Value Investor
Start free

Clover Health Investments

CLOV on Nasdaq. Clover Health sells Medicare health plans and software to patients and doctors. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
-46.8%five-year median

Yearly profit per dollar of owners' money: -47 cents. Above 10 is good.

Price to book
quarterly report to June 2026
6.3×

What you pay for each dollar of net assets: $6.26.

Earnings yield
past 12 months to June 2026
-0.8%

Profit per $100 you pay: $-0.78.

Quality score: 16 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$4.60 a share, 191% above its 1-year low

Over the past year the price has ranged from $1.58 to $5.59.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$1.5bn$1.1bn$1.3bn$1.4bn$1.9bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.41bn0.48bn0.48bn0.49bn0.51bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 23.4% a year
  • Buying back its own sharesNo, 24% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $743 million last quarter, up 56% on a year ago.
  • Profit: $28 million, after a loss of $11 million a year ago.
  • Spare cash over the past 12 months: $74 million. A year earlier it spent $48 million more than it brought in.
  • 7% more shares than a year ago. Each share owns a bit less of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$331m
December 2024Not reported
March 2025$462m
June 2025$478m
September 2025$497m
December 2025$488m
March 2026$749m
June 2026$743m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$9m
December 2024-$22m
March 2025-$1m
June 2025-$11m
September 2025-$24m
December 2025-$49m
March 2026$27m
June 2026$28m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

None of the long-term investors we follow own it. 225 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $8m, $7m of it under preset trading plans.

  • Reynoso Jamie L.
    CEO, Medicare Advantage
    Sold
    under a preset trading plan
    Date
    5 October 2026
    Shares
    8,750
    Price
    $4.42
    Value
    $38,675
  • Toy Andrew
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    318,806
    Price
    $4.19
    Value
    $1m
  • Reynoso Jamie L.
    CEO, Medicare Advantage
    Sold
    under a preset trading plan
    Date
    17 September 2026
    Shares
    1,921
    Price
    $4.56
    Value
    $8,760
  • OLDAKOWSKI JOSEPH FRANK
    VP OF FINANCE AND CONTROLLER
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    3,170
    Price
    $4.64
    Value
    $14,709
  • Wai Conrad
    CEO, Counterpart Health
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    300,000
    Price
    $4.72
    Value
    $1m
  • Soares Karen
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    6,846
    Price
    $4.78
    Value
    $32,724
  • Reynoso Jamie L.
    CEO, Medicare Advantage
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    9,273
    Price
    $4.78
    Value
    $44,325
  • OLDAKOWSKI JOSEPH FRANK
    VP OF FINANCE AND CONTROLLER
    Sold
    Date
    14 September 2026
    Shares
    20,000
    Price
    $5.16
    Value
    $103,200
  • THORNTON JOSEPH CLAY
    Interim CFO
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    17,775
    Price
    $4.39
    Value
    $78,032
  • Toy Andrew
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    87,798
    Price
    $4.65
    Value
    $408,261

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 12 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.