Evolv Technologies

EVLV · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

EVLV · Last close · November 6, 2026

$4.56

Evolv Technologies' revenue rose 40.5% to $146 million in fiscal 2025. Its operating margin was −33.2%, up from −79.2% a year earlier. Free cash flow was $13 million. The diluted share count rose 7.6%.

Evolv Technologies Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 10, 2026 · 0001805385-26-000012 Updated November 6, 2026

Revenue

$146M

40.5%

Operating margin

−33.2%

46.0 pts

Net income

−$33M

Free cash flow

$13M

Return on capital

−52.9%

89.3 pts

Market cap

$821M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Evolv Technologies does

Evolv Technologies sells security screening equipment that uses artificial intelligence to detect weapons. Its customers include schools, hospitals, sports and entertainment venues, tourist attractions, houses of worship and industrial workplaces. Evolv Express screens people for concealed threats, and Evolv eXpedite screens bags automatically without a trained X-ray operator. Both run on Evolv's own software and cloud services.

Evolv sells through a model it calls Security-as-a-Service. It offers two ways to buy: a pure subscription model and a purchase subscription model. Both need hardware and an active, connected software subscription. A subscription also includes Evolv Insights, a cloud analytics tool that shows customers how their screening systems perform.

It sells through its own sales force and through reseller partners. It recognizes much of its revenue gradually over the term of each agreement. It was formed in 2021 as a Delaware corporation.

Its biggest risks, as it describes them

Material weaknesses in its financial reporting controls, which led to a restatement of earlier financial statements.
A history of losses, with no assurance of reaching or keeping profitability.
Depending on reseller partners to market, sell and support its products.
Delays or the loss of a limited or sole source supplier.
Its products failing, or being seen to fail, to detect a weapon.

From Evolv Technologies's annual report on Form 10-K, filed March 10, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Evolv Technologies lost money in fiscal 2025: a net loss of $33 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	308	230	118	52	69
Debt incl. finance leases	10	30	0	0	29
Net debt (negative means net cash)	−298	−200	−118	−52	−40
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.1x	0.0x	0.0x	0.2x
Interest coverage	−9.1x	−144.6x	−137.7x	—	−28.0x
Current ratio	13.6x	4.9x	2.1x	1.3x	1.2x
Quick ratio	13.5x	4.7x	2.0x	1.1x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Evolv Technologies' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Evolv Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 6 insiders bought $749,505 of Evolv Technologies shares on the open market, and 5 insiders sold $6.9 million, $4.8 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Richard A ShapiroDirector	Bought	32,600	$4.96	$161,739	Form 4
Aug 17, 2026	Michael EllenbogenDirector	Sold plan	80,752	$5.59	$451,404	Form 4
Aug 14, 2026	Henrik KuhlDirector	Bought	15,000	$5.73	$85,950	Form 4
Aug 14, 2026	Neil GlatDirector	Bought	8,500	$5.74	$48,790	Form 4
Jul 15, 2026	Michael EllenbogenDirector	Sold plan	80,745	$5.94	$479,625	Form 4
Jun 15, 2026	Michael EllenbogenDirector	Sold plan	80,745	$6.21	$501,426	Form 4
Jun 2, 2026	Robert E MarshallChief Revenue Officer	Sold	62,067	$6.85	$425,159	Form 4
May 15, 2026	Michael EllenbogenDirector	Sold plan	80,745	$5.63	$454,594	Form 4
May 4, 2026	George C KutsorChief Financial Officer	Sold	51,448	$7.27	$374,027	Form 4
Apr 15, 2026	Michael EllenbogenDirector	Sold plan	80,745	$6.32	$510,308	Form 4
Mar 6, 2026	Michael EllenbogenDirector	Sold plan	91,771	$5.10	$468,032	Form 4
Mar 2, 2026	Michael EllenbogenDirector	Sold	82,913	$5.19	$430,318	Form 4

The latest 12 of 22 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	4 of 9	4 of 9
Rule of 40	34.2%	−5.1%	49.4%
Altman Z''	−2.31	−4.95	−3.93
Accruals ratio	−30.6%	−8.2%	−18.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	4 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Evolv Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Evolv Technologies	FY25	40.5%	−33.2%	8.9%	−52.9%	—	4
Ouster	FY25	52.5%	−43.7%	−38.3%	—	—	5	Compare
Napco Security Technologies	FY26	11.4%	22.6%	29.3%	—	—	—	Compare
Vishay Precision Group	FY25	0.2%	4.5%	2.1%	3.1%	−2.2x	7	Compare
Frequency Electronics	FY26	−9.4%	−4.8%	−2.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5	23	53	80	104	146
Revenue growth	—	388.9%	125.4%	50.9%	30.5%	40.5%
Gross profit	1	4	1	32	60	75
Research and development	16	12	18	24	23	21
Operating income	−27	−55	−103	−90	−82	−48
Net income	−27	−11	−87	−108	−54	−33
Diluted EPS (US$)	−3.07	−0.15	−0.60	−0.72	−0.34	−0.20
Diluted shares (millions)	9	72	144	149	157	168
Cash flow
Cash from operations	−23	−57	−75	−10	−31	19
Capital expenditure	7	4	3	4	6	6
Free cash flow	−30	−60	−77	−13	−37	13
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0
Stock-based compensation	1	10	22	24	25	21
Balance sheet at fiscal year end
Cash and short-term investments	5	308	230	118	52	69
Debt incl. finance leases	17	10	30	0	0	29
Total assets	22	363	344	297	268	304
Total liabilities	31	73	118	153	150	185
Shareholders' equity	−85	290	227	144	118	119
Margins and ratios
Gross margin	26.9%	17.2%	2.7%	40.1%	57.2%	51.6%
Operating margin	−562.1%	−236.2%	−195.3%	−113.2%	−79.2%	−33.2%
Net margin	−572.5%	−46.5%	−164.6%	−135.8%	−52.0%	−22.7%
Free cash flow margin	−624.1%	−258.6%	−146.9%	−16.8%	−35.6%	8.9%
Rule of 40 (growth + FCF margin)	—	130.3%	−21.6%	34.2%	−5.1%	49.4%
Return on capital	—	—	—	—	−142.2%	−52.9%
Return on equity	—	−10.6%	−33.6%	−58.3%	−41.3%	−28.0%
Return on assets	—	−5.7%	−24.6%	−33.7%	−19.1%	−11.6%
Net debt to EBITDA	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Evolv Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Evolv Technologies.