eHealth, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data eHealth, Inc. 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	193	191	251	506	583	538	405	453	532	554
Cost of revenue	0.86	0.58	1.23	2.74	4.08	1.99	1.65	1.77	1.79	1.33
Gross profit	192	190	250	503	579	536	404	159	208	241
Research and development	8.9	7.6	6.9	8.1	9.1	10.4	12.1	13.7	12.4	13.8
Selling and marketing	72.2	65.9	82.9	150	209	271	195	173	193	181
General and administrative	35.2	40	45.8	64.2	76.5	75.7	71.8	99.4	89.8	89.6
Operating income	2.82	-9.45	2.55	81.4	53.3	-126	-103	-29.1	23.6	66.5
Interest expense						0.85	7.63	11	11.2	10.8
Other non-operating income	1.15	1.18	0.76	2.09	0.67	1.6	3.95	9.45	6.9	3
Pre-tax income	3.97	-8.27	3.31	83.5	54	-125	-106	-30.6	19.3	58.7
Income tax	3.67	-33.7	3.07	16.6	8.54	-20.5	-17.7	-2.38	9.26	18.7
Net income	0.3	25.4	0.24	66.9	45.5	-104	-88.7	-28.2	10.1	40
EBITDA	6.32	-6.62	5.03	88.2	64.8	-107	-81.6	-9.16	25.6	68.4
EPS, basic	0.02	1.37	0.01	2.90	1.75	-4.59	-4.36	-2.37	-1.19	-0.34
EPS, diluted	0.02	1.33	0.01	2.73	1.68	-4.59	-4.36	-2.37	-1.19	-0.34
Shares, basic (weighted)	18.3	18.5	19.3	23.1	26	26.8	27.4	28	29.3	30.5
Shares, diluted (weighted)	18.3	19	20.4	24.5	27	26.8	27.4	28	29.3	30.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	61.8	40.3	13.1	23.5	43.8	81.9	144	116	39.2	73.7
Short-term investments				0	49.6	41.3	0	5.93	43	3.5
Receivables	9.21	1.48	3.6	2.33	1.8	5.75	2.63	3.99	16.8	7.69
Other current assets	5.15	4.31	5.29	7.82	16.7	23.8	11.3	12	13	13.3
Total current assets	76.1	156	156	208	331	408	401	382	354	334
Property, plant and equipment	5.61	4.71	7.68	10.5	14.6	12.1	5.5	4.86	4.44	4.53
Lease right-of-use assets				36.6	42.6	37.4	26.5	22.8	12.1	8.43
Goodwill	14.1	14.1	40.2	40.2	40.2	0	0	0
Intangible assets	8.58	7.54	12.2	10.1	8.57	1.92
Long-term investments				0
Other non-current assets	4.47	7.29	11.3	18	26.5	35.5	34.7	26.8	23.8	25.5
Total assets	109	359	439	742	1,040	1,149	1,113	1,113	1,155	1,262
Accounts payable	5.11	3.25	5.69	24.6	36.9	13.8	6.73	7.2	23.4	28.3
Accrued liabilities	3.78	3.43	20.8	29.6	20.5	16.5	20.7	40.8	43.9	41
Deferred revenue	0.96	0.39	0.88	2.57	0.31
Short-term debt								0	0
Total current liabilities	27.9	25.4	60.6	113	84.4	75.5	60.6	78.5	96	99.1
Long-term debt		0	5	0		0	66.1	67.8	68.5	113
Lease liabilities				34.3	41.4	35.8	34.2	28.3	20.7	14.1
Other non-current liabilities	0.12	0.1	3.34	3.05	4.37	5.09	5.13	4.95	5.42	5.52
Total liabilities	-143	72.5	136	214	202	167	198	209	229	289
Total debt		0	5	0		0	66.1	67.8	68.5	113
Paid-in capital	273	282	298	455	721	756	777	799	773	761
Retained earnings	4.62	205	205	272	316	193	73.8	7.28	15.2	30.1
Treasury stock	-200	-200	-200	-200	-200	-200	-200	-200	-200	-200
Other comprehensive income	0.18	0.2	0.13	0.12	0.35	0.39	-0.07	-0.08	-0.23	-0.06
Shareholders' equity	252	287	303	527	838	750	651	606	588	592
Total equity	252	287	303	527	838	750	651	606	588	592
Total liabilities and equity	109	359	439	742	1,040	1,149	1,113	1,113	1,155	1,262
Shares outstanding	18.4	18.6	19.4	23.1	25.9	26.7	27.6	28.6	29.8	31

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.3	25.4	0.24	66.9	45.5	-104	-88.7	-28.2	10.1	40
Depreciation and amortization	3.5	2.84	2.48	6.8	11.5	18.3	21.1	19.9	1.98	1.88
Stock-based compensation	7.27	9.69	12.5	22.6	25.2	32.9	20.3	23.2	19.9	15
Deferred income tax	4.65	-30.3	2.81	16.2	8.82	-21.5	-18.4	-2.67	9.18	18.4
Change in receivables	1.56	0.47	-2.13	1.27	0.53	-3.95	3.12	-1.36	-12.8	9.12
Change in payables	2.23	-1.87	1.41	19.7	12.3	-23.1	-7.03	0.49	16.2	5.01
Cash from operations	4.08	-15.5	-3.23	-71.5	-108	-163	-26.9	-6.69	-18.4	-25.3
Capital expenditures	-1.89	-1.87	-4.53	-6.64	-7.75	-3.87	-0.21	-2.09	-2.09	-2.25
Acquisitions	0	0	-14.9	0	0
Purchases of investments			0	0	-181	-103	-8.4	-54.5	-97	-74
Sales and maturities of investments			0	0	131	111	49.8	49.4	61.4	115
Cash from investing	-3.73	-5.08	-25.8	-16.9	-73.3	-12.6	25.9	-15.9	-48.4	25.4
Debt issued					0	0	64.9	0
Debt repaid		0	0	-5	0	0			0	-70.7
Stock issued	0.06	0	0	126	228	0	0	0.68	0.35	0.4
Share buybacks	0
Cash from financing	-1.27	-0.87	1.86	102	201	213	63.8	-6.22	-9.67	34.3
Exchange rate effect	-0.02	0	-0.08	0.03	0.19	0.06	-0.36	-0.02	-0.06	0.15
Net change in cash	-0.93	-21.5	-27.2	13.7	20.3	38.1	62.5	-28.8	-76.5	34.5
Free cash flow	2.19	-17.4	-7.76	-78.1	-116	-166	-27.1	-8.78	-20.5	-27.6
Interest paid	0.01	0.02	0.04	0.04	0	0	5.03	9.05	9.23	8.92
Income taxes paid	0.63	0.22	0.14	0.74	0.88	0.1	0.53	0.33	0.44	0.39

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 $0.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.3%	Gross profit / revenue.
Operating margin	10.8%	Operating income / revenue.
EBITDA margin	11.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.4%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	-6.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-6.1%	Cash from operations / revenue.
Effective tax rate	35.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	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	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-16.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	182.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	4.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	167.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	298.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-2.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	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	4.0%	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	3.9%	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	3.7%	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	2.4%	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	9.95x	Current assets / current liabilities.
Quick ratio	3.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.9%	Total debt / total assets.
Liabilities / assets	18.2%	Total liabilities / total assets.
Net debt	$13.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.93x	Operating income / interest expense.
Working capital	$284.0M	Current assets - current liabilities.
Tangible book value	$540.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	122x	Revenue / average property, plant and equipment.
Receivables turnover	276x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
FCF conversion	-115.7%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.86	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	$15.79	Revenue / diluted weighted shares.
FCF per share	-$0.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.96	Cash from operations / diluted weighted shares.
Book value per share	$17.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.02	Tangible book value / shares outstanding.
Cash per share	$3.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$24.2M	Share price x shares outstanding.
Enterprise value	$37.8M	Market cap + total debt - cash - short-term investments.
P/E	0.89x	Market cap / net income. Only when net income is positive.
P/S	0.05x	Market cap / revenue.
P/B	0.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.04x	Market cap / tangible book value, when positive.
EV/Sales	0.08x	Enterprise value / revenue.
EV/EBIT	0.69x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.67x	Enterprise value / EBITDA, when both are positive.
FCF yield	-129.9%	Free cash flow / market cap.
Earnings yield	112.3%	Net income / market cap (the inverse of P/E).

What was eHealth, Inc.'s revenue in fiscal 2025?

eHealth, Inc. reported revenue of $554.0M for fiscal 2025, 4.1% higher than the year before.

Was eHealth, Inc. profitable in fiscal 2025?

Yes. Net income was $40.0M, a net margin of 7.2%.

How much free cash flow did eHealth, Inc. generate in fiscal 2025?

Cash from operations of $25.3M minus capital expenditures of $2.3M left free cash flow of -$27.6M.

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.

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