Latest Ratios: P/E Ratio -29.8x · EV/EBITDA N/A · ROE -26.3%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $1.2B | $1.5B | $459M | $443M | $1.8B | $6.8B | — | — |
| Enterprise Value | $2.5B | $1.1B | $1.3B | $347M | $345M | $1.5B | $6.8B | — | — |
| P/E Ratio → | -29.76 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.36 | 0.63 | 1.13 | 0.36 | 0.40 | 1.19 | 10.08 | — | — |
| P/B Ratio | 8.48 | 3.94 | 4.52 | 1.60 | 1.24 | 3.25 | — | — | — |
| P/FCF | — | — | 46.37 | — | — | — | — | — | — |
| P/OCF | — | — | 44.30 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.98 | 0.28 | 0.31 | 1.01 | 10.15 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 40.52 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 18.5% | 26.6% | 20.3% | 9.4% | -5.4% | 12.3% | 2.7% | 100.0% |
| Operating Margin | -4.4% | -4.4% | -3.3% | -16.3% | -26.1% | -43.3% | -13.8% | -39.6% | -66.1% |
| Net Profit Margin | -4.4% | -4.4% | -3.1% | -16.9% | -31.0% | -39.9% | -20.3% | -78.7% | -71.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.3% | -26.3% | -13.7% | -66.3% | -75.8% | -109.0% | — | — | — |
| ROA | -15.3% | -15.3% | -7.5% | -30.9% | -38.6% | -96.5% | -102.0% | -345.3% | -95.9% |
| ROIC | -34.0% | -34.0% | -21.4% | -71.0% | -81.7% | — | — | — | — |
| ROCE | -24.5% | -24.5% | -13.5% | -59.8% | -60.0% | -187.0% | -180.0% | -179.1% | -90.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.02 | 0.02 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.57 | -0.39 | -0.27 | -0.50 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -5.84 | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -30020.14 | -185.78 | -33.76 | -1.39 | -8.31 | — |
Net cash position: cash ($78M) exceeds total debt ($0)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.61 | 1.64 | 1.45 | 2.02 | 1.16 | — | 12.51 |
| Quick Ratio | 1.47 | 1.47 | 1.61 | 1.64 | 1.45 | 2.02 | 1.16 | — | 12.51 |
| Cash Ratio | 0.46 | 0.46 | 1.04 | 0.90 | 0.78 | 1.65 | 0.59 | — | 12.51 |
| Asset Turnover | — | 3.56 | 2.36 | 2.21 | 1.36 | 1.55 | 2.52 | 4606.72 | 1.33 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 2.2% | — | — | — | — | — | — |
| Buyback Yield | 2.1% | 4.5% | 1.2% | 1.4% | 1.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.1% | 4.5% | 1.2% | 1.4% | 1.4% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $517M | $490M | $482M | $476M | $471M | $404M | $404M | $42M |
Regulatory reimbursement volatility
According to current market data, CLOV trades at a price-to-sales ratio of 1.46, which, when compared to the broader managed care sector, suggests investors remain skeptical of the company's transition from a high-growth, loss-making insurtech to a sustainable, technology-enabled healthcare provider with long-term margin expansion potential.
The forward P/E of 139.79 implies that the market is pricing in significant future earnings growth, yet the negative TTM P/E highlights the volatility of recent bottom-line results. Investors should monitor whether the valuation gap between CLOV and more established peers like Elevance Health narrows as the company demonstrates consistent, rather than episodic, profitability.
Based on reported financial figures, CLOV's ROIC swung from a -48.6% low in 2023Q4 to 8.4% in 2026Q1, indicating that the company's ability to generate returns on invested capital is currently in a state of flux as it pivots away from capital-intensive, low-margin business segments.
The recent positive ROIC trend warrants further investigation to determine if it is driven by structural improvements in the Clover Assistant's efficacy or merely by the shedding of unprofitable contracts. Given the historical volatility, it remains unclear whether the company can maintain these returns as it scales its third-party SaaS licensing model.
As reported in recent quarterly filings, CLOV's asset turnover ratio improved to 1.20 in 2026Q1 from 0.50 in 2024Q3, suggesting that the company is becoming more efficient at generating revenue from its existing asset base as it focuses on core insurance operations over non-insurance participation.
This improvement in asset utilization appears to be a direct result of the company's decision to exit less profitable ACO REACH markets. While this trend is encouraging, the lack of transparency in DIO and DPO metrics makes it difficult to fully assess the underlying working capital efficiency of the insurance business.
According to the company's balance sheet data, CLOV maintained a current ratio of 1.33 in 2026Q1, which provides a necessary, albeit modest, liquidity cushion to manage the inherent timing mismatches between CMS premium receipts and the settlement of medical claims within its concentrated New Jersey insurance market.
The stability of the current ratio suggests that the company is not currently facing immediate solvency pressures, which is a significant improvement from its earlier, more cash-constrained periods. However, investors should remain cautious, as any unexpected spike in medical utilization could rapidly deplete these liquid assets given the company's limited geographic diversification.
Based on an analysis of the business model, the most commonly misapplied metric for CLOV is the price-to-book ratio, which currently sits at 9.06 and obscures the company's true value by failing to account for the intangible, proprietary nature of the Clover Assistant software platform.
Using book value to evaluate a technology-driven insurer is fundamentally flawed because it ignores the potential for the software to be unbundled and licensed as a high-margin SaaS product. Analysts should instead focus on metrics that capture the value of the data-driven medical cost management, such as MCR-adjusted revenue growth or software-as-a-service licensing potential.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying CLOV stock.
Clover Health Investments, Corp.'s current P/E ratio is -29.8x. This places it at the 50th percentile of its historical range.
Clover Health Investments, Corp.'s return on equity (ROE) is -26.3%. The historical average is -58.2%.
Based on historical data, Clover Health Investments, Corp. is trading at a P/E of -29.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Clover Health Investments, Corp. has 18.5% gross margin and -4.4% operating margin.