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CLOVER HEALTH INVESTMENTS, CORP. /DE

CLOVdata completeness 88%7 fiscal years on file
The thesis, from the filings

CLOVER HEALTH INVESTMENTS, CORP. /DE earns about -52% on invested capital, but has diluted owners by 24% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.47B1$1.1B2$1.26B3$1.37B3$1.92B3
Net income−$587.8M4−$339.6M5−$213.4M6−$43M6−$85.5M6
Operating cash flow−$282.3M7−$203.9M8−$144.7M9$34.8M9−$66.9M9
Capital expenditure$723,00010$4.47M11$584,00012$1.56M12$2.04M12
Free cash flow (derived)−$283M7,10−$208.4M8,11−$145.2M9,12$33.3M9,12−$69M9,12
Total debt$20M13$014———
Cash & equivalents$300M15$103.8M16$122.9M17$194.5M17$78.3M17
Diluted shares412.9M476.2M482.2M490.0M512.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.03
your share of equity
Profit it earned you last year
−$1.67
Free cash flow it threw off
−$1.35
Debt you’d be carrying
—

10 shares is a claim on $6.03 of net worth that earned you −$1.67 and generated −$1.35 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-52% avg · 5y
FY21 —FY22 —FY23 -103%FY24 -23%FY25 -29%

It earned an average -52% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+24% shares · 5y

Share count is up 24% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.
Graham Number
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001801170-24-000064 (Revenues)
  2. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001801170-25-000052 (Revenues)
  3. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001801170-26-000057 (Revenues)
  4. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001801170-24-000064 (NetIncomeLoss)
  5. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001801170-25-000052 (NetIncomeLoss)
  6. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001801170-26-000057 (NetIncomeLoss)
  7. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001801170-24-000064 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001801170-25-000052 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001801170-26-000057 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001801170-24-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001801170-25-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001801170-26-000057 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2022-02-28 · period ending 2021-12-31 · accession 0001801170-22-000015 (LongTermDebt)
  14. 10-K filed 2023-03-01 · period ending 2022-12-31 · accession 0001801170-23-000015 (LongTermDebtNoncurrent)
  15. 10-K filed 2024-03-14 · period ending 2021-12-31 · accession 0001801170-24-000064 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001801170-25-000052 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001801170-26-000057 (CashAndCashEquivalentsAtCarryingValue)