Who Owns Evolent Health Company?

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Who Owns Evolent Health?

Evolent Health, a healthcare services company, began its public journey with an IPO in 2015. Founded by Frank Williams and Seth Blackley, it focuses on guiding providers toward value-based care models.

The company reported substantial revenue growth in 2024, serving millions of members. Understanding its ownership structure is key to grasping its strategic trajectory and governance.

Evolent Health, Inc. (NYSE: EVH) reported total revenue of $2,554.7 million for the fiscal year ended December 31, 2024, a 30.1% increase year-over-year. The company serves approximately 40.5 million unique members. As of August 2025, its market capitalization is $1.08 billion. For a deeper dive into its operational environment, consider an Evolent Health PESTEL Analysis.

Evolent Health was established in 2011 by its co-founders Frank Williams and Seth Blackley, with Tom Peterson also recognized as a co-founder. Their combined expertise in healthcare and technology was crucial in steering the company's initial trajectory, with Frank Williams taking on the role of CEO during its foundational period.

Founding Vision

Evolent Health was co-founded in 2011 by Frank Williams and Seth Blackley, with Tom Peterson also identified as a co-founder. Their aim was to help healthcare providers shift to value-based care models.

Initial Capitalization

The company received significant early backing from The Advisory Board Company and UPMC. UPMC's initial investment was $38 million, securing a 22.5% stake at the time of the IPO.

Private Equity Involvement

TPG, a prominent private equity firm, was also an early investor. TPG held approximately a 6% stake in Evolent Health before its public offering.

Pre-IPO Equity Structure

Before its Initial Public Offering (IPO), Evolent Health LLC's equity was divided into voting Class A common units and non-voting Class B common units.

Post-IPO Holding Company

Following the 'Offering Reorganization' and IPO, Evolent Health, Inc. was established as a holding company. This entity retained 100% of the voting rights in Evolent Health LLC.

Strategic Control Alignment

This ownership structure was designed to align the company's operations with its core mission. It ensured a focused distribution of control to support long-term strategic objectives in value-based care.

The early ownership of Evolent Health was characterized by strategic partnerships and significant investment from established entities in the healthcare and finance sectors. This foundational support was critical in enabling the company to pursue its mission of transforming healthcare delivery. Understanding the initial Evolent Health ownership provides insight into the company's strategic direction and its commitment to value-based care models. The company's approach to its Marketing Strategy of Evolent Health was also shaped by these early relationships.

Key Stakeholders and Investments

The initial capital and strategic guidance for Evolent Health came from key partners and investors, shaping its early trajectory and Evolent Health stakeholders.

• Founders: Frank Williams, Seth Blackley, and Tom Peterson were instrumental in establishing the company.
• The Advisory Board Company: Provided crucial early backing and expertise.
• UPMC: Invested $38 million, holding a 22.5% stake at the time of the IPO, indicating significant Evolent Health investors.
• TPG: A private equity firm that held around 6% of the company's shares before its public offering, representing early Evolent Health private equity ownership.

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Evolent Health's ownership journey began with its IPO in June 2015, establishing it as a publicly traded entity. Subsequent secondary offerings and shifts in investor focus have continually reshaped its shareholder landscape.

The ownership structure of Evolent Health, Inc. has evolved significantly since its public debut. Initially, the company operated under a holding company structure post-IPO, retaining substantial control over its operational subsidiary. Over the years, there has been a pronounced trend towards increased institutional ownership, reflecting growing confidence from major financial entities in the company's trajectory and market position. This shift is a key indicator of how Evolent Health is perceived by the broader investment community. Understanding the Target Market of Evolent Health can provide further context to these ownership trends.

Evolent Health's Shareholder Landscape

As of August 2025, Evolent Health has a substantial number of institutional owners, indicating broad investment interest. These institutions collectively hold a significant portion of the company's shares, influencing its strategic direction.

• 459 institutional owners and shareholders as of August 2025.
• Institutions collectively hold 149,720,226 shares.
• Mutual funds increased their holdings to 64.00% by June 2025.
• Morgan Stanley entities reported beneficial ownership of 7.0% as of June 30, 2025.
• Eventide Asset Management LLC reported 3.5% ownership as of June 30, 2025.

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The Evolent Health, Inc. Board of Directors is structured with a blend of executive and independent members, emphasizing robust corporate governance. Richard Jelinek is set to assume the role of Chair of the Board at the 2025 Annual Meeting, succeeding Cheryl Scott. The board includes key figures such as Seth Blackley, Co-Founder, CEO & Director, and other directors like Toyin Ajayi, Craig A. Barbarosh, Russell Glass, Peter Grua, Shawn Guertin, Kim A. Keck, Cheryl Scott, and Brendan Springstubb.

Evolent Health operates under a one-share, one-vote system for its Class A Common Stock, which is publicly traded on the NYSE. The company functions as the sole managing member of Evolent Health LLC, holding all voting rights within the LLC. While Class B common stock holders do not directly vote for Evolent Health, Inc., their associated Class B common units in Evolent Health LLC can be converted into Class A common stock, thereby granting voting power. The company has actively refreshed its board, appointing five new independent directors over the last three years and planning further refreshment before the 2025 Annual Meeting, a move that has been positively received by major shareholders like Engaged Capital, who view new directors as strong shareholder advocates.

Evolent Health's Evolving Shareholder Influence

Evolent Health's commitment to enhancing corporate governance is evident in its board refreshment strategy. This proactive approach aims to align the company's leadership with best practices and shareholder expectations.

• Board refreshment efforts have led to the appointment of five new independent directors in the past three years.
• Further independent director seat refreshment is planned before the 2025 Annual Meeting.
• Brendan Springstubb's appointment in February 2025 was welcomed by major shareholders for his expected advocacy.
• The company's Growth Strategy of Evolent Health is supported by a governance structure designed for long-term value creation.

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Over the past few years, Evolent Health's ownership has been shaped by significant financial performance and strategic moves, reflecting dynamics within the healthcare technology sector. The company's ownership structure continues to be dominated by institutional investors, with a notable increase in insider ownership.

Evolent Health's ownership profile is characterized by a substantial presence of institutional investors, who held over 149 million shares as of August 2025. Insider ownership has seen a slight uptick, reaching 2.68% by June 2025. The company's financial performance in 2024 showed robust revenue growth of 30.1%, reaching $2,554.7 million, though it also reported a net loss of $93.5 million. More recent figures for Q2 2025 indicated a revenue of $444.3 million with a net loss of $51.1 million. Strategic initiatives, such as the acquisition of certain assets from Machinify, Inc. in August 2024 to bolster AI capabilities, and a $140 million convertible notes offering in August 2025, are key developments. The company's leadership structure remains with Seth Blackley as Co-Founder, CEO & Director, while a co-founder, Frank Williams, stepped down as a director in June 2023. The potential for industry consolidation was highlighted by reported sale talks in August 2024, following takeover interest.

Institutional Investor Dominance

Institutional investors are the primary stakeholders, holding a significant portion of the company's shares. This concentration of ownership often influences corporate strategy and governance.

Strategic Acquisitions and AI Focus

The acquisition of Machinify's assets in August 2024 underscores a commitment to enhancing AI capabilities. This move aligns with broader industry trends in leveraging technology for improved healthcare management.

Financial Performance and Outlook

Despite revenue growth in 2024, the company reported net losses. Projections for 2026 indicate an anticipated improvement in Adjusted EBITDA margins and strategic growth, with sufficient liquidity for the near term.

Industry Consolidation and Activist Influence

Reported sale talks in August 2024 suggest potential consolidation in the healthcare technology sector. The influence of activist investors, such as Engaged Capital's involvement in 2020, highlights their role in driving value creation and strategic shifts, impacting the Competitors Landscape of Evolent Health.

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