Business Description
agilon health, inc. is a healthcare services company that partners with independent primary care physicians to transition their practices to value-based care models. Operating primarily in the United States, the company focuses on seniors enrolled in Medicare Advantage plans. agilon provides the technology platform, capital, and business expertise necessary for physician groups to form risk-bearing entities and manage the total healthcare needs of their patients under global capitation arrangements.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 5,932,576 | 6,060,530 | 4,316,363 | 2,388,220 |
| Cost of Sales | 6,092,597 | 6,055,689 | 4,246,693 | 2,276,860 |
| Gross Profit | (160,021) | 4,841 | 69,670 | 111,360 |
| Selling, General & Administrative Expenses | 238,536 | 268,912 | 285,760 | 207,789 |
| Depreciation & Amortization Expenses | 28,594 | 24,463 | 16,043 | 8,949 |
| Other Operating Expenses | 36,085 | 3,596 | — | — |
| Operating Profit | (463,236) | (292,130) | (232,133) | (105,378) |
| Interest and Investment Income | (1,835) | 14,992 | 16,489 | 10,720 |
| Interest Expense | (6,641) | (6,177) | (6,658) | (4,484) |
| Non-Operating Income | 67,616 | 34,489 | 27,840 | 8,472 |
| Total Non-Operating Income | 59,140 | 43,304 | 37,671 | 14,708 |
| Income Before Provision for Income Taxes | (404,096) | (248,826) | (194,462) | (90,670) |
| Provision for Income Taxes | 1,251 | 1,451 | 791 | 1,640 |
| Consolidated Net Income | (405,347) | (250,277) | (195,253) | (92,310) |
| Net Income Attributable to Minority Interests and Other | — | (50) | 207 | 311 |
| Net Income Attributable to Discontinued Operations | 14,000 | (9,824) | (67,550) | (14,554) |
| Net Income Attributable to Common Shareholders | (391,347) | (260,151) | (262,596) | (106,553) |
| Basic EPS | -24.50 | -15.25 | -12.00 | -5.50 |
| Diluted EPS | -24.50 | -15.25 | -12.00 | -5.50 |
| Basic Weighted Average Shares Outstanding | 16,559 | 16,439 | 16,357 | 16,326 |
| Diluted Weighted Average Shares Outstanding | 16,559 | 16,439 | 16,357 | 16,326 |
| Shares Outstanding | 16,589 | 16,488 | 16,255 | 16,495 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 173,713 | 188,231 | 107,570 | 465,302 |
| Short-Term Investments | 111,429 | 211,737 | 380,773 | 411,901 |
| Total Cash and Cash Equivalents | 285,142 | 399,968 | 488,343 | 877,203 |
| Accounts Receivable | 673,793 | 1,017,040 | 942,461 | 492,364 |
| Total Trade Receivables | 673,793 | 1,017,040 | 942,461 | 492,364 |
| Other Current Assets | 137,762 | 40,766 | 49,272 | 81,707 |
| Total Current Assets | 1,096,697 | 1,457,774 | 1,480,076 | 1,451,274 |
| Net Property, Plant & Equipment | 25,417 | 28,169 | 27,576 | 19,937 |
| Net Intangible Assets | 65,725 | 72,771 | 63,769 | 18,448 |
| Goodwill | — | 24,133 | 24,133 | 2,513 |
| Other Long-Term Assets | 83,451 | 151,136 | 145,312 | 205,296 |
| Total Assets | 1,271,290 | 1,733,983 | 1,740,866 | 1,697,468 |
| Accounts Payable | 127,477 | 220,342 | 239,432 | 177,428 |
| Accrued Expenses | 929,770 | 931,664 | 737,724 | 300,798 |
| Short-Term Debt | — | — | — | 5,000 |
| Current Portion of Long-Term Debt | 19,238 | — | — | — |
| Other Current Liabilities | — | — | — | 51,865 |
| Total Current Liabilities | 1,076,485 | 1,152,006 | 977,156 | 535,091 |
| Long-Term Debt | 15,750 | 34,904 | 32,308 | 38,482 |
| Other Long-Term Liabilities | 52,321 | 76,121 | 70,381 | 83,286 |
| Total Long-Term Liabilities | 68,071 | 111,025 | 102,689 | 121,768 |
| Total Liabilities | 1,144,556 | 1,263,031 | 1,079,845 | 656,859 |
| Common Stock | 4,147 | 4,122 | 4,064 | 4,124 |
| Additional Paid-in Capital | 2,099,995 | 2,053,895 | 1,986,899 | 2,106,886 |
| Accumulated Other Comprehensive Income | 916 | (88) | (2,298) | (5,560) |
| Retained Earnings | — | — | (1,326,826) | (1,064,230) |
| Total Common Shareholders' Equity | 2,105,058 | 2,057,929 | 661,839 | 1,041,220 |
| Minority Interests and Other | — | — | (818) | (611) |
| Total Shareholders' Equity | 2,105,058 | 2,057,929 | 661,021 | 1,040,609 |
| Total Liabilities and Shareholders' Equity | 1,271,290 | 1,733,983 | 1,740,866 | 1,697,468 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (391,347) | (260,101) | (262,803) | (106,864) |
| Depreciation & Amortization | 28,594 | 24,463 | 20,161 | 13,772 |
| Share-Based Compensation Expense | 49,119 | 50,657 | 69,495 | 28,381 |
| Other Adjustments | 18,402 | (6,981) | 27,015 | (6,662) |
| Changes in Trade Receivables | 344,585 | (74,580) | (460,365) | (204,167) |
| Changes in Accounts Payable | (85,585) | 4,635 | 32,111 | 65,736 |
| Changes in Other Operating Activities | (69,531) | 200,534 | 418,187 | 78,996 |
| Cash from Operating Activities | (105,763) | (57,777) | (156,199) | (130,808) |
| Capital Expenditure | (13,242) | (13,251) | (15,830) | (15,426) |
| Purchases of Intangible Assets | (29,866) | (28,034) | (14,985) | (17,235) |
| Purchases of Investments | (60,154) | (12,006) | (114,657) | (458,265) |
| Proceeds from Sale of Investments | 193,872 | 206,915 | 164,040 | 52,548 |
| Payments for Business Acquisitions | — | — | (45,252) | — |
| Proceeds from Business Divestments | — | — | 2,193 | 500 |
| Other Investing Activities | (2,000) | (13,733) | (19,528) | (6,510) |
| Cash from Investing Activities | 88,610 | 139,891 | (44,019) | (444,388) |
| Repayments of Long-Term Debt | — | (3,750) | (5,000) | (5,000) |
| Net Issuance / (Repayments) of Long-Term Debt | — | (3,750) | (5,000) | (5,000) |
| Issuance of Common Shares | (2,994) | 1,167 | 11,867 | 33,056 |
| Repurchases of Common Shares | — | — | (200,000) | — |
| Net Issuance / (Repurchases) of Common Shares | (2,994) | 1,167 | (188,133) | 33,056 |
| Cash from Financing Activities | (2,994) | (2,583) | (193,133) | 28,056 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (20,147) | 79,531 | (393,351) | (547,140) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $286M |
| P/E | -0.70x |
| P/S | 0.05x |
| EV/EBITDA | -0.08x |
| Return on Equity | -19.5% |
| Return on Invested Capital | -197.7% |
| Current Ratio | 1.02x |
| Free Cash Flow Margin | -2.0% |
Margins
Gross margin
-2.7%
Operating margin
-7.8%
Net margin
-6.6%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $1.49B | +7.2% | 0.8% | $12M |
| Q1 2026 | $1.42B | -7.3% | 0.3% | $4M |
| Q4 2025 | $1.57B | +3.1% | -12.3% | $-194M |
| Q3 2025 | $1.44B | -1.1% | -9.1% | $-131M |
| Q2 2025 | $1.39B | — | -8.3% | $-116M |
| Q1 2025 | $1.53B | — | -1.4% | $-22M |
| Q4 2024 | $1.52B | — | -7.1% | $-108M |
| Q3 2024 | $1.45B | — | -9.2% | $-134M |
More on agilon health, inc.
Figures compiled from public company filings.
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