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Clover Health Investments (CLOV) Financials

Clover Health Investments logo
$3.98 -0.20 (-4.78%)
Closing price 05/29/2026 04:00 PM Eastern
Extended Trading
$3.99 +0.01 (+0.25%)
As of 05/29/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Clover Health Investments

Annual Income Statements for Clover Health Investments

This table shows Clover Health Investments' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -364 -136 -588 -340 -213 -43 -86
Consolidated Net Income / (Loss)		 -364 -136 -588 -340 -213 -43 -86
Net Income / (Loss) Continuing Operations		 -364 -136 -588 -255 -210 -46 -86
Total Pre-Tax Income 		-364 -56 -654 -254 -210 -46 -86
Total Revenue		 285 731 1,469 1,106 1,256 1,371 1,924
Net Interest Income / (Expense)		 -23 -36 -3.19 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 23 36 3.19 0.00 0.00 0.00 0.00
Total Non-Interest Income		 308 767 1,472 1,106 1,256 1,371 1,924
Other Service Charges		 5.34 7.19 4.94 12 25 26 33
Net Realized & Unrealized Capital Gains on Investments		 -139 94 0.00 9.22 -4.73 -0.47 0.00
Premiums Earned		 457 666 799 1,085 1,236 1,345 1,892
Total Non-Interest Expense		 648 787 2,123 1,360 1,466 1,417 2,010
Salaries and Employee Benefits		 92 71 260 279 257 232 225
Property & Liability Insurance Claims		 454 573 1,662 900 997 1,006 1,568
Other Operating Expenses		 99 121 185 204 183 176 214
Depreciation Expense		 0.55 0.56 1.25 1.19 2.51 1.33 1.69
Impairment Charge		 - - 0.00 0.00 16 0.00 0.00
Restructuring Charge		 - - 0.00 0.00 9.82 0.29 0.00
Other Gains / (Losses), net		 - -80 66 0.90 -0.09 -0.05 -0.02
Net Income / (Loss) Discontinued Operations		 - - - -85 -3.21 3.26 0.00
Weighted Average Basic Shares Outstanding		 87.83M 88.69M 412.92M 476.24M 482.18M 490.02M 511.97M
Weighted Average Diluted Shares Outstanding		 87.83M 88.69M 412.92M 476.24M 482.18M 490.02M 511.97M
Weighted Average Basic & Diluted Shares Outstanding		 - 21.18M 473.27M 479.55M 495.29M 510.91M 524.67M

Quarterly Income Statements for Clover Health Investments

This table shows Clover Health Investments' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -41 -70 -19 7.41 -9.16 -22 -1.27 -11 -24 -49 27
Consolidated Net Income / (Loss)		 -41 -70 -19 7.41 -9.16 -22 -1.27 -11 -24 -49 27
Net Income / (Loss) Continuing Operations		 -34 -68 -23 7.17 -8.79 -21 -1.27 -11 -24 -49 27
Total Pre-Tax Income 		-34 -68 -23 7.19 -8.79 -21 -1.27 -11 -24 -49 27
Total Revenue		 306 308 347 356 331 337 462 478 497 488 749
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 306 308 347 356 331 337 462 478 497 488 749
Other Service Charges		 4.80 9.32 5.20 6.36 8.41 6.28 5.43 7.79 18 1.84 5.00
Premiums Earned		 301 303 342 350 323 331 457 470 479 486 744
Total Non-Interest Expense		 340 376 370 349 340 358 464 488 521 537 722
Salaries and Employee Benefits		 61 65 59 55 55 63 59 61 48 57 57
Property & Liability Insurance Claims		 236 247 265 248 250 243 353 378 423 413 590
Other Operating Expenses		 41 45 45 44 35 52 51 48 49 66 75
Depreciation Expense		 0.56 0.67 0.32 0.33 0.34 0.34 0.47 0.39 0.41 0.42 0.52
Basic Earnings per Share		 - - - - - - $0.00 - - - $0.05
Weighted Average Basic Shares Outstanding		 480.77M 482.18M 486.37M 487.48M 490.18M 490.02M 497.06M 509.04M 512.74M 511.97M 522.18M
Diluted Earnings per Share		 - - - - - - $0.00 - - - $0.05
Weighted Average Diluted Shares Outstanding		 480.77M 482.18M 486.37M 495.18M 490.18M 490.02M 497.06M 509.04M 512.74M 511.97M 532.50M
Weighted Average Basic & Diluted Shares Outstanding		 487.64M 495.29M 486.37M 497.47M 501.11M 510.91M 508.92M 512.51M 516.68M 524.67M 526.68M

Annual Cash Flow Statements for Clover Health Investments

This table details how cash moves in and out of Clover Health Investments' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -7.81 25 208 -114 -9.72 18 -116
Net Cash From Operating Activities		 -160 -118 -282 -204 -145 35 -67
Net Cash From Continuing Operating Activities		 -160 -118 -282 -305 -35 82 -67
Net Income / (Loss) Continuing Operations		 -364 -136 -588 -340 -213 -43 -86
Consolidated Net Income / (Loss)		 -364 -136 -588 -340 -213 -43 -86
Depreciation Expense		 -2.31 0.36 1.45 -0.32 -1.51 -1.19 -0.16
Amortization Expense		 16 101 -52 -0.87 0.09 0.05 0.02
Non-Cash Adjustments to Reconcile Net Income		 16 17 311 39 154 114 103
Changes in Operating Assets and Liabilities, net		 174 -101 45 -2.36 25 12 -84
Net Cash From Discontinued Operating Activities		 - - - 101 -110 -48 0.00
Net Cash From Investing Activities		 -182 137 -435 95 140 0.57 4.08
Net Cash From Continuing Investing Activities		 -182 137 -435 95 140 0.57 4.08
Purchase of Property, Leasehold Improvements and Equipment		 -0.02 -0.69 -0.72 -4.47 -0.58 -1.56 -2.04
Purchase of Investment Securities		 -507 -174 -876 -386 -176 -201 -205
Sale and/or Maturity of Investments		 325 312 442 485 316 203 211
Net Cash From Financing Activities		 334 5.84 925 -4.96 -5.07 -17 -53
Net Cash From Continuing Financing Activities		 334 5.84 925 -4.96 -5.07 -17 -53
Issuance of Common Equity		 0.60 1.75 290 1.40 1.15 0.90 1.81
Repurchase of Common Equity		 0.00 -0.96 -0.23 -6.36 0.00 -1.77 -18
Other Financing Activities, Net		 -0.36 3.81 667 - -6.22 -16 -37

Quarterly Cash Flow Statements for Clover Health Investments

This table details how cash moves in and out of Clover Health Investments' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -41 -175 32 47 33 -93 -39 33 1.41 -112 95
Net Cash From Operating Activities		 -19 -258 26 45 50 -86 -16 5.41 12 -68 108
Net Cash From Continuing Operating Activities		 -32 -115 34 54 50 -47 -16 5.41 12 -68 108
Net Income / (Loss) Continuing Operations		 -41 -70 -19 7.41 -9.16 -22 -1.27 -11 -24 -49 27
Consolidated Net Income / (Loss)		 -41 -70 -19 7.41 -9.16 -22 -1.27 -11 -24 -49 27
Depreciation Expense		 -0.69 -0.24 -0.35 -0.62 -0.18 -0.04 0.03 -0.12 0.01 -0.08 0.07
Non-Cash Adjustments to Reconcile Net Income		 33 53 29 36 28 29 26 26 26 25 12
Changes in Operating Assets and Liabilities, net		 -24 -97 24 11 31 -54 -41 -9.72 11 -43 68
Net Cash From Investing Activities		 -20 84 9.19 4.95 -12 -1.44 8.93 36 -5.43 -35 -5.07
Net Cash From Continuing Investing Activities		 -20 84 9.19 4.95 -12 -1.44 8.93 36 -5.43 -35 -5.07
Purchase of Property, Leasehold Improvements and Equipment		 -0.24 0.26 -0.45 -0.40 -0.40 -0.32 -0.19 -0.57 -0.69 -0.60 -0.85
Purchase of Investment Securities		 -68 -33 -24 -28 -102 -48 -33 -27 -39 -106 -41
Sale and/or Maturity of Investments		 48 117 34 33 90 47 42 63 34 72 37
Net Cash From Financing Activities		 -1.96 -0.83 -3.36 -3.20 -4.67 -6.14 -32 -7.77 -5.27 -8.61 -7.86
Net Cash From Continuing Financing Activities		 -1.96 -0.83 -3.36 -3.20 -4.67 -6.14 -32 -7.77 -5.27 -8.61 -7.86
Issuance of Common Equity		 0.03 0.00 0.00 0.02 0.22 0.66 0.22 0.70 0.31 0.59 0.03
Repurchase of Common Equity		 -1.99 -0.83 -3.36 -3.22 -4.89 -6.80 -18 14 -0.00 - 0.00
Other Financing Activities, Net		 - - - - - - -14 - -5.58 -9.20 -7.89

Annual Balance Sheets for Clover Health Investments

This table presents Clover Health Investments' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.10 267 951 809 571 581 541
Cash and Due from Banks		 0.00 92 300 104 116 195 78
Trading Account Securities		 0.00 55 197 328 229 243 225
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 - 39 48 71 64 52 95
Premises and Equipment, Net		 - 2.08 2.29 5.75 5.08 5.31 6.39
Unearned Premiums Asset		 - 35 35 20 22 41 64
Intangible Assets		 - 4.23 4.23 20 2.99 2.99 2.99
Other Assets		 0.00 40 353 160 131 42 70
Total Liabilities & Shareholders' Equity		 0.10 267 951 809 571 581 541
Total Liabilities		 0.12 433 411 452 284 240 232
Other Short-Term Payables		 0.12 139 184 200 261 214 209
Other Long-Term Liabilities		 0.00 162 19 20 23 26 23
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -0.02 -613 539 357 286 341 309
Total Preferred & Common Equity		 -0.02 -617 535 357 286 341 309
Total Common Equity		 -0.02 -617 535 357 286 341 309
Common Stock		 0.00 412 2,154 2,319 2,461 2,576 2,683
Retained Earnings		 -0.02 -1,029 -1,617 -1,946 -2,160 -2,203 -2,288
Treasury Stock		 - 0.00 -0.15 -6.51 -13 -31 -86
Accumulated Other Comprehensive Income / (Loss)		 - 0.01 -1.93 -9.37 -2.37 -1.58 0.53

Quarterly Balance Sheets for Clover Health Investments

This table presents Clover Health Investments' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,558 1,454 1,258 1,060 672 674 653 584 575 560 698
Cash and Due from Banks		 383 191 310 299 208 255 288 155 189 190 173
Trading Account Securities		 247 292 273 305 223 218 242 235 201 206 241
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 59 57 51 52 84 67 37 54 47 58 73
Premises and Equipment, Net		 2.53 4.55 4.62 4.57 5.21 5.28 5.34 5.03 5.20 5.49 6.90
Unearned Premiums Asset		 14 70 2.06 16 71 54 21 85 84 46 129
Intangible Assets		 4.23 20 19 19 2.99 2.99 2.99 2.99 2.99 2.99 2.99
Other Assets		 836 739 516 314 77 72 56 47 46 52 71
Total Liabilities & Shareholders' Equity		 1,558 1,454 1,258 1,060 672 674 653 584 575 560 698
Total Liabilities		 1,166 1,130 927 738 379 349 311 248 231 219 358
Other Short-Term Payables		 296 329 293 279 355 323 276 216 202 193 337
Other Long-Term Liabilities		 17 20 20 19 23 25 33 32 29 25 22
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 392 323 331 322 292 325 342 336 344 341 339
Total Preferred & Common Equity		 392 323 331 322 292 325 342 336 344 341 339
Total Common Equity		 392 323 331 322 292 325 342 336 344 341 339
Common Stock		 2,281 2,359 2,395 2,428 2,490 2,518 2,546 2,603 2,630 2,656 2,695
Retained Earnings		 -1,872 -2,019 -2,048 -2,089 -2,179 -2,172 -2,181 -2,204 -2,215 -2,239 -2,261
Treasury Stock		 -6.47 -9.49 -9.91 -12 -16 -19 -24 -63 -71 -77 -94
Accumulated Other Comprehensive Income / (Loss)		 -11 -7.03 -6.72 -5.07 -2.56 -2.26 0.85 -0.07 0.18 0.47 -0.67

Annual Metrics And Ratios for Clover Health Investments

This table displays calculated financial ratios and metrics derived from Clover Health Investments' official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - 516,678,055.00
DEI Adjusted Shares Outstanding		 - - - - - - 516,678,055.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.17
Growth Metrics		 - - - - - - -
Profitability Metrics		 - - - - - - -
Valuation Ratios		 - - - - - - -
Leverage & Solvency		 - - - - - - -
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Efficiency Ratios		 - - - - - - -
Capital & Investment Metrics		 - - - - - - -
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.32) ($1.42) ($0.71) ($0.44) $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 406.32M 412.92M 476.24M 482.18M 490.02M 511.97M
Adjusted Diluted Earnings per Share		 $0.00 ($0.32) ($1.42) ($0.71) ($0.44) $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 406.32M 412.92M 476.24M 482.18M 490.02M 511.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.32) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 130.11M 473.27M 479.55M 495.29M 510.91M 524.67M
Debt Service Ratios		 - - - - - - -
Payout Ratios		 - - - - - - -

Quarterly Metrics And Ratios for Clover Health Investments

This table displays calculated financial ratios and metrics derived from Clover Health Investments' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 516,678,055.00 524,667,286.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 516,678,055.00 524,667,286.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.10 0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -64.23% 120.77% 7.60% 11.28% 8.16% 9.52% 33.27% 34.07% 50.05% - 62.05%
EBITDA Growth		 54.60% -4,979.69% 71.55% 124.81% 73.86% 68.46% 94.60% -262.47% -171.71% - 2,301.45%
EBIT Growth		 55.47% -5,890.02% 70.93% 124.88% 73.87% 68.39% 94.39% -246.92% -177.48% - 2,245.53%
NOPAT Growth		 55.47% -4,153.01% 70.93% 135.55% 73.87% 68.39% 94.39% -202.84% -177.48% - 3,165.04%
Net Income Growth		 45.07% 16.33% 73.60% 125.71% 77.92% 68.65% 93.35% -242.79% -166.27% - 2,245.53%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Cash Flow Growth		 -118.48% -23.27% -67.18% -15.83% 366.15% 66.74% -162.82% -87.92% -75.79% - 762.22%
Free Cash Flow Firm Growth		 151.79% 336.23% -35.28% -23.48% -5.15% -128.47% -105.64% -104.26% -103.86% - 153.90%
Invested Capital Growth		 -37.55% -50.53% -73.34% -65.57% -54.90% 19.12% 14.91% 5.94% -0.36% - 1.00%
Revenue Q/Q Growth		 -4.41% 0.53% 12.61% 2.83% -7.09% 1.81% 37.21% 3.31% 3.98% - 53.61%
EBITDA Q/Q Growth		 -29.53% -98.29% 65.42% 127.93% -236.50% -139.24% 94.20% -757.35% -128.28% - 155.48%
EBIT Q/Q Growth		 -16.39% -101.87% 65.86% 131.02% -222.23% -144.14% 94.06% -728.81% -130.86% - 155.42%
NOPAT Q/Q Growth		 -16.39% -101.87% 65.86% 144.31% -185.56% -144.14% 94.06% -728.81% -130.86% - 179.18%
Net Income Q/Q Growth		 -43.92% -69.94% 72.80% 138.64% -223.58% -141.31% 94.23% -730.30% -130.45% - 155.42%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Cash Flow Q/Q Growth		 -135.32% -1,274.19% 110.05% 72.57% 11.68% -271.71% 81.02% 133.19% 123.80% - 258.32%
Free Cash Flow Firm Q/Q Growth		 -47.09% -43.37% 221.77% -20.63% -34.42% -117.00% 36.22% 40.03% 40.67% - 1,250.65%
Invested Capital Q/Q Growth		 -19.58% -62.25% 2.12% 11.08% 5.32% -0.30% -1.49% 2.41% -0.94% - 9.95%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -11.21% -22.11% -6.79% 1.84% -2.71% -6.37% -0.27% -2.23% -4.91% - 3.66%
EBIT Margin		 -10.98% -22.06% -6.69% 2.02% -2.65% -6.37% -0.28% -2.21% -4.91% - 3.65%
Profit (Net Income) Margin		 -13.55% -22.91% -5.53% 2.08% -2.77% -6.56% -0.28% -2.21% -4.91% - 3.65%
Tax Burden Percent		 123.36% 103.85% 82.74% 103.08% 104.21% 103.00% 100.00% 100.18% 100.00% - 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% -44.81% -8.63% 4.19% -4.53% -19.46% -0.91% -7.44% -17.84% - 23.89%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -65.51% -9.39% 4.26% -5.90% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -22.61% -11.81% 3.98% -3.88% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 -63.63% -67.42% -20.43% 8.17% -8.41% 0.00% 0.00% 0.00% 0.00% - 0.00%
Cash Return on Invested Capital (CROIC)		 36.23% 33.63% 100.34% 84.58% 63.90% -27.76% -19.39% -14.67% -11.55% - -12.79%
Operating Return on Assets (OROA)		 0.00% -40.16% -8.06% 2.75% -4.16% -15.15% -0.65% -5.69% -14.35% - 12.59%
Return on Assets (ROA)		 0.00% -41.71% -6.67% 2.83% -4.33% -15.61% -0.65% -5.70% -14.35% - 12.59%
Return on Common Equity (ROCE)		 -63.63% -67.42% -20.43% 8.17% -8.41% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -70.57% 0.00% -54.68% -38.08% -26.71% 0.00% -7.47% -12.52% -17.11% - -16.78%
Net Operating Profit after Tax (NOPAT)		 -24 -48 -16 7.19 -6.15 -15 -0.89 -7.39 -17 - 27
NOPAT Margin		 -7.69% -15.44% -4.68% 2.02% -1.86% -4.46% -0.19% -1.55% -3.44% - 3.65%
Net Nonoperating Expense Percent (NNEP)		 2.85% 20.69% 0.76% -0.07% 1.38% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 19.79% 21.18% 17.09% 15.58% 16.62% 18.62% 12.77% 12.84% 9.70% - 7.62%
Operating Expenses to Revenue		 110.98% 122.06% 106.69% 97.98% 102.65% 106.37% 100.28% 102.21% 104.91% - 96.35%
Earnings before Interest and Taxes (EBIT)		 -34 -68 -23 7.19 -8.79 -21 -1.27 -11 -24 - 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -34 -68 -24 6.57 -8.97 -21 -1.25 -11 -24 - 27
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.63 1.62 1.34 1.88 4.10 4.63 5.46 4.13 4.60 - 0.00
Price to Tangible Book Value (P/TBV)		 1.73 1.64 1.36 1.90 4.14 4.67 5.51 4.16 4.64 - 0.00
Price to Revenue (P/Rev)		 0.00 0.37 0.31 0.46 1.05 1.15 1.23 0.88 0.88 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.81 1.21 0.63 1.09 3.26 4.06 5.00 3.58 4.04 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.28 0.14 0.27 0.83 1.01 1.13 0.77 0.78 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 39.72 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.71 2.39 0.26 0.66 3.17 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 1.76 0.35 1.26 0.94 0.66 0.00 0.00 0.00 0.00 - 0.00
Leverage Ratio		 3.67 2.14 3.45 2.95 2.58 1.83 2.00 1.87 1.78 - 1.90
Compound Leverage Factor		 3.67 2.14 3.45 2.95 2.58 1.83 2.00 1.87 1.78 - 1.90
Debt to Total Capital		 57.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 57.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 42.42% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 -3.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 -0.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 -4.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 -0.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 433 245 788 626 410 -70 -44 -27 -16 - 24
Operating Cash Flow to CapEx		 -7,728.81% 0.00% 5,828.09% 11,273.80% 12,527.82% -27,248.57% -8,807.03% 950.44% 1,748.99% - 12,634.07%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 1.82 1.20 1.36 1.57 2.38 2.37 2.57 2.92 - 3.45
Fixed Asset Turnover		 0.00 231.81 262.46 266.15 270.76 263.87 290.39 306.85 327.65 - 370.69
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 759 286 292 325 342 341 336 344 341 - 339
Invested Capital Turnover		 0.00 2.90 1.84 2.08 2.44 4.37 4.73 4.81 5.19 - 6.55
Increase / (Decrease) in Invested Capital		 -456 -293 -805 -619 -417 55 44 19 -1.23 - 3.35
Enterprise Value (EV)		 611 348 184 355 1,114 1,384 1,679 1,231 1,378 - 0.00
Market Capitalization		 524 464 393 611 1,403 1,578 1,834 1,420 1,568 - 0.00
Book Value per Share		 $0.66 $0.59 $0.59 $0.65 $0.69 $0.68 $0.66 $0.68 $0.67 - $0.65
Tangible Book Value per Share		 $0.62 $0.58 $0.58 $0.65 $0.68 $0.67 $0.65 $0.67 $0.66 - $0.64
Total Capital		 759 286 292 325 342 341 336 344 341 - 339
Total Debt		 437 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 88 -116 -209 -255 -289 -195 -155 -189 -190 - -173
Capital Expenditures (CapEx)		 0.24 -0.26 0.45 0.40 0.40 0.32 0.19 0.57 0.69 - 0.85
Net Nonoperating Expense (NNE)		 18 23 2.95 -0.22 3.01 7.08 0.38 3.19 7.31 - 0.00
Net Nonoperating Obligations (NNO)		 437 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Total Depreciation and Amortization (D&A)		 -0.69 -0.16 -0.35 -0.62 -0.18 -0.01 0.03 -0.12 0.01 - 0.07
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.09) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.05
Adjusted Weighted Average Basic Shares Outstanding		 480.77M 482.18M 486.37M 487.48M 490.18M 490.02M 497.06M 509.04M 512.74M 511.97M 522.18M
Adjusted Diluted Earnings per Share		 ($0.09) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.05
Adjusted Weighted Average Diluted Shares Outstanding		 480.77M 482.18M 486.37M 495.18M 490.18M 490.02M 497.06M 509.04M 512.74M 511.97M 532.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 487.64M 495.29M 1.05B 497.47M 501.11M 510.91M 508.92M 512.51M 516.68M 524.67M 526.68M
Normalized Net Operating Profit after Tax (NOPAT)		 -23 -46 -16 5.36 -6.53 -15 -0.89 -7.39 -17 - 19
Normalized NOPAT Margin		 -7.39% -15.00% -4.61% 1.51% -1.97% -4.46% -0.19% -1.55% -3.44% - 2.55%
Pre Tax Income Margin		 -10.98% -22.06% -6.69% 2.02% -2.65% -6.37% -0.28% -2.21% -4.91% - 3.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 -2.39% -2.92% -4.13% -7.60% -13.45% -42.46% -186.60% -80.72% -59.65% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from CLOVER HEALTH INVESTMENTS, CORP. (CLOV) quarterly reports across the last four years, focusing on trends in revenue, profitability, cash flow, and balance sheet liquidity. The company continues to grow top-line revenue in 2025 but remains unprofitable with ongoing cash burn; liquidity and optionality have marginally improved in some quarters, aided by modest equity financing and a sizable asset base.

  • Strong4th-quarter 2025 revenue growth: Total revenue rose to $487.7 million in Q4 2025, up from $336.9 million in Q4 2024, signaling substantial top-line expansion year over year.
  • Premiums earned up meaningfully in Q4 2025: Premiums earned reached $485.9 million in Q4 2025, versus $330.7 million in Q4 2024, contributing to the higher revenue base.
  • Improved operating cash flow in mid-2025 quarters: Net cash from continuing operating activities turned positive in Q3 2025 (+$12.1 million) and was positive again in Q2 2025 (+$5.4 million), indicating some strengthening of core cash generation.
  • Modest equity financing provided liquidity across several quarters: Issuances of common equity contributed small cash inflows in multiple periods (e.g., Q1 2025: +$0.215 million; Q2 2025: +$0.703 million; Q3 2025: +$0.305 million; Q4 2024: +$0.659 million), aiding liquidity.
  • Stable but modest equity base: Total equity hovered in the $336–345 million range across 2024–2025, reflecting a relatively stable capitalization base despite quarterly losses.
  • Dilution risk visible in share counts: Weighted-average shares outstanding rose from about 480–490 million (early 2024) toward roughly 525 million by late 2025, indicating ongoing dilution to support liquidity and financing needs.
  • Asset base remains sizable but trending modestly lower: Total assets ranged around $560 million to $585 million over 2024–2025, sliding from about $583.7 million (Q4 2024) to around $559.7 million (Q3 2025).
  • Net income remains negative and deepening in Q4 2025: Consolidated net income (and net income attributable to common shareholders) was -$49.3 million in Q4 2025, larger than the -$22.1 million seen in Q4 2024, underscoring ongoing profitability challenges.
  • Non-interest expenses outpace revenue in Q4 2025: Total Non-Interest Expense was $537.0 million in Q4 2025, exceeding Total Revenue of $487.7 million, driving a substantial quarterly loss.
  • Cash burn persists despite some positives: Net change in cash and equivalents was -$111.8 million in Q4 2025, reflecting ongoing cash burn even as operating cash flow improved in earlier 2025 quarters.
05/30/26 07:08 AM ETAI Generated. May Contain Errors.

Clover Health Investments Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Clover Health Investments' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Clover Health Investments' net income appears to be on a downward trend, with a most recent value of -$85.55 million in 2025, falling from -$363.74 million in 2019. The previous period was -$43.01 million in 2024. See Clover Health Investments' forecast for analyst expectations on what's next for the company.

Over the last 6 years, Clover Health Investments' total revenue changed from $284.68 million in 2019 to $1.92 billion in 2025, a change of 575.9%.

Clover Health Investments' total liabilities were at $232.31 million at the end of 2025, a 3.0% decrease from 2024, and a 196,808.7% increase since 2019.

In the past 6 years, Clover Health Investments' cash and equivalents has ranged from $0.00 in 2019 to $299.97 million in 2021, and is currently $78.30 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:CLOV last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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