Clover Health Investments, Corp. /De
CLOV Nasdaq Hospital & Medical Service Plans Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.9B
40.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−4.4%
1.1 pts
Net income
Profit after all expenses, interest and tax.
−$85.5M
Free cash flow
Cash from operations minus capital spending.
−$69.0M
307.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Clover Health Investments, Corp. /De does
No business description yet.
- Legal name
- CLOVER HEALTH INVESTMENTS, CORP. /DE
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001801170-26-000057
0001801170
Revenue and margins
Clover Health Investments, Corp. /De had $1.9B of revenue in fiscal 2025, up 40.3% on the year before.
FY19
Revenue $462M
FY20
Revenue $673M
FY21
Revenue $1.5B
FY22
Revenue $1.1B
FY23
Revenue $1.3B
FY24
Revenue $1.4B
FY25
Revenue $1.9B
Q3 '23
Revenue $306M
Q4 '23
Revenue $312M
Q1 '24
Revenue $347M
Q2 '24
Revenue $356M
Q3 '24
Revenue $331M
Q4 '24
Revenue $337M
Q1 '25
Revenue $462M
Q2 '25
Revenue $478M
Q3 '25
Revenue $497M
Q4 '25
Revenue $488M
Q1 '26
Revenue $749M
Q2 '26
Revenue $743M
FY19
Gross —
Operating −39.6%
Net −78.7%
FCF −34.6%
FY20
Gross —
Operating −13.8%
Net −20.3%
FCF −17.7%
FY21
Gross −5.4%
Operating −43.3%
Net −39.9%
FCF −19.2%
FY22
Gross 6.4%
Operating −26.1%
Net −31.0%
FCF −19.0%
FY23
Gross 20.4%
Operating −16.3%
Net −16.9%
FCF −11.5%
FY24
Gross —
Operating −3.3%
Net −3.1%
FCF 2.4%
FY25
Gross —
Operating −4.4%
Net −4.4%
FCF −3.6%
Gross
Operating
Net
FCF
Q3 '23
Gross 23.0%
Operating −11.0%
Net −13.6%
FCF −6.2%
Q4 '23
Gross 20.5%
Operating −20.2%
Net −22.6%
FCF −82.5%
Q1 '24
Gross 23.6%
Operating −6.5%
Net −5.5%
FCF 7.3%
Q2 '24
Gross 30.3%
Operating 2.0%
Net 2.1%
FCF 12.5%
Q3 '24
Gross 24.5%
Operating −2.7%
Net −2.8%
FCF 15.0%
Q4 '24
Gross —
Operating −6.4%
Net −6.6%
FCF −25.6%
Q1 '25
Gross —
Operating −0.3%
Net −0.3%
FCF −3.6%
Q2 '25
Gross —
Operating −2.2%
Net −2.2%
FCF 1.0%
Q3 '25
Gross —
Operating −4.9%
Net −4.9%
FCF 2.3%
Q4 '25
Gross —
Operating −10.1%
Net −10.1%
FCF −14.1%
Q1 '26
Gross —
Operating 3.6%
Net 3.6%
FCF 14.3%
Q2 '26
Gross —
Operating 3.8%
Net 3.8%
FCF 3.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$364M
FY20
Net income −$136M
FY21
Net income −$588M
FY22
Net income −$340M
FY23
Net income −$213M
FY24
Net income −$43.0M
FY25
Net income −$85.5M
Q3 '23
Net income −$41.5M
Q4 '23
Net income −$70.5M
Q1 '24
Net income −$19.2M
Q2 '24
Net income $7.4M
Q3 '24
Net income −$9.2M
Q4 '24
Net income −$22.1M
Q1 '25
Net income −$1.3M
Q2 '25
Net income −$10.6M
Q3 '25
Net income −$24.4M
Q4 '25
Net income −$49.3M
Q1 '26
Net income $27.3M
Q2 '26
Net income $28.0M
FY19
Diluted EPS −$4.14
FY20
Diluted EPS −$1.54
FY21
Diluted EPS −$1.42
FY22
Diluted EPS −$0.71
FY23
Diluted EPS −$0.44
FY24
Diluted EPS —
FY25
Diluted EPS —
Q3 '23
Diluted EPS −$0.09
Q4 '23
Diluted EPS −$0.14
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS $0.00
Q2 '25
Diluted EPS −$0.02
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS $0.05
Q2 '26
Diluted EPS $0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets −362,649.1%
FY20
Return on capital —
Return on equity —
Return on assets −102.0%
FY21
Return on capital −214.8%
Return on equity —
Return on assets −96.5%
FY22
Return on capital −356.1%
Return on equity −76.1%
Return on assets −38.6%
FY23
Return on capital —
Return on equity −66.3%
Return on assets −30.9%
FY24
Return on capital —
Return on equity −13.7%
Return on assets −7.5%
FY25
Return on capital —
Return on equity −26.3%
Return on assets −15.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$69.0M in fiscal 2025, −3.6% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$160M
FY20
Free cash flow −$119M
FY21
Free cash flow −$283M
FY22
Free cash flow −$208M
FY23
Free cash flow −$145M
FY24
Free cash flow $33.3M
FY25
Free cash flow −$69.0M
Q3 '23
Free cash flow −$19.0M
Q4 '23
Free cash flow −$258M
Q1 '24
Free cash flow $25.5M
Q2 '24
Free cash flow $44.4M
Q3 '24
Free cash flow $49.6M
Q4 '24
Free cash flow −$86.1M
Q1 '25
Free cash flow −$16.5M
Q2 '25
Free cash flow $4.8M
Q3 '25
Free cash flow $11.4M
Q4 '25
Free cash flow −$68.7M
Q1 '26
Free cash flow $107M
Q2 '26
Free cash flow $24.5M
FY19
Cash from operations −$160M
Capital spending $0.0M
FY20
Cash from operations −$118M
Capital spending $0.7M
FY21
Cash from operations −$282M
Capital spending $0.7M
FY22
Cash from operations −$204M
Capital spending $4.5M
FY23
Cash from operations −$145M
Capital spending $0.6M
FY24
Cash from operations $34.8M
Capital spending $1.6M
FY25
Cash from operations −$66.9M
Capital spending $2.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$18.8M
Capital spending $0.2M
Q4 '23
Cash from operations −$258M
Capital spending −$0.3M
Q1 '24
Cash from operations $25.9M
Capital spending $0.4M
Q2 '24
Cash from operations $44.8M
Capital spending $0.4M
Q3 '24
Cash from operations $50.0M
Capital spending $0.4M
Q4 '24
Cash from operations −$85.8M
Capital spending $0.3M
Q1 '25
Cash from operations −$16.3M
Capital spending $0.2M
Q2 '25
Cash from operations $5.4M
Capital spending $0.6M
Q3 '25
Cash from operations $12.1M
Capital spending $0.7M
Q4 '25
Cash from operations −$68.2M
Capital spending $0.6M
Q1 '26
Cash from operations $108M
Capital spending $0.9M
Q2 '26
Cash from operations $25.2M
Capital spending $0.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Clover Health Investments, Corp. /De returned $18.3M to shareholders in fiscal 2025. The diluted share count rose 4.5%.
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.1M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $1.8M
FY25
Dividends —
Buybacks $18.3M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $1.8M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $18.3M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares 0.09B
FY20
Diluted shares 0.09B
FY21
Diluted shares 0.41B
FY22
Diluted shares 0.48B
FY23
Diluted shares 0.48B
FY24
Diluted shares 0.49B
FY25
Diluted shares 0.51B
Balance sheet
Cash, debt and the ratios that show how comfortably Clover Health Investments, Corp. /De can carry it.
FY19
Cash $67.6M
Debt —
FY20
Cash $92.3M
Debt $127M
FY21
Cash $321M
Debt $20.0M
FY22
Cash $293M
Debt $0.0M
FY23
Cash $224M
Debt —
FY24
Cash $222M
Debt —
FY25
Cash $101M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $321M | $293M | $224M | $222M | $101M |
| Debt incl. finance leases | $20.0M | $0.0M | — | — | — |
| Debt / equity | 0.0x | 0.0x | — | — | — |
| Interest coverage | −199.5x | −215.1x | −29,332.7x | — | — |
| Current ratio | 2.0x | 1.4x | 1.6x | 1.6x | 1.5x |
| Quick ratio | 2.0x | 1.4x | 1.6x | 1.6x | 1.5x |
| Total assets | $951M | $809M | $571M | $581M | $541M |
| Total liabilities | $411M | $452M | $284M | $240M | $232M |
| Shareholders' equity | $535M | $357M | $286M | $341M | $309M |
| Net debt (− = net cash) | −$301M | −$293M | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | — | — | — |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | ✓ | ✓ | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 3 / 7 | 3 / 8 | 4 / 9 | 5 / 8 | 4 / 7 | 2 / 7 |
| Accruals ratio | −203,252.2% | −13.4% | −50.2% | −15.4% | −10.0% | −13.5% | −3.3% |
| Altman Z'' | −12,282.60 | −15.75 | −6.05 | −7.83 | −11.78 | −9.94 | −12.26 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $462M | $673M | $1.5B | $1.1B | $1.3B | $1.4B | $1.9B |
| Gross profit | — | — | −$79.2M | $70.2M | $257M | — | — |
| Operating income | −$183M | −$92.7M | −$637M | −$287M | −$205M | −$45.7M | −$85.5M |
| Interest expense | $23.2M | $36.0M | $3.2M | $1.3M | $0.0M | $0.0M | $0.0M |
| Pretax income | — | — | — | — | −$213M | −$43.0M | −$85.5M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | −$364M | −$136M | −$588M | −$340M | −$213M | −$43.0M | −$85.5M |
| Net income to common | −$364M | −$136M | −$588M | −$340M | −$213M | — | — |
| Diluted EPS | −$4.14 | −$1.54 | −$1.42 | −$0.71 | −$0.44 | — | — |
| Diluted shares | 0.09B | 0.09B | 0.41B | 0.48B | 0.48B | 0.49B | 0.51B |
| Cash flow | |||||||
| Cash from operations | −$160M | −$118M | −$282M | −$204M | −$145M | $34.8M | −$66.9M |
| Capital expenditure | $0.0M | $0.7M | $0.7M | $4.5M | $0.6M | $1.6M | $2.0M |
| Free cash flow | −$160M | −$119M | −$283M | −$208M | −$145M | $33.3M | −$69.0M |
| Depreciation and amortization | $0.6M | $0.6M | $1.2M | $1.2M | $2.5M | $1.3M | $1.7M |
| Stock-based compensation | $3.3M | $7.1M | $164M | $164M | $141M | $114M | $104M |
| Acquisitions | $1.2M | $0.0M | $0.0M | $16.2M | $0.0M | $0.0M | — |
| Share buybacks | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M | $1.8M | $18.3M |
| Dividends and buybacks | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M | $1.8M | $18.3M |
| Balance sheet | |||||||
| Cash and short-term investments | $67.6M | $92.3M | $321M | $293M | $224M | $222M | $101M |
| Total debt | — | $127M | $20.0M | $0.0M | — | — | — |
| Deposits | — | $7.5M | $11.1M | $14.3M | $14.7M | $14.6M | $14.6M |
| Current assets | $0.0M | $190M | $753M | $625M | $428M | $343M | $308M |
| Current liabilities | $0.1M | $164M | $372M | $432M | $261M | $214M | $209M |
| Property and equipment, net | — | $2.1M | $2.3M | $5.8M | $5.1M | $5.3M | $6.4M |
| Goodwill | — | $1.2M | $1.2M | $11.7M | $0.0M | — | — |
| Total assets | $0.1M | $267M | $951M | $809M | $571M | $581M | $541M |
| Total liabilities | $0.1M | $433M | $411M | $452M | $284M | $240M | $232M |
| Preferred stock | $0.0M | $448M | — | — | — | — | — |
| Shareholders' equity | −$0.0M | −$617M | $535M | $357M | $286M | $341M | $309M |
| Margins | |||||||
| Gross margin | — | — | −5.4% | 6.4% | 20.4% | — | — |
| Operating margin | −39.6% | −13.8% | −43.3% | −26.1% | −16.3% | −3.3% | −4.4% |
| EBITDA margin | −39.5% | −13.7% | −43.2% | −26.0% | −16.1% | −3.2% | −4.4% |
| Net margin | −78.7% | −20.3% | −39.9% | −31.0% | −16.9% | −3.1% | −4.4% |
| FCF margin | −34.6% | −17.7% | −19.2% | −19.0% | −11.5% | 2.4% | −3.6% |
| Returns | |||||||
| Return on capital | — | — | −214.8% | −356.1% | — | — | — |
| Return on capital employed | 1,035,022.6% | −90.0% | −110.0% | −76.0% | −66.3% | −12.5% | −25.7% |
| Return on equity | — | — | — | −76.1% | −66.3% | −13.7% | −26.3% |
| Return on assets | −362,649.1% | −102.0% | −96.5% | −38.6% | −30.9% | −7.5% | −15.3% |
| Return on tangible equity | — | — | −110.0% | −98.4% | −74.5% | −12.6% | −27.7% |
| Growth | |||||||
| Revenue growth | — | 45.6% | 118.8% | −25.5% | 15.0% | 8.8% | 40.3% |
| FCF growth | — | — | — | — | — | — | −307.2% |
| Share count change | — | 1.0% | 365.6% | 15.3% | 1.2% | 1.6% | 4.5% |
| Financial health | |||||||
| Debt / equity | — | — | 0.0x | 0.0x | — | — | — |
| Interest coverage | −7.9x | −2.6x | −199.5x | −215.1x | −29,332.7x | — | — |
| Current ratio | 0.0x | 1.2x | 2.0x | 1.4x | 1.6x | 1.6x | 1.5x |
| Quick ratio | 0.0x | 1.2x | 2.0x | 1.4x | 1.6x | 1.6x | 1.5x |
| Capital allocation | |||||||
| Capex / revenue | 0.0% | 0.1% | 0.0% | 0.4% | 0.0% | 0.1% | 0.1% |
| Stock comp / revenue | 0.7% | 1.1% | 11.1% | 15.0% | 11.2% | 8.3% | 5.4% |
| Payouts / FCF | — | — | — | — | — | 5.3% | — |
| Quality scores | |||||||
| Piotroski F-score | — | 3.0 | 3.0 | 4.0 | 5.0 | 4.0 | 2.0 |
| Altman Z'' | −12,282.6 | −15.8 | −6.0 | −7.8 | −11.8 | −9.9 | −12.3 |
| Accruals ratio | −203,252.2% | −13.4% | −50.2% | −15.4% | −10.0% | −13.5% | −3.3% |
Source: SEC EDGAR XBRL filings (CIK 0001801170). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.