Evolent Health, Inc — Earnings Quality Grade F
EVH · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 60 days, change +1 days YoY
AR growth -25.3% vs revenue growth -26.6%
Revenue -26.6%, CFFO 107.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 36.9% is >2x revenue growth -26.6%
SG&A/Gross Profit = 76.0%, exceeds 70%
Gross margin swung +6.9pp (14.4% → 21.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.01
Accruals ratio = -30.2%. Low accruals
Cash $0.2B covers only 15% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $1.3B = 308% of equity. Over 50%
Interest coverage = -0.3x (<2x). Financial stress
Other assets -68.8% vs revenue -26.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -30% YoY. Normal
Manipulation Score
M-Score = -4.57 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25