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Healthcare plans · Healthcare · Fiscal year ends Dec 31
Clover Health Investments reported revenue of $1.9B in the fiscal year ended Dec 2025, up 40.3% from the year before. Operating income was −$86M, an operating margin of −4.4%, and net income was −$86M. Operating cash flow of −$67M less capital expenditure of $2M left free cash flow of −$69M.
Ranks among the 8 healthcare plans companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,472 | 1,097 | 1,261 | 1,371 | 1,924 |
| Gross profit | −79.2 | 22.7 | 257 | – | – |
| Operating income | −637 | −287 | −205 | −45.7 | −85.5 |
| Interest expense | 3.2 | 1.3 | 0.0 | 0.0 | 0.0 |
| Pre-tax income | – | – | −213 | −43.0 | −85.5 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −588 | −340 | −213 | −43.0 | −85.5 |
| Diluted EPS | −1.42 | −0.71 | −0.44 | – | – |
| Diluted shares | 413 | 476 | 482 | 490 | 512 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 300 | 104 | 123 | 195 | 78.3 |
| Current assets | 753 | 625 | 428 | 343 | 308 |
| Net PP&E | 2.3 | 5.8 | 5.1 | 5.3 | 6.4 |
| Goodwill | 1.2 | 11.7 | 0.0 | – | – |
| Total assets | 951 | 809 | 571 | 581 | 541 |
| Payables | 28.1 | 32.4 | 37.2 | 34.6 | 36.2 |
| Deferred revenue | 0.0 | 0.0 | 3.1 | – | – |
| Current liabilities | 372 | 432 | 261 | 214 | 209 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 19.9 | 0.0 | – | – | – |
| DepositsBanks | 11.1 | 14.3 | 14.7 | 14.6 | 14.6 |
| Total liabilities | 411 | 452 | 284 | 240 | 232 |
| Shareholders' equity | 535 | 357 | 286 | 341 | 309 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −282 | −204 | −145 | 34.8 | −66.9 |
| Capital expenditure | 0.7 | 4.5 | 0.6 | 1.6 | 2.0 |
| Free cash flow | −283 | −208 | −145 | 33.3 | −69.0 |
| Depreciation & amortisation | 1.2 | 1.2 | 2.5 | 1.3 | 1.7 |
| Stock-based compensation | 164 | 164 | 141 | 114 | 104 |
| Acquisitions | 0.0 | 16.2 | 0.0 | 0.0 | – |
| Share buybacks | 0.1 | 0.0 | 0.0 | 1.8 | 18.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −25.5% | 15.0% | 8.8% | 40.3% |
| Gross margin | −5.4% | 2.1% | 20.4% | – | – |
| Operating margin | −43.3% | −26.1% | −16.3% | −3.3% | −4.4% |
| Net margin | −39.9% | −31.0% | −16.9% | −3.1% | −4.4% |
| Return on equityBlank when equity is negative | −109.8% | −95.1% | −74.5% | −12.6% | −27.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −110.0% | −76.0% | −66.3% | −12.5% | −25.7% |
| Free cash flow margin | −19.2% | −19.0% | −11.5% | 2.4% | −3.6% |
| Cash conversion (CFO ÷ net income) | 0.48x | 0.60x | 0.68x | −0.81x | 0.78x |
| Payable days | 7 | 11 | 14 | – | – |
| Interest cover | −199x | −215x | −29333x | – | – |
| Debt ÷ equity | 0.04x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −280 | −104 | – | – | – |
| Current ratio | 2.02x | 1.45x | 1.64x | 1.61x | 1.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.