Evolent Health, Inc. (EVH) Balance Sheet
EVH balance sheet, 2025
December 31, 2025 · U.S. dollars$1.90B assets = $1.48B liabilities + $415.2M equity
Both columns are drawn to the same scale: what EVH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EVH financial health
Descriptive bands, not a rating. Fiscal 2025.
EVH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.20B2016 | $1.90B2025 | +5.2%/yr | |
| Total liabilities | $287.7M2016 | $1.48B2025 | +20.0%/yr | |
| Shareholders’ equity | $912.1M2016 | $415.2M2025 | −8.4%/yr | |
| Cash & short-term investments | $178.9M2016 | $151.9M2025 | −1.8%/yr | |
| Total debt | $120.3M2016 | $989.7M2025 | +26.4%/yr | |
| Net cash (debt) | $58.6M2016 | −$837.8M2025 | −$896.5M | |
| Working capital | $133.0M2016 | $121.1M2025 | −$11.9M | |
| Book value per share | $20.262016 | $3.642025 | −17.4%/yr | |
| Current ratio | 2.012016 | 1.312025 | −0.69 | |
| Debt / equity | 0.132016 | 2.382025 | +2.25 | |
| Shares outstanding | 45.0M2016 | 114.2M2025 | +10.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EVH assets
EVH liabilities and equity
EVH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EVH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $151.9M | $163.5M | $192.8M | $188.2M | $266.3M | $333.4M | $102.8M | $228.3M | $238.4M | $178.9M |
| Cash & equivalents | $151.9M | $104.2M | $192.8M | $188.2M | $266.3M | $333.4M | $101.0M | $228.3M | $238.4M | $134.6M |
| Short-term investments | — | $59.3M | $13.8M | $14.5M | $75.7M | $3.9M | $1.8M | $818,000 | $62.4M | $44.3M |
| Receivables | $323.4M | $414.7M | $446.7M | $254.7M | $130.6M | $124.4M | $77.4M | $82.3M | $68.9M | $40.6M |
| Inventory | $0 | $0 | $1 | −$415.9M | −$308.2M | −$445.1M | −$150.1M | $78.5M | −$3.3M | −$40.6M |
| Other current assets | $31.1M | $28.9M | $44.1M | $451.1M | $435.3M | $535.0M | $198.7M | $98.8M | $74.1M | $86.1M |
| Total current assets | $506.4M | $607.1M | $683.7M | $478.1M | $524.0M | $547.6M | $228.8M | $488.0M | $378.2M | $265.0M |
| Property, plant & equipment (net) | $85.2M | $79.3M | $90.2M | $136.9M | $131.6M | $144.0M | $157.3M | $73.6M | $50.9M | $31.2M |
| Goodwill & intangible assets | $1.28B | $1.82B | $1.87B | $1.17B | $706.1M | $614.0M | $880.5M | $1.10B | $869.4M | $885.5M |
| Long-term investments | $9.0M | $8.6M | $4.9M | $4.5M | $5.5M | $17.4M | $139.4M | $16.3M | $1.5M | $2.2M |
| Other non-current assets | $19.3M | $31.9M | $33.0M | $32.3M | $52.4M | $151.3M | $92.0M | $41.2M | $12.6M | $16.0M |
| Total assets | $1.90B | $2.54B | $2.68B | $1.82B | $1.42B | $1.47B | $1.50B | $1.72B | $1.31B | $1.20B |
| Liabilities | ||||||||||
| Accounts payable | $59.8M | $96.0M | $48.2M | $57.2M | $96.1M | $32.0M | $37.5M | $146.8M | $42.9M | $43.9M |
| Short-term debt | $15.3M | $198.2M | $9.7M | $7.1M | $7.1M | $33.9M | $6.3M | $122.6M | $121.4M | $120.3M |
| Deferred revenue | $1.2M | $2.5M | $6.0M | $5.8M | $11.9M | $10.2M | $19.8M | $20.6M | $24.8M | $20.5M |
| Total current liabilities | $385.3M | $715.5M | $674.2M | $433.4M | $445.5M | $403.3M | $192.8M | $146.8M | $132.7M | $131.9M |
| Long-term debt | $970.5M | $490.5M | $597.0M | $413.0M | $215.7M | $263.3M | $293.7M | $221.0M | $121.4M | $120.3M |
| Lease obligations | $19.2M | $51.7M | $47.7M | $63.1M | $64.8M | $69.9M | $75.1M | — | — | — |
| Other long-term liabilities | $128.2M | $337.1M | $341.3M | $111.4M | $64.7M | $188.2M | $82.5M | $165.1M | $0 | $0 |
| Total liabilities | $1.48B | $1.54B | $1.61B | $957.9M | $725.8M | $854.8M | $569.0M | $532.9M | $266.4M | $287.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.0M | $908,000 | $859,000 | $846,000 | $823,000 | $924.9M | $555.9M |
| Retained earnings (deficit) | −$1.32B | −$780.8M | −$719.2M | −$606.2M | −$626.8M | −$589.2M | −$252.0M | $50.0M | $86.0M | $146.6M |
| Treasury stock | — | — | — | — | −$21.1M | −$21.1M | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$2.6M | −$1.8M | −$1.3M | −$1.2M | −$362,000 | −$278,000 | −$234,000 | −$182,000 | −$14.5M | −$5.2M |
| Minority interest | — | — | — | — | — | — | $6.7M | $45.5M | $35.4M | $209.6M |
| Total shareholders' equity | $415.2M | $1.00B | $1.07B | $859.4M | $693.6M | $619.6M | $922.4M | $1.19B | $1.05B | $912.1M |
| Key figures | ||||||||||
| Total debt | $989.7M | $713.7M | $644.8M | $476.1M | $280.5M | $359.8M | $368.8M | $343.6M | $121.4M | $120.3M |
| Net cash (debt) | −$837.8M | −$550.2M | −$452.0M | −$287.9M | −$14.2M | −$26.4M | −$266.0M | −$115.3M | $117.0M | $58.6M |
| Working capital | $121.1M | −$108.4M | $9.4M | $44.6M | $78.5M | $144.4M | $36.0M | $341.2M | $245.5M | $133.0M |
| Tangible book value | −$864.2M | −$816.2M | −$800.9M | −$306.1M | −$12.4M | $5.6M | $41.8M | $86.2M | $176.9M | $26.6M |
| Book value per share | $3.64 | $8.73 | $9.60 | $9.17 | $8.06 | $7.30 | $11.20 | $15.38 | $16.26 | $20.26 |
| Shares outstanding | 114.2M | 114.7M | 111.3M | 93.7M | 86.1M | 84.9M | 82.4M | 77.3M | 64.4M | 45.0M |
| Current ratio | 1.31 | 0.85 | 1.01 | 1.10 | 1.18 | 1.36 | 1.19 | 3.32 | 2.85 | 2.01 |
| Quick ratio | 1.23 | 0.81 | 0.95 | 1.02 | 0.89 | 1.14 | 0.93 | 2.12 | 2.32 | 1.66 |
| Debt / equity | 2.38 | 0.71 | 0.60 | 0.55 | 0.40 | 0.58 | 0.40 | 0.29 | 0.12 | 0.13 |
| Equity / assets | 21.9% | 39.4% | 39.8% | 47.3% | 48.9% | 42.0% | 61.6% | 69.1% | 79.7% | 76.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $115.7M | $166.0M | $151.9M | $116.7M | $151.0M | $246.5M | $104.2M | $96.6M | $101.2M | $165.1M | $192.8M | $184.5M |
| Cash & equivalents | $115.7M | $166.0M | $151.9M | $116.7M | $151.0M | $246.5M | $104.2M | $96.6M | $101.2M | $165.1M | $192.8M | $184.5M |
| Short-term investments | — | — | — | — | — | — | $59.3M | $16.3M | $20.1M | $51.6M | $13.8M | $23.2M |
| Receivables | $449.1M | $314.2M | $323.4M | $386.6M | $358.8M | $430.5M | $414.7M | $407.9M | $373.7M | $427.7M | $446.7M | $394.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $23.2M |
| Other current assets | $45.7M | $21.8M | $31.1M | $66.9M | $52.5M | $50.9M | $88.2M | $39.5M | $46.0M | $76.4M | $44.1M | $36.8M |
| Total current assets | $610.5M | $502.0M | $506.4M | $570.1M | $562.3M | $727.9M | $607.1M | $544.0M | $521.0M | $669.2M | $683.7M | $638.8M |
| Property, plant & equipment (net) | $84.6M | $85.0M | $85.2M | −$53.6M | $82.6M | $80.2M | $79.3M | $83.2M | $85.2M | $86.8M | $90.2M | $97.3M |
| Goodwill & intangible assets | $1.25B | $1.26B | $1.28B | $1.84B | $1.79B | $1.81B | $1.82B | $1.83B | $1.83B | $1.85B | $1.87B | $1.90B |
| Long-term investments | $8.8M | $9.0M | $9.0M | $8.9M | $9.0M | $8.6M | $8.6M | $8.4M | $8.4M | $8.2M | $4.9M | $4.9M |
| Other non-current assets | $19.1M | $18.7M | $19.3M | $90.4M | $19.2M | $31.6M | $31.9M | $32.0M | $32.7M | $31.5M | $33.0M | $33.4M |
| Total assets | $1.97B | $1.88B | $1.90B | $2.45B | $2.46B | $2.65B | $2.54B | $2.50B | $2.48B | $2.64B | $2.68B | $2.67B |
| Liabilities | ||||||||||||
| Accounts payable | $38.8M | $63.0M | $59.8M | $72.2M | $69.5M | $57.8M | $96.0M | $50.1M | $39.0M | $77.3M | $48.2M | $51.8M |
| Short-term debt | $1.5M | $8.8M | $15.3M | $23.1M | $196.3M | $207.0M | $198.2M | $6.2M | $6.1M | $12.7M | $9.7M | $14.0M |
| Deferred revenue | $1.2M | $1.4M | $1.2M | $1.9M | $2.3M | $5.0M | $2.5M | $2.6M | $4.6M | $6.1M | $6.0M | $5.8M |
| Total current liabilities | $492.8M | $381.2M | $385.3M | $429.9M | $557.5M | $739.1M | $715.5M | $523.7M | $483.4M | $659.0M | $674.2M | $615.3M |
| Long-term debt | $966.5M | $973.5M | $970.5M | $1.05B | $648.5M | $647.5M | $490.5M | $599.7M | $598.8M | $597.9M | $597.0M | $599.9M |
| Lease obligations | $4.0M | $11.9M | $19.2M | $22.4M | $32.6M | $50.8M | $51.7M | $35.5M | $36.9M | $45.2M | $47.7M | $52.6M |
| Other long-term liabilities | $129.4M | $127.7M | $128.2M | $126.5M | $359.6M | $331.3M | $337.1M | $339.7M | $339.1M | $338.8M | $341.3M | $358.3M |
| Total liabilities | $1.59B | $1.48B | $1.48B | $1.61B | $1.57B | $1.72B | $1.54B | $1.46B | $1.42B | $1.60B | $1.61B | $1.57B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.1M |
| Retained earnings (deficit) | −$1.37B | −$1.34B | −$1.32B | −$886.2M | −$865.3M | −$845.4M | −$780.8M | −$758.0M | −$734.9M | −$736.5M | −$719.2M | −$685.8M |
| Accumulated other comprehensive income | −$3.6M | −$3.6M | −$2.6M | −$2.4M | −$1.7M | −$1.7M | −$1.8M | −$1.4M | −$1.4M | −$1.3M | −$1.3M | −$1.3M |
| Total shareholders' equity | $383.2M | $396.4M | $415.2M | $842.2M | $896.0M | $935.5M | $1.00B | $1.04B | $1.05B | $1.05B | $1.07B | $1.10B |
| Key figures | ||||||||||||
| Total debt | $970.4M | $985.4M | $989.7M | $1.08B | $853.2M | $870.1M | $713.7M | $635.2M | $635.7M | $643.1M | $644.8M | $653.6M |
| Net cash (debt) | −$854.7M | −$819.4M | −$837.8M | −$965.7M | −$702.2M | −$623.5M | −$609.5M | −$538.6M | −$534.5M | −$477.9M | −$452.0M | −$469.0M |
| Working capital | $117.7M | $120.8M | $121.1M | $140.2M | $4.7M | −$11.2M | −$108.4M | $20.3M | $37.6M | $10.2M | $9.4M | $23.5M |
| Tangible book value | −$865.6M | −$867.7M | −$864.2M | −$995.4M | −$892.5M | −$869.7M | −$816.2M | −$795.4M | −$774.0M | −$799.9M | −$800.9M | −$799.1M |
| Book value per share | $3.41 | $3.54 | $3.64 | $7.38 | $7.73 | $8.11 | $8.70 | $9.04 | $9.19 | $9.18 | $9.40 | $9.76 |
| Shares outstanding | 112.5M | 111.9M | 114.2M | 114.1M | 115.9M | 115.3M | 115.0M | 114.9M | 114.7M | 114.1M | 113.6M | 112.3M |
| Current ratio | 1.24 | 1.32 | 1.31 | 1.33 | 1.01 | 0.98 | 0.85 | 1.04 | 1.08 | 1.02 | 1.01 | 1.04 |
| Quick ratio | 1.15 | 1.26 | 1.23 | 1.17 | 0.91 | 0.92 | 0.73 | 0.96 | 0.98 | 0.90 | 0.95 | 0.94 |
| Debt / equity | 2.53 | 2.49 | 2.38 | 1.29 | 0.95 | 0.93 | 0.71 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 |
| Equity / assets | 19.4% | 21.1% | 21.9% | 34.3% | 36.4% | 35.3% | 39.4% | 41.5% | 42.6% | 39.6% | 39.8% | 41.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
EVH financial position
At the end of fiscal 2025 (December 31, 2025), Evolent Health had total assets of $1.9 billion (down 25.4% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $415.2 million. It held $151.9 million in cash and short-term investments against $989.7 million of debt, net debt of $837.8 million. Its current ratio was 1.31. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $383.2 million.
Related: EVH income statement, EVH cash flow statement, EVH key metrics. See the EVH stock overview for the latest quote and news.
EVH balance sheet FAQ
What are Evolent Health's total assets?
Evolent Health reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.5 billion a year earlier.
How much debt does Evolent Health have?
Evolent Health had $989.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.38.
How much cash does Evolent Health have?
Evolent Health held $151.9 million in cash and short-term investments at the end of fiscal 2025; with $989.7 million of debt that is net debt of $837.8 million.
What is Evolent Health's book value?
Evolent Health's shareholders' equity (book value) was $415.2 million at the end of fiscal 2025, or $3.64 per share.
What is Evolent Health's current ratio?
Evolent Health had current assets of $506.4 million and current liabilities of $385.3 million, a current ratio of 1.31 (it can cover its short-term obligations).
How much goodwill does Evolent Health have?
Evolent Health carried $1.3 billion of goodwill and intangible assets, 67.4% of total assets, at the end of fiscal 2025.