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Evolus
(NASDAQ:EOLS)
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Rating:50Neutral
Price Target:
$7.00
▼(-21.17% Downside)
Action:Reiterated
Date:10/03/26
The score is held back primarily by weak financial quality (negative equity, rising debt, and ongoing cash burn) and soft technical momentum (below key moving averages with negative MACD). Offsetting these are a materially more positive earnings-call outlook—raised 2026 guidance, strong recent growth, and continued positive adjusted EBITDA—while valuation is not supportive due to continued GAAP losses and no dividend.
Positive Factors
Revenue Growth and Gross Margin
Double-digit revenue growth combined with gross margins near 67% indicates strong product economics and continued commercial traction. If sustained, this mix can provide operating leverage as Evolus scales its portfolio, supports reinvestment, and moves toward durable profitability.
Negative Factors
FDA Promotional Compliance
The FDA’s warning creates a durable compliance and reputational concern around promotion of Jeuveau, the company’s core product. Required changes to marketing practices could constrain commercial messaging, while further scrutiny could increase regulatory costs and affect provider confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Gross Margin
Double-digit revenue growth combined with gross margins near 67% indicates strong product economics and continued commercial traction. If sustained, this mix can provide operating leverage as Evolus scales its portfolio, supports reinvestment, and moves toward durable profitability.
Read all positive factors
Evolus (EOLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$486.79M
Dividend YieldN/A
Average Volume (3M)749.84K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth13.87%
EPS Growth45.83%
CountryUS
Employees353
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.52
Shares Outstanding66,050,440
10 Day Avg. Volume739,629
30 Day Avg. Volume749,839
Financial Highlights & Ratios
PEG Ratio6.73
Price to Book (P/B)-18.55
Price to Sales (P/S)1.44
P/FCF Ratio-8.45
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue1.82
Enterprise Value/Gross Profit2.75
Enterprise Value/Ebitda-80.04
Forecast
1Y Price Target
$14.33Price Target Upside61.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$334.15M
Evolus Business Overview & Revenue Model
Company Description
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 purif...
How the Company Makes Money
Evolus makes money primarily by selling Jeuveau to the aesthetic medical market (e.g., dermatologists, plastic surgeons, medical spas, and other healthcare providers) who purchase the product and administer it to patients. Revenue is recognized fr...
Evolus Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call communicated clear operational momentum: double-digit top-line growth (21% in Q2, 14% year-to-date), third consecutive quarter of positive adjusted EBITDA, expanded international presence, new strategic licensing (ProFuelo) and an upwardly revised full-year revenue and margin outlook. These positives were tempered by sequential increases in operating expenses, modest absolute adjusted EBITDA, a decline in cash versus the prior quarter and ongoing tariff uncertainty that requires inventory repositioning. Given the company’s raised guidance, profitable growth trajectory, and strategic partnerships that expand the product portfolio, the highlights materially outweigh the lowlights.Positive Updates
Strong Q2 Revenue Growth
Global net revenue of $84.1 million in Q2, up 21% year-over-year, driven by diversified portfolio performance.
Negative Updates
Sequential Increase in Operating Expenses
GAAP operating expenses rose to $61.7 million in Q2 from $55.7 million in Q1 (≈+10.8% sequentially); non-GAAP operating expenses increased to $53.3 million from $49.1 million (≈+8.6%); SG&A increased to $57.1 million from $52.0 million (≈+9.8%), reflecting investments in marketing, education and international expansion.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Revenue Growth
Global net revenue of $84.1 million in Q2, up 21% year-over-year, driven by diversified portfolio performance.
Read all positive updates
Company Guidance
Evolus raised the lower end of its full‑year 2026 revenue guidance to $330.0 million while maintaining the upper end at $337.0 million (midpoint $333.5M), and increased its adjusted gross profit margin outlook to 67.0%–67.5%; it narrowed non‑GAAP operating expense guidance to $212M–$216M and reaffirmed a low‑to‑mid single‑digit adjusted EBITDA margin for 2026. The company pointed to strong first‑half execution (14% Y/Y revenue growth), Q2 net revenue of $84.1M (+21% Y/Y) with $75.2M in global toxin sales and $8.9M in HA gel sales, Q2 adjusted EBITDA of $4.7M (third consecutive quarter of positive adjusted EBITDA), reported gross margin of 68% (adjusted gross margin 69% benefited ~120 bps from a tariff refund), and Q2 non‑GAAP operating expense of $53.3M. Evolus ended the quarter with $45.2M of cash, access to $100M under its Pharmacon facility plus revolving credit capacity, expects Evolysse and international to each contribute >10% of 2026 revenue, and reiterated its 2028 target of $450M–$500M revenue with a 13%–15% adjusted EBITDA margin.Evolus Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
24
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 316.49M | 297.18M | 266.27M | 202.09M | 148.62M | 99.67M |
| Gross Profit | 209.67M | 192.76M | 182.30M | 140.53M | 89.77M | 56.14M |
| EBITDA | -7.21M | -22.53M | -25.00M | -41.81M | -53.08M | -39.06M |
| Net Income | -34.33M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M |
Balance Sheet | ||||||
| Total Assets | 248.02M | 225.87M | 232.57M | 189.00M | 177.98M | 257.48M |
| Cash, Cash Equivalents and Short-Term Investments | 45.17M | 53.83M | 86.95M | 62.84M | 53.92M | 146.26M |
| Total Debt | 164.80M | 155.00M | 129.98M | 126.55M | 74.42M | 74.74M |
| Total Liabilities | 278.93M | 248.97M | 227.05M | 209.69M | 159.48M | 175.61M |
| Stockholders Equity | -30.90M | -23.11M | 5.52M | -20.69M | 18.50M | 81.88M |
Cash Flow | ||||||
| Free Cash Flow | -20.17M | -50.72M | -19.47M | -35.63M | -87.85M | -34.36M |
| Operating Cash Flow | -15.38M | -42.27M | -18.00M | -34.01M | -84.91M | -33.39M |
| Investing Cash Flow | -6.51M | -8.45M | -4.82M | -1.63M | -2.94M | 4.03M |
| Financing Cash Flow | 5.56M | 17.34M | 47.41M | 44.64M | -4.15M | 73.05M |
Evolus Technical Analysis
Neutral
8.88
Price Trends
8.09
Negative
7.32
Positive
6.20
Positive
Market Momentum
-0.18
Positive
44.75
Neutral
44.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOLS, the sentiment is Neutral. The current price of 8.88 is above the 20-day moving average (MA) of 7.60, above the 50-day MA of 8.09, and above the 200-day MA of 6.20, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 44.75 is Neutral, neither overbought nor oversold. The STOCH value of 44.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EOLS.
Evolus Risk Analysis
Evolus disclosed 54 risk factors in its most recent earnings report. Evolus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evolus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.45B | 103.18 | 2.13% | ― | 5.71% | ― | |
53 Neutral | $147.33M | -21.25 | -20.23% | ― | 20.89% | 40.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $486.79M | -14.29 | 123.11% | ― | 13.87% | 45.83% | |
48 Neutral | $131.25M | -1.21 | -24.23% | ― | 6.50% | -613.22% | |
43 Neutral | $7.47M | -0.39 | -134.73% | ― | -60.74% | 66.05% | |
42 Neutral | $5.51M | -0.93 | -53.56% | ― | 47.00% | 50.49% |
* Healthcare Sector Average
EOLS
Evolus
7.40
0.65
9.63%
SNOA
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1.14
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PCRX
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36.33
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67.73%
INM
InMed Pharmaceuticals
1.36
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-33.00%
ORGO
Organogenesis Holdings
0.99
-3.12
-75.89%
DERM
Journey Medical Corp
4.80
-2.70
-36.00%
Evolus Corporate Events
Business Operations and StrategyProduct-Related Announcements
Evolus Expands Estyme Aesthetic Portfolio into New Markets
Positive
Aug 4, 2026
On August 3, 2026, Evolus Pharma B.V., a wholly owned subsidiary of Evolus, Inc., amended its licensing and distribution agreement with Symatese Aesthetics to add Canada, Australia and New Zealand to the territories covered. The deal gives Evolus ...
Business Operations and StrategyProduct-Related Announcements
Evolus Secures U.S. Profhilo Distribution Agreement
Positive
Jul 8, 2026
On July 7, 2026, Evolus entered an exclusive U.S. license, supply and distribution agreement with IBSA to develop, commercialize and distribute Profhilo, an injectable hyaluronic acid skin-quality treatment. Evolus will manage and fund all U.S. de...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.