Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV)
A forensic read on CLOVER HEALTH INVESTMENTS, CORP. /DE built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-12.3
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-17.1%
ROE
$2.8B
Market cap
CLOVER HEALTH INVESTMENTS, CORP. /DE earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -12.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+44.5%Accruals ratio.Net operating assets grew +44.5% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -10% of net operating assets.
-27%Return on invested capital.Return on invested capital is -27% and rising from -83% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.5%/yrShare-count dilution.Diluted share count changed +8% over the last 3 years to FY2025 (+2.5%/yr). The count is GROWING — existing holders are being diluted. That's ~2.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~8%.
$12MGoodwill impairments.Took $12M of goodwill writedowns across 1 year(s) (FY2023 ($12M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-4.4%
Debt / Equity0.00x
Free Cash Flow$-69.0M
Latest Revenue$1.92B
Return on Equity-27.7%
Revenue Growth YoY+40.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on CLOVER HEALTH INVESTMENTS, CORP. /DE:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CLOV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown