Revenue performance remains highly cyclical and structurally challenged, with a 22.2% year-over-year decline in 2026Q1 and a combined ratio of 96.0% indicating limited underwriting margin buffer.
| 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 |
|---|
| Revenue | 528.91M | 554.01M | 532.41M | 452.87M | 405.36M | 538.2M | 582.77M | 506.2M | 251.4M | 190.71M | 193.32M | 189.54M | 179.68M | 179.18M | 155.47M | 151.65M | 160.4M | 134.89M | 111.71M | 87.79M | 61.31M | 41.75M | 30.21M |
| Revenue Growth % | -4.28% | 4.06% | 17.56% | 11.72% | -24.68% | -7.65% | 15.13% | 101.36% | 31.82% | -1.35% | 2% | 5.49% | 0.28% | 15.25% | 2.52% | -5.46% | 18.91% | 20.75% | 27.25% | 43.19% | 46.84% | 38.18% | - |
| Medical Costs & Claims | 6.47M | 13.76M | 1.79M | 1.77M | 1.65M | 1.99M | 4.08M | 2.74M | 1.23M | 582K | 862K | 4.18M | 4.49M | 5.46M | 4.78M | 8.34M | 5.5M | 4.58M | 1.75M | 1.7M | 1.3M | 614K | 447K |
| Medical Cost Ratio % | 1.22% | 2.48% | 0.34% | 0.39% | 0.41% | 0.37% | 0.7% | 0.54% | 0.49% | 0.31% | 0.45% | 2.2% | 2.5% | 3.05% | 3.08% | 5.5% | 3.43% | 3.4% | 1.56% | 1.94% | 2.13% | 1.47% | 1.48% |
| Gross Profit | 522.44M | 540.25M | 530.62M | 451.1M | 403.71M | 536.21M | 578.69M | 503.46M | 250.17M | 190.12M | 192.46M | 185.36M | 175.18M | 173.72M | 150.69M | 143.31M | 154.91M | 130.31M | 109.97M | 86.09M | 60.01M | 41.14M | 29.77M |
| Gross Margin % | 98.78% | 97.52% | 99.66% | 99.61% | 99.59% | 99.63% | 99.3% | 99.46% | 99.51% | 99.69% | 99.55% | 97.8% | 97.5% | 96.95% | 96.92% | 94.5% | 96.57% | 96.6% | 98.44% | 98.06% | 97.87% | 98.53% | 98.52% |
| Gross Profit Growth % | - | 1.82% | 17.63% | 11.74% | -24.71% | -7.34% | 14.94% | 101.25% | 31.58% | -1.21% | 3.83% | 5.81% | 0.84% | 15.28% | 5.15% | -7.49% | 18.88% | 18.5% | 27.73% | 43.47% | 45.86% | 38.2% | - |
| Operating Expenses | 455.7M | 471.75M | 507.05M | 480.17M | 506.42M | 661.85M | 525.37M | 422.05M | 247.62M | 199.58M | 189.64M | 191.01M | 181.94M | 169.99M | 137.26M | 130.07M | 122.35M | 104.47M | 88.7M | 70.07M | 52.02M | 41.77M | 33.16M |
| OpEx / Revenue % | 86.16% | 85.15% | 95.24% | 106.03% | 124.93% | 122.98% | 90.15% | 83.38% | 98.5% | 104.65% | 98.09% | 100.78% | 101.26% | 94.87% | 88.29% | 85.77% | 76.27% | 77.45% | 79.41% | 79.82% | 84.84% | 100.04% | 109.73% |
| Depreciation & Amortization | 13.08M | 13.76M | 16.34M | 19.92M | 21.11M | 18.87M | 12.94M | 8.99M | 6.77M | 5.34M | 5.51M | 5.93M | 6.2M | 4.68M | 4.03M | 4.4M | 3.35M | 2.21M | 1.86M | 1.71M | 1.53M | 1.14M | 1.48M |
| Combined Ratio % | 87.38% | 87.64% | 95.57% | 106.42% | 125.34% | 123.35% | 90.85% | 83.92% | 98.99% | 104.96% | 98.54% | 102.98% | 103.76% | 97.92% | 91.36% | 91.27% | 79.7% | 80.84% | 80.97% | 81.76% | 86.97% | 101.51% | 111.21% |
| Operating Income | 66.74M | 68.5M | 23.57M | -29.07M | -102.71M | -125.64M | 53.32M | 81.41M | 2.55M | -9.45M | 2.82M | -5.65M | -6.76M | 3.73M | 13.43M | 13.24M | 32.56M | 25.84M | 21.26M | 16.02M | 7.99M | -632K | -3.39M |
| Operating Margin % | 12.62% | 12.36% | 4.43% | -6.42% | -25.34% | -23.35% | 9.15% | 16.08% | 1.01% | -4.96% | 1.46% | -2.98% | -3.76% | 2.08% | 8.64% | 8.73% | 20.3% | 19.16% | 19.03% | 18.24% | 13.03% | -1.51% | -11.21% |
| Operating Income Growth % | - | 190.61% | 181.07% | 71.69% | 18.25% | -335.63% | -34.5% | 3091.26% | 126.99% | -434.82% | 149.96% | 16.43% | -281.19% | -72.21% | 1.45% | -59.34% | 26% | 21.54% | 32.74% | 100.45% | 1364.24% | 81.34% | - |
| EBITDA | 79.82M | 82.26M | 39.91M | -9.16M | -81.61M | -106.78M | 66.27M | 90.4M | 9.32M | -4.11M | 8.34M | 277K | -558K | 8.41M | 17.45M | 17.64M | 35.91M | 28.05M | 23.12M | 17.73M | 9.52M | 504K | -1.9M |
| EBITDA Margin % | 15.09% | 14.85% | 7.5% | -2.02% | -20.13% | -19.84% | 11.37% | 17.86% | 3.71% | -2.16% | 4.31% | 0.15% | -0.31% | 4.69% | 11.23% | 11.63% | 22.38% | 20.8% | 20.7% | 20.19% | 15.52% | 1.21% | -6.3% |
| Interest Expense | 12.15M | 10.76M | 11.16M | 10.97M | 7.63M | 845K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 5.67M | -988K | -6.9M | -9.45M | -3.95M | -1.6M | 0 | -24.08M | -14.24M | -621K | 297K | -4.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 48.93M | 58.73M | 19.31M | -30.59M | -106.39M | -124.89M | 53.99M | 83.5M | 3.31M | -8.27M | 3.97M | -5.61M | -6.86M | 3.64M | 13.45M | 13.18M | 32.57M | 26.78M | 24.97M | 21.3M | 9.32M | -393K | -3.33M |
| Pretax Margin % | 9.25% | 10.6% | 3.63% | -6.76% | -26.25% | -23.21% | 9.26% | 16.5% | 1.32% | -4.34% | 2.05% | -2.96% | -3.82% | 2.03% | 8.65% | 8.69% | 20.3% | 19.85% | 22.36% | 24.27% | 15.19% | -0.94% | -11.01% |
| Income Tax | 15.55M | 18.68M | 9.26M | -2.38M | -17.67M | -20.52M | 8.54M | 16.61M | 3.06M | -33.7M | 3.67M | -843K | 9.35M | 1.92M | 6.37M | 6.46M | 15.09M | 11.43M | 10.81M | -10.29M | -7.16M | 21K | 0 |
| Effective Tax Rate % | 31.78% | 31.81% | 47.92% | 7.78% | 16.61% | 16.43% | 15.82% | 19.89% | 92.71% | 407.45% | 92.35% | 15.04% | -136.22% | 52.66% | 47.35% | 49% | 46.32% | 42.69% | 43.27% | -48.31% | -76.87% | -5.34% | 0% |
| Net Income | 33.38M | 40.04M | 10.06M | -28.21M | -88.72M | -104.38M | 45.45M | 66.89M | 241K | 25.43M | 304K | -4.76M | -16.2M | 1.72M | 7.08M | 6.72M | 17.48M | 15.35M | 14.17M | 31.59M | 16.5M | -414K | -3.33M |
| Net Margin % | 6.31% | 7.23% | 1.89% | -6.23% | -21.89% | -19.39% | 7.8% | 13.21% | 0.1% | 13.33% | 0.16% | -2.51% | -9.02% | 0.96% | 4.56% | 4.43% | 10.9% | 11.38% | 12.68% | 35.99% | 26.92% | -0.99% | -11.01% |
| Net Income Growth % | 15.14% | 298.17% | 135.65% | 68.2% | 15% | -329.65% | -32.05% | 27653.94% | -99.05% | 8263.82% | 106.38% | 70.61% | -1040.51% | -75.67% | 5.32% | -61.54% | 13.91% | 8.32% | -55.16% | 91.45% | 4086.23% | 87.56% | - |
| EPS (Diluted) | 1.04 | -0.34 | -1.19 | -2.37 | -4.36 | -4.59 | 1.68 | 2.73 | 0.01 | 1.33 | -0.27 | -0.26 | -0.88 | 0.09 | 0.34 | 0.31 | 0.73 | 0.61 | 0.55 | 1.22 | 0.80 | -0.02 | -0.74 |
| EPS Growth % | -2.94% | 71.43% | 49.79% | 45.64% | 5.01% | -373.21% | -38.46% | 23035.59% | -99.11% | 592.59% | -3.85% | 70.45% | -1077.78% | -73.53% | 9.68% | -57.53% | 19.67% | 10.91% | -54.92% | 52.5% | 3838.32% | 97.11% | - |
| EPS (Basic) | - | -0.34 | -1.19 | -2.37 | -4.36 | -4.59 | 1.75 | 2.90 | 0.01 | 1.37 | -0.27 | -0.26 | -0.88 | 0.09 | 0.36 | 0.32 | 0.76 | 0.63 | 0.57 | 1.37 | 1.91 | -0.09 | -0.74 |
| Diluted Shares Outstanding | 32.02M | 30.48M | 29.34M | 28.02M | 27.36M | 26.78M | 27.01M | 24.54M | 20.41M | 19.05M | 18.27M | 18.01M | 18.37M | 19.85M | 20.75M | 21.7M | 23.87M | 25.2M | 25.95M | 25.8M | 20.57M | 19.3M | 4.47M |
Medicare Advantage regulatory churn
As indicated by the most recent quarterly filings, eHealth's revenue contracted by 22.2% year-over-year in 2026Q1, highlighting the extreme seasonality and inherent instability of a business model that remains heavily reliant on the Medicare Annual Enrollment Period to drive top-line performance across its limited product portfolio.
The sharp revenue drop in the first quarter suggests that the company is struggling to maintain momentum outside of the peak enrollment window. Investors should monitor whether this contraction reflects a deliberate pivot toward higher-quality, lower-churn enrollments or a broader loss of market share to more aggressive, tele-brokerage-heavy competitors.
Based on reported financial statements, the combined ratio reached 96.0% in 2026Q1, demonstrating that while the company can achieve underwriting profitability during specific periods, the lack of consistent operational scale leaves margins vulnerable to fluctuations in marketing spend and the efficiency of the internal agent force.
The volatility in the combined ratio, which spiked from 61.3% in 2025Q4 to 96.0% in 2026Q1, implies that the company's cost structure is not yet optimized for non-peak periods. This suggests that the brokerage model remains highly sensitive to customer acquisition costs, which may continue to compress margins if carrier-side commission support remains under pressure.
According to historical SEC filings, the reliance on ASC 606 revenue recognition creates a significant divergence between GAAP net income and actual cash generation, as the company recognizes the lifetime value of commissions upfront while incurring substantial cash outflows for marketing and agent acquisition costs today.
This accounting treatment warrants further investigation, as any deviation in actual member churn from the company's proprietary LTV models could necessitate future downward revenue adjustments. The persistent gap between reported earnings and cash flow suggests that the company's financial health may be more fragile than headline profitability figures imply.
As reported in recent financial disclosures, the company's operating income remains deeply negative in non-peak quarters, with 2025Q3 and 2025Q2 showing losses of $41.5 million and $21.5 million respectively, indicating that the current cost structure lacks the necessary operating leverage to sustain profitability throughout the entire fiscal year.
The inability to maintain positive operating income outside of the fourth quarter suggests that the company's fixed cost base, including technology and administrative overhead, is disproportionate to its off-season revenue generation. This appears to force a reliance on high-velocity, high-cost marketing campaigns during the Annual Enrollment Period to offset earlier losses.
Quick answers to the most common questions about buying EHTH stock.
For fiscal year 2025, eHealth, Inc. (EHTH) reported total revenue of $554.0M. This represents a 1733.6% increase compared to $30.2M in 2004.
eHealth, Inc. (EHTH) is profitable, generating $40.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.2%.
eHealth, Inc. (EHTH) reported an operating income of $68.5M, resulting in an operating profit margin of 12.4%. This margin reflects the operational efficiency of the business before interest and taxes.
eHealth, Inc. (EHTH) generated $540.3M in gross profit for the year, representing a gross profit margin of 97.5%. This demonstrates the company's core pricing power and production efficiency.