Evolv Technologies (EVLV): Assessing Valuation After a Strong Multi‑Year Share Price Run

Evolv Technologies Holdings (EVLV) has quietly turned into one of those stocks that rewards patient investors, with shares up sharply this year even after a choppy past 3 months.

See our latest analysis for Evolv Technologies Holdings.

The latest leg higher, including a 2.49% 1 day share price return to $7.01 and a 5.10% 7 day share price return, comes after a stellar year to date 76.57% share price return and an 86.93% 1 year total shareholder return. This suggests momentum is still building despite a softer 90 day share price patch.

If Evolv’s run has you thinking about what else is leading the market, this could be a good moment to explore high growth tech and AI names via high growth tech and AI stocks.

With revenues still growing but profits elusive, and the share price trading well below analyst targets after a powerful multiyear run, investors must now ask: Is there still upside here, or is future growth already priced in?

Most Popular Narrative Narrative: 26.2% Undervalued

With Evolv Technologies Holdings closing at $7.01 versus a most popular narrative fair value of $9.50, the story assumes meaningful upside from here.

The settlement of legal and regulatory matters (e.g., termination of the DOJ investigation and cost minimized class action settlement) removes overhangs, allowing management to focus entirely on execution and market expansion, which should lead to greater revenue predictability and stronger long term earnings prospects.

Read the complete narrative.

Curious how double digit growth, margin rewiring, and an unusually rich future earnings multiple all combine into that target price? The full narrative unpacks every assumption driving this 8.08% discounted fair value path. Dive in to see which moving part matters most to the upside story.

Result: Fair Value of $9.50 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the story could unravel if growth in key verticals stalls or hardware heavy direct sales keep margins compressed for longer than expected.

Find out about the key risks to this Evolv Technologies Holdings narrative.

Another Angle on Valuation

Step away from the narrative fair value and the picture looks far less forgiving. On a price to sales of 9x, Evolv trades at a steep premium to the US Electronic industry at 2.6x and even to its own 3.7x fair ratio, signaling elevated downside risk if sentiment cools.

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own Evolv Technologies Holdings Narrative

If this perspective does not align with your own view or you prefer hands on research, you can craft a custom narrative in minutes: Do it your way.

A great starting point for your Evolv Technologies Holdings research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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