Clover Health Investments CLOV

Nasdaq · Hospital & Medical Service Plans · $2.4B

$4.48−4.48%Nov 5 close · Databento

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CLOV Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $4.481D −4.48%3M −1.97%SMA20 $4.62SMA50 $4.53RSI(14) 47.7

4.48

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 47.7

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$2.4B

Enterprise value$2.3B

Revenue$1.9B +40.3%

True FCF (ex-SBC)$-172.6M −307.2%

Rule of 4036.7%

ROIC-37.1%

True FCF Yield-7.2%

EPS, diluted$-0.44 +38.0%

Modern Valuation (EOD)

Market Cap$2.4B

Enterprise Value$2.3B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales1.21

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book7.78

Owner & Cash Yields

True FCF Yield-7.2%

FCF Yield-2.9%

Owner Earn. Yield-7.9%

Earnings Yield-3.6%

Shareholder Yield−3.6%

Buyback Yield0.8%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$-0.44

Compounder & Returns

Rule of 4036.7%

ROIC-37.1%

Cash ROIC (CROIC)-29.9%

GP / Assets—

ROE-27.7%

ROA-15.8%

Gross Margin—

Oper. Margin-4.4%

Net Margin-4.4%

FCF Margin-3.6%

True FCF Margin-9.0%

Quality & Dilution

Cash Conversion—

Accrual Ratio−3.4%

SBC % of FCF—

SBC % of Rev5.4%

Reinvest. Rate—

Sales Growth Y/Y+40.3%

Sales 3Y CAGR+20.6%

EPS Growth Y/Y+38.0%

FCF Growth Y/Y−307.2%

FCF 3Y CAGR—

Share Change Y/Y+4.5%

Balance Sheet & Scale

Revenue (FY)$1.9B

Gross Profit (FY)—

Oper. Income (FY)$-85.5M

GAAP Net Income$-85.5M

True FCF (ex-SBC)$-172.6M

Cash & Equiv$78.3M

Total Debt—

Net Cash (Debt)$78.3M

Net Cash % MCap+3.3%

Debt / FCF (yrs)0.0y

Current Ratio1.47

Price & Technicals (EOD)

Perf Week−2.18%

Perf Month−1.75%

Perf Quarter−5.88%

Perf Half Y+58.87%

Perf YTD+100.90%

SMA 20 Dist−3.10%$4.62

SMA 50 Dist−1.08%$4.53

SMA 100 Dist−2.13%$4.58

Window High−17.19%$5.41

Window Low+100.90%$2.23

RSI (14) · Vol47.760%v

Income Distribution & Cash Flow ConversionHow every dollar of CLOV revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$2.0B ($100.0 / $100)

Tax & Non-Operating$20,000 ($0.0 / $100)

Net Profit Kept$-85.5M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-85.5M (-4.4% margin)

Operating Cash Flow (OCF)$-66.9M(-3.5% of rev)

Less: Capital Expenditures−$2.0M(0.1% of rev)

Standard Free Cash Flow (FCF)$-69.0M(-3.6% margin)

Less: Stock-Based Comp (SBC)−$103.7M

True FCF (Owner Cash ex-SBC)$-172.6M(-9.0% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.5B	$1.1B	$1.3B	$1.4B	$1.9B	+40.3%	+6.9%
Cost of Revenue (COGS)	$1.6B	$1.0B	$1.0B	—	—	—	−19.6%
Gross Profit	$-79.2M	$70.2M	$257.3M	—	—	—	—
Total Operating Expenses	$2.1B	$1.4B	$1.5B	$1.4B	$2.0B	+41.8%	−1.2%
Operating Income (EBIT)	$-637.0M	$-286.7M	$-205.3M	$-45.7M	$-85.5M	−87.0%	—
Interest Expense	$3.2M	$1.3M	$7,000	$0	$0	—	—
Income Tax Expense	$0	$0	$0	$0	$0	—	—
GAAP Net Income	$-587.8M	$-338.8M	$-213.4M	$-43.0M	$-85.5M	−98.9%	—
Diluted EPS	$-1.42	$-0.71	$-0.44	—	$-0.44	—	—
Diluted Shares	412.9M	476.2M	482.2M	490.0M	512.0M	+4.5%	+5.5%
Balance Sheet
Cash & Equivalents	$300.0M	$186.2M	$176.5M	$194.5M	$78.3M	−59.8%	−28.5%
Total Current Assets	$752.5M	$625.0M	$428.0M	$343.1M	$307.9M	−10.3%	−20.0%
Total Assets	$950.8M	$808.6M	$570.7M	$580.7M	$541.0M	−6.8%	−13.1%
Total Current Liabilities	$371.9M	$431.5M	$261.1M	$213.5M	$208.8M	−2.2%	−13.4%
Total Debt (Short + Long Term)	$20.0M	$0	$0	$0	$0	—	—
Total Liabilities	$410.8M	$451.7M	$284.3M	$239.6M	$232.3M	−3.0%	−13.3%
Stockholders' Equity	$540.0M	$356.9M	$286.4M	$341.1M	$308.7M	−9.5%	−13.0%
Net Cash / (Net Debt)	$280.0M	$186.2M	$176.5M	$194.5M	$78.3M	−59.8%	−27.3%
Invested Capital	$260.1M	$170.7M	$109.9M	$146.6M	$230.4M	+57.2%	−3.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-282.3M	$-203.9M	$-144.7M	$34.8M	$-66.9M	−292.1%	—
Depreciation & Amortization (D&A)	$1.2M	$1.2M	$2.5M	$1.3M	$1.7M	+26.7%	+7.9%
Stock-Based Compensation (SBC)	$163.7M	$164.3M	$140.9M	$114.3M	$103.7M	−9.3%	−10.8%
Capital Expenditures (CapEx)	$723,000	$4.5M	$584,000	$1.6M	$2.0M	+31.3%	+29.7%
Free Cash Flow (FCF)	$-283.0M	$-208.4M	$-145.2M	$33.3M	$-69.0M	−307.2%	—
True FCF (ex-SBC Owner Cash)	$-446.8M	$-372.7M	$-286.2M	$-81.0M	$-172.6M	−113.0%	—
Share Repurchases (Buybacks)	$147,000	$0	$0	$1.8M	$18.3M	+932.6%	+234.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what CLOV did at the next close after each story

No Wire story has named CLOV yet.

What happened · big days

21 big days in a year, and what we hold on each

A big day is a close more than 6.84% from the one before, three times CLOV’s median day (2.28%). On 1 of the 21, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±6.84%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayCLOVWhat we hold that dayGroup (median of 4) · each

1 Nov 5, 2025−15.77%
Before our storiesgroup −1.4%, did not move with it
1Nov 5, 2025−15.77%
Before our stories
−1.4% did not move with itHUM −6.0 · CI −1.9 · UNH −0.9 · ELV +0.5
2 Nov 6, 2025−11.97%
Before our storiesgroup −1.6%, did not move with it
2Nov 6, 2025−11.97%
Before our stories
−1.6% did not move with itHUM −5.2 · UNH −1.9 · CI −1.2 · ELV −1.1
3 Nov 20, 2025−6.90%
Before our storiesgroup −0.8%, did not move with it
3Nov 20, 2025−6.90%
Before our stories
−0.8% did not move with itHUM −2.5 · CI −0.9 · ELV −0.8 · UNH +0.8
4 Jan 5, 2026+7.47%
Before our storiesgroup +2.2%, did not move with it
4Jan 5, 2026+7.47%
Before our stories
+2.2% did not move with itHUM +4.3 · ELV +2.6 · CI +1.7 · UNH +1.7
5 Jan 14, 2026+10.63%
Before our storiesgroup +0.2%, did not move with it
5Jan 14, 2026+10.63%
Before our stories
+0.2% did not move with itELV +0.6 · UNH +0.3 · HUM +0.1 · CI −0.3
6 Mar 4, 2026+8.00%
Before our storiesgroup +0.9%, did not move with it
6Mar 4, 2026+8.00%
Before our stories
+0.9% did not move with itELV +2.6 · UNH +0.9 · HUM +0.8 · CI +0.3
7 Apr 6, 2026+8.72%
Before our storiesgroup +1.8%, did not move with it
7Apr 6, 2026+8.72%
Before our stories
+1.8% did not move with itHUM +2.7 · CI +2.1 · UNH +1.5 · ELV +0.6
8 Apr 21, 2026+7.17%
Before our storiesgroup +3.0%, did not move with it
8Apr 21, 2026+7.17%
Before our stories
+3.0% did not move with itUNH +7.0 · HUM +3.3 · ELV +2.7 · CI −1.1
9 May 8, 2026+10.64%
Before our storiesgroup +2.1%, did not move with it
9May 8, 2026+10.64%
Before our stories
+2.1% did not move with itHUM +11.3 · UNH +2.8 · CI +1.4 · ELV +1.4
10 May 13, 2026+8.23%
Before our storiesgroup +1.4%, did not move with it
10May 13, 2026+8.23%
Before our stories
+1.4% did not move with itHUM +3.2 · ELV +1.6 · UNH +1.2 · CI +0.7
11 May 28, 2026+16.43%
Before our storiesgroup −0.0%, did not move with it
11May 28, 2026+16.43%
Before our stories
−0.0% did not move with itHUM +0.8 · ELV +0.3 · UNH −0.4 · CI −0.5
12 Jun 4, 2026+9.32%
Before our storiesgroup +4.9%, moved with CLOV
12Jun 4, 2026+9.32%
Before our stories
+4.9% moved with CLOVHUM +6.8 · UNH +5.2 · ELV +4.6 · CI +3.7
13 Jun 9, 2026+9.44%
Before our storiesgroup +1.7%, did not move with it
13Jun 9, 2026+9.44%
Before our stories
+1.7% did not move with itHUM +2.0 · CI +1.9 · UNH +1.6 · ELV +1.5
14 Jun 10, 2026+13.99%
Nothing on CLOVgroup −0.5%, did not move with it
14Jun 10, 2026+13.99%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
−0.5% did not move with itHUM +0.3 · CI +0.3 · UNH −1.3 · ELV −4.7
15 Aug 6, 2026+12.56%
Resultsgroup +0.5%, did not move with it
15Aug 6, 2026+12.56%
ResultsFirst close after the Aug 5 results filing
+0.5% did not move with itCI +1.8 · HUM +0.9 · ELV +0.0 · UNH −2.1
16 Aug 17, 2026−7.17%
Nothing on CLOVgroup −2.0%, did not move with it
16Aug 17, 2026−7.17%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
−2.0% did not move with itCI −2.6 · ELV −2.5 · UNH −1.5 · HUM −1.2
17 Sep 10, 2026+8.53%
Nothing on CLOVgroup +0.6%, did not move with it
17Sep 10, 2026+8.53%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
+0.6% did not move with itELV +5.0 · CI +1.0 · HUM +0.2 · UNH −1.2
18 Sep 15, 2026−8.63%
Nothing on CLOVgroup −1.8%, did not move with it
18Sep 15, 2026−8.63%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
−1.8% did not move with itHUM −2.6 · UNH −2.0 · ELV −1.6 · CI −0.4
19 Oct 5, 2026+6.85%
Nothing on CLOVgroup +1.9%, did not move with it
19Oct 5, 2026+6.85%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
+1.9% did not move with itHUM +4.0 · ELV +2.1 · UNH +1.8 · CI +0.3
20 Oct 20, 2026+8.11%
Nothing on CLOVgroup +2.9%, did not move with it
20Oct 20, 2026+8.11%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
+2.9% did not move with itUNH +3.0 · HUM +3.0 · CI +2.7 · ELV +2.3
21 Nov 4, 2026+9.32%
Nothing on CLOVgroup +2.3%, did not move with it
21Nov 4, 2026+9.32%
Nothing on CLOVNo CLOV story, brief or results filing in our record that day
+2.3% did not move with itELV +4.9 · CI +3.4 · UNH +1.2 · HUM −0.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of UNH, ELV, CI and HUM that day, the largest companies in CLOV’s SEC industry; “moved with CLOV” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last three did

Six trading days after each results filing (SEC 8-K, Item 2.02). CLOV reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Feb 26, 2026

day 1−2.79%day 6−6.98%

Reported May 6, 2026

day 1+5.22%day 6+30.22%

Reported Aug 5, 2026

day 1+12.56%day 6+8.45%

Next report: expected early-to-late FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 4 report: −4.48%. Three reports is a small sample.

Every report since 2022 →

Each line is CLOV’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

CLOV against four health insurance peers, a year at 100

CLOV is up 67.8% in a year. All four did less: Humana (+65.6%), Elevance Health (+36.6%), UnitedHealth (+26.3%) and Cigna Group (+15.4%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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CLOV +67.8%. Humana +65.6%, Elevance Health +36.6%, UnitedHealth +26.3%, Cigna Group +15.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in CLOV’s SEC industry (Hospital & Medical Service Plans) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

UNH	UnitedHealth	$367.5B	−3.34%
ELV	Elevance Health	$94.2B	−0.50%
CI	Cigna Group	$80.7B	−1.29%
HUM	Humana	$50.1B	−1.35%
CNC	Centene	$37.5B	−2.42%
MOH	Molina Healthcare	$11.8B	−4.32%
OSCR	Oscar Health	$9.2B	−5.71%
ALHC	Alignment Healthcare	$1.7B	−7.13%