Detailed financial statements for Evolus, Inc. (EOLS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Evolus, Inc. is a performance beauty enterprise that furnishes the United States market with medical aesthetic solutions for healthcare professionals and their patients. A key product in its portfolio is Jeuveau, a proprietary 900 kilodalton purified botulinum toxin type A formulation. This product is specifically designed for adults seeking the temporary smoothing of moderate to severe glabellar (frown) lines. Founded in 2012, Evolus, Inc.
Analysis Summary
Evolus, Inc. reported revenue of $297.2M in the most recent fiscal year, growing at a 5-year CAGR of 39.4%.
Trailing-twelve-month margins: gross margin 66.2%, operating margin -7.3%, net margin -10.8%.
At the current price of $7.99, EOLS has negative trailing earnings (P/E not meaningful) and an ROE of 123.11%. Market capitalisation stands at $526M.
Balance sheet quality for EOLS: current ratio of 1.9, net debt of $101.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | $34.9M | $56.5M | $99.7M | $148.6M | $202.1M | $266.3M | $297.2M |
| Cost of Revenue | $326000 | $218000 | $9000 | $8.0M | $18.3M | $43.5M | $58.8M | $61.6M | $84.0M | $104.4M |
| Gross Profit | -$326000 | -$218000 | -$9000 | $26.9M | $38.2M | $56.1M | $89.8M | $140.5M | $182.3M | $192.8M |
| Research & Development | $12.6M | $6.7M | $6.5M | $4.0M | $1.7M | $2.1M | $6.7M | $15.4M | $9.2M | $9.6M |
| Selling, General & Admin | $7.0M | $4.8M | $29.1M | $113.6M | $98.2M | $112.1M | $141.8M | $164.9M | $198.0M | $220.8M |
| Operating Expenses | $20.0M | $11.7M | $35.6M | $125.9M | $191.3M | $100.5M | $155.1M | $189.8M | $216.7M | $230.4M |
| Operating Income | -$20.0M | -$11.7M | -$46.1M | -$98.9M | -$153.1M | -$44.4M | -$65.3M | -$49.2M | -$34.4M | -$37.6M |
| EBITDA | -$19.6M | -$11.5M | -$46.1M | -$92.1M | -$144.8M | -$39.1M | -$53.9M | -$41.8M | -$25.0M | -$22.5M |
| Interest Expense | 0 | 0 | $863000 | $8.0M | $10.5M | $1.4M | $9.1M | $13.8M | $18.7M | $19.7M |
| Pre-tax Income | -$20.0M | -$11.7M | -$46.8M | -$105.1M | -$162.9M | -$46.8M | -$74.3M | -$61.5M | -$49.8M | -$51.0M |
| Income Tax | $93000 | -$7.3M | $65000 | -$15.0M | $77000 | $42000 | $95000 | $176000 | $664000 | $677000 |
| Net Income | -$20.1M | -$4.5M | -$46.9M | -$90.0M | -$163.0M | -$46.8M | -$74.4M | -$61.7M | -$50.4M | -$51.6M |
| EPS | $-1.08 | $-0.19 | $-1.92 | $-3.19 | $-4.83 | $-0.94 | $-1.33 | $-1.08 | $-0.81 | $-0.80 |
| EPS (Diluted) | $-1.08 | $-0.19 | $-1.92 | $-3.19 | $-4.83 | $-0.94 | $-1.33 | $-1.08 | $-0.81 | $-0.80 |
| Shares Outstanding (Diluted) | $18.6M | $23.6M | $24.4M | $28.2M | $33.7M | $49.8M | $56.1M | $56.9M | $62.0M | $64.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $69.0M | $90.3M | $73.1M | $84.1M |
| Gross Profit | $45.8M | $59.3M | $47.4M | $57.2M |
| Operating Income | -$11.5M | -$291000 | -$6.9M | -$4.5M |
| EBITDA | -$9.5M | $7.1M | -$3.8M | -$4.0M |
| Net Income | -$15.7M | $130000 | -$10.7M | -$8.1M |
| EPS | $-0.24 | $0.00 | $-0.16 | $-0.12 |
| EPS (Diluted) | $-0.24 | $0.00 | $-0.16 | $-0.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0 | 0 | $93.2M | $109.9M | $102.6M | $146.3M | $53.9M | $62.8M | $87.0M | $53.8M |
| Short-term Investments | 0 | 0 | 0 | $19.9M | $5.0M | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $72.6M | 0 | $10.7M | $9.7M | $14.7M | $22.4M | $30.5M | $47.7M | $54.7M |
| Inventory | 0 | 0 | 0 | $6.4M | $3.4M | $1.8M | $18.9M | $11.0M | $12.2M | $27.0M |
| Total Current Assets | $211000 | $72.8M | $94.3M | $152.2M | $127.6M | $178.8M | $100.8M | $112.4M | $151.3M | $142.9M |
| Property, Plant & Equipment | 0 | 0 | 0 | $5.0M | $4.7M | $4.1M | $4.6M | $7.8M | $10.4M | $12.5M |
| Goodwill | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M | $21.2M |
| Intangible Assets | $56.1M | $56.1M | $56.1M | $59.6M | $55.3M | $50.6M | $48.6M | $47.1M | $48.8M | $48.0M |
| Total Assets | $77.5M | $152.2M | $171.8M | $240.4M | $209.1M | $257.5M | $178.0M | $189.0M | $232.6M | $225.9M |
| Accounts Payable | $2.9M | $445000 | $1.6M | $5.8M | $9.6M | $6.1M | $8.9M | $4.3M | $9.2M | $23.4M |
| Short-term Debt | $59.8M | $211.3M | 0 | 0 | $93.5M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $63.3M | $212.7M | $5.3M | $24.4M | $180.2M | $57.7M | $46.5M | $48.3M | $63.0M | $75.3M |
| Long-term Debt | 0 | 0 | $16.9M | $91.5M | $40.5M | $71.2M | $71.9M | $120.4M | $121.5M | $146.1M |
| Total Liabilities | $84.6M | $227.8M | $87.5M | $161.0M | $282.0M | $175.6M | $159.5M | $209.7M | $227.0M | $249.0M |
| Retained Earnings | -$66.8M | -$75.5M | -$123.0M | -$213.1M | -$376.1M | -$422.9M | -$497.3M | -$559.0M | -$609.4M | -$661.0M |
| Total Equity | -$7.1M | -$75.5M | -$123.0M | $79.5M | -$73.0M | $81.9M | $18.5M | -$20.7M | $5.5M | -$23.1M |
| Total Debt | $59.8M | $211.3M | $16.9M | $96.5M | $138.3M | $74.7M | $74.4M | $126.5M | $130.0M | $155.0M |
| Net Debt | $59.8M | $211.3M | -$76.3M | -$33.3M | $30.8M | -$71.5M | $20.5M | $63.7M | $43.0M | $101.2M |
| Working Capital | -$63.1M | -$139.9M | $89.1M | $127.8M | -$52.6M | $121.1M | $54.3M | $64.1M | $88.4M | $67.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $43.5M | $53.8M | $49.8M | $45.2M |
| Total Assets | $219.0M | $225.9M | $220.6M | $248.0M |
| Total Liabilities | $247.8M | $249.0M | $249.4M | $278.9M |
| Total Equity | -$28.8M | -$23.1M | -$28.8M | -$30.9M |
| Total Debt | $154.9M | $155.0M | $164.9M | $164.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$20.1M | -$4.5M | -$46.9M | -$90.0M | -$163.0M | -$46.8M | -$74.4M | -$61.7M | -$50.4M | -$51.6M |
| Depreciation & Amortization | $326000 | $218000 | $9000 | $5.0M | $7.7M | $6.3M | $4.5M | $5.9M | $6.0M | $8.7M |
| Stock-based Compensation | $957000 | $586000 | $7.0M | $9.5M | $10.6M | $9.6M | $10.8M | $16.5M | $22.3M | $20.7M |
| Change in Working Capital | $5.4M | -$2.1M | $2.8M | -$20.8M | $35.6M | -$11.5M | -$34.3M | -$5.9M | -$6.6M | -$22.5M |
| Operating Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$93.4M | -$57.9M | -$33.4M | -$84.9M | -$34.0M | -$18.0M | -$42.3M |
| Capital Expenditure | 0 | 0 | -$9000 | -$4.6M | -$3.1M | -$970000 | -$2.9M | -$1.6M | -$1.5M | -$8.5M |
| Acquisitions | 0 | 0 | 0 | $4.2M | $2.3M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$98.0M | -$61.0M | -$34.4M | -$87.9M | -$35.6M | -$19.5M | -$50.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$14.7M | $12.8M | -$10.0M | -$3.6M |
| Capital Expenditure | -$2.2M | -$2.2M | -$1.7M | $1.2M |
| Free Cash Flow | -$16.8M | $10.7M | -$11.6M | -$2.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.1M | $5.1M | $5.1M | $5.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +61.9% | +76.3% | +49.1% | +36.0% | +31.8% | +11.6% | ||||
| Net Income Growth (YoY) | +77.7% | -946.1% | -92.1% | -81.1% | +71.3% | -59.0% | +17.1% | +18.3% | -2.4% | |
| EPS Growth (YoY) | +82.4% | -910.5% | -66.1% | -51.4% | +80.5% | -41.5% | +18.8% | +25.0% | +1.2% | |
| Shares Change (YoY) | +26.9% | +3.4% | +15.7% | +19.5% | +47.5% | +12.6% | +1.5% | +9.0% | +4.0% | |
| FCF Growth (YoY) | +1.7% | -97.0% | -281.5% | +37.7% | +43.7% | -155.7% | +59.4% | +45.4% | -160.5% | |
| Gross Margin | 77.1% | 67.6% | 56.3% | 60.4% | 69.5% | 68.5% | 64.9% | |||
| Operating Margin | -283.3% | -270.7% | -44.6% | -44.0% | -24.4% | -12.9% | -12.7% | |||
| EBITDA Margin | -263.7% | -256.0% | -39.2% | -36.2% | -20.7% | -9.4% | -7.6% | |||
| Net Margin | -257.8% | -288.3% | -47.0% | -50.1% | -30.5% | -18.9% | -17.4% | |||
| FCF Margin | -280.5% | -107.9% | -34.5% | -59.1% | -17.6% | -7.3% | -17.1% | |||
| Effective Tax Rate | -0.5% | 61.8% | -0.1% | 14.3% | -0.0% | -0.1% | -0.1% | -0.3% | -1.3% | -1.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.71 | $-0.55 | $-1.05 | $-3.47 | $-1.81 | $-0.69 | $-1.57 | $-0.63 | $-0.31 | $-0.79 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.6M | $23.6M | $24.4M | $28.2M | $33.7M | $49.8M | $56.1M | $56.9M | $62.0M | $64.5M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 123.11% |
| Return on Invested Capital | -15.27% |
| Return on Assets | -13.84% |
| Gross Margin | 66.25% |
| Operating Margin | -7.33% |
| Net Margin | -10.85% |
Financial Health
| Debt / Equity | -5.33 |
| Current Ratio | 1.70 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -1.94 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -10.65 | -60.53 | -6.20 | -3.82 | -0.70 | -6.93 | -5.65 | -9.75 | -13.63 | -8.31 |
| P/B | -30.09 | -3.59 | -2.36 | 4.33 | -1.55 | 3.96 | 22.76 | -28.97 | 123.99 | -18.55 |
| P/S | 0.00 | 0.00 | 0.00 | 9.84 | 2.00 | 3.25 | 2.83 | 2.97 | 2.57 | 1.44 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 77.1% | 67.6% | 56.3% | 60.4% | 69.5% | 68.5% | 64.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -283.3% | -270.7% | -44.6% | -44.0% | -24.4% | -12.9% | -12.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | -257.8% | -288.3% | -47.0% | -50.1% | -30.5% | -18.9% | -17.4% |
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