CLOVCLOVER HEALTH INVESTMENTS, CORP. /DE

Hospital & Medical Service Plans

Revenue: $1.9B; 40% YoY
Operating margin: -4.4%; 33% YoY
EBITDA: −$84M; 89% YoY
Market cap: $2.4B
Employees: 724; $3M revenue each
Net debt / EBITDA: —; −$73M net debt
AI in 10-K: 5.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 74th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.9 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.1B	$1.3B	$1.4B	$1.9B	40%
Operating income	−$637M	−$287M	−$205M	−$46M	−$86M	87%
Net income	−$588M	−$339M	−$213M	−$43M	−$86M	99%
Operating cash flow	−$282M	−$204M	−$145M	$35M	−$67M	292%
Capex	$723K	$4M	$584K	$2M	$2M	31%
Stock-based comp	$164M	$164M	$141M	$114M	$104M	9.3%
Buybacks	$147K	$0	$0	$2M	$18M	933%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 14, 2020	DEFM14A	—	$0.00	—

13D filers

Filed	Filer	Form	Stake	Intent
Oct 4, 2022	ChaChaCha SPAC C, LLC	SC 13D/A	5.0%	Passive
Jan 14, 2022	SCH Sponsor III LLC	SC 13D/A	8.6%	Passive
Jan 19, 2021	Garipalli Vivek	SC 13D	36.8%	Passive
Jan 15, 2021	SCH Sponsor III LLC	SC 13D	20.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 42
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$1M	−$3M	15	96
FY2024	$9M	$24M	20	78
FY2023	$10M	$11M	6	79
FY2022	$0	−$39M	6	74
FY2021	$390M	$62M	23	93