CLOVER HEALTH INVESTMENTS, CORP. /DE CLOV
At Clover Health, our vision is to empower every physician with technology to identify, manage, and treat chronic diseases earlier. This results in earlier diagnosis and treatment, earlier disease management and more affordable and accessible care. Our strategy is to improve the care of our Medicare Advantage ("MA") members, develop wide physician networks, and provide technology to help empower physicians. Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant), supports clinical real-time decision making at the point of care by equipping the clinical with data and insights. This helps us execute our strategy by enabling physicians to detect, identify, and manage chronic diseases better than they otherwise could. This technology is a cloud-based software platform that curates data from over 100 sources and provides physicians with access to data-driven insights and personalized care recommendations for the patients. Our differentiated approach can be summarized as follows:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.92B | $1.37B | $1.26B | $1.10B | $1.47B | $672.9M | $462.3M | — |
| Gross profit | — | — | $257.3M | $22.7M | -$79.2M | — | — | — |
| SG&A | $214.3M | $176.5M | $183.1M | $203.7M | $185.3M | $120.8M | $95.7M | — |
| Total operating expenses | $2.01B | $1.42B | $1.47B | $1.38B | $2.11B | $765.6M | $645.5M | — |
| Operating income | -$85.5M | -$45.7M | -$205.3M | -$286.7M | -$637.0M | -$92.7M | -$183.2M | — |
| Interest expense | $0 | $0 | $7.0K | $1.3M | $3.2M | $36.0M | $23.2M | — |
| Pre-tax income | -$85.5M | -$43.0M | -$213.4M | -$338.8M | -$587.8M | -$136.4M | -$363.7M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$85.5M | -$43.0M | -$213.4M | -$338.8M | -$587.8M | -$136.4M | -$363.7M | — |
| EPS, basic | — | — | -0.44 | -0.71 | -1.42 | -1.54 | -4.14 | — |
| EPS, diluted | — | — | -0.44 | -0.71 | -1.42 | -1.54 | -4.14 | — |
| Shares, diluted (wtd. avg.) | 512.0M | 490.0M | 482.2M | 476.2M | 412.9M | 88.7M | 87.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $78.3M | $194.5M | $122.9M | $186.2M | $300.0M | $92.3M | $67.6M | $75.4M |
| Short-term investments | $23.1M | $27.0M | $100.7M | $189.5M | $21.1M | $0 | — | — |
| Total current assets | $307.9M | $343.1M | $428.0M | $625.0M | $752.5M | $189.8M | $0 | — |
| Property, plant and equipment | $6.4M | $5.3M | $5.1M | $5.8M | $2.3M | $2.1M | — | — |
| Goodwill | — | — | $0 | $11.7M | $1.2M | $1.2M | — | — |
| Total assets | $541.0M | $580.7M | $570.7M | $808.6M | $950.8M | $267.3M | $100.3K | — |
| Accounts payable | $36.2M | $34.6M | $37.2M | $32.4M | $28.1M | $30.7M | — | — |
| Short-term debt | — | — | — | — | $0 | $20.8M | — | — |
| Total current liabilities | $208.8M | $213.5M | $261.1M | $431.5M | $371.9M | $164.2M | $118.0K | — |
| Long-term debt | — | — | — | $0 | $19.9M | $106.4M | — | — |
| Total liabilities | $232.3M | $239.6M | $284.3M | $451.7M | $410.8M | $432.7M | $118.0K | — |
| Retained earnings | -$2.29B | -$2.20B | -$2.16B | -$1.95B | -$1.62B | -$1.03B | -$17.6K | — |
| Total equity | $308.7M | $341.1M | $286.4M | $356.9M | $540.0M | -$613.2M | -$488.5M | -$502.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$66.9M | $34.8M | -$144.7M | -$203.9M | -$282.3M | -$118.5M | -$159.9M | — |
| Depreciation and amortisation | -$1.8M | -$2.5M | -$4.0M | -$1.5M | $200.0K | -$195.0K | -$2.9M | — |
| Stock-based compensation | $103.7M | $114.3M | $140.9M | $164.3M | $163.7M | $7.1M | $3.3M | — |
| Capital expenditure | $2.0M | $1.6M | $584.0K | $4.5M | $723.0K | $693.0K | $23.0K | — |
| Investing cash flow | $4.1M | $565.0K | $140.0M | $95.1M | -$435.4M | $137.4M | -$181.9M | — |
| Financing cash flow | -$53.4M | -$17.4M | -$5.1M | -$5.0M | $925.4M | $5.8M | $334.0M | — |
| Buybacks | $18.3M | $1.8M | $0 | $0 | $147.0K | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001801170-26-000102.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $462.3M | $672.9M | $1.47B | $1.10B | $1.26B | $1.37B | $1.92B |
| Gross profit | — | — | — | -$79.2M | $22.7M | $257.3M | — | — |
| Net income | — | -$363.7M | -$136.4M | -$587.8M | -$338.8M | -$213.4M | -$43.0M | -$85.5M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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