Start here if you're new
what it is
EHealth helps people compare and enroll in health insurance plans online or through licensed agents on the phone.
how it gets paid
Last year Ehealth made $554M in revenue. Medicare Advantage was the main engine at $277M, or 50% of sales.
why it's growing
Revenue grew 4.1% last year. EDGAR shows quarterly revenue up 323% vs. prior year.
what just happened
Latest quarter revenue jumped to $228M, but EPS fell to -$2.78 and reminded you this business still comes with teeth.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
22.9x trailing p/e — priced about right
2.2% return on capital — nothing to write home about
-$0.98 fy2024 eps est
xvary composite: 28/100 — weak
What they do
eHealth helps people compare and enroll in health insurance plans online or through licensed agents on the phone.
eHealth sells choice at scale. It works with over 200 carriers and offers thousands of plans, so you are not shopping one insurer's shelf. The moat is distribution, not magic: a tech-and-agent platform that turns Medicare complexity into commissions when your phone call becomes an enrollment.
How they make money
$554M
annual revenue · their business grew +4.1% last year
Medicare Advantage
$277M
+4.1%
Medicare Supplement
$94M
+2.0%
Medicare Part D
$72M
+2.0%
Individual and Family Plans
$78M
2.0%
Small Business and Ancillary
$33M
0.0%
The products that matter
brokers Medicare plans
Medicare
$~498M · about 90% of revenue
it's roughly $498M of revenue, or about 90% of the business. if Medicare enrollment slows, the whole company feels it.
core segment
brokers exchange plans
Individual & Family
$~56M · about 10% of revenue
this is about $56M of revenue. useful, but too small to offset a large Medicare stumble on its own.
small offset
Key numbers
$554M
annual revenue
The business produced $554 million in trailing revenue, which makes the roughly $48 million market cap look almost absurdly small by comparison.
$48M
market cap
You are buying the whole equity for about $48 million, less than 0.1 times trailing revenue.
$85M
long-term debt
Debt is larger than the company's market value, which means creditors have a louder voice than equity holders when business conditions worsen.
9.3%
operating margin
Operating margin measures profit after running the business but before interest and taxes, so what: there is profit here, just not a thick cushion.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $85M (64% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for EHTH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue jumped to $228M, but EPS fell to -$2.78 and reminded you this business still comes with teeth.
EDGAR shows quarterly revenue up 323% vs. prior year, while gross margin was 26.5%. That top-line surge looked great against Value Line's full-year FY2024 EPS estimate of -$0.98, but profitability still lagged.
$228M
revenue
$2.78
eps
26.5%
gross margin
the number that mattered
The number that mattered was $228 million of revenue, because it showed demand and enrollment volume can spike even while EPS stays ugly.
source: company earnings report, 2026
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What could go wrong
the top risk here is the False Claims Act case tied to Medicare enrollments.
med
False Claims Act lawsuit
The U.S. government filed a complaint on May 1, 2025 alleging false claims involving eHealth and other brokers. Litigation is never good. Litigation at a $48M market cap is worse.
Management's own risk framing puts roughly $83M–$138M of annual revenue in the line of fire.
med
guided revenue step-down
The company expects 2026 revenue of $405M–$445M after generating $554M in 2025. That is not a slowdown. That is a smaller company next year unless something changes fast.
At the midpoint, you are staring at roughly $129M less revenue from the current base.
med
debt and cash-flow squeeze
Long-term debt sits at $85M, or 64% of capital, while 2026 operating cash flow guidance ranges from -$10M to +$12M. That is a narrow lane.
If cash flow tracks toward the low end, the balance-sheet debate gets louder very quickly.
Between the lawsuit, the guided drop from $554M to $405M–$445M in revenue, and $85M of debt, this is a turnaround with almost no margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected on or around May 6, 2026. Analysts forecast EPS of -$0.45 on revenue of $113M. You want to see whether the revenue slide is stabilizing or getting worse.
legal
False Claims Act case
Any update on the May 1, 2025 complaint matters. For a company this small, legal headlines can move the stock faster than operating progress.
cash flow
2026 operating cash flow range
Management guided to -$10M to +$12M. That spread tells you the business is balancing on execution, not cruising on momentum.
revenue mix
Medicare concentration
About $498M of roughly $554M in revenue comes from Medicare. If that segment weakens again, there is no second engine waiting to save the quarter.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not trust a smooth earnings path here.
risk rank
5
On the five-point scale, this sits at the risky end. You own a fragile small cap, not a defensive compounder.
price stability
5 / 100
The stock tends to move like a business under stress because the business is under stress.
source: institutional data
Institutional activity
institutional ownership data for EHTH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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