Equity expanded 10.9% sequentially to $376.3M in Q2 2026, with a debt-to-equity ratio near zero and total assets of $720.3M, indicating a solid capital position, though the investment portfolio remains minimal at $1.0M.
Clover Health Investments, Corp. (CLOV) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Assets | 720.33M | 541.01M | 580.74M | 570.67M | 808.62M | 950.8M | 267.25M | 100.35K | 210.6M |
| Asset Growth % | 23.67% | -6.84% | 1.76% | -29.43% | -14.95% | 255.77% | 266230.5% | -99.95% | - |
| Total Investment Assets | 4M | 204.14M | 228.72M | 240.82M | 369.08M | 491.23M | 58.76M | 0 | 0 |
| Long-Term Investments | 782.31M | 187.09M | 201.72M | 121M | 138.11M | 175.94M | 54.39M | 0 | 0 |
| Short-Term Investments | 2.48M | 17.05M | 27M | 119.82M | 230.97M | 315.29M | 4.36M | 0 | 0 |
| Total Current Assets | 485.45M | 307.86M | 343.12M | 427.97M | 625M | 752.55M | 189.78M | 0 | 75.4M |
| Cash & Equivalents | 198.84M | 78.3M | 194.54M | 116.41M | 103.79M | 299.97M | 92.35M | 0 | 75.4M |
| Receivables | 667.68M | 158.74M | 92.79M | 86.24M | 167.54M | 109.42M | 84.94M | 0 | 0 |
| Other Current Assets | 62.18M | 53.77M | 15.62M | 91.08M | 104.55M | 13.18M | 299K | 0 | 0 |
| Goodwill & Intangibles | 11.96M | 2.99M | 2.99M | 2.99M | 20M | 4.23M | 4.23M | 0 | 2.99M |
| Goodwill | 0 | 0 | 0 | 0 | 11.75M | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.99M | 2.99M | 2.99M | 2.99M | 8.25M | 4.23M | 4.23M | 0 | 2.99M |
| PP&E (Net) | 7.23M | 6.38M | 5.31M | 5.08M | 9.78M | 7.65M | 9.96M | 0 | 3.21M |
| Other Assets | 24.75M | 36.69M | 27.6M | 13.63M | 15.73M | 10.43M | 8.88M | 100.35K | 128.99M |
| Total Liabilities | 344.07M | 232.31M | 239.6M | 284.28M | 451.73M | 411.49M | 880.45M | 117.98K | 265.42M |
| Total Debt | 0 | 0 | 0 | 4.66M | 5.86M | 27.83M | 138.36M | 0 | 49.25M |
| Net Debt | -198.84M | -78.3M | -194.54M | -111.74M | -97.93M | -272.14M | 46.01M | 0 | -26.15M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 19.94M | 106.41M | 0 | 49.25M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 20.8M | 0 | 0 |
| Total Current Liabilities | 323.33M | 208.82M | 213.52M | 261.12M | 431.51M | 372.62M | 164.23M | 117.98K | 6.03M |
| Accounts Payable | 35.41M | 36.21M | 34.56M | 37.18M | 32.45M | 28.13M | 30.67M | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 3.1M | 0 | 138.6M | 102.43M | 0 | 0 |
| Other Current Liabilities | 256.77M | 3.32M | 3.47M | 61.12M | 81.57M | 8.99M | -102.42M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 20.74M | 23.48M | 26.08M | 20.16M | 16.19M | 14.1M | 603.46M | 0 | 210.15M |
| Total Equity | 376.26M | 308.7M | 341.14M | 286.39M | 356.89M | 539.32M | -613.19M | -17.63K | -54.83M |
| Equity Growth % | 0.45% | -9.51% | 19.12% | -19.75% | -33.83% | 187.95% | -3477825.25% | 99.97% | - |
| Shareholders Equity | 376.26M | 308.7M | 341.14M | 286.39M | 356.89M | 535.41M | -617.1M | -17.63K | -54.83M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 3.9M | 3.9M | 0 | 0 |
| Retained Earnings | -2.23B | -2.29B | -2.2B | -2.16B | -1.95B | -1.62B | -1.03B | -17.63K | -527.9M |
| Common Stock | 52K | 52K | 50K | 49K | 46K | 46K | 9K | 0 | 4K |
| Accumulated OCI | -1.55M | 528K | -1.58M | -2.37M | -9.37M | -1.93M | 10K | 0 | 0 |
| Return on Equity (ROE) | -5.38% | -26.33% | -13.71% | -66.34% | -75.78% | -108.98% | - | - | - |
| Return on Assets (ROA) | -2.92% | -15.25% | -7.47% | -30.94% | -38.6% | -96.51% | -102.03% | -345.27% | -95.88% |
| Equity / Assets | 52.23% | 57.06% | 58.74% | 50.19% | 44.14% | 56.72% | -229.44% | -17.57% | -26.03% |
| Debt / Equity | 0.00x | - | - | 0.02x | 0.02x | 0.05x | - | - | - |
| Book Value per Share | 0.69 | 0.60 | 0.70 | 0.59 | 0.75 | 1.15 | -1.52 | -0.00 | -1.31 |
| Tangible BV per Share | 0.68 | 0.59 | 0.69 | 0.59 | 0.71 | 1.14 | -1.53 | -0.00 | -1.38 |
Quick answers to the most common questions about buying CLOV stock.
As of 2025, Clover Health Investments, Corp. (CLOV) had total assets of $541.0M including $307.9M in current assets.
Clover Health Investments, Corp. (CLOV) carries total debt of $0.0M, offset by $95.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Clover Health Investments, Corp. (CLOV) has total shareholders' equity (book value) of $308.7M ($0.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Clover Health Investments, Corp. (CLOV) reported a current ratio of 1.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
V28 risk adjustment headwinds
Metrics are mathematically derived from official filings.
Capital Base Strengthens with Growth
Total assets grew 24.1% quarter-over-quarter to $720.3M in Q2 2026, while equity expanded to $376.3M, reflecting retained earnings and improved underwriting performance, as per the latest balance sheet.
The sequential increase in assets and equity, alongside a reduction in liabilities from $358.3M to $344.1M, suggests the company is generating internal capital to support its rapid premium growth. The equity-to-assets ratio improved to 52.2% from 48.6% in Q1 2026, indicating a stronger capital buffer. This trajectory appears sustainable if the combined ratio remains below 100%, but the reliance on prior-period reserve releases warrants monitoring.
Minimal Investment Portfolio Limits Yield
Total investments remain negligible at $1.0M, with no investment income disclosed, indicating the balance sheet is predominantly cash-based, as reported in the financial statements, and thus insensitive to interest rate movements.
The near-zero investment portfolio suggests Clover is not leveraging fixed-income securities to generate returns, which is atypical for an insurer. This conservative approach minimizes market risk but also forgoes potential yield enhancement. Given the company's cash-heavy position, the lack of investment income is not a material drag, but it limits the balance sheet's ability to absorb underwriting shocks through investment gains.
Reserve Growth Mirrors Premium Expansion
Claims and loss reserves jumped 42.7% sequentially to $590.2M in Q2 2026, aligning with the 55.6% year-over-year revenue growth, as per the balance sheet, suggesting reserves are tracking the expanding membership base.
The increase in reserves is consistent with the rapid growth in Medicare Advantage membership, but the loss ratio of 79.4% in Q2 2026, down from 84.8% in Q4 2025, indicates improved underwriting discipline. However, the prior-period development noted in the income statement analysis may have contributed to favorable reserve releases, which could mask underlying claims trends. Investors should monitor whether reserve adequacy remains robust as the company scales.
Equity Buffer Expands, Debt Minimal
Equity rose to $376.3M in Q2 2026 from $339.4M in Q1 2026, a 10.9% increase, while total liabilities fell, resulting in a debt-to-equity ratio near zero, as per the balance sheet, indicating a solid capital position.
The company's capital base is strengthening, supported by two consecutive profitable quarters. The absence of significant debt provides financial flexibility, but the low absolute equity relative to larger peers like Humana suggests limited capacity for large-scale M&A or dividend payments. The improved capitalization appears adequate for current operations, but the ongoing V28 risk adjustment changes could pressure future capital generation.
Cash-Heavy Liquidity Supports Claims
Cash balances are not separately disclosed, but total investments are minimal, implying the balance sheet is highly liquid, with claims reserves of $590.2M covered by $720.3M in total assets, as per the latest balance sheet.
The company's asset base is predominantly cash and equivalents, which provides strong liquidity to meet claims obligations. The current ratio, though not directly calculable, appears favorable given the low liability levels relative to assets. However, the lack of a disclosed cash figure limits precise liquidity assessment. The positive operating cash flow of $25.2M in Q2 2026, as per the cash flow statement, further supports claims-paying ability.
Unearned Premiums Signal Growth Momentum
The rapid increase in claims reserves and total assets suggests a corresponding rise in unearned premiums, reflecting the 40.3% year-over-year revenue growth, as per the latest quarterly report, indicating strong forward revenue visibility.
The balance sheet expansion, driven by premium growth, implies a growing base of unearned premiums that will be recognized as revenue in future periods. This provides visibility into near-term revenue, but the concentration in New Jersey and the impact of V28 risk adjustment changes introduce uncertainty. The company's raised guidance for 2026 suggests management expects this momentum to continue, but the EPS miss in Q2 2026 highlights potential margin pressures.
Reserve Releases May Mask Underlying Trends
The balance sheet shows a 42.7% sequential jump in claims reserves to $590.2M, but prior-period development may have contributed to Q2 2026 profits, as per the income statement analysis, potentially overstating the strength of the current underwriting.
While the improved combined ratio of 96.2% in Q2 2026 suggests operational progress, the income statement analysis noted that prior-period reserve releases may have boosted earnings. If these releases are not sustainable, the balance sheet's equity growth could slow, and the adequacy of current reserves may be questioned. Additionally, the minimal investment portfolio provides no cushion against adverse claims development, making the company more vulnerable to medical cost inflation or regulatory changes like V28.