# Evolv Technologies Holdings (EVLV.US)

Canonical: https://gigainvestors.com/s/EVLV

Analysis as of: 2026-10-16T07:28:23.648Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.18 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 7

- Operating margin variation: 0.77×

Chart: Operating margin; fiscal year observations.

- FY2019: -3.15×

- FY2020: -5.62×

- FY2021: -2.28×

- FY2022: -1.95×

- FY2023: -1.10×

- FY2024: -0.79×

- FY2025: -0.31×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -38.2%

- ROIC, second-lowest year: -261.0%

- Typical minus recent gross margin: -24.7 pp

- Typical gross margin (annual median): 26.9%

- Recent gross margin (lower of latest and 3-year median): 51.6%

- Years with nonpositive capital: 3

- Capital spending / revenue: 45.9%

- ROIC including acquisitions, ten-year median: -177.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -14.1%

- FY2022: -288.5%

- FY2023: -261.0%

- FY2024: -71.2%

- FY2025: -38.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$321M

- Net income, five-year total: -$291M

- Return on incremental invested capital: -11.9%

- Working capital / revenue, annual change: 6.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$11M

- FY2022: -$87M

- FY2023: -$136M

- FY2024: -$54M

- FY2025: -$33M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -71.2%

- Per-share earnings: -0.14 to -0.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 3.4%

- Per-share value change: -$0.21

- Per-share value, starting three-year median: -$0.14

- Per-share value, ending three-year median: -$0.34

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -71.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.14

- FY2020: -$0.19

- FY2021: -$0.07

- FY2022: -$0.60

- FY2023: -$0.71

- FY2024: -$0.34

- FY2025: -$0.20

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -17.0%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 113.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -19.2%

- FY2020: -19.4%

- FY2021: 12.6%

- FY2022: -3.5%

- FY2023: -32.3%

- FY2024: -8.6%

- FY2025: -17.0%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Aug 2025 · "Evolv Technologies Holdings (NASDAQ:EVLV) Q2 2025 Earnings: Revenue Beat Overshadowed by Widening Loss" (chartmill.com, Aug 2025) · sales +40.5%

Story as of 2026-10-16T09:58:43.393Z; price observation 2026-10-15.

- 2025-08-15: Evolv Technology raises 2025 revenue growth outlook to 27%-30% while advancing direct fulfillment strategy ([seekingalpha.com](https://seekingalpha.com/news/4485839-evolv-technology-raises-2025-revenue-growth-outlook-to-27-percentminus-30-percent-while?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-10: Evolv Technology raises 2026 revenue guidance to $178M while accelerating ARR growth ([seekingalpha.com](https://seekingalpha.com/news/4562978-evolv-technology-raises-2026-revenue-guidance-to-178m-while-accelerating-arr-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +40.5%; source https://www.sec.gov/Archives/edgar/data/1805385/000180538526000012/evlv-20251231.htm; observed 2026-03-10.

- FY2019: $5.8M 

- FY2020: $4.8M 

- FY2021: $23M 

- FY2022: $53M 

- FY2023: $80M 

- FY2024: $104M 

- FY2025: $146M 

### Gross margin · FY2025

gross margin 51.6%; source https://www.sec.gov/Archives/edgar/data/1805385/000180538526000012/evlv-20251231.htm; observed 2026-03-10.

- FY2019: 9.4% 

- FY2020: 26.9% 

- FY2021: 17.2% 

- FY2022: 2.7% 

- FY2023: 42.1% 

- FY2024: 57.1% 

- FY2025: 51.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in security & protection services; annual sales are USD 145.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1805385/000180538526000012/evlv-20251231.htm (filed 2026-03-10); FY2025: revenue 145905000; grossProfit 75302000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EVLV.US: Evolv Technologies Holdings, Inc. develops, manufactures, markets, and sells security screening products and specific services in the United States and internationally. It offers Evolv Express, that is designed to detect firearms, improvised explosive devices, and large tactical knives in unstructured people flows; Evolv eXpedite, an autonomous AI-based weapon detection system for bags being brought to venues by visitors in high clutter environments; and Evolv Insights Analytics Application which provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance and alarm statistics, and comparisons across multiple business dimensions. The company serves various industries comprising education, healthcare, professional sports, notable performing arts and entertainment venues, major tourist destinations and cultural attractions, government and corporate offices, hospitality facilities, distribution facilities, large industrial workplaces, and houses of worship. Evolv Technologies Holdings, Inc. was founded in 2013 and is headquartered in Waltham, Massachusetts.

### Why customers stay

Margins ranged from 42.1% to 57.1% during 2023–25; it lost 38.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 42.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 57.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1805385/000180538526000012/evlv-20251231.htm (filed 2026-03-10); FY2025: grossProfit / revenue = 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 7-year return on capital observations [[2019,0],[2020,0],[2021,-0.1405095280445275],[2022,-2.8853904282115868],[2023,-2.610226481488414],[2024,-0.7117800376565373],[2025,-0.38210426877982423]]; median -0.38210426877982423. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EVLV.US SharesStats.PercentInsiders = 4.223 percentage points; cache date 2026-10-15.

### What the price says

The price is 4.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Closing price 4.18 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.866320410442963; price multiple 4.825004639868407. FY2025 cash earnings/share -0.19675902649846758. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-09: $9.75 per share

- 2020-10: $9.62 per share

- 2020-11: $9.80 per share

- 2020-12: $10.01 per share

- 2021-01: $10.36 per share

- 2021-02: $10.26 per share

- 2021-03: $10.01 per share

- 2021-04: $9.98 per share

- 2021-05: $10.00 per share

- 2021-06: $10.03 per share

- 2021-07: $8.13 per share

- 2021-08: $7.78 per share

- 2021-09: $6.00 per share

- 2021-10: $5.69 per share

- 2021-11: $5.42 per share

- 2021-12: $4.46 per share

- 2022-01: $3.20 per share

- 2022-02: $3.52 per share

- 2022-03: $2.65 per share

- 2022-04: $2.19 per share

- 2022-05: $2.91 per share

- 2022-06: $2.66 per share

- 2022-07: $2.69 per share

- 2022-08: $2.27 per share

- 2022-09: $2.12 per share

- 2022-10: $2.93 per share

- 2022-11: $3.49 per share

- 2022-12: $2.59 per share

- 2023-01: $3.06 per share

- 2023-02: $2.75 per share

- 2023-03: $3.12 per share

- 2023-04: $3.60 per share

- 2023-05: $5.96 per share

- 2023-06: $6.00 per share

- 2023-07: $6.58 per share

- 2023-08: $6.99 per share

- 2023-09: $4.86 per share

- 2023-10: $4.25 per share

- 2023-11: $4.00 per share

- 2023-12: $4.72 per share

- 2024-01: $4.37 per share

- 2024-02: $4.77 per share

- 2024-03: $4.45 per share

- 2024-04: $3.91 per share

- 2024-05: $2.86 per share

- 2024-06: $2.55 per share

- 2024-07: $3.47 per share

- 2024-08: $3.94 per share

- 2024-09: $4.05 per share

- 2024-10: $2.15 per share

- 2024-11: $4.05 per share

- 2024-12: $3.95 per share

- 2025-01: $4.01 per share

- 2025-02: $3.54 per share

- 2025-03: $3.12 per share

- 2025-04: $4.39 per share

- 2025-05: $5.46 per share

- 2025-06: $6.24 per share

- 2025-07: $6.56 per share

- 2025-08: $8.24 per share

- 2025-09: $7.55 per share

- 2025-10: $7.74 per share

- 2025-11: $6.39 per share

- 2025-12: $7.16 per share

- 2026-01: $6.19 per share

- 2026-02: $5.30 per share

- 2026-03: $6.05 per share

- 2026-04: $7.20 per share

- 2026-05: $6.45 per share

- 2026-06: $5.80 per share

- 2026-07: $5.53 per share

- 2026-08: $5.21 per share

- 2026-09: $4.65 per share

- 2026-10: $4.18 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1805385/000180538526000012/evlv-20251231.htm); period 2025-12-31, filed 2026-03-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.