	837	1,618	1,038	1,389	2,483	3,095	4,214	1,904	1,284
Total Capital	31	-2	935	1,032	1,168	1,410	1,298	979	974	1,336	1,712	1,715	1,405
Total Debt/Capital (%)	- -	- -	- -	11.65	10.4	15.67	28.42	36.74	28.79	35.65	37.65	41.62	70.45
Total Debt / EV	- -	- -	- -	0.13	0.14	0.14	0.36	0.26	0.11	0.15	0.15	0.37	0.77
EV/Sales	- -	- -	6.53	3.66	1.93	2.58	1.51	1.5	2.73	2.29	2.15	0.75	0.68
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	75.97	80.34	65.41	41.17	18.25	13.38
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	116.77	38.44	- -	24.38	44.34	13.34
EV/Free Cash Flow to Firm	- -	- -	- -	- -	260.89	66.34	161.25	33.58	21.68	44.3	20.9	28.07	9.85
Diluted Market Cap	- -	- -	559	666	792	1,543	745	1,361	2,381	2,631	3,675	1,290	457
Diluted Enterprise Value	-37	- -	698	862	710	1,581	1,020	1,402	2,396	2,919	4,127	1,900	1,295
EV per Share	- -	- -	15.24	17.67	11.21	20.43	12.27	16.47	27.83	30.96	37	16.55	11.51
TTM Sales	26	- -	97	254	435	627	687	925	908	1,352	1,964	2,555	1,876
TTM EBITDA	-20	- -	-36	-62	-40	-7	-62	18	31	47	102	104	96
TTM Operating Income	-21	- -	-43	-79	-72	-52	-123	-43	-29	-20	-21	-14	-20
TTM Cash Flow to Firm	-14	- -	-18	-35	-25	-15	-29	12	65	-7	173	43	96
TTM Free Cash Flow to Firm	-3	- -	-12	-20	3	24	6	41	115	70	202	68	130

Multiples (USD)

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	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-46.74	-33.35	-7,195.61	81.64	-104.82	102.76	26.84	40.37	21.45	29.55	6.26
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-37	- -	633	929	837	1,618	1,038	1,389	2,483	3,095	4,214	1,904	1,284
Low Price	- -	- -	11.86	8.14	10.3	12.32	5.5	3.5	15.8	21.36	23.33	10.53	3.5
EV/Sales	- -	- -	6.53	3.66	1.93	2.58	1.51	1.5	2.73	2.29	2.15	0.75	0.68
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	75.97	80.34	65.41	41.17	18.25	13.38
Price/Earnings	- -	- -	0.92	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	1.31	-4.75	-20.67	-29.52	-2.91	-2.59	-52.63	-145.91	-23.46	-30.82	-1.7
Price/Earnings High	- -	- -	1.75	-7.57	-29.17	-42.67	-5.93	-4.26	-79.2	-194.49	-28.7	-42.95	-2.56
Price/Earnings Low	- -	- -	0.9	-2.29	-10.93	-18.1	-1.5	-0.89	-36.17	-104.44	-18.24	-12.92	-0.69
Price/Book Value	- -	- -	0.77	1.11	0.91	1.38	0.83	2.18	3.56	3.27	3.52	1.29	1.08
Price/Book Value Average	- -	- -	1.11	1.26	1.44	1.39	0.98	1.39	2.96	3.47	3.2	2.89	2.31
Price/Book Value High	- -	- -	1.48	2.01	2.03	2.01	1.99	2.28	4.45	4.63	3.91	4.02	3.49
Price/Book Value Low	- -	- -	0.76	0.61	0.76	0.85	0.5	0.48	2.03	2.48	2.49	1.21	0.94
Price/Tangible Book Value	- -	- -	-4.09	-4.25	6.5	38.84	18.3	242.38	-198.32	-9.17	-4.7	-1.59	-0.52
Price/Tangible Book Value Average	- -	- -	-5.85	-4.84	10.3	39.13	21.59	153.84	-164.8	-9.74	-4.27	-3.54	-1.11
Price/Tangible Book Value High	- -	- -	-7.83	-7.71	14.53	56.56	43.94	253.72	-247.99	-12.99	-5.22	-4.93	-1.68
Price/Tangible Book Value Low	- -	- -	-4.01	-2.34	5.44	24	11.12	52.92	-113.25	-6.97	-3.32	-1.48	-0.45
Price/Sales	- -	- -	3.14	2.62	1.82	2.46	1.08	1.47	2.62	1.95	1.87	0.51	0.24
Price/Sales Average	- -	- -	4.49	2.99	2.88	2.48	1.28	0.93	2.18	2.07	1.7	1.13	0.52
Price/Sales High	- -	- -	6	4.75	4.07	3.58	2.6	1.54	3.28	2.76	2.08	1.57	0.79
Price/Sales Low	- -	- -	3.08	1.44	1.52	1.52	0.66	0.32	1.5	1.48	1.32	0.47	0.21
Price/Cash Flow	- -	- -	-16.48	-18.77	-28.31	-74.71	-17.48	-83.91	61.46	-227.74	25.77	68.75	11.76
Price/Cash Flow Average	- -	- -	-23.55	-21.37	-44.86	-75.27	-20.62	-53.26	51.07	-242.04	23.41	153.51	25.31
Price/Cash Flow High	- -	- -	-31.5	-34.04	-63.3	-108.79	-41.97	-87.83	76.86	-322.62	28.64	213.9	38.16
Price/Cash Flow Low	- -	- -	-16.14	-10.32	-23.71	-46.16	-10.62	-18.32	35.1	-173.24	18.2	64.35	10.29
Price/Free Cash Flow Average	- -	- -	-66.81	-37.97	-11,400.57	82.25	-123.68	65.22	22.31	42.91	19.48	65.98	13.48
Price/Free Cash Flow High	- -	- -	-89.35	-60.48	-16,087.75	118.88	-251.69	107.57	33.57	57.19	23.83	91.94	20.33
Price/Free Cash Flow Low	- -	- -	-45.78	-18.34	-6,025.59	50.44	-63.7	22.44	15.33	30.71	15.15	27.66	5.48
EV/Sales Average	- -	- -	8.85	4.25	3.16	2.6	1.71	0.97	2.28	2.42	1.97	1.37	0.96
EV/Sales High	- -	- -	11.35	6.32	4.54	3.73	3.07	1.57	3.42	3.15	2.36	1.81	1.22
EV/Sales Low	- -	- -	6.52	2.45	1.58	1.62	1.08	0.36	1.57	1.79	1.58	0.71	0.65
EV/EBITDA Average	1.85	- -	-23.95	-17.53	-34.3	-230.52	-19.07	49.17	66.83	69.14	37.79	33.55	18.74
EV/EBITDA High	1.85	- -	-30.72	-26.05	-49.24	-330.77	-34.2	79.64	100.34	90.13	45.25	44.45	23.82
EV/EBITDA Low	1.85	- -	-17.64	-10.11	-17.17	-143.45	-11.98	18.38	46.07	51.21	30.37	17.46	12.8
EV/EBIT Average	1.74	- -	-19.96	-13.71	-18.98	-31.59	-9.6	-20.82	-70.91	-164.55	-183.72	-248.74	-90.7
EV/EBIT High	1.74	- -	-25.6	-20.36	-27.24	-45.33	-17.22	-33.72	-106.46	-214.5	-219.98	-329.55	-115.3
EV/EBIT Low	1.74	- -	-14.7	-7.9	-9.5	-19.66	-6.03	-7.78	-48.88	-121.89	-147.66	-129.44	-61.94
Last Price	- -	- -	12.11	14.8	12.3	19.95	9.05	16.03	27.67	28.08	33.03	11.25	4
High Price	- -	- -	23.15	26.84	27.5	29.05	21.73	16.78	34.6	39.78	36.7	35	12.98
Enterprise Value Average	-37	- -	858	1,081	1,375	1,630	1,178	899	2,066	3,271	3,868	3,499	1,799
Enterprise Value High	-37	- -	1,100	1,607	1,973	2,338	2,113	1,456	3,101	4,264	4,632	4,636	2,287
Enterprise Value Low	-37	- -	632	623	688	1,014	740	336	1,424	2,423	3,109	1,821	1,229

Shares Outstanding	38	38	41	53	75	79	85	84	89	100	114	115	112
Diluted Weighted Avg Shares	38	38	46	45	64	77	82	85	86	94	111	115	114
Basic Weighted Avg Shares	38	38	25	45	64	77	82	85	86	94	111	115	114
Revenue per Share	0.67	- -	3.86	5.64	6.76	8.11	8.34	10.89	10.55	14.43	17.65	22.28	16.43
EBITDA per Share	-0.52	- -	-1.42	-1.37	-0.62	-0.09	-0.75	0.22	0.36	0.5	0.92	0.91	0.84
Operating Income per Share	-0.55	- -	-1.71	-1.75	-1.13	-0.67	-1.49	-0.51	-0.34	-0.21	-0.19	-0.12	-0.17
Basic EPS, GAAP	0.52	-0.66	13.23	-3.55	-0.94	-0.68	-3.67	-3.94	-0.44	-0.2	-1.28	-0.81	-5.07
Basic EPS from Cont Ops	0.52	-0.66	12.73	-5.04	-1.08	-0.7	-3.73	-3.86	-0.35	-0.2	-1.02	-0.54	-4.68
Diluted EPS, GAAP	0.52	-0.66	7.21	-3.55	-0.94	-0.68	-3.67	-3.94	-0.44	-0.2	-1.28	-0.81	-5.07
Diluted EPS from Cont Ops	0.52	-0.66	6.93	-5.04	-1.08	-0.7	-3.73	-3.86	-0.35	-0.2	-1.02	-0.54	-4.68
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	0.24	0.02	0.16	0.17	0.18	0.1
Cash Flow per Share	-0.36	- -	-0.73	-0.79	-0.43	-0.27	-0.52	-0.19	0.45	-0.12	1.28	0.16	0.34
Free Cash Flow per Basic Share	-0.63	- -	-0.99	-1.13	-0.87	-0.78	-0.95	-0.54	-0.13	-0.94	1.02	-0.05	0.04
Cash & Equivalents per Share	1.78	- -	3.74	3.4	3.19	2.88	1.22	3.83	2.98	1.88	1.69	0.91	1.36
Book Value per Share	- -	-0.05	15.65	13.36	13.53	14.45	10.9	7.34	7.77	8.6	9.38	8.7	3.72
Tangible Book Value per Share	-0.04	-0.05	-2.96	-3.48	1.89	0.51	0.49	0.07	-0.14	-3.06	-7.03	-7.1	-7.74

Evolent Health, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)