EVH

Evolent Health, Inc.

7 filings tracked

healthcarehealthcare technologySMALL ($300M-2B)

Signal Magnitude Chart

bullish

bearish

neutral

Signal Timeline

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

bearishMay 7

Cost of revenue grew 8.2% while revenue only grew 2.6%, leading to a spike in MER to 93.3%.

margin compression

80%

bullishMay 7

Net loss narrowed significantly from $72.3M to $26.6M year-over-year.

earnings beat

40%

neutralMay 7

Exchange of Series A Preferred Stock for Second Lien Loan Facility completed.

debt restructure

50%

Filing History

10-QMay 7, 2026

The Q1 2026 filing reveals a company in a high-stakes transition. Evolent is betting its future on the maturation of new, high-acuity value-based care contracts that offer higher pricing but carry significant initial risk. The tension lies between the improving unit economics and the deteriorating aggregate margins, as the 'go-live' phase of new contracts temporarily inflates the Medical Expense Ratio and drains operating cash flow. Investors are left to weigh the promise of operating leverage against the reality of a debt-laden balance sheet and extreme customer concentration. While the narrowing net loss and SG&A cuts are positive signals, the surge in claim reserves and the shift to negative operating cash flow suggest that the path to profitability is fraught with execution risk. The overall impact of the filing is a mixed signal: the platform is growing and pricing power is present, but the financial safety margin is thin.