eHealth (EHTH)


Market Price (8/3/2026): $1.34 | Market Cap: $41.7 MilSector: Financials | Industry: Insurance Brokers

eHealth (EHTH)


Market Price (8/3/2026): $1.34
Market Cap: $41.7 Mil
Sector: Financials
Industry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 81%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 76%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Online Marketplaces, Show more.

Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -146%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg QQuarterly Revenue Change % is -22%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%

High stock price volatility
Vol 12M is 105%

Key risks
EHTH key risks include [1] a significant Department of Justice lawsuit and [2] persistent profitability concerns driven by challenges in customer acquisition and retention.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 81%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 76%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Online Marketplaces, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -146%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg QQuarterly Revenue Change % is -22%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
6 High stock price volatility
Vol 12M is 105%
7 Key risks
EHTH key risks include [1] a significant Department of Justice lawsuit and [2] persistent profitability concerns driven by challenges in customer acquisition and retention.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/1/2026

eHealth (EHTH) stock has lost about 35% since 4/30/2026 because of the following key factors:

1. Revenue declined significantly in fiscal Q1 2026 as the company prioritized profitability over volume.

eHealth reported total revenue of $88.0 million for fiscal Q1 2026 (ended March 31, 2026), a 22.19% decrease year-over-year, primarily due to lower Medicare Advantage approved member volumes. This decline was a deliberate outcome of the company's strategic pivot to reduce marketing spend and focus on higher-return channels, aiming for operational efficiency and profitability. The company expects to reduce total operating costs by approximately $90 million in fiscal 2026 compared to fiscal 2025.

2. Fiscal Q1 2026 earnings per share missed analyst expectations.

On May 6, 2026, eHealth announced its fiscal Q1 2026 results, reporting an actual earnings per share (EPS) of -$0.30, which missed the analyst consensus estimate of -$0.20. Despite beating revenue expectations for the quarter, the EPS miss likely contributed to negative investor sentiment during the period.

Show more
Updated on 8/1/2026

eHealth (EHTH) stock has lost about 35% since 4/30/2026 because of the following key factors:

1. Revenue declined significantly in fiscal Q1 2026 as the company prioritized profitability over volume.

eHealth reported total revenue of $88.0 million for fiscal Q1 2026 (ended March 31, 2026), a 22.19% decrease year-over-year, primarily due to lower Medicare Advantage approved member volumes. This decline was a deliberate outcome of the company's strategic pivot to reduce marketing spend and focus on higher-return channels, aiming for operational efficiency and profitability. The company expects to reduce total operating costs by approximately $90 million in fiscal 2026 compared to fiscal 2025.

2. Fiscal Q1 2026 earnings per share missed analyst expectations.

On May 6, 2026, eHealth announced its fiscal Q1 2026 results, reporting an actual earnings per share (EPS) of -$0.30, which missed the analyst consensus estimate of -$0.20. Despite beating revenue expectations for the quarter, the EPS miss likely contributed to negative investor sentiment during the period.

3. Conservative full-year 2026 guidance and subsequent analyst price target reductions.

eHealth's updated full-year fiscal 2026 guidance, particularly regarding revenue, was viewed as conservative by analysts. This led to a notable reduction in analyst price targets, with some fair value estimates being cut from approximately $3.75 to $2.25. As of May 15, 2026, the average analyst price target was $2.50. The maintained guidance for total revenue between $405 million and $445 million for fiscal year 2026, while aiming for profitability, suggested a slower growth trajectory, impacting valuation.

4. Removal from the Russell 3000 Index.

eHealth was removed from the Russell 3000 Index in June 2026. Such an event often results in selling pressure as institutional funds that track the index are required to divest their shares, contributing to a decrease in the stock price.

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Stock Movement Drivers

Fundamental Drivers

The -35.4% change in EHTH stock from 4/30/2026 to 8/2/2026 was primarily driven by a -22.0% change in the company's P/E Multiple.
(LTM values as of)43020268022026Change
Stock Price ($)2.061.33-35.4%
Change Contribution By: 
Total Revenues ($ Mil)554529-4.5%
Net Income Margin (%)7.2%6.3%-12.7%
P/E Multiple1.61.2-22.0%
Shares Outstanding (Mil)3131-0.8%
Cumulative Contribution-35.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/2/2026
ReturnCorrelation
EHTH-35.4% 
Market (SPY)3.9%10.1%
Sector (XLF)9.2%33.6%

Fundamental Drivers

The -53.0% change in EHTH stock from 1/31/2026 to 8/2/2026 was primarily driven by a -31.9% change in the company's Net Income Margin (%).
(LTM values as of)13120268022026Change
Stock Price ($)2.831.33-53.0%
Change Contribution By: 
Total Revenues ($ Mil)543529-2.6%
Net Income Margin (%)9.3%6.3%-31.9%
P/E Multiple1.71.2-28.0%
Shares Outstanding (Mil)3131-1.6%
Cumulative Contribution-53.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/2/2026
ReturnCorrelation
EHTH-53.0% 
Market (SPY)8.3%12.3%
Sector (XLF)7.1%17.3%

Fundamental Drivers

The -60.9% change in EHTH stock from 7/31/2025 to 8/2/2026 was primarily driven by a -64.7% change in the company's P/E Multiple.
(LTM values as of)73120258022026Change
Stock Price ($)3.401.33-60.9%
Change Contribution By: 
Total Revenues ($ Mil)553529-4.3%
Net Income Margin (%)5.2%6.3%20.3%
P/E Multiple3.51.2-64.7%
Shares Outstanding (Mil)3031-3.6%
Cumulative Contribution-60.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/2/2026
ReturnCorrelation
EHTH-60.9% 
Market (SPY)19.2%19.5%
Sector (XLF)10.0%22.4%

Fundamental Drivers

The -82.4% change in EHTH stock from 7/31/2023 to 8/2/2026 was primarily driven by a -86.0% change in the company's P/S Multiple.
(LTM values as of)73120238022026Change
Stock Price ($)7.561.33-82.4%
Change Contribution By: 
Total Revenues ($ Mil)37452941.5%
P/S Multiple0.60.1-86.0%
Shares Outstanding (Mil)2831-11.2%
Cumulative Contribution-82.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/2/2026
ReturnCorrelation
EHTH-82.4% 
Market (SPY)68.9%23.2%
Sector (XLF)68.4%23.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EHTH Return-64%-81%80%8%-51%-70%-98%
Peers Return12%-3%16%20%-19%8%32%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
EHTH Win Rate42%25%58%50%50%14% 
Peers Win Rate52%52%42%48%53%46% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
EHTH Max Drawdown-75%-90%-44%-59%-71%-73% 
Peers Max Drawdown-29%-32%-29%-38%-47%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLQT, UNH, ELV, CI, HUM. See EHTH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/31/2026 (YTD)

How Low Can It Go

EventEHTHS&P 500
2024 Yen Carry Trade Unwind
  % Loss-11.3%-7.8%
  % Gain to Breakeven12.8%8.5%
  Time to Breakeven2 days18 days
2023 SVB Regional Banking Crisis
  % Loss-37.1%-6.7%
  % Gain to Breakeven59.0%7.1%
  Time to Breakeven41 days31 days
2020 COVID-19 Crash
  % Loss-25.0%-33.7%
  % Gain to Breakeven33.2%50.9%
  Time to Breakeven10 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-32.5%-3.7%
  % Gain to Breakeven48.1%3.9%
  Time to Breakeven73 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-36.9%-12.2%
  % Gain to Breakeven58.5%13.9%
  Time to Breakeven448 days62 days
2014-2016 Oil Price Collapse
  % Loss-62.9%-6.8%
  % Gain to Breakeven169.7%7.3%
  Time to Breakeven917 days15 days

Compare to SLQT, UNH, ELV, CI, HUM

In The Past

eHealth's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventEHTHS&P 500
2023 SVB Regional Banking Crisis
  % Loss-37.1%-6.7%
  % Gain to Breakeven59.0%7.1%
  Time to Breakeven41 days31 days
2020 COVID-19 Crash
  % Loss-25.0%-33.7%
  % Gain to Breakeven33.2%50.9%
  Time to Breakeven10 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-32.5%-3.7%
  % Gain to Breakeven48.1%3.9%
  Time to Breakeven73 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-36.9%-12.2%
  % Gain to Breakeven58.5%13.9%
  Time to Breakeven448 days62 days
2014-2016 Oil Price Collapse
  % Loss-62.9%-6.8%
  % Gain to Breakeven169.7%7.3%
  Time to Breakeven917 days15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.0%-15.4%
  % Gain to Breakeven42.9%18.2%
  Time to Breakeven121 days125 days
2008-2009 Global Financial Crisis
  % Loss-72.9%-53.4%
  % Gain to Breakeven268.4%114.4%
  Time to Breakeven1769 days1085 days

Compare to SLQT, UNH, ELV, CI, HUM

In The Past

eHealth's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About eHealth (EHTH)

eHealth, Inc. (EHTH) operates a leading online health insurance marketplace in the United States, providing comprehensive consumer engagement, education, and enrollment solutions. The company's primary function is to simplify the complex process of finding and purchasing health insurance by organizing and presenting information from various carriers. Through its multiple e-commerce platforms like eHealth.com and Medicare.com, it enables individuals, families, and small businesses to easily research, compare, and ultimately enroll in a wide range of health insurance plans.

eHealth's marketplace offers a diverse portfolio of insurance products, including popular Medicare plans such as Medicare Advantage, Medicare Supplement, and Medicare Part D prescription drug plans, as well as individual, family, and small business health insurance, and other supplementary options. Its main customers are consumers seeking health insurance, segmented into Medicare and Individual, Family & Small Business categories. Beyond direct sales, eHealth also serves health insurance carriers by licensing its e-commerce technology for their own online distribution and by offering online sponsorship, advertising, and lead referral services, expanding its revenue streams within the health insurance ecosystem.

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  • Expedia for health insurance.

  • Kayak for health insurance.

  • LendingTree for health insurance.

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  • Health Insurance Marketplace Services: Operates an online platform enabling individuals, families, and small businesses to research, compare, and enroll in various health insurance plans.
  • Medicare Insurance Plans: Provides access to and enrollment solutions for Medicare Advantage, Medicare Supplement, and Medicare Part D prescription drug plans.
  • Individual, Family, and Small Business Health Plans: Offers a selection of health insurance products catering to individuals, families, and small businesses.
  • Ancillary Health Products: Facilitates the purchase of supplementary health insurance products.
  • eCommerce Technology Licensing: Licenses its health insurance ecommerce technology to carriers for their online distribution.
  • Online Sponsorship, Advertising, and Lead Referral Services: Provides services like online sponsorship, advertising, and lead generation to health insurance carriers and partners.

AI Analysis | Feedback

eHealth (EHTH) operates a health insurance marketplace that connects individuals, families, and small businesses with various health insurance plans. From a revenue generation perspective, its major direct customers are health insurance carriers.

eHealth provides several key services to these health insurance carriers:

  • Receiving commissions on the sale of health insurance plans facilitated through eHealth's platforms.
  • Licensing its health insurance e-commerce technology, which enables carriers to market and distribute health insurance plans online.
  • Providing online sponsorship and advertising services to help carriers promote their plans.
  • Offering lead referral services to connect carriers with potential customers.

The provided company description refers to these customers generically as "health insurance carriers" and does not specify the names of individual carrier companies. Therefore, specific names and stock symbols of these customer companies cannot be listed.

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Derrick Duke, Chief Executive Officer and Director

Derrick Duke was appointed Chief Executive Officer of eHealth in September 2025. He brings over three decades of strategic leadership and financial expertise within the health insurance and managed care sectors. Prior to eHealth, Mr. Duke served as Chief Executive Officer of Magellan Health, a national healthcare management organization and a subsidiary of Centene Corporation. During his tenure at Magellan, he also held dual roles as Chief Financial Officer and Chief Operating Officer. Earlier in his career, he spent nearly 16 years at HealthMarkets, where he held senior leadership positions including Chief Investment Officer, Chief Financial Officer, and Chief Operating Officer. Mr. Duke played a key role in guiding HealthMarkets through its acquisition by UnitedHealth Group.

John Dolan, Senior Vice President, Chief Financial Officer

John Dolan was appointed Chief Financial Officer of eHealth in August 2024, bringing 34 years of experience in finance and accounting. He joined eHealth in May 2022 and served as the company's Chief Accounting Officer, playing a pivotal role in strengthening financial operations and reporting processes. Before eHealth, Mr. Dolan spent five years as Deputy Controller at BNY Mellon, overseeing global accounting policies and financial reporting. Prior to that, he spent 13 years at American Express in various roles, including Vice President, Americas Controller, and Vice President of Global Accounting Policies. His career also includes roles as Controller at GE Capital, Director of Corporate Reporting at Merrill Lynch, and Senior Manager at PricewaterhouseCoopers. Mr. Dolan is a certified public accountant (inactive).

Michelle Barbeau, Senior Vice President, Chief Revenue Officer

Michelle Barbeau has served as eHealth's Chief Revenue Officer since January 2024. She previously held the position of eHealth's Chief Marketing Officer from September 2022 to January 2024. Before joining eHealth, Ms. Barbeau led the marketing and communications strategy at AbleTo, a provider of virtual mental health services.

Gavin Galimi, Senior Vice President, General Counsel & Corporate Secretary

Gavin Galimi has served as eHealth's Senior Vice President, General Counsel and Corporate Secretary since June 2022. He brings extensive experience in the health insurance sector, including 15 years at UnitedHealth Group, where he most recently served as General Counsel for UnitedHealthcare Specialty Benefits. In 2017, Mr. Galimi co-founded Stratagem Investments, a private equity firm.

Ketan Babaria, Senior Vice President, Chief Digital & AI Officer

Ketan Babaria serves as eHealth's Senior Vice President, Chief Digital & AI Officer. In this role, he leads the company's product, design, engineering, IT, security, program management, and AI teams, focusing on enhancing the consumer experience and driving digital transformation at scale.

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The key risks to eHealth's business (symbol: EHTH) are:

  1. Regulatory Changes and Headwinds: eHealth operates in a highly regulated environment, with regulatory changes from the Centers for Medicare & Medicaid Services (CMS) being a significant factor impacting its business. These changes, such as new rules limiting dual-eligible beneficiaries from switching plans outside of main enrollment periods, have directly affected the number of approved Medicare Advantage (MA) members and contributed to revenue declines. Given that the Medicare segment historically accounts for approximately 90% of the company's total revenue, any adverse regulatory shifts pose a substantial risk.
  2. Intense Competition and Customer Acquisition Costs: The online health insurance marketplace in which eHealth operates is intensely competitive. The company faces competition from other specialized online brokers, traditional insurance agencies adopting digital tools, and even insurance carriers expanding their direct sales channels. This crowded landscape creates significant pressure on customer acquisition costs and overall profitability. While management has reduced marketing spend to control costs, this strategy also carries the risk of lower brand visibility and slower customer acquisition, especially during critical periods like the Annual Enrollment Period (AEP).
  3. Dependence on Medicare Segment and Lifetime Value (LTV) Revenue Recognition: eHealth's business is heavily concentrated in its Medicare segment, which is its primary revenue driver. The company's revenue model relies significantly on commissions from Medicare-related plans, with revenue recognition tied to the estimated "Present Value of Future Commissions" or the anticipated lifetime value (LTV) of a policyholder. A core risk arises when customer churn is higher than projected, necessitating downward revisions of LTV estimates, which can lead to substantial revenue write-downs and financial losses. This model exposes the company to inaccuracies in forecasting customer retention and future commission amounts.

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eHealth (EHTH) operates in the health insurance marketplace in the United States, primarily focusing on Medicare-related products, as well as individual, family, and small business health insurance solutions. The addressable markets for its main products and services in the U.S. are substantial:

  • Medicare Advantage: The U.S. Medicare Advantage market size was estimated at approximately $445.97 billion in 2025 and is projected to grow to about $1.06 trillion by 2034. In 2025, enrollment reached 34.1 million beneficiaries, representing 54% of all Medicare-eligible individuals in the U.S. By 2026, enrollment increased to 35.4 million beneficiaries, or 51% of the 69 million Medicare-eligible individuals. The Centers for Medicare & Medicaid Services (CMS) projects Medicare Advantage penetration to reach 60% by 2030, with an addressable market of 80 million members.
  • Medicare Supplement (Medigap): The U.S. Medicare Supplement health insurance market was valued at $30.55 billion in 2025 and is estimated to reach approximately $50.33 billion by 2035. Another estimate placed the market size at $26.97 billion in 2022, growing to $27.90 billion in 2023, and projected to reach $39.26 billion by 2030. As of 2024, over 14 million Americans were enrolled in Medigap plans.
  • Medicare Part D Prescription Drug Plans: In 2025, 54.8 million Medicare beneficiaries in the U.S. were enrolled in Medicare Part D plans. Spending on Part D benefits, net of premiums, is estimated to be $140 billion in 2026. Medicare Advantage Prescription Drug plans (MA-PDs) are the primary source of Part D drug coverage, with nearly 32 million enrollees in 2025, compared to 23 million enrollees in stand-alone Prescription Drug Plans (PDPs).
  • Individual and Family Health Insurance: The U.S. individual health insurance market was valued at $1.60 trillion in 2022 and reached an estimated $1.6848 trillion in 2023. This market is projected to grow to $2.54 trillion by 2030. Approximately 18.2 million people were enrolled in the individual market in 2023.
  • Small Business Health Insurance: The U.S. small business health insurance market was valued at $1.4643 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 5-7%. In 2022, more than 11 million people were enrolled in small-employer group health insurance plans. Individual Coverage Health Reimbursement Arrangement (ICHRA) enrollment among small businesses increased by 52% in 2025.

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Here are 3-5 expected drivers of future revenue growth for eHealth (EHTH) over the next 2-3 years:

  1. Growth in Medicare Advantage Enrollments and Market Share Expansion: eHealth has demonstrated consistent growth in Medicare Advantage approved members and overall Medicare enrollment. The company's leadership has highlighted gaining market share in the Medicare Advantage sector, a trend anticipated to continue as the Medicare-eligible population expands.
  2. Enhanced Omnichannel Platform and Improved Conversion Rates: The company's investment in its omnichannel platform, which integrates online and telephonic engagement, is expected to drive future revenue growth through improved conversion rates. eHealth's "carrier-agnostic choice platform" is positioned as a valuable resource for beneficiaries navigating dynamic Medicare plan offerings.
  3. Operational Efficiency and Business Transformation Initiatives: eHealth's ongoing business transformation program, including efforts to reduce fixed costs, optimize marketing spend, and leverage technology like AI for screening, is aimed at enhancing profitability and operational efficiency. These initiatives are expected to contribute to more sustainable revenue growth by improving unit economics.
  4. Focus on Higher-Quality Customers and Member Retention: A strategic shift towards a "lifetime-advisory model" and a focus on acquiring and retaining higher-quality Medicare Advantage enrollments are key drivers. Improved member retention and a favorable mix of carriers are specifically noted as factors increasing Medicare Advantage Lifetime Value (LTV), which directly impacts long-term revenue.
  5. Expansion of Ancillary Health Insurance Products: While Medicare remains a primary focus, eHealth is also pursuing diversification through adjacent product offerings. The significant growth in sales of ancillary products, such as hospital indemnity plans, indicates a promising avenue for additional revenue streams.

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Share Repurchases

  • eHealth has not engaged in significant company-wide share repurchase programs over the last three to five years.
  • The company did repurchase shares to cover employee tax withholding obligations, amounting to approximately $5.9 million for the nine months ended September 30, 2021, and $2.9 million for the three months ended September 30, 2022.

Share Issuance

  • In April 2021, eHealth issued and sold 2.25 million shares of Series A convertible preferred stock to an investment vehicle of H.I.G. Capital in a private placement, generating net proceeds of $214.0 million.
  • The company realized net proceeds from the exercise of common stock options and employee stock purchases, totaling approximately $3.1 million for the nine months ended September 30, 2021, and $1.1 million for the nine months ended September 30, 2022.
  • The number of common shares outstanding increased from 27.56 million in 2022 to 28.63 million in 2023, partly due to the issuance of shares, including Restricted Stock Units (RSUs) to directors in June 2025 as part of compensation.

Inbound Investments

  • In April 2021, eHealth received a substantial inbound investment through the issuance and sale of 2.25 million shares of Series A convertible preferred stock to an investment vehicle of H.I.G. Capital, which resulted in net proceeds of $214.0 million.
  • In early 2026, eHealth secured a new $125 million asset-based revolving credit facility with Manulife | Comvest Credit Partners, replacing an existing term loan.

Capital Expenditures

  • Capitalized internal-use software and website development costs were approximately $7.3 million for the nine months ended September 30, 2021, and $12.5 million for the nine months ended September 30, 2022.
  • Purchases of property and equipment and other assets amounted to approximately $2.7 million for the nine months ended September 30, 2021, and $0.2 million for the nine months ended September 30, 2022.
  • A new growth strategy, announced in February 2026, outlines future investments in enhanced technology, integrated data, advisor enablement tools, and a comprehensive service ecosystem, leveraging AI and advanced analytics. The new $125 million credit facility also allocates capital for AI-driven capabilities and diversification.

Better Bets vs. eHealth (EHTH)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

EHTHSLQTUNHELVCIHUMMedian
NameeHealth SelectQu.UnitedHe.Elevance.Cigna Humana  
Mkt Price1.330.75414.40375.84279.05363.86321.46
Mkt Cap0.00.1376.381.673.443.758.5
Rev LTM5291,642449,713201,113281,336145,679173,396
Op Inc LTM675818,835-8,911-4,489
FCF LTM-81-1719,6666,2899,1131,9494,119
FCF 3Y Avg-38-218,3484,1497,006-2222,074
CFO LTM-67-223,1537,46410,2772,5395,002
CFO 3Y Avg-251121,8515,3288,3224082,868

Growth & Margins

EHTHSLQTUNHELVCIHUMMedian
NameeHealth SelectQu.UnitedHe.Elevance.Cigna Humana  
Rev Chg LTM-4.3%10.3%9.7%6.3%7.7%18.3%8.7%
Rev Chg 3Y Avg13.0%21.7%10.2%6.7%131.9%13.9%13.5%
Rev Chg Q-22.2%5.6%2.0%1.4%6.7%26.2%3.8%
QoQ Delta Rev Chg LTM-4.5%1.4%0.5%0.3%1.6%6.2%0.9%
Op Inc Chg LTM35.9%-27.2%-43.7%-8.8%--9.2%
Op Inc Chg 3Y Avg163.0%116.2%-10.3%-589.9%-139.6%
Op Mgn LTM12.7%3.5%4.2%-3.2%-3.9%
Op Mgn 3Y Avg6.0%3.8%6.9%-3.3%-4.9%
QoQ Delta Op Mgn LTM0.3%0.8%-0.0%-0.1%-0.2%
CFO/Rev LTM-12.6%-0.1%5.1%3.7%3.7%1.7%2.7%
CFO/Rev 3Y Avg-4.7%0.7%5.3%2.8%3.3%0.1%1.7%
FCF/Rev LTM-15.3%-1.0%4.4%3.1%3.2%1.3%2.2%
FCF/Rev 3Y Avg-7.2%-0.2%4.4%2.1%2.8%-0.4%1.0%

Valuation

EHTHSLQTUNHELVCIHUMMedian
NameeHealth SelectQu.UnitedHe.Elevance.Cigna Humana  
Mkt Cap0.00.1376.381.673.443.758.5
P/S0.10.10.80.40.30.30.3
P/Op Inc0.62.520.0-8.2-5.3
P/EBIT0.71.020.311.27.318.49.2
P/E1.21.531.216.411.434.213.9
P/CFO-0.6-62.416.310.97.117.29.0
Total Yield80.6%64.7%5.3%7.9%11.0%3.9%9.4%
Dividend Yield0.0%0.0%2.1%1.8%2.2%1.0%1.4%
FCF Yield 3Y Avg-66.7%-2.4%5.4%4.7%8.5%0.4%2.6%
D/E3.22.80.20.40.40.30.4
Net D/E0.52.60.1-0.10.3-0.20.2

Returns

EHTHSLQTUNHELVCIHUMMedian
NameeHealth SelectQu.UnitedHe.Elevance.Cigna Humana  
1M Rtn-16.9%-5.5%-2.6%-10.1%-3.0%-8.3%-6.9%
3M Rtn-34.8%-15.4%13.0%1.3%-0.8%56.1%0.2%
6M Rtn-53.0%-47.4%46.4%9.8%3.0%87.8%6.4%
12M Rtn-58.6%-57.1%79.0%39.7%8.8%49.3%24.2%
3Y Rtn-85.3%-59.4%-12.8%-15.7%2.7%-22.5%-19.1%
1M Excs Rtn-22.3%-15.8%-2.9%-9.8%0.6%-11.2%-10.5%
3M Excs Rtn-39.3%-22.7%8.6%-3.6%-7.3%50.4%-5.5%
6M Excs Rtn-61.0%-55.6%36.2%2.0%-3.4%78.9%-0.7%
12M Excs Rtn-78.0%-76.9%42.2%13.0%-21.9%23.5%-4.5%
3Y Excs Rtn-146.2%-123.0%-77.3%-79.9%-62.4%-79.8%-79.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Medicare531501406362471
Employer and Individual2332464467
Total554532453405538


Operating Income by Segment
$ Mil20252024202320222021
Medicare23219255-10-12
Employer and Individual917262146
Impairment, restructuring and other charges-2-90-20-51
Other Customer Care and Enrollment (CC&E)-2-3   
Other marketing and advertising-28-29   
Technology and content-52-54   
General and administrative-90-90   
Amortization of intangible assets  00-1
Corporate  -67-53-56
Depreciation and amortization  -20-21-18
Stock-based compensation expense  -23-20-33
Total6624-29-103-126


Price Behavior

Price Behavior
Market Price$1.33 
Market Cap ($ Bil)0.0 
First Trading Date10/20/2006 
Distance from 52W High-76.5% 
   50 Days200 Days
DMA Price$1.62$2.62
DMA Trenddowndown
Distance from DMA-18.0%-49.2%
 3M1YR
Volatility73.0%105.3%
Downside Capture186.99290.69
Upside Capture-33.15125.66
Correlation (SPY)10.7%19.7%
EHTH Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.230.470.540.841.591.29
Up Beta3.591.662.000.661.041.15
Down Beta2.38-1.08-1.09-0.060.901.37
Up Capture100%24%-32%27%143%66%
Bmk +ve Days11223567138427
Stock +ve Days6142144103319
Down Capture262%117%173%182%173%110%
Bmk -ve Days11212859114326
Stock -ve Days14263875137413

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EHTH
EHTH-60.4%104.9%-0.41-
Sector ETF (XLF)9.4%14.8%0.3922.3%
Equity (SPY)18.8%12.9%1.0719.5%
Gold (GLD)23.6%28.1%0.74-4.5%
Commodities (DBC)30.2%19.7%1.22-6.3%
Real Estate (VNQ)13.7%13.9%0.694.3%
Bitcoin (BTCUSD)-46.8%43.0%-1.3418.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EHTH
EHTH-52.9%88.5%-0.46-
Sector ETF (XLF)11.3%18.4%0.4727.5%
Equity (SPY)12.6%17.1%0.5628.6%
Gold (GLD)17.1%18.5%0.750.7%
Commodities (DBC)9.0%19.5%0.351.7%
Real Estate (VNQ)2.5%18.9%0.0323.1%
Bitcoin (BTCUSD)13.4%53.3%0.4312.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EHTH
EHTH-20.3%77.5%0.06-
Sector ETF (XLF)13.6%22.0%0.5624.7%
Equity (SPY)15.0%17.9%0.7129.4%
Gold (GLD)11.3%16.1%0.571.4%
Commodities (DBC)7.3%18.0%0.325.9%
Real Estate (VNQ)4.9%20.7%0.2022.9%
Bitcoin (BTCUSD)57.6%66.2%0.987.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.8 Mil
Short Interest: % Change Since 63020268.8%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity31.1 Mil
Short % of Basic Shares2.5%

Returns Analyses

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-7.0%-7.5%-13.5%
2/25/2026-29.6%-13.2%-30.7%
11/5/2025-21.9%-14.4%-25.7%
8/6/202545.6%5.8%20.8%
5/7/202522.9%6.0%-9.4%
2/26/20253.3%-6.2%-24.0%
11/6/2024-1.4%4.5%7.5%
8/7/2024-18.0%-12.6%-20.1%
...
SUMMARY STATS   
# Positive9118
# Negative151316
Median Positive11.3%9.1%20.3%
Median Negative-8.8%-12.6%-19.0%
Max Positive45.6%27.7%41.9%
Max Negative-30.6%-36.6%-39.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-7.0%-7.5%-13.5%
2/25/2026-29.6%-13.2%-30.7%
11/5/2025-21.9%-14.4%-25.7%
8/6/202545.6%5.8%20.8%
5/7/202522.9%6.0%-9.4%
2/26/20253.3%-6.2%-24.0%
11/6/2024-1.4%4.5%7.5%
8/7/2024-18.0%-12.6%-20.1%
5/7/202411.3%13.2%10.1%
2/27/2024-7.6%-8.1%-17.7%
11/8/2023-0.8%5.2%10.7%
8/8/2023-1.3%-4.7%-17.8%
5/9/20238.5%7.3%41.9%
2/28/2023-16.5%9.1%-6.6%
11/7/202218.9%11.3%39.9%
8/8/2022-8.8%11.8%-36.5%
5/3/202224.8%27.7%33.7%
3/1/2022-14.6%-24.5%-16.7%
11/8/2021-25.6%-30.7%-36.2%
7/29/2021-7.2%-12.5%-29.6%
4/29/20210.8%-6.1%-7.0%
2/18/20216.3%9.2%19.8%
10/22/2020-7.2%-16.2%-9.1%
7/23/2020-30.6%-36.6%-39.9%
SUMMARY STATS   
# Positive9118
# Negative151316
Median Positive11.3%9.1%20.3%
Median Negative-8.8%-12.6%-19.0%
Max Positive45.6%27.7%41.9%
Max Negative-30.6%-36.6%-39.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/06/202210-Q
12/31/202103/01/202210-K
09/30/202111/08/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202002/26/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/11/202010-Q
12/31/201903/02/202010-K
09/30/201911/08/201910-Q
06/30/201908/08/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total Revenue405.00 Mil425.00 Mil445.00 Mil0 AffirmedGuidance: 425.00 Mil for 2026
2026 GAAP Net Income8.00 Mil16.50 Mil25.00 Mil0 AffirmedGuidance: 16.50 Mil for 2026
2026 Adjusted EBITDA55.00 Mil65.00 Mil75.00 Mil0 AffirmedGuidance: 65.00 Mil for 2026
2026 Operating Cash Flow-10.00 Mil1.00 Mil12.00 Mil0 AffirmedGuidance: 1.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue405.00 Mil425.00 Mil445.00 Mil-22.0% Lower NewGuidance: 545.00 Mil for 2025
2026 GAAP Net Income8.00 Mil16.50 Mil25.00 Mil-15.4% Lower NewGuidance: 19.50 Mil for 2025
2026 Adjusted EBITDA55.00 Mil65.00 Mil75.00 Mil-7.1% Lower NewGuidance: 70.00 Mil for 2025
2026 Operating Cash Flow-10.00 Mil1.00 Mil12.00 Mil  Higher NewGuidance: -7.50 Mil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue525.00 Mil545.00 Mil565.00 Mil0 AffirmedGuidance: 545.00 Mil for 2025
2025 GAAP Net Income9.00 Mil19.50 Mil30.00 Mil25.8% RaisedGuidance: 15.50 Mil for 2025
2025 Adjusted EBITDA60.00 Mil70.00 Mil80.00 Mil7.7% RaisedGuidance: 65.00 Mil for 2025
2025 Operating Cash Flow-25.00 Mil-7.50 Mil10.00 Mil0 AffirmedGuidance: -7.50 Mil for 2025
2025 Net Adjustment Revenue40.00 Mil41.50 Mil43.00 Mil   

Insider Activity

Updated 7/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dolan, John JosephChief Financial OfficerDirectBuy30920261.5325,00038,190318,894Form
2Duke, Derrick AChief Executive OfficerDirectBuy30220261.38187,969259,397673,397Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dolan, John JosephChief Financial OfficerDirectBuy30920261.5325,00038,190318,894Form
2Duke, Derrick AChief Executive OfficerDirectBuy30220261.38187,969259,397673,397Form
Core Cache Last Updated: 8/2/2026