Ehealth (EHTH)
NASDAQ:EHTH
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Ehealth
(NASDAQ:EHTH)
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Rating:55Neutral
Price Target:
$2.00
▲(8.70% Upside)
Action:ReiteratedDate:03/04/26
The score is primarily held back by weak cash generation and bearish technicals (downtrend across moving averages with negative MACD). Offsetting factors include improving profitability and a constructive earnings-call outlook focused on cost reductions and a path toward breakeven/positive operating cash flow, though 2026 is expected to see lower revenue and continued industry pressure.
Positive Factors
Medicare segment leadership
eHealth’s Medicare business shows durable scale: steady revenue and outsized gross-profit growth indicate strong carrier relationships and distribution reach in Medicare Advantage. This segment provides recurring, higher‑margin streams that underpin long-term earnings resilience and competitive positioning.
Negative Factors
Persistent negative cash flow
Despite reported profits, the company has not consistently converted earnings into cash, with multi-year negative operating and free cash flow. Persistent cash burn constrains reinvestment, raises reliance on external liquidity, and makes execution of strategic initiatives and debt service more sensitive to timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Medicare segment leadership
eHealth’s Medicare business shows durable scale: steady revenue and outsized gross-profit growth indicate strong carrier relationships and distribution reach in Medicare Advantage. This segment provides recurring, higher‑margin streams that underpin long-term earnings resilience and competitive positioning.
Read all positive factors
Ehealth (EHTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$63.39M
Dividend YieldN/A
Average Volume (3M)618.23K
Price to Earnings (P/E)3.5
Beta (1Y)1.20
Revenue Growth4.06%
EPS Growth69.78%
CountryUS
Employees1,773
SectorFinancial
Sector Strength70
IndustryInsurance - Brokers
Share Statistics
EPS (TTM)2.17
Shares Outstanding31,073,002
10 Day Avg. Volume597,237
30 Day Avg. Volume618,234
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.14
Price to Sales (P/S)0.25
P/FCF Ratio-5.08
Enterprise Value/Market Cap1.96
Enterprise Value/Revenue0.22
Enterprise Value/Gross Profit0.23
Enterprise Value/Ebitda1.49
Forecast
1Y Price Target
$2.50Price Target Upside35.87% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.54
Revenue Forecast (FY)$427.68M
Ehealth Business Overview & Revenue Model
Company Description
eHealth, Inc. operates a health insurance marketplace that provides consumer engagement, education, and health insurance enrollment solutions in the United States. The company operates in two segments, Medicare; and Individual, Family and Small Bu...
How the Company Makes Money
eHealth makes money primarily by acting as a sales and enrollment channel for insurance carriers. When a consumer enrolls in an insurance plan through eHealth’s websites or call centers, the company generally earns carrier-paid commissions that ca...
Ehealth Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful progress on profitability, LTV improvement, technology innovation and ancillary product momentum, with full-year adjusted EBITDA up 40%, GAAP net income nearly quadrupling, Medicare LTV and margins improving, and large commissions receivable. Management candidly framed 2026 as a deliberate 'bridge year' in which they will accept lower revenue and enrollment to prioritize operating cash flow, margin improvement and strategic investments (expanded ancillaries, ICHRA/SaaS, AI). Industry headwinds such as commission suppression, plan eliminations and sponsorship declines create near-term top-line pressure and execution risks, but management has clear cost-reduction targets (approximately $30M fixed and >$60M variable savings) and liquidity actions to support the transition. Overall, positive operational momentum and disciplined capital allocation outweigh short-term revenue headwinds.Positive Updates
Revenue Growth
Total revenue for fiscal 2025 was $554.0M, up 4% year-over-year; Q4 2025 revenue was a company record $326.2M, up 4% year-over-year.
Negative Updates
Expected Revenue and Enrollment Moderation in 2026
Management expects Medicare enrollment volumes and noncommission revenue to decline in 2026 versus 2025 as they prioritize operating cash flow and margin; 2026 revenue guidance of $405M–$445M implies a meaningful decline from 2025's $554M.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth
Total revenue for fiscal 2025 was $554.0M, up 4% year-over-year; Q4 2025 revenue was a company record $326.2M, up 4% year-over-year.
Read all positive updates
Company Guidance
eHealth guided 2026 total revenue of $405M–$445M, GAAP net income of $8M–$25M, adjusted EBITDA of $55M–$75M, and operating cash flow of –$10M to $12M (assuming positive net adjustment/tail revenue of $0–$20M); management expects Medicare enrollment volumes and non‑commission revenue to decline vs. 2025 while earnings excluding net adjustments remain roughly flat and EBITDA margin ex‑tail improves. Actions driving the outlook include ~ $30M (≈20%) of fixed cost savings, >$60M of variable spend reductions (total spend cuts >$90M), a targeted ~ $25M year‑over‑year improvement in operating cash flow at the midpoint and breakeven operating cash flow in 2026 with positive operating cash flow targeted for 2027; commissions receivable are expected to remain around current levels entering 2027.Ehealth Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 554.01M | 532.41M | 452.87M | 405.36M | 538.20M |
| Gross Profit | 540.25M | 530.62M | 451.10M | 403.71M | 536.21M |
| EBITDA | 83.25M | 46.81M | 295.00K | -77.65M | -105.18M |
| Net Income | 40.04M | 10.06M | -28.21M | -88.72M | -104.38M |
Balance Sheet | |||||
| Total Assets | 1.26B | 1.16B | 1.11B | 1.11B | 1.15B |
| Cash, Cash Equivalents and Short-Term Investments | 77.22M | 82.24M | 121.65M | 144.40M | 123.23M |
| Total Debt | 134.35M | 96.92M | 103.16M | 106.80M | 41.37M |
| Total Liabilities | 288.82M | 567.00M | 209.26M | 461.66M | 399.77M |
| Stockholders Equity | 973.65M | 588.43M | 904.08M | 650.96M | 749.52M |
Cash Flow | |||||
| Free Cash Flow | -27.59M | -31.22M | -17.47M | -42.38M | -183.48M |
| Operating Cash Flow | -25.34M | -18.37M | -6.69M | -26.87M | -162.62M |
| Investing Cash Flow | 25.43M | -48.42M | -15.89M | 25.86M | -12.63M |
| Financing Cash Flow | 34.29M | -9.67M | -6.22M | 63.84M | 213.24M |
Ehealth Technical Analysis
Positive
1.84
Price Trends
1.55
Positive
2.70
Negative
3.41
Negative
Market Momentum
<0.01
Negative
64.79
Neutral
97.77
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EHTH, the sentiment is Positive. The current price of 1.84 is above the 20-day moving average (MA) of 1.43, above the 50-day MA of 1.55, and below the 200-day MA of 3.41, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.79 is Neutral, neither overbought nor oversold. The STOCH value of 97.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EHTH.
Ehealth Risk Analysis
Ehealth disclosed 41 risk factors in its most recent earnings report. Ehealth reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ehealth Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $155.61M | 0.95 | 13.52% | ― | 11.14% | ― | |
60 Neutral | $16.47M | 2.52 | 4.56% | ― | 19.30% | -17.56% | |
55 Neutral | $63.39M | 3.50 | 4.33% | ― | 4.06% | 69.78% | |
42 Neutral | $32.02M | -0.21 | -135.15% | ― | -54.71% | -2544.97% |
* Financial Sector Average
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Ehealth Corporate Events
Executive/Board ChangesShareholder Meetings
eHealth Announces Planned Board Refresh as Director Departs
Neutral
Apr 1, 2026
On March 26, 2026, eHealth director Andrea C. Brimmer informed the company she would not stand for re-election and will leave the board when her current term ends at the annual meeting scheduled for June 18, 2026. The company emphasized that her d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.