Clover Health Investments Corp Financials
This page shows Clover Health Investments Corp (CLOV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Clover Health’s recent growth has not become self-funding growth, as higher revenue still drained cash and thinned liquidity.
The sharpest clue is the reversal in cash conversion: revenue jumped from$1.37B in FY2024 to$1.92B in FY2025, yet operating cash flow flipped from positive to negative. Because operating margin also moved the wrong way, the added volume did not translate into a more self-supporting cost structure.
FY2024 now looks like a temporary efficiency window rather than a settled turn: net loss narrowed to
The balance-sheet posture remains more about liquidity management than debt service, since cash fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Clover Health Investments Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Clover Health Investments Corp has an operating margin of -4.4%, meaning the company retains $-4 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is down from -3.3% the prior year.
Clover Health Investments Corp's revenue surged 40.3% year-over-year to $1.9B, reflecting rapid business expansion. This strong growth earns a score of 85/100.
Clover Health Investments Corp has a moderate D/E ratio of 0.75. This balance of debt and equity financing earns a leverage score of 52/100.
Clover Health Investments Corp's current ratio of 1.47 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
While Clover Health Investments Corp generated -$66.9M in operating cash flow, capex of $2.0M consumed most of it, leaving -$69.0M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.
Clover Health Investments Corp generates a -27.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from -12.6% the prior year.
Clover Health Investments Corp scores 3.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.4B) relative to total liabilities ($232.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Clover Health Investments Corp passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Clover Health Investments Corp generates $0.78 in operating cash flow (-$66.9M OCF vs -$85.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Clover Health Investments Corp generated $1.9B in revenue in fiscal year 2025. This represents an increase of 40.3% from the prior year.
Clover Health Investments Corp's EBITDA was -$83.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.8% from the prior year.
Clover Health Investments Corp reported -$85.5M in net income in fiscal year 2025. This represents a decrease of 98.9% from the prior year.
Clover Health Investments Corp earned $-0.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 88.9% from the prior year.
Cash & Balance Sheet
Clover Health Investments Corp generated -$69.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 307.2% from the prior year.
Clover Health Investments Corp held $78.3M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Clover Health Investments Corp's operating margin was -4.4% in fiscal year 2025, reflecting core business profitability. This is down 1.1 percentage points from the prior year.
Clover Health Investments Corp's net profit margin was -4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Clover Health Investments Corp's ROE was -27.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.1 percentage points from the prior year.
Capital Allocation
Clover Health Investments Corp spent $18.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 932.6% from the prior year.
Clover Health Investments Corp invested $2.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 31.3% from the prior year.
CLOV Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $749.2M+53.6% | $487.7M-1.8% | $496.6M+4.0% | $477.6M+3.3% | $462.3M+37.2% | $337.0M+1.8% | $331.0M-7.1% | $356.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $81.2M-24.7% | $107.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $74.6M+12.8% | $66.2M+35.1% | $49.0M+1.0% | $48.5M-4.3% | $50.7M-3.1% | $52.3M+48.5% | $35.2M-20.8% | $44.4M |
| Operating Income | $27.3M+155.4% | -$49.3M-102.3% | -$24.4M-130.9% | -$10.6M-728.8% | -$1.3M+94.1% | -$21.4M-144.1% | -$8.8M-222.2% | $7.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $27.3M+155.4% | -$49.3M-102.3% | -$24.4M-130.4% | -$10.6M-730.3% | -$1.3M+94.2% | -$22.1M-141.3% | -$9.2M-223.6% | $7.4M |
| EPS (Diluted) | $0.05 | N/A | $-0.05-150.0% | $-0.02 | $0.00 | N/A | $-0.02-300.0% | $0.01 |
CLOV Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $697.7M+29.0% | $541.0M-3.3% | $559.7M-2.7% | $575.0M-1.5% | $583.7M+0.5% | $580.7M-11.1% | $653.0M-3.1% | $674.2M |
| Current Assets | $448.0M+45.5% | $307.9M-7.0% | $330.9M-8.8% | $362.9M+9.5% | $331.4M-3.4% | $343.1M-20.7% | $432.7M-21.3% | $549.6M |
| Cash & Equivalents | $173.3M+121.3% | $78.3M-58.8% | $190.1M+0.7% | $188.6M+21.4% | $155.4M-20.1% | $194.5M-32.4% | $288.0M+13.0% | $254.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $358.3M+54.2% | $232.3M+6.2% | $218.7M-5.2% | $230.8M-6.8% | $247.6M+3.4% | $239.6M-22.9% | $310.8M-11.0% | $349.3M |
| Current Liabilities | $336.6M+61.2% | $208.8M+7.9% | $193.4M-4.2% | $201.9M-6.4% | $215.7M+1.0% | $213.5M-23.6% | $279.6M-13.8% | $324.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $339.4M+10.0% | $308.7M-9.5% | $340.9M-0.9% | $344.2M+2.4% | $336.1M-1.5% | $341.1M-0.3% | $342.2M+5.3% | $324.9M |
| Retained Earnings | -$2.3B+1.2% | -$2.3B-2.2% | -$2.2B-1.1% | -$2.2B-0.5% | -$2.2B-0.1% | -$2.2B-1.0% | -$2.2B-0.4% | -$2.2B |
CLOV Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $107.9M+258.3% | -$68.2M-663.1% | $12.1M+123.8% | $5.4M+133.2% | -$16.3M+81.0% | -$85.8M-271.7% | $50.0M+11.7% | $44.8M |
| Capital Expenditures | $854K+43.0% | $597K-13.7% | $692K+21.6% | $569K+207.6% | $185K-41.3% | $315K-21.1% | $399K+0.5% | $397K |
| Free Cash Flow | $107.0M+255.7% | -$68.7M-702.5% | $11.4M+135.8% | $4.8M+129.4% | -$16.5M+80.9% | -$86.1M-273.7% | $49.6M+11.8% | $44.4M |
| Investing Cash Flow | -$5.1M+85.5% | -$35.0M-545.1% | -$5.4M-115.3% | $35.6M+298.3% | $8.9M+720.6% | -$1.4M+88.1% | -$12.1M-345.0% | $5.0M |
| Financing Cash Flow | -$7.9M+8.6% | -$8.6M-63.3% | -$5.3M+32.1% | -$7.8M+75.5% | -$31.7M-416.9% | -$6.1M-31.6% | -$4.7M-46.0% | -$3.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0-100.0% | $1K | $0-100.0% | $18.3M | $0 | $0-100.0% | $1.8M |
CLOV Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | 24.5%-5.8pp | 30.3% |
| Operating Margin | 3.6%+13.8pp | -10.1%-5.2pp | -4.9%-2.7pp | -2.2%-1.9pp | -0.3%+6.1pp | -6.4%-3.7pp | -2.6%-4.7pp | 2.0% |
| Net Margin | 3.6%+13.8pp | -10.1%-5.2pp | -4.9%-2.7pp | -2.2%-1.9pp | -0.3%+6.3pp | -6.6%-3.8pp | -2.8%-4.9pp | 2.1% |
| Return on Equity | 8.1%+24.0pp | -16.0%-8.8pp | -7.1%-4.1pp | -3.1%-2.7pp | -0.4%+6.1pp | -6.5%-3.8pp | -2.7%-5.0pp | 2.3% |
| Return on Assets | 3.9%+13.0pp | -9.1%-4.8pp | -4.4%-2.5pp | -1.8%-1.6pp | -0.2%+3.6pp | -3.8%-2.4pp | -1.4%-2.5pp | 1.1% |
| Current Ratio | 1.33-0.1 | 1.47-0.2 | 1.71-0.1 | 1.80+0.3 | 1.54-0.1 | 1.61+0.1 | 1.55-0.1 | 1.69 |
| Debt-to-Equity | 1.06+0.3 | 0.75+0.1 | 0.64-0.0 | 0.67-0.1 | 0.74+0.0 | 0.70-0.2 | 0.91-0.2 | 1.08 |
| FCF Margin | 14.3%+28.4pp | -14.1%-16.4pp | 2.3%+1.3pp | 1.0%+4.6pp | -3.6%+22.0pp | -25.6%-40.5pp | 15.0%+2.5pp | 12.4% |
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Frequently Asked Questions
What is Clover Health Investments Corp's annual revenue?
Clover Health Investments Corp (CLOV) reported $1.9B in total revenue for fiscal year 2025. This represents a 40.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Clover Health Investments Corp's revenue growing?
Clover Health Investments Corp (CLOV) revenue grew by 40.3% year-over-year, from $1.4B to $1.9B in fiscal year 2025.
Is Clover Health Investments Corp profitable?
No, Clover Health Investments Corp (CLOV) reported a net income of -$85.5M in fiscal year 2025, with a net profit margin of -4.5%.
What is Clover Health Investments Corp's EBITDA?
Clover Health Investments Corp (CLOV) had EBITDA of -$83.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Clover Health Investments Corp's operating margin?
Clover Health Investments Corp (CLOV) had an operating margin of -4.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Clover Health Investments Corp's net profit margin?
Clover Health Investments Corp (CLOV) had a net profit margin of -4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Clover Health Investments Corp's return on equity (ROE)?
Clover Health Investments Corp (CLOV) has a return on equity of -27.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Clover Health Investments Corp's free cash flow?
Clover Health Investments Corp (CLOV) generated -$69.0M in free cash flow during fiscal year 2025. This represents a -307.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Clover Health Investments Corp's operating cash flow?
Clover Health Investments Corp (CLOV) generated -$66.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Clover Health Investments Corp's total assets?
Clover Health Investments Corp (CLOV) had $541.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Clover Health Investments Corp's capital expenditures?
Clover Health Investments Corp (CLOV) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Clover Health Investments Corp's current ratio?
Clover Health Investments Corp (CLOV) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.
What is Clover Health Investments Corp's debt-to-equity ratio?
Clover Health Investments Corp (CLOV) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Clover Health Investments Corp's return on assets (ROA)?
Clover Health Investments Corp (CLOV) had a return on assets of -15.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Clover Health Investments Corp's cash runway?
Based on fiscal year 2025 data, Clover Health Investments Corp (CLOV) had $78.3M in cash against an annual operating cash burn of $66.9M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Clover Health Investments Corp's Altman Z-Score?
Clover Health Investments Corp (CLOV) has an Altman Z-Score of 3.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Clover Health Investments Corp's Piotroski F-Score?
Clover Health Investments Corp (CLOV) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Clover Health Investments Corp's earnings high quality?
Clover Health Investments Corp (CLOV) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Clover Health Investments Corp?
Clover Health Investments Corp (CLOV) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.