CLOV

MKT CAP:$1B

Clover Health Investments, Corp.

Market Cap

$1B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$2.49+$0.08 (+3.26%)

Apr 23, 2026

Company Details

Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization ...

CEO

Andrew Toy

IPO Date

Jun 12, 2020

Website

www.cloverhealth.com

Key Metrics TTM

Revenue

$1.9B

+40.3% YoY

Net Income

-$86M

EPS (Diluted)

-$0.17

Free Cash Flow

-$69M

Revenue / Share

$3.72

Gross Margin

18.5%

Operating Margin

-4.4%

Net Margin

-4.4%

FCF Margin

-3.6%

P/S

0.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 27, 2026

$1.9B+40.3%EPS -$0.17

Q4 2025

Feb 27, 2026

$488M+44.7%EPS -$0.10

Q3 2025

Nov 7, 2025

$497M+50.1%EPS -$0.05

Q2 2025

Aug 8, 2025

$478M+34.1%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$874M	$13M	-$87M
Q2 22	$847M	-$12M	-$103M
Q3 22	$857M	$17M	-$74M
Q4 22	$899M	$5M	-$107M
Q1 23	$322M	$47M	-$80M
Q2 23	$320M	$76M	-$29M
Q3 23	$306M	$70M	-$34M
Q4 23	$510M	$62M	-$66M
Q1 24	$347M	$82M	-$23M
Q2 24	$356M	$108M	$7M
Q3 24	$331M	$81M	-$9M
Q4 24	$337M	$94M	-$21M
Q1 25	$462M	$109M	-$1M
Q2 25	$478M	$100M	-$11M
Q3 25	$497M	$73M	-$24M
Q4 25	$488M	$74M	-$49M

Valuation

Quarter	P/S	P/E
Q1 22	0.8x	—
Q2 22	0.4x	—
Q3 22	0.3x	—
Q4 22	0.2x	—
Q1 23	0.1x	—
Q2 23	0.2x	—
Q3 23	0.3x	—
Q4 23	0.3x	—
Q1 24	0.3x	—
Q2 24	0.4x	—
Q3 24	0.9x	—
Q4 24	1.1x	—
Q1 25	1.2x	—
Q2 25	0.9x	—
Q3 25	0.9x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$57M	-$57M
Q2 22	-$39M	-$39M
Q3 22	$102M	$101M
Q4 22	-$209M	-$213M
Q1 23	$79M	$79M
Q2 23	$53M	$53M
Q3 23	-$19M	-$19M
Q4 23	-$258M	-$258M
Q1 24	$26M	$25M
Q2 24	$45M	$44M
Q3 24	$50M	$50M
Q4 24	-$86M	-$86M
Q1 25	-$16M	-$16M
Q2 25	$5M	$5M
Q3 25	$12M	$11M
Q4 25	-$68M	-$69M

Capital Expenditures

Quarter	CapEx
Q1 22	$158.0K
Q2 22	$173.0K
Q3 22	$259.0K
Q4 22	$4M
Q1 23	$251.0K
Q2 23	$354.0K
Q3 23	$243.0K
Q4 23	$264.0K
Q1 24	$445.0K
Q2 24	$397.0K
Q3 24	$399.0K
Q4 24	$315.0K
Q1 25	$185.0K
Q2 25	$569.0K
Q3 25	$692.0K
Q4 25	$597.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+336.5%	+201.1%
Q2 22	+105.3%	+59.7%
Q3 22	+100.6%	+61.5%
Q4 22	+108.0%	+62.6%
Q1 23	-63.2%	-58.2%
Q2 23	-62.2%	-63.2%
Q3 23	-64.3%	-63.5%
Q4 23	-43.2%	-42.7%
Q1 24	+7.7%	-8.0%
Q2 24	+11.3%	+0.0%
Q3 24	+8.2%	+0.0%
Q4 24	-34.0%	-37.8%
Q1 25	+33.3%	+25.4%
Q2 25	+34.1%	+39.9%
Q3 25	+50.1%	+53.3%
Q4 25	+44.7%	+49.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$41M	4.6%
Q2 22	$42M	5.0%
Q3 22	$43M	5.0%
Q4 22	$39M	4.3%
Q1 23	$39M	12.0%
Q2 23	$36M	11.3%
Q3 23	$33M	10.8%
Q4 23	$33M	6.5%
Q1 24	$29M	8.3%
Q2 24	$28M	7.8%
Q3 24	$28M	8.5%
Q4 24	$30M	8.8%
Q1 25	$26M	5.7%
Q2 25	$26M	5.5%
Q3 25	$26M	5.3%
Q4 25	$25M	5.1%

OpEx Breakdown

Quarter	G&A
Q1 22	$127M
Q2 22	$118M
Q3 22	$118M
Q4 22	$124M
Q1 23	$127M
Q2 23	$104M
Q3 23	$102M
Q4 23	$110M
Q1 24	$104M
Q2 24	$100M
Q3 24	$90M
Q4 24	$115M
Q1 25	$110M
Q2 25	$110M
Q3 25	$97M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$274M	$290M	$564M
Q2 22	$324M	$184M	$508M
Q3 22	$383M	$329M	$712M
Q4 22	$104M	$231M	$335M
Q1 23	$191M	$226M	$417M
Q2 23	$310M	$211M	$521M
Q3 23	$299M	$218M	$517M
Q4 23	$116M	$120M	$236M
Q1 24	$208M	$134M	$342M
Q2 24	$255M	$124M	$379M
Q3 24	$288M	$45M	$333M
Q4 24	$195M	$27M	$222M
Q1 25	$155M	$5M	$160M
Q2 25	$189M	$11M	$200M
Q3 25	$190M	$13M	$203M
Q4 25	$78M	$17M	$95M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	473M	+0.5%	+25.7%
Q2 22	476M	+0.6%	+16.6%
Q3 22	478M	+0.3%	+13.6%
Q4 22	478M	+0.0%	+1.5%
Q1 23	479M	+0.2%	+1.2%
Q2 23	479M	+0.1%	+0.7%
Q3 23	481M	+0.3%	+0.6%
Q4 23	482M	+0.2%	+0.8%
Q1 24	567M	+17.8%	+18.5%
Q2 24	495M	-12.7%	+3.3%
Q3 24	490M	-1.0%	+2.0%
Q4 24	492M	+0.3%	+2.1%
Q1 25	497M	+1.1%	-12.4%
Q2 25	509M	+2.4%	+2.8%
Q3 25	513M	+0.8%	+4.6%
Q4 25	517M	+0.9%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	680
Q2 22	$1M	680
Q3 22	$1M	680
Q4 22	$1M	656
Q1 23	$490.8K	656
Q2 23	$488.0K	656
Q3 23	$466.5K	656
Q4 23	$924.4K	552
Q1 24	$628.5K	552
Q2 24	$645.4K	552
Q3 24	$599.6K	552
Q4 24	$591.2K	570
Q1 25	$811.1K	570
Q2 25	$837.9K	570
Q3 25	$871.3K	570
Q4 25	$673.6K	724

Revenue / Employee