Evolus, Inc. (EOLS) Stock

Evolus, Inc. (EOLS) is a Healthcare stock trading at $8.39 (as of 2026-08-21), with a market capitalization of $554.49M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Evolus, Inc. develops and sells medical aesthetic products in the United States for physicians and their patients. Its Jeuveau product is a purified botulinum toxin type A formulation (900 kilodaltons) used for the temporary improvement in the appearance of moderate to severe glabellar lines in adults; the company is headquartered in Newport Beach, California and was incorporated in 2012.

Understand Evolus, Inc.: how it makes money

Evolus provides medical aesthetic products for physicians and their patients in the United States, including Jeuveau, its proprietary purified botulinum toxin type A formulation used for temporary improvement in moderate to severe glabellar lines, and it makes money by selling these product therapies.

The profit model is product-led, with the largest revenue driver tied to its proprietary botulinum toxin offering (Jouveau/Jeuveau) while smaller product lines (Evoise and Evelisse) contribute less, and the company is currently operating at a negative operating margin (operating margin of -9.4%).

Revenue by segment (latest quarter)
Jouveau	$0.1B
Evoise	$0.0B
Evelisse	$0.0B

Business quality (Solid): Differentiated product positioning and high gross margin (66.9%) are positives, but the latest quarter shows negative operating margin (-9.4%), indicating that operating costs are outweighing product gross profit at the current revenue scale (about 0.1B).

Bull case

Higher gross margin on product sales: For the period ended 2026-03-31, gross margin was 66.9%, which suggests strong gross economics for its product portfolio.
Evidence of repeat behavior in its consumer program: In the Evelis consumer loyalty program, the customer reorder rate is 71.0%, and 180000 consumers have been treated in the program.
Proprietary toxin formulation focus: Jeuveau is described as a proprietary 900 kilodalton purified botulinum toxin type A formulation for temporary improvement in moderate to severe glabellar lines in adults.

Bear case

Negative operating profitability: The company reported an operating margin of -9.4% for the period ended 2026-03-31, meaning operating expenses exceed operating profit.
Revenue concentration risk around its core toxin product: Jouveau/Jeuveau revenue is the largest listed product revenue driver (0.07B), while Evoise and Evelisse are each 0.01B, which can leave the company more exposed if demand changes for its main toxin offering.
Limited non-product contribution shown in provided metrics: Service Revenue is listed as 0.0B in the provided operational KPI candidates, suggesting limited contribution from services in this dataset.

Valuation — source: SEC EDGAR (first-party)
Price	$8.39
Market Cap	$554.49M
Price / Sales	1.85
FCF Yield	-16.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$297.18M
Net Margin	-17.4%
Revenue Growth (YoY)	11.6%
EPS Growth (YoY)	-1.2%
FCF Growth (YoY)	134.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.58 (distress)
Piotroski F-Score	2/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Nantahala Capital Management, LLC ($26.21M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	David Moatazedi
Employees	372
Country	US
IPO Date	2018-02-08

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.