Clover Health Investments, Corp.

CLOV

HealthcareMedical - Healthcare PlansNASDAQ

$3.12

Market Cap: $1.62B

Clover Health Investments, Corp. (CLOV) Valuation Summary

Updated May 10, 2026 18:35

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.01 – $18.71	$4.89	+56.8%
Revenue DCF 10Y	$0.01 – $22.10	$6.66	+113.5%
▸ Trading Multiples
EV/Revenue	$7.16 – $14.80	$9.84	+215.5%

Valuation History

DCF Analysis

Clover Health Investments, Corp. (CLOV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.66

Market Price

$3.12

Upside / Downside

+113.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -4.4% to a target of 13.2% over 5 years, discounted at a WACC of 8.6%, Clover Health Investments, Corp. (CLOV) has an intrinsic value of $6.66 per share (range: $0.01 – $22.10).

Key Assumptions

Current Operating Margin

-4.4%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

0.1%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	2,904	50.9%	-0.9%	-27	-27	3	(21)	147	-192	-184
2027	3,336	14.9%	2.6%	87	69	4	(44)	23	6	5
2028	3,715	11.3%	6.1%	228	180	4	(71)	20	94	76
2029	4,311	16.1%	9.7%	417	329	5	(107)	31	196	147
2030	4,804	11.4%	13.2%	634	501	6	(148)	26	333	230
2031	5,105	6.3%	13.2%	673	532	6	(187)	16	335	213
2032	5,392	5.6%	13.2%	711	562	6	(229)	15	324	190
2033	5,660	5.0%	13.2%	747	590	7	(273)	14	309	167
2034	5,904	4.3%	13.2%	779	615	7	(320)	13	290	144
2035	6,120	3.6%	13.2%	807	638	7	(367)	11	266	122

Enterprise Value Bridge

Sum of PV(FCFF)1,110

Terminal Value (Gordon Growth at 3.0%)4,926

PV of Terminal Value2,256

Enterprise Value3,367

(–) Net Debt-78

Equity Value3,445

(÷) Shares Outstanding517

Fair Value per Share$6.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$0	$5	$11	$16	$22
7.6%	$0	$4	$8	$13	$17
8.6%	$0	$3	$7	$10	$14
9.6%	$0	$3	$6	$8	$11
10.6%	$-0	$2	$5	$7	$10

Current price: $3.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Clover Health Investments, Corp. (CLOV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.89

Market Price

$3.12

Upside / Downside

+56.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.4%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

0.1%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	2,904	50.9%	-0.9%	-27	-27	3	(38)	147	-209	-200
2027	3,336	14.9%	2.6%	87	69	4	(83)	23	-33	-29
2028	3,715	11.3%	6.1%	228	180	4	(136)	20	29	23
2029	4,311	16.1%	9.7%	417	329	5	(208)	31	95	71
2030	4,804	11.4%	13.2%	634	501	6	(288)	26	192	133

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)3,552

PV of Terminal Value2,454

Enterprise Value2,451

(–) Net Debt-78

Equity Value2,530

(÷) Shares Outstanding517

Fair Value per Share$4.89

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$-1	$3	$8	$13	$19
7.6%	$-1	$2	$6	$10	$14
8.6%	$-1	$2	$5	$8	$11
9.6%	$-1	$1	$4	$7	$9
10.6%	$-1	$1	$3	$6	$8

Current price: $3.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$9.84

Market Price

$3.12

Upside / Downside

+215.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Clover Health Investments, Corp. (CLOV) has a fair value of $9.84 based on 9 comparable companies in the Medical - Healthcare Plans industry.

EV/Revenue Valuation — Medical - Healthcare Plans

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clover Health Investments, Corp.CLOV	1,614	0.8x	0.5x
Twist Bioscience CorporationTWST	3,645	9.6x	8.1x
LifeStance Health Group, Inc.LFST	2,986	2.1x	2.4x
National HealthCare CorporationNHC	2,945	1.9x	2.0x
10x Genomics, Inc.TXG	2,892	4.0x	4.2x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
PROCEPT BioRobotics CorporationPRCT	1,448	3.9x	3.0x
Certara, Inc.CERT	967	1.9x	1.9x
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.0x	2.2x
(*) Revenue		1,924	2,904
= Enterprise Value		3,754	6,271
(-) Net Debt		-78	-78
Equity Value		3,833	6,349
(/) Outstanding shares		517	517
Fair Price		$7	$12

Selected Fair Value (avg of trailing + forward)

$9.84

+215.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.01 – $18.71

$4.89

+56.8%

Revenue DCF 10Y

$0.01 – $22.10

$6.66

+113.5%

▸ Trading Multiples

EV/Revenue

$7.16 – $14.80

$9.84

+215.5%

DCF Analysis

Clover Health Investments, Corp. (CLOV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.66

Market Price

$3.12

Upside / Downside

+113.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.4%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

0.1%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	2,904	50.9%	-0.9%	-27	-27	3	(21)	147	-192	-184
2027	3,336	14.9%	2.6%	87	69	4	(44)	23	6	5
2028	3,715	11.3%	6.1%	228	180	4	(71)	20	94	76
2029	4,311	16.1%	9.7%	417	329	5	(107)	31	196	147
2030	4,804	11.4%	13.2%	634	501	6	(148)	26	333	230
2031	5,105	6.3%	13.2%	673	532	6	(187)	16	335	213
2032	5,392	5.6%	13.2%	711	562	6	(229)	15	324	190
2033	5,660	5.0%	13.2%	747	590	7	(273)	14	309	167
2034	5,904	4.3%	13.2%	779	615	7	(320)	13	290	144
2035	6,120	3.6%	13.2%	807	638	7	(367)	11	266	122

Enterprise Value Bridge

Sum of PV(FCFF)1,110

Terminal Value (Gordon Growth at 3.0%)4,926

PV of Terminal Value2,256

Enterprise Value3,367

(–) Net Debt-78

Equity Value3,445

(÷) Shares Outstanding517

Fair Value per Share$6.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$0	$5	$11	$16	$22
7.6%	$0	$4	$8	$13	$17
8.6%	$0	$3	$7	$10	$14
9.6%	$0	$3	$6	$8	$11
10.6%	$-0	$2	$5	$7	$10

Current price: $3.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$9.84

Market Price

$3.12

Upside / Downside

+215.5%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Healthcare Plans

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clover Health Investments, Corp.CLOV	1,614	0.8x	0.5x
Twist Bioscience CorporationTWST	3,645	9.6x	8.1x
LifeStance Health Group, Inc.LFST	2,986	2.1x	2.4x
National HealthCare CorporationNHC	2,945	1.9x	2.0x
10x Genomics, Inc.TXG	2,892	4.0x	4.2x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
PROCEPT BioRobotics CorporationPRCT	1,448	3.9x	3.0x
Certara, Inc.CERT	967	1.9x	1.9x
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.0x	2.2x
(*) Revenue		1,924	2,904
= Enterprise Value		3,754	6,271
(-) Net Debt		-78	-78
Equity Value		3,833	6,349
(/) Outstanding shares		517	517
Fair Price		$7	$12

Selected Fair Value (avg of trailing + forward)

$9.84

+215.5%