Clover Health Investments, Corp. is a U.S.-based firm specializing in Medicare Advantage insurance. The company leverages its proprietary software platform, the Clover ...
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Est. EPS $-0.00 · Revenue $738.18M · 1 analysts
Est. EPS $-0.05 · Revenue $723.47M · 1 analysts
Est. EPS $0.05 · Revenue $2.95B · 1 analysts
Est. EPS $0.06 · Revenue $903.44M · 1 analysts
EPS $-0.00 · Revenue $462.33M
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $1.9B | +40.3% | -0.8% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-85.5M | -98.9% | +2.4% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +18.5% | -30.5% | -3.3% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -4.4% | -33.2% | +3.3% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -4.4% | -41.7% | +3.3% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $-69.0M | -307.2% | -77.1% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -3.6% | -247.6% | -76.9% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 0.0% | — | — |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.47x | -8.3% | +12.8% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $541.0M | -6.8% | +3.2% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -0.17 vs -0.17 | +1.7% | 0.05 vs -0.00 | +2912.1% |
| Revenue Surprise | $1.9B vs $1.9B | +1.1% | $743.2M vs $738.2M | +0.7% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | THORNTON JOSEPH CLAY | officer: Interim CFO | Class A Common Stock | D | 17,775 | $4.39 |
| Aug 12, 2026 | Soares Karen | officer: Chief Legal Officer | Class A Common Stock | A | 108,695 | — |
| Aug 12, 2026 | THORNTON JOSEPH CLAY | officer: Interim CFO | Class A Common Stock | A | 54,347 | — |
| Aug 10, 2026 | Toy Andrew | director, officer: Chief Executive Officer | Class A Common Stock | D | 87,798 | $4.65 |
| Jul 20, 2026 | Soares Karen | officer: Chief Legal Officer | Class A Common Stock | D | 51,700 | $4.51 |
Operator: Hello. Welcome to Clover Health's Second Quarter 2026 Earnings Call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ryan, you may begin. Ryan Schmidt: Good afternoon, everyone. Joining me on our call today to discuss the company's second quarter 2026 results are Andrew Toy, Clover Health's Chief Executive Officer, and Clay Thornton, the company's Interim Chief Financial Officer. You can find today's press release and the accompanying supplemental slides, as well as the company's most recent investor deck in the investor events and presentations section of our website at investors.cloverhealth.com. This webcast is being recorded and a replay will be available in the investor relations section of the Clover Health website. I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties, including expectations about future performance. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the risk factors section of our most recent annual report on Form 10-K and other SEC filings. Information about non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can be found in the earnings materials available on our website. With that, I'll now turn the call over to Andrew. Andrew Toy: Thank you, Ryan. Thanks everyone for joining our call today. At Clover, we've always believed the greatest opportunity for AI in healthcare is not simply to make the existing system a little more efficient. It's to help physicians make better decisions for individual patients at the point of care. That's what Clover Assistant does, and our results are increasingly demonstrating that when you improve those decisions at scale, better care, membership growth, and increasing profitability can happen together. The first half of 2026 was another important proof point of this. Through the first six months of the year, we delivered market leading MA membership growth of 48%, while increasing GAAP net income by $67 million year-over-year. At the same time, total revenue in the first half increased by more than $550 million year-over-year to $1.5 billion. Consolidated gross profit increased by $104 million, and we've expanded operating leverage by more than 200 basis points as we've scaled. We believe this performance validates how our AI-powered model not only improves care for members, but also strengthens our underlying business over time. I am proud of our results so far this year and believe we are on a strong path. I want to turn now to where the business is headed. Since our last call, two things have strengthened our confidence in 2027 and …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Jamie L. Reynoso | Chief Executive Officer of Medicare Advantage | USD 1,468,166 | Female | 1969 | Active |
Andrew Toy | Co-Founder, Chief Executive Officer & Director | USD 1,319,385 | Male | 1979 | Active |
Conrad Wai | Chief Executive Officer of Counterpart Health | USD 1,211,938 | Male | 1981 | Active |
Brady Priest | Chief Executive Officer of Clover Care Services | USD 1,199,461 | Male | 1976 | Active |
Karen Soares | Chief Legal Officer, General Counsel, Senior VP & Corporate Secretary | USD 513,197 | Female | 1978 | Active |
Kumar Dharmarajan | Chief Medical Officer of Clover Assistant | — | — | 1980 | Active |
Vivek Garipalli | Co-Founder & Executive Chairman | — | Male | 1979 | Active |
Wendy Richey | Chief Compliance Officer | — | Female | — | Active |
Joseph Frank Oldakowski | VP of Finance, Controller & Principal Accounting Officer | — | Male | 1983 | Active |
Clay Thornton | Interim Chief Financial Officer | — | Male | 1990 | Active |
Rachel Fish | Chief People Officer | — | Female | — | Active |
Clover Health Investments, Corp. leverages its AI-powered Clover Assistant to drive lower claims costs and improve member profitability. Baseline and bullish DCF valuations yield fair values of $5.02 and $14.10 per share, respectively, versus the current $4.15 price. Key upside drivers include rapid membership growth, AI-enabled cost savings, and a potential $120M Medicare Advantage bonus tied to a 4.5-star CMS rating.
Clover Health Investments (CLOV) is rated Hold, with operational execution but a cautious outlook due to valuation and litigation risks. CLOV's Medicare Advantage membership grew 48% YoY, revenue and GAAP net income improved, but profitability per member lags FY2024 levels. FY2026 guidance implies negative H2 results; $120M in quality bonus revenue is at risk pending CMS litigation outcome.
Clover Health (CLOV) has delivered strong growth, profitability, and improved guidance, supporting my continued Strong Buy rating. CLOV's Medicare Advantage membership grew 48% YoY, with revenue up 56% and gross profit up 54%, driven by cohort maturation and the Clover Assistant platform. Valuation remains attractive at a 78% discount to sector median EV/sales, with upside potential if per-member profitability and SaaS revenue trends persist.
Clover Health Investments NASDAQ: CLOV is positioning its Medicare Advantage model around earlier identification and treatment of chronic conditions, Interim Chief Financial Officer Clay Thornton said during a Canaccord Genuity conference presentation.
Clover Health Investments, Corp. (CLOV) Q2 2026 Earnings Call Transcript
