Evolent (EVH)
Runs risk-based and fee-based specialty-care programs covering oncology, cardiology, and musculoskeletal conditions for health plans.
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Takes on financial risk for oncology, cardiology, and musculoskeletal care under capitation contracts with health plans, while other clients pay a flat technology-and-services fee instead. Grew out of a 2011 UPMC–Advisory Board Company joint venture and works with about 70 health plan partners spanning Medicaid, Medicare, and commercial lines.
Manages specialty-condition care, oncology, cardiology, and musculoskeletal diagnoses, on behalf of health plans and other risk-bearing payers, acting as a platform vendor to insurers rather than a direct care provider. Contracts split into a capitation-based Performance Suite, where the company assumes the medical cost of a specialty population for a fixed monthly fee, and a fee-based Specialty Technology and Services Suite alongside administrative and case-management services that carry no medical risk.
Serves about 70 health plan partners across Medicaid, Medicare, and commercial lines, coordinating clinical pathways and utilization management within the US healthcare system.
Performance Suite margins move with the underlying trend in oncology drug costs, and enrollment shifts tied to Medicaid redeterminations and ACA-exchange participation change the size of the covered population the company prices against.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Citigroup | Upgrade | ||
| Aug 10, 2026 | Citigroup | Upgrade | ||
| Jul 23, 2026 | Citigroup | Downgrade | ||
| Jul 21, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $6 | Target: $7 |
| Jun 30, 2026 | Truist Financial | Target | Target: $6 | Target: $7 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $115.7M · Total debt $970.4M · Total assets $1.97B · Shareholders' equity $383.2M
- Revenue
- $652.5M
- Operating income
- −$9.6M
- Net income
- −$28.4M
No dividends on record.
| Institutions | 101.22% | 114.44M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 | |||
| Insiders | 2.60% | 2.94M shares | |
| 17 holders · as of Aug 28, 2026 | |||
| Strategic holders | 5.21% | 5.89M shares | |
| 1 holder · as of Feb 3, 2022 | |||
| Adds to | 109.03% | ||
113.06M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 109.03%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.10% | 14.81M | as of Jun 30, 2026 |
Cadian Capital Management, LPInstitution | 9.57% | 10.81M | as of Jun 30, 2026 |
Morgan StanleyInstitution | 7.93% | 8.97M | as of Jun 30, 2026 |
UBS Group AGInstitution | 5.52% | 6.25M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 5.21% | 5.89M | filed Feb 3, 2022 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Daniel Joseph McCarthy | officer: PRESIDENT | −65,892 | $5.00 |
| Nov 18, 2025 | Brendan B. Springstubb | director | +10,000 | $3.82 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Evolent | $3.80 | +0.26% | $415.1M | — | 11.3 | 0.2 | +46.9% |
| UnitedHealth Group | $373.10 | +0.05% | $342.88B | 24.3 | 17.5 | 0.8 | +0.4% |
| Elevance Health | $402.43 | +0.03% | $88.77B | 18.2 | 14.8 | 0.4 | +0.8% |
| Cigna | $273.74 | −0.02% | $72.53B | 11.4 | 8.6 | 0.3 | +6.6% |
| CVS Health | $87.11 | +0.02% | $111.77B | 23.2 | 10.8 | 0.3 | +7.3% |
| Progyny | $26.24 | −0.08% | $2.10B | 29.2 | 16.6 | 1.6 | +5.3% |
| Median | 23.2 | 14.8 | 0.4 | +5.3% |