Evolus
EOLS on Nasdaq. Evolus sells injectable beauty treatments to licensed aesthetic practitioners. Market value $493m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.49 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -106 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$7.38 a share, 91% above its 1-year low
Over the past year the price has ranged from $3.86 to $9.31.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $22 million in the past 12 months, a shortfall of $51 million in the year to December 2025.
| Revenue | |||||
| Revenue | $100m | $149m | $202m | $266m | $297m |
| Operating margin | |||||
| Operating margin | -44.6% | -44.0% | -24.4% | -12.9% | -11.0% |
| Debt to equity | |||||
| Debt to equity | 0.87 | 3.89 | n/a | 22.00 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.07bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)2 of 9
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 39.4% a year
- Buying back its own sharesNo, 17% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $84 million last quarter, up 21% on a year ago.
- A loss of $8 million, compared with a loss of $17 million a year ago.
- It loses 6 cents on each $1 of sales, compared with 16 cents a year earlier.
- Over the past 12 months it spent $22 million more cash than it brought in, compared with $48 million a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $112 million more than cash, up from $84 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $61m |
| December 2024 | $79m |
| March 2025 | $69m |
| June 2025 | $69m |
| September 2025 | $69m |
| December 2025 | $90m |
| March 2026 | $73m |
| June 2026 | $84m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$19m |
| December 2024 | -$7m |
| March 2025 | -$19m |
| June 2025 | -$17m |
| September 2025 | -$16m |
| December 2025 | $130,000 |
| March 2026 | -$11m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
None of the long-term investors we follow own it. 158 funds in all.
Largest holders overall
- Nantahala Capital Management$78mAdded
- BlackRock$34mAdded
- Braidwell LP$22m
- Frazier Life Sciences Management, L.P.$18m
- Perceptive Advisors$17mAdded
- Vanguard Capital Management$16mCut
- Assenagon Asset Management$13mAdded
- Millennium Management$12mAdded
- State Street$12mAdded
- Geode Capital Management$11mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Timothy P. LynchPassive investor9.9%+2.0 ptsSince 31 December 2025
- Nantahala Capital Management, LLCPassive investorat least 8.8%+3.0 pts(filed with 2 related holders)Since 30 September 2025
- BlackRock, Inc.Passive investor6.9%Since 31 December 2024
- Soleus Capital Master Fund, L.P.Passive investorat least 5.3%(filed with 5 related holders)Since 27 August 2026
- Perceptive Advisors LLCPassive investorat least 3.8%−2.6 pts(filed with 2 related holders)Since 30 June 2025
- TANG CAPITAL MANAGEMENT, LLCPassive investorat least 1.9%−6.0 pts(filed with 5 related holders)Since 31 December 2025
- Medytox Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Caligan Partners LPPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Timothy P. Lynch Passive investor | 9.9%+2.0 pts | 31 December 2025 | |
Nantahala Capital Management, LLC Passive investor | at least 8.8%+3.0 pts (filed with 2 related holders) | 30 September 2025 | |
BlackRock, Inc. Passive investor | 6.9% | 31 December 2024 | |
Soleus Capital Master Fund, L.P. Passive investor | at least 5.3% (filed with 5 related holders) | 27 August 2026 | |
Perceptive Advisors LLC Passive investor | at least 3.8%−2.6 pts (filed with 2 related holders) | 30 June 2025 | |
TANG CAPITAL MANAGEMENT, LLC Passive investor | at least 1.9%−6.0 pts (filed with 5 related holders) | 31 December 2025 | |
Medytox Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Caligan Partners LP Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $2m, $873,889 of it under preset trading plans.
- MOATAZEDI DAVIDSee Remarks, DirectorSold
- Date
- 2 September 2026
- Shares
- 105,108
- Price
- $9.04
- Value
- $950,019
- Avelar RuiSee RemarksSold
- Date
- 20 March 2026
- Shares
- 3,119
- Price
- $4.75
- Value
- $14,815
- MOATAZEDI DAVIDSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 20 March 2026
- Shares
- 13,669
- Price
- $4.75
- Value
- $64,928
- MOATAZEDI DAVIDSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 17 March 2026
- Shares
- 116,720
- Price
- $4.89
- Value
- $570,761
- Avelar RuiSee RemarksSoldunder a preset trading plan
- Date
- 17 March 2026
- Shares
- 29,996
- Price
- $4.89
- Value
- $146,680
- MOATAZEDI DAVIDSee Remarks, DirectorSoldunder a preset trading plan
- Date
- 22 December 2025
- Shares
- 10,539
- Price
- $7.15
- Value
- $75,354
- Avelar RuiSee RemarksSoldunder a preset trading plan
- Date
- 22 December 2025
- Shares
- 2,261
- Price
- $7.15
- Value
- $16,166
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | MOATAZEDI DAVID See Remarks, Director | Sold | 105,108 | $9.04 | $950,019 |
| 20 March 2026 | Avelar Rui See Remarks | Sold | 3,119 | $4.75 | $14,815 |
| 20 March 2026 | MOATAZEDI DAVID See Remarks, Director | Sold under a preset trading plan | 13,669 | $4.75 | $64,928 |
| 17 March 2026 | MOATAZEDI DAVID See Remarks, Director | Sold under a preset trading plan | 116,720 | $4.89 | $570,761 |
| 17 March 2026 | Avelar Rui See Remarks | Sold under a preset trading plan | 29,996 | $4.89 | $146,680 |
| 22 December 2025 | MOATAZEDI DAVID See Remarks, Director | Sold under a preset trading plan | 10,539 | $7.15 | $75,354 |
| 22 December 2025 | Avelar Rui See Remarks | Sold under a preset trading plan | 2,261 | $7.15 | $16,166 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.