Clover Health Investments, Corp. key statistics and ratios

In fiscal 2025, Clover Health Investments, Corp. had return on equity of -26.3%, an operating margin of -4.4%, debt equal to 0.0% of equity and a current ratio of 1.47. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Clover Health Investments, Corp.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	−5.4%	6.4%	20.4%	—	—	—
Operating margin	−39.6%	−13.8%	−43.3%	−26.1%	−16.3%	−3.3%	−4.4%	−0.7%
Net margin	−78.7%	−20.3%	−39.9%	−31.0%	−16.9%	−3.1%	−4.4%	−0.7%
Free-cash-flow margin	−34.6%	−17.7%	−19.2%	−19.0%	−11.5%	2.4%	−3.6%	3.0%
Return on equity	—	—	—	−76.1%	−66.3%	−13.7%	−26.3%	−5.4%
Return on assets	<−999%	−102.0%	−96.5%	−38.6%	−30.9%	−7.5%	−15.3%	−2.9%
Asset turnover	4606.72	5.03	2.42	1.25	1.83	2.38	3.43	3.93
Current ratio	0.00	1.16	2.02	1.45	1.64	1.61	1.47	1.50
Debt to equity	—	—	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	—	—	—
Capital spending as % of revenue	0.0%	0.1%	0.0%	0.4%	0.0%	0.1%	0.1%	0.1%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	5.3%	—	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Clover Health Investments, Corp.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	24.5%	—	—	—	—	—	—	—
Operating margin	−2.7%	−6.4%	−0.3%	−2.2%	−4.9%	−10.1%	3.6%	3.8%
Net margin	−2.8%	−6.6%	−0.3%	−2.2%	−4.9%	−10.1%	3.6%	3.8%
Free-cash-flow margin	15.0%	−25.6%	−3.6%	1.0%	2.3%	−14.1%	14.3%	3.3%
Current ratio	1.55	1.61	1.54	1.80	1.71	1.47	1.33	1.50

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

17 /100

Weak moat

How hard Clover Health Investments's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -18.9% of total assets over 6 years.
Durability 10 / 20

Operating margin has been a median -14.4%; its worst year was -1164.8%.
Cash conversion 3 / 20

Free cash flow was positive in 2 of 6 years, at a median -5.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ALHC vs CLOV CLOV vs OSCR CLOV vs MOH

More: Managed Health Care stocks compared, Health Care sector, rankings of US companies

Figures from Clover Health Investments, Corp.'s SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Clover Health Investments, Corp.