TakeoverPE & activists

CLOVCLOVER HEALTH INVESTMENTS, CORP. /DE

Hospital & Medical Service Plans · $2.4B market cap · 724 employees

1.8×

More likely than average to be taken private

Top 7% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$9M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 14, 2020DEFM14A—$0.00—

Key numbers

Revenue
$1.9BFY2021: $1.5BFY2022: $1.1BFY2023: $1.3BFY2024: $1.4BFY2025: $1.9B
40% YoY
Operating margin
-4.4%FY2021: -43.3%FY2022: -26.1%FY2023: -16.3%FY2024: -3.3%FY2025: -4.4%
33% YoY
EBITDA
−$84MFY2021: −$636MFY2022: −$285MFY2023: −$203MFY2024: −$44MFY2025: −$84M
89% YoY
Net debt / EBITDA
—
−$73M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.5B$1.1B$1.3B$1.4B$1.9B 40% FY2021: $1.5BFY2022: $1.1BFY2023: $1.3BFY2024: $1.4BFY2025: $1.9B
Operating income−$637M−$287M−$205M−$46M−$86M 87% FY2021: −$637MFY2022: −$287MFY2023: −$205MFY2024: −$46MFY2025: −$86M
Net income−$588M−$339M−$213M−$43M−$86M 99% FY2021: −$588MFY2022: −$339MFY2023: −$213MFY2024: −$43MFY2025: −$86M
Operating cash flow−$282M−$204M−$145M$35M−$67M 292% FY2021: −$282MFY2022: −$204MFY2023: −$145MFY2024: $35MFY2025: −$67M
Capex$723K$4M$584K$2M$2M 31% FY2021: $723KFY2022: $4MFY2023: $584KFY2024: $2MFY2025: $2M
Stock-based comp$164M$164M$141M$114M$104M 9.3% FY2021: $164MFY2022: $164MFY2023: $141MFY2024: $114MFY2025: $104M
Buybacks$147K$0$0$2M$18M 933% FY2021: $147KFY2022: $0FY2023: $0FY2024: $2MFY2025: $18M

13D filers

FiledFilerFormStakeIntent
Oct 4, 2022ChaChaCha SPAC C, LLCSC 13D/A5.0%Passive
Jan 14, 2022SCH Sponsor III LLCSC 13D/A8.6%Passive
Jan 19, 2021Garipalli VivekSC 13D36.8%Passive
Jan 15, 2021SCH Sponsor III LLCSC 13D20.4%Passive

Insider trading

−$9Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $9M · 42 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$1M−$3M1596
FY2024$9M$24M2078
FY2023$10M$11M679
FY2022$0−$39M674
FY2021$390M$62M2393