eHealth (EHTH)
Market Price (6/19/2026): $1.64 | Market Cap: $51.1 MilSector: Financials | Industry: Insurance Brokers
eHealth (EHTH)
Market Price (6/19/2026): $1.64Market Cap: $51.1 MilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 65%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 61% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Online Marketplaces, Show more. | Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -154% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg QQuarterly Revenue Change % is -22% Not cash flow generativeCFO/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 volatilityVol 12M is 103% Key risksEHTH key risks include [1] a significant Department of Justice lawsuit and [2] persistent profitability concerns driven by challenges in customer acquisition and retention. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 65%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 61% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Online Marketplaces, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -154% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg QQuarterly Revenue Change % is -22% |
| Not cash flow generativeCFO/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 volatilityVol 12M is 103% |
| Key risksEHTH key risks include [1] a significant Department of Justice lawsuit and [2] persistent profitability concerns driven by challenges in customer acquisition and retention. |
Qualitative Assessment
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eHealth (EHTH) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Strategic Shift Towards Profitability and Operational Efficiency.
eHealth initiated a strategic pivot to prioritize profitability over revenue growth, evidenced by a significant increase in the Medicare segment's gross profit margin to 41% in fiscal Q1 2026 (ended March 31, 2026), up from 34% in the prior year's comparable quarter. This was coupled with a projected reduction of approximately $90 million in total operating costs for fiscal year 2026.
2. Reaffirmed Positive Financial Guidance.
The company reaffirmed its full-year 2026 guidance, projecting total revenue between $405 million and $445 million, GAAP net income of $8 million to $25 million, and adjusted EBITDA ranging from $55 million to $75 million. This forward-looking stability, alongside a strong cash position of $110.8 million in cash equivalents and short-term marketable securities as of March 31, 2026, likely contributed to increased investor confidence.
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eHealth (EHTH) stock has gained about 25% since 2/28/2026 because of the following key factors:
1. Strategic Shift Towards Profitability and Operational Efficiency.
eHealth initiated a strategic pivot to prioritize profitability over revenue growth, evidenced by a significant increase in the Medicare segment's gross profit margin to 41% in fiscal Q1 2026 (ended March 31, 2026), up from 34% in the prior year's comparable quarter. This was coupled with a projected reduction of approximately $90 million in total operating costs for fiscal year 2026.
2. Reaffirmed Positive Financial Guidance.
The company reaffirmed its full-year 2026 guidance, projecting total revenue between $405 million and $445 million, GAAP net income of $8 million to $25 million, and adjusted EBITDA ranging from $55 million to $75 million. This forward-looking stability, alongside a strong cash position of $110.8 million in cash equivalents and short-term marketable securities as of March 31, 2026, likely contributed to increased investor confidence.
3. Improved Unit Economics in the Core Medicare Segment.
eHealth demonstrated enhanced efficiency within its primary Medicare segment during fiscal Q1 2026. The company reported a 3% increase in Medicare Advantage lifetime value per member and a 10% reduction in the total acquisition cost per Medicare Advantage-equivalent approved member, which collectively boosted the Medicare lifetime value-to-customer acquisition cost (LTV-to-CAC) ratio to 1.4x.
4. Positive Analyst Sentiment and Price Targets.
Despite missing consensus EPS estimates for fiscal Q1 2026, the stock reacted positively, with a 6.71% rise in the session following the earnings announcement. Analysts maintained a "Hold" consensus rating, with a median price target of $2.50 as of June 12, 2026, implying a potential upside of 42.9% from the then-current trading price of $1.75.
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Stock Movement Drivers
Fundamental Drivers
The 26.9% change in EHTH stock from 2/28/2026 to 6/18/2026 was primarily driven by a 53.4% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.30 | 1.65 | 26.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 554 | 529 | -4.5% |
| Net Income Margin (%) | 7.2% | 6.3% | -12.7% |
| P/E Multiple | 1.0 | 1.5 | 53.4% |
| Shares Outstanding (Mil) | 31 | 31 | -0.8% |
| Cumulative Contribution | 26.9% |
Market Drivers
2/28/2026 to 6/18/2026| Return | Correlation | |
|---|---|---|
| EHTH | 26.9% | |
| Market (SPY) | 9.2% | -0.6% |
| Sector (XLF) | 4.7% | 16.6% |
Fundamental Drivers
The -59.6% change in EHTH stock from 11/30/2025 to 6/18/2026 was primarily driven by a -38.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.08 | 1.65 | -59.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 543 | 529 | -2.6% |
| Net Income Margin (%) | 9.3% | 6.3% | -31.9% |
| P/E Multiple | 2.5 | 1.5 | -38.0% |
| Shares Outstanding (Mil) | 31 | 31 | -1.6% |
| Cumulative Contribution | -59.6% |
Market Drivers
11/30/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| EHTH | -59.6% | |
| Market (SPY) | 9.9% | 7.6% |
| Sector (XLF) | 1.3% | 14.9% |
Fundamental Drivers
The -59.8% change in EHTH stock from 5/31/2025 to 6/18/2026 was primarily driven by a -63.7% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.10 | 1.65 | -59.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 553 | 529 | -4.3% |
| Net Income Margin (%) | 5.2% | 6.3% | 20.3% |
| P/E Multiple | 4.2 | 1.5 | -63.7% |
| Shares Outstanding (Mil) | 30 | 31 | -3.6% |
| Cumulative Contribution | -59.8% |
Market Drivers
5/31/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| EHTH | -59.8% | |
| Market (SPY) | 28.1% | 20.8% |
| Sector (XLF) | 6.7% | 23.6% |
Fundamental Drivers
The -75.3% change in EHTH stock from 5/31/2023 to 6/18/2026 was primarily driven by a -80.4% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.69 | 1.65 | -75.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 374 | 529 | 41.5% |
| P/S Multiple | 0.5 | 0.1 | -80.4% |
| Shares Outstanding (Mil) | 28 | 31 | -11.2% |
| Cumulative Contribution | -75.3% |
Market Drivers
5/31/2023 to 6/18/2026| Return | Correlation | |
|---|---|---|
| EHTH | -75.3% | |
| Market (SPY) | 85.7% | 23.9% |
| Sector (XLF) | 77.0% | 24.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EHTH Return | -64% | -81% | 80% | 8% | -51% | -64% | -98% |
| Peers Return | -5% | -22% | 23% | 29% | -36% | -15% | -36% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| EHTH Win Rate | 42% | 25% | 58% | 50% | 50% | 33% | |
| Peers Win Rate | 52% | 43% | 43% | 55% | 48% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EHTH Max Drawdown | -75% | -90% | -44% | -59% | -71% | -73% | |
| Peers Max Drawdown | -42% | -46% | -37% | -38% | -59% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOCO, SLQT, UNH, ELV, CI. 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 6/18/2026 (YTD)
How Low Can It Go
| Event | EHTH | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.3% | -7.8% |
| % Gain to Breakeven | 12.8% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.1% | -6.7% |
| % Gain to Breakeven | 59.0% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.0% | -33.7% |
| % Gain to Breakeven | 33.2% | 50.9% |
| Time to Breakeven | 10 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.5% | -3.7% |
| % Gain to Breakeven | 48.1% | 3.9% |
| Time to Breakeven | 73 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.9% | -12.2% |
| % Gain to Breakeven | 58.5% | 13.9% |
| Time to Breakeven | 448 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -62.9% | -6.8% |
| % Gain to Breakeven | 169.7% | 7.3% |
| Time to Breakeven | 917 days | 15 days |
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.
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| Event | EHTH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.1% | -6.7% |
| % Gain to Breakeven | 59.0% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.0% | -33.7% |
| % Gain to Breakeven | 33.2% | 50.9% |
| Time to Breakeven | 10 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.5% | -3.7% |
| % Gain to Breakeven | 48.1% | 3.9% |
| Time to Breakeven | 73 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.9% | -12.2% |
| % Gain to Breakeven | 58.5% | 13.9% |
| Time to Breakeven | 448 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -62.9% | -6.8% |
| % Gain to Breakeven | 169.7% | 7.3% |
| Time to Breakeven | 917 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.0% | -15.4% |
| % Gain to Breakeven | 42.9% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.9% | -53.4% |
| % Gain to Breakeven | 268.4% | 114.4% |
| Time to Breakeven | 1769 days | 1085 days |
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.
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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:
- 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.
- 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).
- 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:
- 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.
- 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.
- 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.
- 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.
- 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 279.27 |
| Mkt Cap | 73.4 |
| Rev LTM | 200,415 |
| Op Inc LTM | 67 |
| FCF LTM | 6,450 |
| FCF 3Y Avg | 4,140 |
| CFO LTM | 7,605 |
| CFO 3Y Avg | 5,341 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 2.6% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -27.2% |
| Op Inc Chg 3Y Avg | 116.2% |
| Op Mgn LTM | 4.2% |
| Op Mgn 3Y Avg | 6.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 3.2% |
| CFO/Rev 3Y Avg | 2.8% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | 2.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medicare | 531 | 501 | 406 | 362 | 471 |
| Employer and Individual | 23 | 32 | 46 | 44 | 67 |
| Total | 554 | 532 | 453 | 405 | 538 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medicare | 232 | 192 | 55 | -10 | -12 |
| Employer and Individual | 9 | 17 | 26 | 21 | 46 |
| Impairment, restructuring and other charges | -2 | -9 | 0 | -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 | 0 | 0 | -1 | ||
| Corporate | -67 | -53 | -56 | ||
| Depreciation and amortization | -20 | -21 | -18 | ||
| Stock-based compensation expense | -23 | -20 | -33 | ||
| Total | 66 | 24 | -29 | -103 | -126 |
Price Behavior
| Market Price | $1.65 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/20/2006 | |
| Distance from 52W High | -70.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.72 | $2.98 |
| DMA Trend | down | up |
| Distance from DMA | -4.3% | -44.6% |
| 3M | 1YR | |
| Volatility | 78.0% | 103.3% |
| Downside Capture | 119.70 | 340.32 |
| Upside Capture | 103.26 | 142.98 |
| Correlation (SPY) | 8.4% | 20.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.62 | 0.86 | 0.07 | 0.82 | 2.02 | 1.39 |
| Up Beta | 3.11 | -0.49 | 0.04 | 0.55 | 1.23 | 1.22 |
| Down Beta | 0.81 | 1.47 | 0.80 | 0.32 | 1.67 | 1.52 |
| Up Capture | -140% | 151% | 27% | -17% | 169% | 91% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 17 | 26 | 45 | 108 | 324 |
| Down Capture | 543% | 212% | -64% | 212% | 200% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 21 | 33 | 74 | 131 | 408 |
[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 | -58.3% | 103.3% | -0.39 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 23.0% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 20.4% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -4.5% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -4.3% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 8.3% |
| Bitcoin (BTCUSD) | -38.3% | 42.4% | -1.02 | 18.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EHTH | |
|---|---|---|---|---|
| EHTH | -51.4% | 87.7% | -0.44 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 27.3% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 28.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 0.8% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 3.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 23.9% |
| Bitcoin (BTCUSD) | 11.6% | 54.2% | 0.41 | 12.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EHTH | |
|---|---|---|---|---|
| EHTH | -18.8% | 77.1% | 0.08 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 24.8% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 29.5% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 1.2% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 6.7% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 23.3% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D 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% |
| 8/6/2025 | 45.6% | 5.8% | 20.8% |
| 5/7/2025 | 22.9% | 6.0% | -9.4% |
| 2/26/2025 | 3.3% | -6.2% | -24.0% |
| 11/6/2024 | -1.4% | 4.5% | 7.5% |
| 8/7/2024 | -18.0% | -12.6% | -20.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 8 |
| # Negative | 15 | 13 | 16 |
| Median Positive | 11.3% | 9.1% | 20.3% |
| Median Negative | -8.8% | -12.6% | -19.0% |
| Max Positive | 45.6% | 27.7% | 41.9% |
| Max Negative | -30.6% | -36.6% | -39.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D 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% |
| 8/6/2025 | 45.6% | 5.8% | 20.8% |
| 5/7/2025 | 22.9% | 6.0% | -9.4% |
| 2/26/2025 | 3.3% | -6.2% | -24.0% |
| 11/6/2024 | -1.4% | 4.5% | 7.5% |
| 8/7/2024 | -18.0% | -12.6% | -20.1% |
| 5/7/2024 | 11.3% | 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% |
| 5/9/2023 | 8.5% | 7.3% | 41.9% |
| 2/28/2023 | -16.5% | 9.1% | -6.6% |
| 11/7/2022 | 18.9% | 11.3% | 39.9% |
| 8/8/2022 | -8.8% | 11.8% | -36.5% |
| 5/3/2022 | 24.8% | 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% |
| 4/29/2021 | 0.8% | -6.1% | -7.0% |
| 2/18/2021 | 6.3% | 9.2% | 19.8% |
| 10/22/2020 | -7.2% | -16.2% | -9.1% |
| 7/23/2020 | -30.6% | -36.6% | -39.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 8 |
| # Negative | 15 | 13 | 16 |
| Median Positive | 11.3% | 9.1% | 20.3% |
| Median Negative | -8.8% | -12.6% | -19.0% |
| Max Positive | 45.6% | 27.7% | 41.9% |
| Max Negative | -30.6% | -36.6% | -39.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 405.00 Mil | 425.00 Mil | 445.00 Mil | 0 | Affirmed | Guidance: 425.00 Mil for 2026 | |
| 2026 GAAP Net Income | 8.00 Mil | 16.50 Mil | 25.00 Mil | 0 | Affirmed | Guidance: 16.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 55.00 Mil | 65.00 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 65.00 Mil for 2026 | |
| 2026 Operating Cash Flow | -10.00 Mil | 1.00 Mil | 12.00 Mil | 0 | Affirmed | Guidance: 1.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 405.00 Mil | 425.00 Mil | 445.00 Mil | -22.0% | Lower New | Actual: 545.00 Mil for 2025 | |
| 2026 GAAP Net Income | 8.00 Mil | 16.50 Mil | 25.00 Mil | -15.4% | Lower New | Actual: 19.50 Mil for 2025 | |
| 2026 Adjusted EBITDA | 55.00 Mil | 65.00 Mil | 75.00 Mil | -7.1% | Lower New | Actual: 70.00 Mil for 2025 | |
| 2026 Operating Cash Flow | -10.00 Mil | 1.00 Mil | 12.00 Mil | 113.3% | Higher New | Actual: -7.50 Mil for 2025 | |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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