Clover Health - Public Comps and Valuation Multiples

Clover Health Overview

About Clover Health

Clover Health Investments Corp is a healthcare technology company. It focuses on empowering Medicare physicians to proactively manage chronic diseases through its proprietary software platform, Clover Assistant. This cloud-based solution provides personalized insights to physicians, enabling early detection and management of chronic conditions. It operates in one segment: Insurance, through which it offers PPO and HMO plans to Medicare Advantage members in several states.

Founded

2019

HQ

Employees

570

Website

cloverhealth.com

Sectors

Managed Care
Health Data & Analytics
Neoinsurance
Health Benefits & Financial Solutions
Insurance Carriers
HealthTech
FinTech
InsurTech

Financials

LTM Revenue $1.8B

LTM EBITDA $56.6M

EV

$1.1B

Valuation Multiples

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Clover Health Financials

As of September 2025, Clover Health reported last 12-month revenue of $1.8B and EBITDA of $56.6M.

In the same period, Clover Health achieved -$59.1M in LTM net income.

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Clover Health P&L

In the most recent fiscal year, Clover Health reported revenue of $1.4B and EBITDA of -$44.9M.

Clover Health expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.8B	XXX	$1.4B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$365M	XXX	XXX	XXX
Gross Margin	n/a	XXX	27%	XXX	XXX	XXX
EBITDA	$56.6M	XXX	-$44.9M	XXX	XXX	XXX
EBITDA Margin	3%	XXX	-3%	XXX	XXX	XXX
EBIT	-$54.6M	XXX	-$45.5M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-3%	XXX	XXX	XXX
Net Profit	-$59.1M	XXX	-$43.0M	XXX	XXX	XXX
Net Margin	-3%	XXX	-3%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Clover Health including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.8B. EBITDA for the last twelve months was $56.6M. In the most recent fiscal year, Clover Health achieved $1.4B in revenue and -$44.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.8B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$365M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	26.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$56.6M	Analyst estimates available to subscribers	-$44.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	3.2% EBITDA margin	Analyst estimates available to subscribers	-3.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$54.6M	Analyst estimates available to subscribers	-$45.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.1% EBIT margin	Analyst estimates available to subscribers	-3.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$59.1M	Analyst estimates available to subscribers	-$43.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-3.3% net profit margin	Analyst estimates available to subscribers	-3.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Clover Health

This financial data table provides comprehensive performance metrics for Clover Health, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Clover Health generated $1.8B in revenue over the last twelve months.
The company achieved $56.6M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$59.1M.

Fiscal Year Performance

In the most recent fiscal year, Clover Health reported $1.4B in total revenue.
Fiscal year EBITDA was -$44.9M.
The company maintained a gross profit margin of 26.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3.3%.
Net profit margin reached -3.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Clover Health. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Clover Health Stock Performance

Clover Health has current market cap of $1.4B, and EV of $1.1B.

Market Cap Evolution

Clover Health Stock Data

As of October 16, 2025, Clover Health's stock price is $3.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.1B	$1.4B	XXX	XXX	XXX	XXX	$-0.11

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Clover Health Valuation Multiples

Clover Health's trades at 0.8x EV/Revenue multiple, and -24.5x EV/EBITDA.

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Clover Health Financial Valuation Multiples

As of October 16, 2025, Clover Health has market cap of $1.4B and EV of $1.1B.

Equity research analysts estimate Clover Health's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Clover Health has a P/E ratio of -24.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.4B	XXX	$1.4B	XXX	XXX	XXX
EV (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	19.5x	XXX	-24.5x	XXX	XXX	XXX
EV/EBIT	-20.2x	XXX	-24.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-24.2x	XXX	-33.2x	XXX	XXX	XXX
EV/FCF	29.5x	XXX	33.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Clover Health Margins & Growth Rates

Clover Health's last 12 month revenue growth is 32%

Clover Health's revenue per employee in the last FY averaged $2.4M, while opex per employee averaged $0.7M for the same period.

Clover Health's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Clover Health's rule of X is 84% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Clover Health Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	32%	XXX	35%	XXX	XXX	XXX
EBITDA Margin	3%	XXX	-3%	XXX	XXX	XXX
EBITDA Growth	50%	XXX	n/a	XXX	XXX	XXX
Rule of 40	22%	XXX	29%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	84%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	30%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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