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CLOV

Clover Health Investments, Corp.

CLOV

Clover Health Investments, Corp. • NASDAQ
$2.49 ▲ 1.63% (+0.04)
Market Cap $1.29 B
52w High $4.87
52w Low $2.12
Dividend Yield 0%
P/E -22.64
Volume 2.51M
Outstanding Shares 516.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $496.65M ▲ $97.554M ▼ $-24.377M ▼ -4.908% ▼ $-0.048 ▼ $-23.971M ▼
Q2-2025 $477.62M ▲ $110.187M ▲ $-10.578M ▼ -2.215% ▼ $-0.021 ▼ $-10.184M ▼
Q1-2025 $462.331M ▲ $110.163M ▼ $-1.274M ▲ -0.276% ▲ $-0.003 ▲ $-808K ▲
Q4-2024 $336.963M ▲ $115.367M ▲ $-22.092M ▼ -6.556% ▼ $-0.045 ▼ $-21.137M ▼
Q3-2024 $330.986M $89.997M $-9.155M -2.766% $-0.019 $-8.446M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $201.04M ▲ $559.659M ▼ $218.727M ▼ $340.932M ▼
Q2-2025 $199.504M ▲ $574.987M ▼ $230.808M ▼ $344.179M ▲
Q1-2025 $160.095M ▼ $583.717M ▲ $247.642M ▲ $336.075M ▼
Q4-2024 $221.54M ▼ $580.742M ▼ $239.599M ▼ $341.143M ▼
Q3-2024 $333.052M $653.013M $310.847M $342.166M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.377M ▼ $12.103M ▲ $-5.425M ▼ $-5.271M ▲ $1.407M ▼ $11.411M ▲
Q2-2025 $-10.578M ▼ $5.408M ▲ $35.566M ▲ $-7.765M ▲ $33.209M ▲ $4.839M ▲
Q1-2025 $-1.274M ▲ $-16.293M ▲ $8.93M ▲ $-31.741M ▼ $-39.104M ▲ $-16.478M ▲
Q4-2024 $-22.092M ▼ $-85.833M ▼ $-1.439M ▲ $-6.141M ▼ $-93.413M ▼ $-86.148M ▼
Q3-2024 $-9.155M $49.986M $-12.135M $-4.666M $33.185M $49.587M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Insurance Segment
Insurance Segment
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Insurance
Insurance
 $20.00M ▲$10.00M ▼$20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past few years, with only a temporary step‑down in the middle of the period. The company has moved from deeply loss‑making to much closer to breakeven, especially at the operating and EBITDA level. Gross margins have improved from negative or very thin to clearly positive, suggesting better control of medical costs and operating discipline. Net losses are still present but far smaller than in prior years, pointing to a business that is maturing financially, though not yet consistently profitable and still dependent on further execution to stabilize margins.

Balance Sheet

Balance Sheet The balance sheet looks relatively clean and straightforward. Total assets have come down from earlier peaks but remain solid relative to the size of the business. Cash levels dipped after the early post‑listing period but have recently improved, which gives some breathing room. Debt is essentially negligible, so financial leverage risk appears low. Equity has moved from a negative position in the early days to clearly positive, reflecting both past capital raised and reduced losses. Overall, the balance sheet suggests a company that has repaired earlier weaknesses but does not have unlimited financial firepower.

Cash Flow

Cash Flow Cash flow has moved in a constructive direction. The business used to burn cash from operations but has recently turned modestly cash‑generative, indicating that underlying unit economics and cost controls are improving. Capital spending requirements are minimal, so free cash flow closely tracks operating cash flow and has likewise swung from negative to slightly positive. That said, the cushion is not large; any operational setback or worsening claims experience could quickly return the business to cash burn, so the trend is encouraging but not yet firmly established.

Competitive Edge

Competitive Edge Clover operates in a very competitive Medicare Advantage and healthcare plans market dominated by much larger insurers with deeper resources and established brands. Its strategy is to differentiate through technology and physician empowerment rather than by scale alone. The focus on offering more flexible plans at attractive pricing can be appealing to members but also raises the bar for cost management. The company’s relatively small size means it must execute extremely well on its data and technology edge to offset the scale advantages of incumbents. Regulatory complexity and constant pressure on reimbursement add further competitive strain.

Innovation and R&D

Innovation and R&D Innovation is a core part of Clover’s identity. Its Clover Assistant / Counterpart Assistant platform aims to help doctors make better, data‑driven decisions at the point of care, using AI and machine learning on top of a broad set of health data. The move to offer this technology as a software and shared‑savings platform to other payers and providers could open a new, less capital‑intensive revenue stream if adoption scales. Features like generative AI for pre‑visit summaries, AI‑supported pharmacy programs, and home‑based care services reflect a consistent push toward proactive, personalized care. The main risk is execution: turning strong technology and interesting pilots into large, repeatable, and profitable business lines is not guaranteed and will likely take time.

Summary

Clover Health has shifted from a high‑growth, high‑loss SPAC story toward a more disciplined insurer‑plus‑technology model. The income statement and cash flows show clear improvement, with smaller losses and signs of operational maturity, while the balance sheet is now cleaner and largely unlevered. Its real differentiation lies in its technology platform and physician‑centric approach, which, if widely adopted, could provide a meaningful edge and diversify revenue beyond traditional insurance. At the same time, the company competes against much larger players in a highly regulated market, and its path to durable, consistent profitability still depends on managing medical costs, scaling its tech offerings, and maintaining cash discipline. Overall, it is a more stable and focused business than in its early public years, but still in the middle innings of proving out its long‑term model.

NEWS

November 17, 2025 · 4:05 PM UTC

Clover Health to Participate in Upcoming 2025 Citi Global Healthcare Conference

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November 4, 2025 · 4:05 PM UTC

Clover Health Reports Third Quarter 2025 Results

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October 31, 2025 · 4:05 PM UTC

Clover Health Announces Chelsea Clinton to Step Down from Board Following Eight Years of Service

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October 30, 2025 · 4:30 PM UTC

Primary Care Physician Use of Counterpart Assistant (CA) Technology Associated With Earlier Diagnosis And Less Frequent Hospitalization In Underserved Populations

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October 22, 2025 · 4:30 PM UTC

Clover Health to Participate in Upcoming 2025 UBS Global Healthcare Conference

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