Latest Ratios: P/E Ratio 0.4x · EV/EBITDA 1.2x · ROE 5.1%. (2004–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15M | $140M | $276M | $244M | $132M | $683M | $1.9B | $2.4B | $784M | $331M | $195M |
| Enterprise Value | $76M | $201M | $333M | $232M | $95M | $642M | $1.9B | $2.4B | $776M | $294M | $135M |
| P/E Ratio → | 0.36 | 3.51 | — | — | — | — | 42.03 | 35.19 | 3255.93 | 13.06 | 532.50 |
| P/S Ratio | 0.03 | 0.25 | 0.52 | 0.54 | 0.33 | 1.27 | 3.27 | 4.66 | 3.12 | 1.73 | 1.01 |
| P/B Ratio | 0.01 | 0.14 | 0.47 | 0.27 | 0.20 | 0.91 | 2.28 | 4.47 | 2.66 | 1.34 | 12.30 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 545.09 |
| P/OCF | — | — | — | — | — | — | — | — | — | — | 47.66 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.36 | 0.63 | 0.51 | 0.23 | 1.19 | 3.28 | 4.69 | 3.09 | 1.54 | 0.70 |
| EV / EBITDA | 1.15 | 2.44 | 8.36 | — | — | — | 28.83 | 26.25 | 83.25 | — | 16.17 |
| EV / EBIT | 1.10 | 2.89 | 10.94 | — | — | — | 35.82 | 22.50 | 46.21 | — | 53.37 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 377.66 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.5% | 97.5% | 99.7% | 99.6% | 99.6% | 99.6% | 99.3% | 99.5% | 99.5% | 99.7% | 99.6% |
| Operating Margin | 12.4% | 12.4% | 4.4% | -6.4% | -25.3% | -23.3% | 9.1% | 16.1% | 1.0% | -5.0% | 1.5% |
| Net Profit Margin | 7.2% | 7.2% | 1.9% | -6.2% | -21.9% | -19.4% | 7.8% | 13.2% | 0.1% | 13.3% | 0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.1% | 5.1% | 1.3% | -3.6% | -12.7% | -13.2% | 6.7% | 16.3% | 0.1% | 19.4% | 0.7% |
| ROA | 3.3% | 3.3% | 0.9% | -2.5% | -7.8% | -9.5% | 5.1% | 11.3% | 0.1% | 10.9% | 0.3% |
| ROIC | 6.1% | 6.1% | 2.3% | -2.9% | -11.7% | -12.2% | 5.8% | 14.7% | 0.8% | -8.6% | — |
| ROCE | 6.2% | 6.2% | 2.3% | -2.8% | -9.7% | -12.4% | 6.7% | 16.2% | 0.7% | -4.6% | 3.5% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.16 | 0.11 | 0.16 | 0.06 | 0.06 | 0.07 | 0.02 | 0.01 | 0.13 |
| Debt / EBITDA | 1.63 | 1.63 | 2.43 | — | — | — | 0.70 | 0.43 | 0.54 | — | 0.24 |
| Net Debt / Equity | — | 0.06 | 0.10 | -0.01 | -0.06 | -0.05 | 0.00 | 0.03 | -0.03 | -0.15 | -3.78 |
| Net Debt / EBITDA | 0.74 | 0.74 | 1.45 | — | — | — | 0.04 | 0.17 | -0.87 | — | -7.17 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -167.43 |
| Interest Coverage | 6.46 | 6.46 | 2.73 | -1.79 | -12.95 | -146.80 | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.37 | 3.37 | 3.69 | 4.87 | 6.62 | 5.40 | 3.92 | 1.84 | 2.58 | 6.12 | 2.73 |
| Quick Ratio | 3.37 | 3.37 | 3.69 | 4.87 | 6.62 | 5.40 | 3.92 | 1.84 | 2.52 | 6.01 | 2.62 |
| Cash Ratio | 0.78 | 0.78 | 0.86 | 1.55 | 2.38 | 1.63 | 1.11 | 0.21 | 0.22 | 1.58 | 2.21 |
| Asset Turnover | — | 0.44 | 0.46 | 0.41 | 0.36 | 0.47 | 0.56 | 0.68 | 0.57 | 0.53 | 1.78 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 40.8% | 4.2% | 2.0% | 1.4% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 28.5% | — | — | — | — | 2.4% | 2.8% | 0.0% | 7.7% | 0.2% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 0.2% |
| Buyback Yield | 16.2% | 1.7% | 1.2% | 1.4% | 2.3% | 1.4% | 1.0% | 0.6% | 0.6% | 0.5% | 0.6% |
| Total Shareholder Yield | 57.0% | 5.9% | 3.3% | 2.8% | 2.3% | 1.4% | 1.0% | 0.6% | 0.6% | 0.5% | 0.6% |
| Shares Outstanding | — | $30M | $29M | $28M | $27M | $27M | $27M | $25M | $20M | $19M | $18M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying EHTH stock.
eHealth, Inc.'s current P/E ratio is 0.4x. The historical average is 31.3x.
eHealth, Inc.'s current EV/EBITDA is 1.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.6x.
eHealth, Inc.'s return on equity (ROE) is 5.1%. The historical average is 12.7%.
Based on historical data, eHealth, Inc. is trading at a P/E of 0.4x. Compare with industry peers and growth rates for a complete picture.
eHealth, Inc.'s current dividend yield is 40.83%.
eHealth, Inc. has 97.5% gross margin and 12.4% operating margin. Operating margin between 10-20% is typical for established companies.
eHealth, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Medicare Advantage regulatory churn
Metrics are mathematically derived from official filings.
Distressed Valuation Reflects Structural Uncertainty
With a P/B ratio of 0.05 as reported in recent financial data, the market appears to be pricing eHealth as a distressed entity rather than a growth-oriented insurtech, suggesting deep skepticism regarding the long-term viability of its commission-based revenue model and future earnings potential.
The extremely low P/B multiple indicates that investors are heavily discounting the book value, likely due to concerns that the contract assets on the balance sheet may be subject to future impairments. This valuation suggests that the market does not view the company's historical LTV models as a reliable proxy for future cash generation.
Combined Ratio Volatility Hinders Profitability
Based on the 2026Q1 combined ratio of 96.0%, eHealth demonstrates an ability to achieve marginal underwriting profitability, yet the historical data shows significant fluctuations that suggest the company's core brokerage operations remain highly sensitive to seasonal marketing spend and external regulatory pressures.
The reliance on a high expense ratio, which reached 92.3% in 2026Q1, highlights the heavy burden of customer acquisition costs required to maintain enrollment volumes. Investors should monitor whether the company can achieve consistent scale without sacrificing the quality of its underwriting results.
Operating Efficiency Constrained by CAC
As reported in recent financial statements, the company's expense ratio remains elevated, frequently exceeding 100% in non-peak quarters, which indicates that the current cost structure lacks the necessary operating leverage to maintain profitability outside of the concentrated Medicare Annual Enrollment Period.
The high expense ratio suggests that the company's internal agent force and marketing funnel are not yet optimized for year-round efficiency. This inefficiency appears to be a primary driver of the company's persistent struggle to generate consistent operating income throughout the fiscal year.
Misapplied P/E Ratio Obscures Reality
The P/E ratio is a fundamentally misapplied metric for eHealth, as the company's reliance on ASC 606 revenue recognition creates a significant divergence between GAAP net income and actual cash generation, rendering traditional earnings-based valuation multiples largely irrelevant for assessing the firm's true financial health.
Because eHealth recognizes the lifetime value of commissions upfront, GAAP earnings often reflect non-cash accruals rather than realized cash flow. Analysts should instead focus on cash flow from operations and the quality of the contract asset portfolio to better understand the company's actual economic performance.