Is EVH halal?
Evolent Health, Inc
Not halal
Evolent Health, Inc did not pass AAOIFI screening. The failed check is shown below.
Checked: 15 October 2026
Exchange
NYSE
Price
4.57
Day
-6.16%
Market cap
$555.7M
Industry
Health Information Services
Sector
Healthcare
What the company does
Evolent Health manages specialty care (oncology, cardiology) for health insurers: treatment guidance and cost control. Money comes from payments by insurers.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $966.47M ÷ 36-month average market cap $1.73B = 55.7%
55.7%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $115.70M ÷ 36-month average market cap $1.73B = 6.7%
6.7%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $4.19M ÷ annual revenue $1.88B (2025) = 0.2%
0.2%
Pass
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $555.69M.
For information (AAOIFI 3/1 note): cash + receivables are 28.6% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 1 superinvestors · Average reported price: $5.42
- Glenn WellingEngaged Capital$30.2M9.3%
Exited this quarter: Lee Ainslie
All superinvestor portfoliosHalal stocks in the same industry
The largest halal stocks in Health Information Services — for comparison.
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- Halal investingBlogWhy a company's cash affects whether its stock is halalLots of cash sounds like a good sign — but halal screening checks it separately. What counts, what doesn't, and where we are stricter than AAOIFI.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.