Clover Health Investments, Corp.
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Range $5 – $5.5
Price Chart
About the company
Clover Health Investments, Corp. is a U. S.
- CEO
- Andrew Toy
- IPO
- 2020
- Employees
- 724
- HQ
- Wilmington, DE, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.15B
- P/E
- -102.42
- Fwd P/E
- 75.46
- PEG
- 5.09
- P/S
- 0.87
- P/B
- 5.78
- EV/EBITDA
- -118.54
- Div Yield
- 0.00%
- Gross Margin
- 18.57%
- Op Margin
- -0.74%
- Net Margin
- -0.74%
- ROE
- -5.38%
- ROIC
- -4.62%
Latest fiscal year · YoY change
- Revenue
- $1.92B+40.3%
- Gross Profit
- $355.88M-2.4%
- Op Income
- $-85,529,000
- Net Income
- $-85,549,000-98.9%
- EPS
- $-0.17-93.6%
- OCF Growth
- -292.1%
- FCF Growth
- -307.2%
- 52W High
- $5.59
- 52W Low
- $1.58
- 50D MA
- $4.68
- 200D MA
- $3.06
- Beta
- 2.48
- RSI (14)
- 42
- Avg Volume
- 6.71M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Clover Health reported strong Q2 2026 growth and profitability, raised full-year guidance, and said cohort maturation plus a 4.5-star rating strengthen its confidence in 2027.· August 5, 2026
- MA membership grew 48% year over year in Q2, with average MA membership at 157,000.
- Q2 revenue was $743 million, up 56% year over year; consolidated gross profit was $153 million, up 54%.
- Q2 adjusted EBITDA was $41 million and GAAP net income was $28 million; first-half adjusted EBITDA was $81 million and GAAP net income was $55 million.
- Full-year 2026 guidance was raised across the board, including revenue of $2.92 billion to $3 billion and adjusted EBITDA of $70 million to $85 million.
- Management highlighted favorable utilization trends, improving dental and Part D performance, and cohort maturation as key drivers into 2027.
Second-quarter 2026 revenue was $743 million, up 56% year over year, with consolidated gross profit of $153 million, up 54%, adjusted EBITDA of $41 million, and GAAP net income of $28 million. Average Medicare Advantage membership was 157,000, up 48% year over year; adjusted SG&A was $112 million, or 15% of revenue, about 220 basis points better than Q2 2025. For the first half, Clover generated $1.5 billion of revenue, $81 million of adjusted EBITDA, $55 million of GAAP net income, and $133 million of cash flow from operations. Full-year 2026 guidance was raised to average MA membership of 156,000 to 158,000, revenue of $2.92 billion to $3 billion, consolidated gross profit of $525 million to $555 million, adjusted EBITDA of $70 million to $85 million, and GAAP net income of $20 million to $35 million. Management said Q3 gross profit should be stronger than Q4, Q3 adjusted EBITDA should stay positive, and Q4 should return to a more typical seasonal loss due to AEP-related spending.
Andrew Toy framed the quarter as evidence that Clover’s AI-driven care model is working at scale: better clinical decisions, stronger membership growth, and higher profitability. He emphasized that the court-led recalculation gives all MA members a 4.5-star plan for payment year 2027, but said the real economic engine is cohort maturation under Clover Assistant. He also said Clover is beginning to apply AI to back-office insurance operations to improve claims processing and lower administrative expense, which he expects to add to margin opportunity over time.
Clay Thornton said the quarter showed a “differentiated combination of growth and profitability,” with $41 million of adjusted EBITDA and $28 million of GAAP net income in Q2. He pointed to better-than-expected medical cost trends, including favorable inpatient utilization, moderated outpatient trends, improved dental cost performance, and better-than-expected Part D results in the second year of IRA implementation. He also noted strong balance sheet flexibility, ending Q2 with $443 million of cash and investments and no debt, plus $133 million of operating cash flow in the first half. On capital allocation, he said Clover is making deliberate investments in Clover Assistant, Counterpart Health go-to-market, and health plan operations while still improving SG&A leverage.
Analysts focused on how much of the 2025 and 2026 cohorts are already covered by Clover Assistant, with management saying coverage is in the low 60s for those newer cohorts and generally rises over time. They also asked about the cohort mix for 2027 modeling; Clay said roughly 21% of current-year membership is from the 2025 cohort and about 28% from the 2026 cohort, implying more members will move from year one to year two than from year two to year three. Questions on 2027 bids centered on cost trend assumptions, competitive disruption, and whether the 4.5-star ruling was baked in; management said bids were built similarly to prior years, assumed continued disruption in New Jersey and Georgia, and were aligned to a 4.5-star payment year even though CMS has appealed the court ruling.
The call’s positive case is that Clover is scaling membership quickly while still improving profitability, with first-half revenue, gross profit, and net income all up sharply. Management believes cohort maturation under Clover Assistant is becoming visible in the numbers, and the 4.5-star rating adds flexibility to reinvest in growth while supporting margins. The company also has no debt and strong cash generation, which gives it room to self-fund growth.
The main risks discussed were that a meaningful share of the membership base is still in the early part of the Clover life cycle, so current economics may not fully reflect future claims experience. Management also warned that Q4 seasonality and AEP-related investment could pressure EBITDA, and said it is still too early to give formal 2027 guidance. Finally, CMS has appealed the court decision on stars, so the favorable 4.5-star outcome still has legal uncertainty attached.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 78.8%
- Shares Outstanding
- 518.26M
- Float Shares
- 408.51M
of shares held by institutions
219 13F filers
Buy/sell ratio 0.17. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 35.11M | ▲ 3.27M |
| Vanguard Group Inc | 23.49M | ▲ 425.90K |
| Vanguard Capital Management LLC | 18.04M | ▲ 1.06M |
| Geode Capital Management, LLC | 10.85M | ▲ 790.56K |
| State Street Corp | 10.18M | ▲ 620.45K |
| Nuveen, LLC | 6.29M | ▲ 5.36M |
| Charles Schwab Investment Management Inc | 5.52M | ▲ 220.71K |
| Sixth Street Partners Management Company, L.P. | 5.52M | ▲ 5.52M |
| Northern Trust Corp | 3.77M | ▲ 466.02K |
| Pnc Financial Services Group, Inc. | 3.56M | ▼ 200.16K |
| Dimensional Fund Advisors LP | 3.15M | ▼ 269.24K |
| Vanguard Fiduciary Trust Co | 2.92M | ▲ 113.68K |
Held by 192 ETFs
Biggest fund positions in CLOV by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | THORNTON JOSEPH CLAY | sell | 17,775 |
| Aug 12, 26 | Soares Karen | other | 108,695 |
| Aug 12, 26 | THORNTON JOSEPH CLAY | other | 54,347 |
| Aug 10, 26 | Toy Andrew | sell | 87,798 |
| Jul 20, 26 | Soares Karen | sell | 51,700 |
| Jul 17, 26 | Reynoso Jamie L. | sell | 4,839 |
| Jul 15, 26 | Toy Andrew | sell | 62,711 |
| Jul 15, 26 | Wai Conrad | sell | 24,215 |
| Jul 15, 26 | Reynoso Jamie L. | sell | 13,119 |
| Jul 15, 26 | Soares Karen | sell | 10,519 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CLOV coverage
Recent articles, reports, and earnings notes.
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Generate CLOV report →Clover Health Investments: Real Turnaround, But Already Priced In
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Clover Health Is Proving Its Profit Model
seekingalpha.com · Aug 14
Clover Health Eyes 2026 GAAP Profit as AI Platform Fuels Medicare Advantage Growth
marketbeat.com · Aug 11
Clover Health Investments, Corp. (CLOV) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Clover Health Investments Q2 Earnings Call Highlights
marketbeat.com · Aug 5
Clover Health Reports Second Quarter 2026 Results
globenewswire.com · Aug 5
Is Clover Health Finally Turning the Corner?
247wallst.com · Aug 3
Clover Health's CEO Just Sold 62,711 Shares for Tax Withholding. The Bigger News Comes Next Week.
fool.com · Jul 31
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