Liquidity management remains defensive, highlighted by the $39.5 million in investment asset sales during 2025Q3 to offset persistent operational cash burn outside of peak enrollment cycles.
eHealth, Inc. (EHTH) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 5.31M | -25.34M | -18.37M | -6.69M | -26.87M | -162.62M | -107.86M | -71.49M | -3.23M | -15.54M | 4.08M | 13.7M | 1.78M | 20.95M | 24.89M | 22.54M | 20.51M | 30.09M | 30.19M | 26.19M | 11.41M | 2.62M | -599K |
| Operating CF Growth % | 104.75% | -38% | -174.45% | 75.09% | 83.48% | -50.77% | -50.87% | -2113.37% | 79.22% | -480.63% | -70.19% | 669.87% | -91.51% | -15.85% | 10.43% | 9.91% | -31.83% | -0.36% | 15.28% | 129.51% | 336.07% | 536.89% | - |
| Operating CF / Revenue % | 1.06% | -4.57% | -3.45% | -1.48% | -6.63% | -30.22% | -18.51% | -14.12% | -1.28% | -8.15% | 2.11% | 7.23% | 0.99% | 11.69% | 16.01% | 14.86% | 12.79% | 22.3% | 27.03% | 29.83% | 18.61% | 6.27% | -1.98% |
| Net Income | 27.18M | 40.04M | 10.06M | -28.21M | -88.72M | -104.38M | 45.45M | 66.89M | 241K | 25.43M | -4.88M | -4.76M | -16.2M | 1.72M | 7.08M | 6.72M | 17.48M | 15.35M | 14.17M | 31.59M | 16.48M | -414K | -3.33M |
| Depreciation & Amortization | 16.16M | 1.88M | 16.34M | 19.92M | 21.11M | 18.87M | 12.94M | 8.99M | 6.77M | 5.34M | 5.51M | 5.93M | 5.72M | 4.68M | 4.03M | 4.4M | 3.35M | 2.21M | 1.86M | 1.71M | 1.53M | 1.14M | 1.48M |
| Stock-Based Compensation | 14.22M | 15.04M | 19.88M | 23.21M | 20.32M | 32.86M | 25.17M | 22.57M | 12.54M | 9.69M | 7.27M | 7M | 5.88M | 7.8M | 5.62M | 7.1M | 6.39M | 4.83M | 3.49M | 1.51M | 454K | 0 | 0 |
| Deferred Taxes | -22M | 18.35M | 9.18M | -2.67M | -18.44M | -21.52M | 8.82M | 16.2M | 2.81M | -30.34M | 114K | 101K | 9.16M | -1.37M | 1.07M | 5.6M | 14.27M | 9.35M | 9.45M | -10.3M | -7.42M | 0 | 0 |
| Other Non-Cash Items | 63.43M | 14.2M | 7.91M | 701K | 14.19M | 47.81M | 1.09M | 23.32M | 12.97M | -101K | 1.42M | 2.11M | 2.15M | 4.07M | 2.9M | -4.66M | -12.8M | -4.26M | -304K | -60K | 122K | 376K | 99K |
| Working Capital Changes | -88.97M | -114.86M | -81.73M | -19.64M | 24.68M | -136.26M | -201.33M | -209.46M | -38.57M | -25.56M | -5.35M | 3.32M | -4.93M | 4.04M | 4.19M | 3.37M | -8.18M | 2.6M | 1.52M | 1.75M | 255K | 1.52M | 1.15M |
| Cash from Investing | -36.71M | 25.43M | -48.42M | -15.89M | 25.86M | -12.63M | -73.28M | -16.94M | -25.76M | -5.08M | -3.73M | -3M | -8.1M | -7.33M | -10.1M | -6.6M | -10.6M | 30.68M | -18.71M | -41.67M | -2.25M | -1.24M | 5.45M |
| Capital Expenditures | -1.16M | -2.25M | -2.09M | -2.09M | -15.51M | -20.86M | -23.76M | -16.87M | -10.83M | -5.08M | -3.73M | -3M | -8.1M | -7.33M | -3.85M | -2.41M | -2.95M | -1.43M | -2.48M | -1.78M | -2.25M | -1.34M | -1.58M |
| Acquisitions | 0 | 0 | 0 | 0 | 15.51M | 16.99M | 16M | 0 | -14.93M | 0 | 0 | 0 | 0 | 0 | 0 | -4.19M | -27.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -96.24M | -74.01M | -96.98M | -54.51M | -8.4M | -103.06M | -180.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.55M | -85.65M | -54.34M | -5K | -3K | 0 |
| Sale/Maturity of Investments | 64.06M | 114.75M | 61.42M | 49.4M | 49.77M | 111.28M | 130.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.1M | 73.94M | 69.43M | 14.44M | 0 | 0 | 7M |
| Other Investing | -3.38M | -13.06M | -10.76M | -8.69M | -15.51M | -16.99M | -16M | -72K | -6.29M | -3.21M | -1.84M | -1.12M | -4.5M | -6.24M | -6.24M | -4.19M | -2.55M | -1.28M | 0 | 14K | -5K | 101K | 27K |
| Cash from Financing | 35.48M | 34.29M | -9.32M | -6.22M | 63.84M | 213.24M | 201.25M | 102.14M | 1.86M | -870K | -1.27M | 577K | -49.33M | -47.4M | 2.44M | -20.38M | -13.17M | -23.56M | 1.21M | 6.45M | 71.71M | -682K | 215K |
| Dividends Paid | -6.08M | -5.9M | -5.56M | -3.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -981K | -2.44M | -3.41M | -3.33M | -3.1M | -9.33M | -19.81M | -14.28M | -4.5M | -1.8M | -1.25M | -922K | -53.52M | -59.95M | -10.43M | -25.91M | -26.2M | -29.36M | -639K | 0 | 0 | -1.02M | 0 |
| Stock Issued | 0 | 404K | 354K | 0 | 0 | 0 | 228.02M | 126.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.55M | 6.87M | 75.23M | 362K | 232K |
| Debt Issuance (Net) | 0 | 1000K | -4K | -38K | 1000K | -150K | -157K | -1000K | 1000K | -105K | -83K | -73K | -74K | -53K | -43K | -63K | -44K | -41K | 0 | -214K | -206K | -22K | -17K |
| Other Financing | 42.54M | -9.23M | -696K | 677K | 2.21M | 8.7M | -6.81M | -4.52M | 1.47M | 1.04M | 62K | 1.57M | 4.26M | 11.66M | 12.91M | 5.59M | 13.67M | 5.84M | 1.84M | -202K | -3.31M | 0 | 0 |
| Net Change in Cash | 4.69M | 34.53M | -76.53M | -28.83M | 62.48M | 38.05M | 20.29M | 13.73M | -27.2M | -21.49M | -929K | 11.29M | -55.64M | -33.79M | 17.24M | -4.47M | -3.27M | 37.2M | 12.74M | -8.92M | 80.9M | 708K | 5.06M |
| Exchange Rate Effect | 607K | 153K | -64K | -19K | -355K | 64K | 187K | 26K | -77K | 1K | -17K | 18K | 16K | -12K | 7K | -30K | -7K | 4K | 47K | 106K | 29K | 12K | 0 |
| Cash at Beginning | 76.81M | 42.29M | 118.81M | 147.64M | 85.17M | 47.11M | 26.82M | 13.09M | 40.29M | 61.78M | 62.71M | 51.41M | 107.06M | 140.85M | 123.61M | 128.07M | 131.34M | 94.14M | 81.39M | 90.32M | 9.41M | 8.71M | 3.64M |
| Cash at End | 72.31M | 76.81M | 42.29M | 118.81M | 147.64M | 85.17M | 47.11M | 26.82M | 13.09M | 40.29M | 61.78M | 62.71M | 51.41M | 107.06M | 140.85M | 123.61M | 128.07M | 131.34M | 94.14M | 81.39M | 90.32M | 9.41M | 8.71M |
| Free Cash Flow | -1.4M | -40.65M | -31.22M | -17.47M | -42.38M | -183.48M | -131.62M | -88.36M | -14.06M | -20.62M | 357K | 10.7M | -6.33M | 13.62M | 21.04M | 20.13M | 17.56M | 28.65M | 27.71M | 24.41M | 9.16M | 1.28M | -2.18M |
| FCF Growth % | 96.29% | -30.21% | -78.71% | 58.77% | 76.9% | -39.4% | -48.95% | -528.57% | 31.82% | -5875.63% | -96.66% | 269.17% | -146.44% | -35.26% | 4.49% | 14.65% | -38.71% | 3.4% | 13.5% | 166.42% | 615.94% | 158.69% | - |
| FCF Margin % | -0.28% | -7.34% | -5.86% | -3.86% | -10.45% | -34.09% | -22.58% | -17.46% | -5.59% | -10.81% | 0.18% | 5.65% | -3.52% | 7.6% | 13.53% | 13.28% | 10.95% | 21.24% | 24.81% | 27.81% | 14.95% | 3.07% | -7.22% |
| FCF per Share | -0.04 | -1.33 | -1.06 | -0.62 | -1.55 | -6.85 | -4.87 | -3.6 | -0.69 | -1.08 | 0.02 | 0.59 | -0.34 | 0.69 | 1.01 | 0.93 | 0.74 | 1.14 | 1.07 | 0.95 | 0.45 | 0.07 | -0.49 |
Quick answers to the most common questions about buying EHTH stock.
eHealth, Inc. (EHTH) generated $-25.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
eHealth, Inc. (EHTH) reported negative free cash flow of $40.7M in 2025, indicating capital requirements exceeded cash from operations.
eHealth, Inc. (EHTH) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, eHealth, Inc. (EHTH) returned $5.9M to shareholders via cash dividends and spent $2.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Medicare Advantage regulatory churn
Metrics are mathematically derived from official filings.
Seasonal Cash Flow Mismatch Risks
As reported in recent financial statements, eHealth exhibits a recurring pattern of negative operating cash flow during non-peak quarters, with 2025Q4 showing a $34.9 million outflow, highlighting the company's struggle to maintain positive cash generation outside of the concentrated Medicare Annual Enrollment Period cycle.
The data suggests that the company's cash flow profile is heavily dependent on the timing of commission receipts relative to the high upfront costs of customer acquisition. This structural mismatch implies that eHealth must rely on its existing cash reserves to fund operations during the majority of the year, which may limit its strategic flexibility.
Liquidity Management Through Asset Sales
Based on historical SEC filings, eHealth frequently engages in the liquidation of investment holdings to supplement operating cash, as evidenced by the $39.5 million in sales during 2025Q3, which appears to be a defensive measure to offset persistent operational cash burn during off-peak enrollment periods.
The consistent pattern of selling investments while simultaneously purchasing new ones suggests a strategy of active portfolio churning to manage short-term liquidity needs. Investors should monitor whether this reliance on asset sales to bridge cash gaps indicates a long-term depletion of the company's investment-grade capital base.
GAAP Income Divergence From Reality
According to quarterly data, the divergence between net income and operating cash flow is stark, exemplified by 2025Q1 where the company reported $1.9 million in net income against $77.1 million in operating cash, illustrating the significant impact of non-cash accruals inherent in the ASC 606 model.
This disconnect suggests that reported earnings may not accurately reflect the company's underlying cash-generating capacity. The reliance on future commission estimates for revenue recognition implies that GAAP figures may overstate the immediate economic benefit of new enrollments, warranting caution regarding the quality of reported profitability.
Sustainability of Capital Return Programs
As indicated by recent financial disclosures, eHealth continues to execute minor buybacks and dividend payments despite periods of negative operating cash flow, such as the $3.0 million dividend paid in 2025Q4, which may indicate a commitment to shareholder returns that is disconnected from current cash generation.
Maintaining these distributions while the core business burns cash appears to be a capital allocation strategy that prioritizes investor sentiment over balance sheet preservation. This approach may indicate that the company is utilizing its remaining liquidity to support its valuation rather than reinvesting in operational efficiency or debt reduction.