eHealth, Inc.

EHTH
About the company

eHealth, Inc. operates a health insurance marketplace that provides consumer engagement, education, and health insurance enrollment solutions in the United States. It operates in two segments, Medicare; and Employer and Individual. The Medicare segment offers sale of Medicare-related health insurance plans, such as Medicare advantage, Medicare Supplement, and Medicare Part D prescription drug plans to Medicare-eligible beneficiaries including but not limited to, dental and vision insurance, and hospital indemnity plans, as well as advertising program for marketing and other services.

Country: United StatesPrice: $0.41Market Cap: $13.4M

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

3 / 13

NEUTRAL / FAIL

Median fair value

$12.09

+2848.8% vs price

Models with upside

1 / 16

Positive margin of safety

Strongest signal

6 of 11 pass — Buffett, Lynch, Piotroski +2 more object

Key risk

All 10 investors flag EHTH's cash flow

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILFAILNEUTRALNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/A+96.6%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage55% pass✓ 8✗ 5▾

    6 of 11 pass — Buffett, Lynch, Piotroski +2 more object

    Debt/Equity & Interest CoverageD/E: 0.23, IC: 3.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.23
    ✓Lynch< 0.33
    Cash - Long-term Debt$-58.2M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change5.92% -> 8.95%
    ✗PiotroskiDecreased YoY
    Total Debt / Shareholders' Equity0.23
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.23
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=7.5x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.23
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.2340; #1804/4210 (top 42.9%)
    ✗AsnessTop 30% of eligible cross-section
    Current Assets / Current Liabilities8.68x
    ✓SchlossCurrent ratio >= 1.50x (app cutoff)

Where It Falls Short

  • Cash Flow0% pass✗ 12▾

    All 10 investors flag EHTH's cash flow

    Free Cash Flow Proxy$-10.4M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-17.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-25.3M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-2.01%, ROA=3.17%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-206.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive7/17 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-135.3%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency11/20 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-17.2M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-128.43%; #4116/4519 (top 91.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Efficiency0% pass✗ 5▾

    All 4 investors flag EHTH's efficiency

    Revenue / Total Assets Change YoY0.46x -> 0.44x
    ✗PiotroskiImproved YoY
    Return on Invested Capital6.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-3.4%; FY2024: ROIC=2.8%; FY2025: ROIC=7.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC7.5% (RR=100% x ROIC=7.5%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 7.5%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts0% pass✗ 13▾

    Split decision: 13 FAIL · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/7)✗BuffettFAIL (0/7)✗LynchFAIL (1/6)✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (3/10)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1381/2370 (Top 58.3%))✗NeffFAIL (0/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation8% pass✓ 11✗ 15▾

    11 of 12 flag EHTH's valuation — Graham, Lynch, Dreman +8 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.0x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.0x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-206.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.0x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.41)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+171.43%; #72/6340 (top 1.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+36.8592; #94/6449 (top 1.5%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.02x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-40.9%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+35.0340; #148/5247 (top 2.8%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-128.43%; #4116/4519 (top 91.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-68.94%; #5634/6202 (top 90.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 7✗ 25▾

    13 of 15 flag EHTH's profitability — Graham, Buffett, Lynch +10 more

    Positive EPS (10 years)8/22 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)14/22 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-4.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)12.0% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-10.4M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE4.7%
    ✗Lynch> 15%
    Net Income / Total Assets3.17%
    ✓PiotroskiROA > 0
    ROA Change YoY0.87% -> 3.17% (delta: +2.30%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-2.01%, ROA=3.17%
    ✗PiotroskiCFO/Assets > ROA
    Pre-Tax Income / Revenue7.6%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity4.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.0x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity1.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency14/19 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.6%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity4.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-6.4% (2023) -> 12.0% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 35.2% -> 43.5%, operating margin -6.4% -> 12.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+171.43%; #72/6340 (top 1.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+18.82%; #2131/3702 (top 57.6%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+4.65%; #2498/5226 (top 47.8%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0479; #2525/5884 (top 42.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-35.6% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years3/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 3✗ 9▾

    7 of 8 flag EHTH's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR9.6% CAGR over 11 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency14/19 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth11.7%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 35.2% -> 43.5%, operating margin -6.4% -> 12.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-1.0%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-35.6% over 5 years
    ✗Neff7%-20% annualized

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Insurance
SIC Sector: Insurance Agents & Brokers
Size: Micro Cap($13.4M)
Revenue: $554.0M+4.1% YoY
Net Income: $40.0M+298.2% YoY

Financial Snapshot

Operating Margin12.0%
Return on Equity6.8%
Debt / Equity0.19
Current Ratio3.37
EPS (Diluted)$-0.34
Shares Retired−3.8% / −8.3% 2y

Similar Companies

UNHUNITEDHEALTH GROUP INC
$365.1B
PGRPROGRESSIVE CORP/OH/
$136.6B
MRSHMARSH & MCLENNAN COMPANIES, INC.
$98.8B
CILJFCHINA LIFE INSURANCE CO LTD
$85.1B
Sector-adjusted criteria: Insurer

Insurers file unclassified balance sheets with no inventory or current accounts, so those criteria are omitted rather than failed for missing data. Return-on-invested-capital tests are omitted too: float funds the balance sheet but never appears in invested capital, and the portfolio it is invested in would be subtracted as spare cash. Debt tests are kept — an insurer’s borrowings are real leverage on top of underwriting.

Shareholder Return

Fiscal 2025

Issued 3.8% of shares last year, 8.3% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-26
FY 2024
Sources
  • 10-K · 2025-02-27
FY 2023
Sources
  • 10-K · 2024-02-29
FY 2022
Sources
  • 10-K · 2023-03-01
FY 2021
Sources
  • 10-K · 2022-03-01
Market Cap$13.4Mcurrent------$87.7Mest.$296.7Mest.$194.7Mest.$228.8Mest.$583.1Mest.
Revenue$469.1M↓14%$21.3M↓60%$33.6M↓45%$88.0M↓22%$554.0M↑4%$532.4M↑18%$452.9M↑12%$405.4M↓25%$538.2M
Operating Income$49.6M↓6%-$46.3M↓12%-$27.5M↓19%-$2.9M↓160%$66.5M↑182%$23.6M↑181%-$29.1M↑72%-$102.7M↑18%-$125.6M
Net Income$23.0M↓54%-$35.9M↓13%-$23.6M↓36%-$4.7M↓342%$40.0M↑298%$10.1M↑136%-$28.2M↑68%-$88.7M↑15%-$104.4M
EPS (Diluted)--$-1.57↓8%$-1.18↓20%$-0.58↓76%$-0.34↑71%$-1.19↑50%$-2.37↑46%$-4.36↑5%$-4.59
Gross Margin44.7%-59.2%↓17618%15.3%↓51%41.7%↑13%43.5%↑11%39.2%↑11%35.2%↓65%99.6%99.6%
Operating Margin10.6%↑9%-217.8%↓182%-81.8%↓116%-3.3%↓177%12.0%↑171%4.4%↑169%-6.4%↑75%-25.3%↓9%-23.3%
ROE4.7%↓52%———6.8%↑296%1.7%↑137%-4.7%↑66%-13.6%↑2%-13.9%
Total Debt$115.5M↑66%$115.5M↑66%$114.6M↑66%$113.8M↑65%$113.0M↑65%$68.5M↑1%$67.8M↑2%$66.1M$0
Shareholders' Equity$493.5M↓4%$493.5M↓4%$540.8M↓3%$575.7M↓1%$591.6M↑1%$588.4M↓3%$606.0M↓7%$651.0M↓13%$749.5M
Current Ratio8.68↑47%8.68↑47%9.95↑234%7.59↑195%3.37↓9%3.69↓24%4.87↓26%6.62↑23%5.40
Debt / Equity0.23↑73%0.23↑73%0.21↑70%0.20↑67%0.19↑64%0.12↑4%0.11↑10%0.100.00
Operating Cash Flow-$16.4M↑4%-$11.2M↑56%-$5.0M↑88%$35.8M↓54%-$25.3M↓38%-$18.4M↓174%-$6.7M↑75%-$26.9M↑83%-$162.6M
Free Cash Flow-$17.2M↑13%-$11.3M↑56%-$5.4M↑87%$35.6M↓54%-$27.6M↓35%-$20.5M↓133%-$8.8M↑68%-$27.1M↑84%-$166.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Insurance

EHTH vs Peers — Financial Grading

Revenue$554.0MBottom 25%
Net Income$40.0MBottom 25%
ROE6.8%Bottom 25%
D/E0.19Top 25%
Op. Margin12.0%Median
Curr. Ratio3.37Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchPiotroskiDreman
UNITEDHEALTH GROUP INCUNH$365.1B$407.46$447.6B$12.1B12.0%0.784.2%0.793/74/72/6F-Score 63/10
PROGRESSIVE CORP/OH/PGR$136.6B$235.78$87.7B$11.3B37.3%0.23——2/72/74/6F-Score 68/10
MARSH & MCLENNAN COMPANIES, INC.MRSH$98.8B$207.78$27.0B$4.2B27.2%1.2823.1%1.103/73/72/6F-Score 65/10
CHINA LIFE INSURANCE CO LTDCILJF$85.1B$3.01——————5/71/73/6F-Score 55/10
Aon plcAON$71.8B$338.31$17.2B$3.7B39.5%1.6325.3%1.112/74/73/6F-Score 63/10
HUMANA INCHUM$54.0B$450.00$129.7B$1.2B6.7%0.702.1%2.003/72/71/6F-Score 44/10
SUN LIFE FINANCIAL INCSLF$40.5B$72.93$30.6B$2.6B14.5%0.33——3/73/72/6F-Score 66/10
HARTFORD INSURANCE GROUP, INC.HIG$36.8B$137.48$28.4B$3.8B20.2%0.23——3/73/74/6F-Score 78/10