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Side-by-side financial comparison of Embecta Corp. (EMBC) and Evolent Health, Inc. (EVH). Click either name above to swap in a different company.
Evolent Health, Inc. is the larger business by last-quarter revenue ($496.2M vs $261.2M, roughly 1.9× Embecta Corp.). Embecta Corp. runs the higher net margin — 16.9% vs -5.4%, a 22.3% gap on every dollar of revenue. On growth, Evolent Health, Inc. posted the faster year-over-year revenue change (2.6% vs -0.3%). Over the past eight quarters, Embecta Corp.'s revenue compounded faster (-4.6% CAGR vs -12.4%).
Embecta Corp. is a global medical technology company focused on diabetes care solutions. It designs, manufactures and distributes a full portfolio of products including insulin pen needles, syringes, infusion set components and related delivery devices, serving patients, healthcare providers and biopharmaceutical partners across North America, Europe, Asia Pacific and other major markets.
Magellan Health Inc., is an American for-profit managed health care company and subsidiary of Centene that focuses on special populations and other specialty areas of healthcare. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. It ranked 390 on the Fortune 500 in 2021.
EMBC vs EVH — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $261.2M | $496.2M |
| Net Profit | $44.1M | $-26.6M |
| Gross Margin | 61.9% | 16.9% |
| Operating Margin | 31.9% | — |
| Net Margin | 16.9% | -5.4% |
| Revenue YoY | -0.3% | 2.6% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.74 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $496.2M | ||
| Q4 25 | $261.2M | $468.7M | ||
| Q3 25 | $264.0M | $479.5M | ||
| Q2 25 | $295.5M | $444.3M | ||
| Q1 25 | $259.0M | $483.6M | ||
| Q4 24 | $261.9M | $646.5M | ||
| Q3 24 | $286.1M | $621.4M | ||
| Q2 24 | $272.5M | $647.1M |
| Q1 26 | — | $-26.6M | ||
| Q4 25 | $44.1M | $-429.1M | ||
| Q3 25 | $26.4M | $-20.9M | ||
| Q2 25 | $45.5M | $-19.9M | ||
| Q1 25 | $23.5M | $-64.6M | ||
| Q4 24 | $0 | $-22.8M | ||
| Q3 24 | $14.6M | $-23.1M | ||
| Q2 24 | $14.7M | $1.6M |
| Q1 26 | — | 16.9% | ||
| Q4 25 | 61.9% | 20.7% | ||
| Q3 25 | 60.0% | 20.8% | ||
| Q2 25 | 66.7% | 22.6% | ||
| Q1 25 | 63.4% | 21.2% | ||
| Q4 24 | 60.0% | 11.7% | ||
| Q3 24 | 60.7% | 13.0% | ||
| Q2 24 | 69.8% | 16.5% |
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | -87.1% | ||
| Q3 25 | 21.4% | 0.2% | ||
| Q2 25 | 31.8% | -0.3% | ||
| Q1 25 | 24.3% | -0.3% | ||
| Q4 24 | 11.0% | -2.9% | ||
| Q3 24 | 9.2% | -2.6% | ||
| Q2 24 | 20.5% | 1.2% |
| Q1 26 | — | -5.4% | ||
| Q4 25 | 16.9% | -91.6% | ||
| Q3 25 | 10.0% | -4.4% | ||
| Q2 25 | 15.4% | -4.5% | ||
| Q1 25 | 9.1% | -13.4% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | 5.1% | -3.7% | ||
| Q2 24 | 5.4% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | $0.74 | $-3.76 | ||
| Q3 25 | $0.44 | $-0.24 | ||
| Q2 25 | $0.78 | $-0.44 | ||
| Q1 25 | $0.40 | $-0.63 | ||
| Q4 24 | $0.00 | $-0.26 | ||
| Q3 24 | $0.24 | $-0.27 | ||
| Q2 24 | $0.25 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $201.3M | $142.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-613.1M | $396.4M |
| Total Assets | $1.1B | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $142.0M | ||
| Q4 25 | $201.3M | $151.9M | ||
| Q3 25 | $225.5M | $116.7M | ||
| Q2 25 | $230.6M | $151.0M | ||
| Q1 25 | $209.3M | $246.5M | ||
| Q4 24 | $210.0M | $104.2M | ||
| Q3 24 | $267.5M | $96.6M | ||
| Q2 24 | $275.1M | $101.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $396.4M | ||
| Q4 25 | $-613.1M | $415.2M | ||
| Q3 25 | $-650.6M | $842.2M | ||
| Q2 25 | $-669.6M | $896.0M | ||
| Q1 25 | $-736.2M | $935.5M | ||
| Q4 24 | $-768.8M | $1.0B | ||
| Q3 24 | $-738.3M | $1.0B | ||
| Q2 24 | $-763.7M | $1.1B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $2.5B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.1B | $2.7B | ||
| Q4 24 | $1.1B | $2.5B | ||
| Q3 24 | $1.3B | $2.5B | ||
| Q2 24 | $1.3B | $2.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $17.2M | — |
| Free Cash FlowOCF − Capex | $16.6M | — |
| FCF MarginFCF / Revenue | 6.4% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 0.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | $205.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $17.2M | $48.8M | ||
| Q3 25 | $84.0M | $15.8M | ||
| Q2 25 | $81.2M | $-30.3M | ||
| Q1 25 | $31.8M | $4.6M | ||
| Q4 24 | $-5.3M | $-26.2M | ||
| Q3 24 | $26.6M | $18.7M | ||
| Q2 24 | $-2.1M | $21.4M |
| Q1 26 | — | — | ||
| Q4 25 | $16.6M | — | ||
| Q3 25 | $76.7M | — | ||
| Q2 25 | $80.8M | — | ||
| Q1 25 | $31.7M | — | ||
| Q4 24 | $-6.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-11.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 27.3% | — | ||
| Q1 25 | 12.2% | — | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 3.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 1.35× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.82× | — | ||
| Q2 24 | -0.14× | 13.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EMBC
| Pen Needles | $185.5M | 71% |
| Safety | $37.3M | 14% |
| Syringes | $30.7M | 12% |
| Manufacturing Facility | $4.1M | 2% |
EVH
| Performance Suite | $323.3M | 65% |
| Specialty Technology and Services Suite | $80.8M | 16% |
| Administrative Services | $49.6M | 10% |
| Cases | $42.6M | 9% |
