CLOV CLOVER HEALTH INVESTMENTS, CORP. /DE

Overview and Growth

Fiscal 2025 results for CLOVER HEALTH INVESTMENTS, CORP. /DE combined $1.92B of revenue with net loss of $85.55M and an operating cash outflow of $66.93M. The $1.92B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 40.3% above fiscal 2024 revenue of $1.37B, marking a year-over-year increase. A diluted share base of 511.97M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Diluted shares moved 4.5% from 490.02M in fiscal 2024, leaving the current share base higher year over year. Total assets stood at $541.01M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 3.56x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The company recorded an operating loss of $85.53M after the reported operating expense base. The operating loss equaled 4.4% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $85.55M for the fiscal year. The net loss equaled 4.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was negative $83.84M, showing a deficit before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $85.55M, bridging the operating result to the final net loss. The pretax loss equaled 4.4% of revenue, measuring the pre-tax deficit against sales. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 27.7%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 15.8%, placing the bottom-line deficit against the company’s resource base. The net loss widened to $85.55M from $43.01M in fiscal 2024.

Liquidity and Capital Structure

The company held $541.01M of assets against $232.31M of liabilities and $308.70M of equity, revealing how the asset base was financed. The near-term balance sheet paired $307.86M of current assets with $208.82M of current liabilities at the reporting date. Current assets covered current liabilities by 1.47x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $78.30M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 37.5% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 57.1% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 42.9% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 14.5% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 6.8% from $580.74M in fiscal 2024, leaving current total assets lower year over year. Book equity was 9.5% lower than fiscal 2024 equity of $341.14M, showing how shareholder capital changed year over year. Compared with $194.54M in fiscal 2024, the current cash balance moved 59.8% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $66.93M, showing that operations absorbed cash during the period. The company spent $2.04M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $68.98M cash deficit after capital spending. The free-cash-flow deficit equaled 3.6% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 12.7% of the period-end asset base. A current operating cash outflow of $66.93M replaced the $34.84M inflow reported in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.