CLOVER HEALTH INVESTMENTS, CORP. /DE financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data CLOVER HEALTH INVESTMENTS, CORP. /DE files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
462
673
1,472
1,097
1,261
1,371
1,924
Gross profit
-79.2
22.7
257
General and administrative
95.7
121
185
204
183
176
214
Operating expenses
645
766
2,109
1,383
1,466
1,417
2,010
Operating income
-183
-92.7
-637
-287
-205
-45.7
-85.5
Interest expense
23.2
36
3.19
1.33
0.01
0
0
Interest income
0.12
Pre-tax income
-213
-43
-85.5
Income tax
0
0
0
0
0
0
0
Net income
-364
-136
-588
-340
-213
-43
-85.5
EBITDA
-186
-92.9
-637
-288
-209
-48.3
-87.4
EPS, basic
-4.14
-1.54
-1.42
-0.71
-0.44
EPS, diluted
-4.14
-1.54
-1.42
-0.71
-0.44
Shares, basic (weighted)
87.8
88.7
413
476
482
490
512
Shares, diluted (weighted)
87.8
88.7
413
476
482
490
512
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
67.6
92.3
300
104
123
195
78.3
Short-term investments
0
21.1
189
101
27
23.1
Other current assets
0
0.3
2.53
4.04
18.6
15.6
10.6
Total current assets
0
190
753
625
428
343
308
Property, plant and equipment
2.08
2.29
5.75
5.08
5.31
6.39
Lease right-of-use assets
7.88
5.37
4.03
3.38
Goodwill
1.24
1.24
11.7
0
Long-term investments
54
176
137
120
202
187
Other non-current assets
8.89
10.4
15.7
13.6
13.3
24.1
Total assets
0.1
267
951
809
571
581
541
Accounts payable
30.7
28.1
32.4
37.2
34.6
36.2
Accrued liabilities
0
4.93
Deferred revenue
0
0
3.1
Short-term debt
20.8
0
Total current liabilities
0.12
164
372
432
261
214
209
Long-term debt
106
19.9
0
Lease liabilities
6.35
4.83
4.03
3
Other non-current liabilities
13.1
14.1
16.2
23.2
26.1
23.5
Total liabilities
0.12
433
411
452
284
240
232
Total debt
127
20
0
Paid-in capital
0
412
2,154
2,319
2,461
2,576
2,683
Retained earnings
-0.02
-1,029
-1,616
-1,946
-2,160
-2,203
-2,288
Treasury stock
0
-0.15
-6.51
-12.7
-31
-86.2
Other comprehensive income
0.01
-1.93
-9.37
-2.37
-1.58
0.53
Shareholders' equity
-0.02
-617
535
357
341
309
Minority interests
3.9
3.9
0
Total equity
-489
-613
540
357
286
341
309
Total liabilities and equity
0.1
267
951
809
571
581
541
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-364
-136
-588
-340
-213
-43
-85.5
Depreciation and amortization
-2.86
-0.2
0.2
-1.5
-4.01
-2.52
-1.84
Stock-based compensation
3.3
7.08
164
164
141
114
104
Deferred income tax
0
0
0
0
0
0
0
Change in receivables
-14.5
-12.9
-9.3
-22.6
6.44
12.6
-43.3
Change in payables
6.3
10.8
5.31
7.64
4.74
-2.62
1.65
Cash from operations
-160
-118
-282
-204
-145
34.8
-66.9
Capital expenditures
-0.02
-0.69
-0.72
-4.47
-0.58
-1.56
-2.04
Acquisitions
-1.18
0
0
-16.2
0
0
Purchases of investments
-506
-174
-876
-369
-176
-201
-205
Cash from investing
-182
137
-435
95.1
140
0.57
4.08
Stock issued
0
0
284
0
1.12
0.19
1.1
Share buybacks
0
0
-0.15
0
0
-1.77
-18.3
Cash from financing
334
5.84
925
-4.96
-5.07
-17.4
-53.4
Net change in cash
-7.81
24.8
208
-114
-9.72
18
-116
Free cash flow
-160
-119
-283
-208
-145
33.3
-69
Interest paid
6.26
4.58
1.68
0
0
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.49 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-0.7%
Operating income / revenue.
EBITDA margin
-0.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-0.7%
Net income / revenue.
FCF margin
3.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
3.1%
Cash from operations / revenue.
Return on equity (ROE)
-4.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.5%
Net income / average total assets.
Return on invested capital (ROIC)
-8.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
2.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
40.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
20.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
23.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-292.1%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-307.2%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-9.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-4.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-6.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-12.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
15.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
4.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
2.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
42.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.50x
Current assets / current liabilities.
Quick ratio
0.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.74x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.03
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.54
Revenue / diluted weighted shares.
FCF per share
$0.14
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.14
Cash from operations / diluted weighted shares.
Book value per share
$0.69
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$2.38B
Share price x shares outstanding.
Enterprise value
$2.15B
Market cap + total debt - cash - short-term investments.
P/S
0.96x
Market cap / revenue.
P/B
6.34x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.34x
Market cap / tangible book value, when positive.
P/FCF
32.1x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
31.0x
Market cap / cash from operations, when positive.
EV/Sales
0.87x
Enterprise value / revenue.
EV/FCF
28.9x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.1%
Free cash flow / market cap.
Earnings yield
-0.8%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was CLOVER HEALTH INVESTMENTS, CORP. /DE's revenue in fiscal 2025?
CLOVER HEALTH INVESTMENTS, CORP. /DE reported revenue of $1.92B for fiscal 2025, 40.3% higher than the year before.
Was CLOVER HEALTH INVESTMENTS, CORP. /DE profitable in fiscal 2025?
No. It reported a net loss of $85.5M.
How much free cash flow did CLOVER HEALTH INVESTMENTS, CORP. /DE generate in fiscal 2025?
Cash from operations of $66.9M minus capital expenditures of $2.0M left free cash flow of -$69.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.