Evolus, Inc.
EOLSHealthcare|Drug Manufacturers - Specialty & Generic|US
$6.80
+0.01 (+0.15%)
DCF Value
$9.13
Cash / Share
$0.63
Financials
Financial Snapshot
Market Cap
$449.5M
Enterprise Value
$573.4M
Revenue (TTM)
$325.5M
Net Income (TTM)
-$31.1M
Cash & Investments
$41.7M
Net Cash
-$123.9M
Free Cash Flow (TTM)
-$5.6M
Operating CF (TTM)
-$2.6M
Debt/Equity
-4.38
Cash Runway & Burn Rate
Cash on Hand
$41.7M
Quarterly Burn
$661.3K
Monthly Burn
$220.4K
Est. Runway
~63.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $0.00 | $0.00 | $93.2M | $129.8M | $107.6M | $146.3M | $53.9M | $62.8M | $87.0M | $53.8M | $41.7M | |
| Operating Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$93.4M | -$57.9M | -$33.4M | -$84.9M | -$34.0M | -$18.0M | -$42.3M | -$2.6M | |
| Free Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$98.0M | -$61.0M | -$34.4M | -$87.9M | -$35.6M | -$19.5M | -$50.7M | -$5.6M | |
| Capital Expenditure | $0.00 | $0.00 | -$9.0K | -$4.6M | -$3.1M | -$970.0K | -$2.9M | -$1.6M | -$1.5M | -$8.5M | -$3.0M | |
| Financing Cash Flow | $13.3M | $13.0M | $118.8M | $133.5M | $38.3M | $73.1M | -$4.1M | $44.6M | $47.4M | $17.3M | $7.4M |
R&D Spending
R&D (TTM)
$10.6M
R&D Intensity
3.3%
R&D Growth vs Prior
+11.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $34.9M | $56.5M | $99.7M | $148.6M | $202.1M | $266.3M | $297.2M | $325.5M | |
| R&D Expense | $12.6M | $6.7M | $6.5M | $4.0M | $1.7M | $2.1M | $6.7M | $15.4M | $9.2M | $9.6M | $10.6M | |
| R&D % of Revenue | — | — | — | 11.4% | 3.0% | 2.1% | 4.5% | 7.6% | 3.4% | 3.2% | 3.3% | |
| SG&A | $7.0M | $4.8M | $29.1M | $113.6M | $98.2M | $112.1M | $141.8M | $164.9M | $198.0M | $220.8M | $216.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $34.9M | $56.5M | $99.7M | $148.6M | $202.1M | $266.3M | $297.2M | $325.5M | |
| Cost of Revenue | $326.0K | $218.0K | $9.0K | $8.0M | $18.3M | $43.5M | $58.8M | $61.6M | $84.0M | $104.4M | $111.0M | |
| Gross Profit | -$326.0K | -$218.0K | -$9.0K | $26.9M | $38.2M | $56.1M | $89.8M | $140.5M | $182.3M | $192.8M | $214.5M | |
| R&D | $12.6M | $6.7M | $6.5M | $4.0M | $1.7M | $2.1M | $6.7M | $15.4M | $9.2M | $9.6M | $10.6M | |
| SG&A | $7.0M | $4.8M | $29.1M | $113.6M | $98.2M | $112.1M | $141.8M | $164.9M | $198.0M | $220.8M | $216.6M | |
| Operating Income | -$20.0M | -$11.7M | -$46.1M | -$98.9M | -$153.1M | -$44.4M | -$65.3M | -$49.2M | -$34.4M | -$37.6M | -$18.5M | |
| Interest Expense | $0.00 | $0.00 | $863.0K | $8.0M | $10.5M | $1.4M | $9.1M | $13.8M | $18.7M | $19.7M | $16.4M | |
| Pretax Income | -$20.0M | -$11.7M | -$46.8M | -$105.1M | -$162.9M | -$46.8M | -$74.3M | -$61.5M | -$49.8M | -$51.0M | -$30.3M | |
| Net Income | -$20.1M | -$4.5M | -$46.9M | -$90.0M | -$163.0M | -$46.8M | -$74.4M | -$61.7M | -$50.4M | -$51.6M | -$31.1M | |
| EPS (Diluted) | -1.08 | -0.19 | -1.92 | -3.19 | -4.83 | -0.94 | -1.33 | -1.08 | -0.81 | -0.80 | -0.47 | |
| EBITDA | -$19.6M | -$11.5M | -$46.1M | -$92.1M | -$144.8M | -$39.1M | -$53.1M | -$41.8M | -$25.0M | -$22.5M | -$4.4M | |
| Shares Out. (M) | 18.59 | 23.59 | 24.40 | 28.24 | 33.74 | 49.77 | 56.07 | 56.92 | 62.02 | 64.47 | 66.09 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0.00 | $0.00 | $93.2M | $109.9M | $102.6M | $146.3M | $53.9M | $62.8M | $87.0M | $53.8M | $41.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $19.9M | $5.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $211.0K | $72.8M | $94.3M | $152.2M | $127.6M | $178.8M | $100.8M | $112.4M | $151.3M | $142.9M | $201.7M | |
| Total Assets | $77.5M | $152.2M | $171.8M | $240.4M | $209.1M | $257.5M | $178.0M | $189.0M | $232.6M | $225.9M | $283.8M | |
| Total Current Liabilities | $63.3M | $212.7M | $5.3M | $24.4M | $180.2M | $57.7M | $46.5M | $48.3M | $63.0M | $75.3M | $142.4M | |
| Long-Term Debt | $0.00 | $0.00 | $16.9M | $91.5M | $40.5M | $71.2M | $71.9M | $120.4M | $121.5M | $146.1M | $156.9M | |
| Total Liabilities | $84.6M | $227.8M | $87.5M | $161.0M | $282.0M | $175.6M | $159.5M | $209.7M | $227.0M | $249.0M | $321.6M | |
| Stockholders' Equity | -$7.1M | -$75.5M | -$123.0M | $79.5M | -$73.0M | $81.9M | $18.5M | -$20.7M | $5.5M | -$23.1M | -$37.8M | |
| Retained Earnings | -$66.8M | -$75.5M | -$123.0M | -$213.1M | -$376.1M | -$422.9M | -$497.3M | -$559.0M | -$609.4M | -$661.0M | -$692.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$93.4M | -$57.9M | -$33.4M | -$84.9M | -$34.0M | -$18.0M | -$42.3M | -$2.6M | |
| Capital Expenditure | $0.00 | $0.00 | -$9.0K | -$4.6M | -$3.1M | -$970.0K | -$2.9M | -$1.6M | -$1.5M | -$8.5M | -$3.0M | |
| Free Cash Flow | -$13.3M | -$13.0M | -$25.7M | -$98.0M | -$61.0M | -$34.4M | -$87.9M | -$35.6M | -$19.5M | -$50.7M | -$5.6M | |
| Investing Cash Flow | $0.00 | $0.00 | -$9.0K | -$23.4M | $12.2M | $4.0M | -$2.9M | -$1.6M | -$4.8M | -$8.5M | -$6.2M | |
| Financing Cash Flow | $13.3M | $13.0M | $118.8M | $133.5M | $38.3M | $73.1M | -$4.1M | $44.6M | $47.4M | $17.3M | $7.4M | |
| Issuance of Stock | $0.00 | $0.00 | $124.0M | $73.3M | $0.00 | $103.3M | $0.00 | $0.00 | $51.2M | $1.2M | $539.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $13.3M | $14.3M | $0.00 | $72.9M | $39.5M | -$24.4M | $0.00 | $50.0M | $0.00 | -$15.0K | $10.0M | |
| Stock Based Comp. | $957.0K | $586.0K | $7.0M | $9.5M | $10.6M | $9.6M | $10.8M | $16.5M | $22.3M | $20.7M | $21.5M | |
| Net Change in Cash | $0.00 | $0.00 | $93.2M | $16.7M | -$7.3M | $43.7M | -$92.3M | $8.9M | $24.1M | -$33.1M | -$1.8M |
Dilution Tracker
Shares outstanding grew 91.1% over 5 years — significant dilution
Shares Outstanding
66M
5-Year Share Growth
+91.1%
Stock Issuance (TTM)
$539.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.59 | 23.59 | 24.40 | 28.24 | 33.74 | 49.77 | 56.07 | 56.92 | 62.02 | 64.47 | 66.09 | |
| Change vs Prior % | — | 26.9% | 3.4% | 15.7% | 19.5% | 47.5% | 12.6% | 1.5% | 9.0% | 4.0% | 2.5% | |
| Stock Issuance | $0.00 | $0.00 | $124.0M | $73.3M | $0.00 | $103.3M | $0.00 | $0.00 | $51.2M | $1.2M | $539.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $957.0K | $586.0K | $7.0M | $9.5M | $10.6M | $9.6M | $10.8M | $16.5M | $22.3M | $20.7M | $21.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 77.1% | 67.6% | 56.3% | 60.4% | 69.5% | 68.5% | 64.9% | 65.9% | |
| Operating Margin % | — | — | — | -283.3% | -270.7% | -44.6% | -44.0% | -24.4% | -12.9% | -12.7% | -5.7% | |
| Net Margin % | — | — | — | -257.8% | -288.3% | -47.0% | -50.1% | -30.5% | -18.9% | -17.4% | -9.6% | |
| EBITDA Margin % | — | — | — | -263.7% | -256.0% | -39.2% | -35.7% | -20.7% | -9.4% | -7.6% | -1.4% | |
| FCF Margin % | — | — | — | -280.5% | -107.9% | -34.5% | -59.1% | -17.6% | -7.3% | -17.1% | -1.7% | |
| ROE % | 282.4% | 5.9% | 38.1% | -113.3% | 223.4% | -57.2% | -402.2% | 298.2% | -913.1% | 223.5% | 103.2% | |
| ROA % | -25.9% | -2.9% | -27.3% | -37.4% | -78.0% | -18.2% | -41.8% | -32.6% | -21.7% | -22.9% | -11.0% | |
| ROIC % | -27.0% | -3.0% | -27.7% | -39.0% | -124.0% | -22.1% | -49.2% | -34.7% | -20.1% | -24.6% | -12.8% | |
| R&D / Revenue % | — | — | — | 11.4% | 3.0% | 2.1% | 4.5% | 7.6% | 3.4% | 3.2% | 3.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 61.9% | 76.3% | 49.1% | 36.0% | 31.8% | 11.6% | |
| Gross Profit | 21.6% | 33.1% | 95.9% | 299111.1% | 42.1% | 46.8% | 59.9% | 56.5% | 29.7% | 5.7% | |
| Operating Income | 35.6% | 41.3% | -293.5% | -114.4% | -54.7% | 71.0% | -47.1% | 24.6% | 30.1% | -9.3% | |
| Net Income | 35.5% | 77.7% | -946.1% | -92.1% | -81.1% | 71.3% | -59.0% | 17.1% | 18.3% | -2.4% | |
| EPS (Diluted) | 35.3% | 82.4% | -910.5% | -66.1% | -51.4% | 80.5% | -41.5% | 18.8% | 25.0% | 1.2% | |
| Operating Cash Flow | 63.5% | 1.7% | -96.9% | -263.8% | 38.0% | 42.3% | -154.3% | 59.9% | 47.1% | -134.8% | |
| Free Cash Flow | 63.5% | 1.7% | -97.0% | -281.5% | 37.7% | 43.7% | -155.7% | 59.4% | 45.4% | -160.5% | |
| R&D Expense | -39.0% | -46.9% | -3.0% | -38.8% | -56.7% | 19.9% | 226.6% | 128.8% | -40.5% | 4.4% | |
| SG&A Expense | -28.8% | -31.5% | 504.8% | 289.7% | -13.6% | 14.1% | 26.6% | 16.3% | 20.1% | 11.5% | |
| Total Assets | -4.7% | 96.4% | 12.9% | 39.9% | -13.0% | 23.2% | -30.9% | 6.2% | 23.1% | -2.9% | |
| Book Value / Share | -159.2% | -737.8% | 208.0% | -18.6% | -176.9% | 176.1% | -79.9% | -210.2% | 124.5% | -502.5% | |
| Debt | 29.4% | 253.6% | -92.0% | 471.1% | 43.3% | -46.0% | -0.4% | 70.0% | 2.7% | 19.2% | |
| Diluted Shares | 0.0% | 26.9% | 3.4% | 15.7% | 19.5% | 47.5% | 12.6% | 1.5% | 9.0% | 4.0% |
Valuation
P/E (TTM)At Loss
P/S1.38
10Y Low / Med / High1.44 / 2.83 / 9.84
P/B-11.89
10Y Low / Med / High3.96 / 22.76 / 123.99
EV/EBITDAAt Loss
EV/Revenue1.76
10Y Low / Med / High1.78 / 2.73 / 9.46
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$9.13
Cash / Share
$0.63
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.65 | -60.53 | -6.20 | -3.82 | -0.70 | -6.93 | -5.65 | -9.75 | -13.63 | -8.31 | -14.54 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 9.84 | 2.00 | 3.25 | 2.83 | 2.97 | 2.57 | 1.44 | 1.38 | |
| P/B Ratio | -30.09 | -3.59 | -2.36 | 4.33 | -1.55 | 3.96 | 22.76 | -28.97 | 123.99 | -18.55 | -11.89 | |
| EV/EBITDA | -13.93 | -41.94 | -4.64 | -3.59 | -1.03 | -6.46 | -8.32 | -15.86 | -29.11 | -23.52 | -129.63 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 9.46 | 2.64 | 2.53 | 2.97 | 3.28 | 2.73 | 1.78 | 1.76 |
Analyst Estimates & Quality
Altman Z-Score
-1.34
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $334.0M | $391.4M | $461.2M |
| Net Income | -$2.1M | $18.5M | $46.5M |
| EPS | $-0.03 | $0.34 | $0.67 |
| # Analysts (EPS) | 3 | 3 | 4 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product | $55.8M | $99.0M | $146.6M | $199.7M | $264.3M | $295.0M |
| Service | — | — | $2.0M | $2.4M | $2.0M | $2.2M |
By Geography
| Segment | 2020 | 2021 | 2024 |
|---|---|---|---|
| CANADA | $738.0K | $702.0K | — |
| Non-US | — | — | $13.1M |
| UNITED STATES | — | — | $253.2M |