Latest Ratios: P/E Ratio -26.9x · EV/EBITDA N/A · ROE -26.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $1.2B | $1.5B | $459M | $443M | $1.8B | $6.8B | — | — |
| Enterprise Value | $2.3B | $1.1B | $1.3B | $347M | $345M | $1.5B | $6.8B | — | — |
| P/E Ratio → | -26.88 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.23 | 0.63 | 1.13 | 0.36 | 0.40 | 1.19 | 10.08 | — | — |
| P/B Ratio | 7.66 | 3.94 | 4.52 | 1.60 | 1.24 | 3.25 | — | — | — |
| P/FCF | — | — | 46.37 | — | — | — | — | — | — |
| P/OCF | — | — | 44.30 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.98 | 0.28 | 0.31 | 1.01 | 10.15 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 40.52 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 18.5% | 26.6% | 20.3% | 9.4% | -5.4% | 12.3% | 2.7% | 100.0% |
| Operating Margin | -4.4% | -4.4% | -3.3% | -16.3% | -26.1% | -43.3% | -13.8% | -39.6% | -66.1% |
| Net Profit Margin | -4.4% | -4.4% | -3.1% | -16.9% | -31.0% | -39.9% | -20.3% | -78.7% | -71.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.3% | -26.3% | -13.7% | -66.3% | -75.8% | -109.0% | — | — | — |
| ROA | -15.3% | -15.3% | -7.5% | -30.9% | -38.6% | -96.5% | -102.0% | -345.3% | -95.9% |
| ROIC | -34.0% | -34.0% | -21.4% | -71.0% | -81.7% | — | — | — | — |
| ROCE | -24.5% | -24.5% | -13.5% | -59.8% | -60.0% | -187.0% | -180.0% | -179.1% | -90.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.02 | 0.02 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.57 | -0.39 | -0.27 | -0.50 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -5.84 | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -30020.14 | -185.78 | -33.76 | -1.39 | -8.31 | — |
Net cash position: cash ($78M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.61 | 1.64 | 1.45 | 2.02 | 1.16 | — | 12.51 |
| Quick Ratio | 1.47 | 1.47 | 1.61 | 1.64 | 1.45 | 2.02 | 1.16 | — | 12.51 |
| Cash Ratio | 0.46 | 0.46 | 1.04 | 0.90 | 0.78 | 1.65 | 0.59 | — | 12.51 |
| Asset Turnover | — | 3.56 | 2.36 | 2.21 | 1.36 | 1.55 | 2.52 | 4606.72 | 1.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 2.2% | — | — | — | — | — | — |
| Buyback Yield | 2.3% | 4.5% | 1.2% | 1.4% | 1.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.3% | 4.5% | 1.2% | 1.4% | 1.4% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $517M | $490M | $482M | $476M | $471M | $404M | $404M | $42M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CLOV stock.
Clover Health Investments, Corp.'s current P/E ratio is -26.9x. This places it at the 50th percentile of its historical range.
Clover Health Investments, Corp.'s return on equity (ROE) is -26.3%. The historical average is -58.2%.
Based on historical data, Clover Health Investments, Corp. is trading at a P/E of -26.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Clover Health Investments, Corp. has 18.5% gross margin and -4.4% operating margin.
Key Metrics
Top Statement Risk
V28 risk adjustment headwinds
Metrics are mathematically derived from official filings.
Underwriting Turns Profitable
Clover's combined ratio improved to 96.2% in Q2 2026 from 102.2% a year earlier, as reported in the latest financial statements, marking the first sustained sub-100% performance in recent quarters.
The loss ratio of 79.4% in Q2 2026, while slightly higher than the 78.7% in Q1 2026, remains below the 84.8% seen in Q4 2025, suggesting that medical cost management is stabilizing. The expense ratio fell to 16.8% from 23.1% a year ago, indicating significant operating leverage gains as premium growth outpaces fixed costs. However, the sustainability of this sub-100% combined ratio depends on whether the loss ratio can be maintained as the company scales, especially with the V28 risk adjustment changes potentially reducing revenue per member.
ROE Inflection Points to Margin Expansion
ROE swung to 7.8% in Q2 2026 from -15.2% in Q4 2025, as per the quarterly ratio data, driven by underwriting profitability and improved operating leverage.
The decomposition of ROE shows that underwriting profit, as evidenced by the 3.8% underwriting margin in Q2 2026, is the primary driver, while investment income remains negligible given the minimal investment portfolio. The negative ROE in prior quarters was largely due to combined ratios above 100%, but the recent sub-100% performance suggests a structural improvement. Investors should monitor whether this ROE can be sustained as the company grows, given that the EPS miss in Q2 2026 hints at potential bottom-line volatility.
Expense Ratio Shows Scale Benefits
The expense ratio dropped to 16.8% in Q2 2026 from 23.1% in Q2 2025, as reported in the income statement, reflecting improved operating leverage from rapid premium growth.
The 6.3 percentage point improvement in the expense ratio over the past year indicates that Clover is spreading its fixed administrative costs over a larger premium base. This trend is consistent with the 55.6% year-over-year revenue growth, suggesting that the company is achieving scale efficiencies. However, the expense ratio remains higher than that of larger peers like Humana, which typically operate in the low teens, implying that further scale or cost discipline is needed to close the gap.
Underwriting Leverage Remains Conservative
With equity of $376.3M and minimal debt, Clover's premium-to-surplus ratio appears conservative, as per the balance sheet data, despite rapid premium growth.
The company's debt-to-equity ratio is near zero, and the balance sheet is cash-heavy, with total investments of only $1.0M. This suggests that Clover is not aggressively leveraging its capital base to fund growth, which is prudent given the regulatory capital requirements for insurers. However, the rapid growth in claims reserves (up 42.7% sequentially) indicates that the company is deploying more capital to support its expanding membership, and investors should monitor whether this increases underwriting leverage to levels that could strain the balance sheet.
Valuation Premium Reflects Growth, Not Profitability
Clover's P/B of 7.61 is significantly higher than peers like Humana (2.65) and Elevance (2.01), as per the peer comparison data, implying expectations of superior future returns.
The market is pricing Clover at a substantial premium to book value, which appears to be based on the potential of its Clover Assistant technology and the recent acceleration in premium growth, rather than current profitability. While Clover's ROE of 7.8% in Q2 2026 is comparable to Humana's 6.9%, the forward P/E of 66.47 suggests investors are betting on sustained earnings growth. This premium may be justified if the company can maintain its sub-100% combined ratio and expand beyond its New Jersey concentration, but it also leaves little room for error.
Combined Ratio Masks Reserve Releases
The combined ratio of 96.2% in Q2 2026 may be flattered by prior-period reserve releases, as per the income statement analysis, potentially overstating underwriting profitability.
While the combined ratio is the key metric for insurers, it can be distorted by favorable prior-period development, where claims from earlier years settle for less than reserved. Clover's financial statements do not disclose the magnitude of these releases, but the OCF to net income ratio of 0.90 suggests that earnings are not fully cash-backed. Investors should adjust the combined ratio for reserve development to assess the true underlying underwriting performance, as a reliance on releases could mask a deterioration in current-year claims trends.