MeritValue

eHealth, Inc.

EHTHdata completeness 100%17 fiscal years on file
The thesis, from the filings

eHealth, Inc. earns about -5% on invested capital, but has diluted owners by 14% 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$538.2M1$405.4M1$452.9M2$532.4M3$554M3
Net income−$104.4M4−$88.7M4−$28.2M5$10.1M6$40M6
Operating cash flow−$162.6M7−$26.9M7−$6.69M8−$18.4M9−$25.3M9
Capital expenditure$3.87M10$214,00010$2.09M11$2.09M12$2.25M12
Free cash flow (derived)−$166.5M7−$27.1M7−$8.78M8−$20.5M9−$27.6M9
Total debt$013$66.1M14$67.8M15$68.5M16$113M16
Cash & equivalents$81.9M17$144.4M18$115.7M19$39.2M20$73.7M20
Diluted shares26.8M27.4M28.0M29.3M30.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$194.07
your share of equity
Profit it earned you last year
$13.14
Free cash flow it threw off
−$9.05
Debt you’d be carrying
$37.05

10 shares is a claim on $194.07 of net worth that earned you $13.14 and generated −$9.05 of cash last year, against $37.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 -15%FY22 -14%FY23 -3%FY24 2%FY25 6%

It earned an average -5% 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
+14% shares · 5y

Share count is up 14% over 5 years — owners have been diluted. Worth asking what they got for it.

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 v0.1.0
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
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001333493-24-000032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001333493-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001333493-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001333493-24-000032 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001333493-23-000018 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001333493-24-000032 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001333493-23-000018 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001333493-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001333493-25-000027 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001333493-26-000010 (CashAndCashEquivalentsAtCarryingValue)