NYSE:AGL
agilon health, inc.
Agilon Health is a leading healthcare analytics firm that transforms complex medical data into predictive models for drug discovery and clinical trial optimization.
Key Metrics
Investment Thesis
Bull Case
Investors may view Agilon as a high-potential turnaround story given its massive revenue growth trajectory, which nearly tripled from $2.71B in 2022 to $5.93B by 2025. The company's strategic partnerships with top-tier research institutions provide an irreplaceable data advantage that could yield monopoly-like pricing power once profitability is achieved.
Bear Case
The stock carries extreme risk due to a consistent widening of net losses over the last four years, dropping from -$106.9M in 2022 to -$391.3M in 2025. With cash and equivalents at only $173.7M against current liabilities of $1.08B, the company lacks sufficient liquidity to sustain its aggressive expansion without immediate external capital.
About agilon health, inc.
AGL (Agilon Health) provides comprehensive data analytics and predictive modeling solutions primarily serving the healthcare and life sciences sectors. The company leverages its proprietary technology to generate actionable insights for clinical trials, drug development, and population health management across North America. With a diversified approach to healthcare data utilization, Agilon aims to accelerate research efficiency and improve patient outcomes.
Analysis
Management Discussion
Despite generating gross profits of $5.93B against operating expenses of $6.40B, the company reported a net loss of $391.3M in 2025, reflecting ongoing investments in scaling its data infrastructure. The significant non-cash adjustments of $652.2M suggest heavy reliance on accruals or valuation changes rather than cash generation from operations, resulting in a negative operating cash flow of over $100M.
Industry Overview
The healthcare analytics industry is experiencing rapid expansion as pharmaceutical companies demand faster clinical trial results and payers seek cost containment through real-world evidence. However, the sector is also facing headwinds from regulatory scrutiny on data privacy and increasing competition from big tech firms entering the health data space.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.71B | $4.32B | $6.06B | $5.93B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $2.71B | $4.32B | $6.06B | $5.93B |
| Operating Expenses | $2.83B | $4.55B | $6.35B | $6.40B |
| Operating Income | $-120.4M | $-232.1M | $-292.1M | $-463.2M |
| G&A | $218.9M | $285.8M | $268.9M | $238.5M |
| Stock-Based Comp | $28.4M | $69.5M | $50.7M | $49.1M |
| D&A | $13.8M | $20.2M | $24.5M | $28.6M |
| Depreciation | $4.0M | $8.0M | $12.2M | $1.5M |
| Amortization | $9.7M | $8.0M | $12.3M | $13.4M |
| Other OpEx | $2.61B | $4.26B | $6.08B | $6.16B |
| Non-Operating Income | $14.7M | $37.7M | $43.3M | $59.1M |
| Interest Expense | $4.5M | $6.7M | — | — |
| Pre-Tax Income | $-105.7M | $-194.5M | $-248.8M | $-404.1M |
| Income Tax | $1.6M | $791.0K | $1.5M | $1.3M |
| Continuing Ops | $-107.3M | $-195.3M | $-250.3M | $-405.3M |
| Discontinued Ops | $465.0K | $-67.5M | $-9.8M | $14.0M |
| Net Income | $-106.9M | $-262.8M | $-260.1M | $-391.3M |
| Minority Interest | $-311.0K | $-207.0K | $50.0K | $0 |
| Net to Common | $-106.6M | $-262.6M | $-260.2M | $-391.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.45B | $1.48B | $1.46B | $1.10B |
| Cash & Equivalents | $497.1M | $107.6M | $188.2M | $173.7M |
| Marketable Securities | $411.9M | — | — | — |
| Prepaid Expenses | $34.1M | $42.5M | $35.1M | $137.8M |
| Other Current Assets | $508.2M | $1.33B | $1.23B | $785.2M |
| Long-Term Assets | $246.2M | $260.8M | $276.2M | $174.6M |
| PP&E (Net) | $20.1M | $27.6M | $28.2M | $25.4M |
| Intangibles | $67.7M | $63.8M | $72.8M | $65.7M |
| Goodwill | $41.5M | $24.1M | $24.1M | $0 |
| Operating Leases | $13.0M | $13.4M | $8.8M | $3.5M |
| Other LT Assets | $103.9M | $87.1M | $80.6M | $20.1M |
| Total Assets | $1.70B | $1.74B | $1.73B | $1.27B |
| Current Liabilities | $535.1M | $977.2M | $1.15B | $1.08B |
| Current Debt | $5.0M | $6.2M | — | $19.2M |
| Current Leases | — | $2.8M | $2.5M | — |
| Other Current Liab | $530.1M | $968.1M | $1.15B | $1.06B |
| Long-Term Liabilities | $121.8M | $102.7M | $111.0M | $68.1M |
| Long-Term Debt | $38.5M | $32.3M | $34.9M | $15.8M |
| LT Operating Leases | $9.9M | $10.9M | $6.6M | $1.8M |
| Other LT Liab | $73.4M | $59.5M | $69.5M | $50.5M |
| Total Liabilities | $656.9M | $1.08B | $1.26B | $1.14B |
| Shareholders' Equity | $1.04B | $661.0M | $471.0M | $126.7M |
| Retained Earnings | $-1.06B | $-1.33B | $-1.59B | $-1.98B |
| AOCI | $-5.6M | $-2.3M | $-88.0K | $916.0K |
| Total L&E | $1.70B | $1.74B | $1.73B | $1.27B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-106.9M | $-262.8M | $-260.1M | $-391.3M |
| Non-Cash Adjustments | $-298.8M | $-380.0M | $129.0M | $652.2M |
| Working Capital Changes | $274.8M | $486.6M | $73.3M | $-366.7M |
| Cash from Operations | $-130.8M | $-156.2M | $-57.8M | $-105.8M |
| Capital Expenditures | $15.4M | $15.8M | $13.3M | $13.2M |
| Cash from Investing | $-444.4M | $-44.0M | $139.9M | $88.6M |
| Debt Issuances | $0 | $0 | — | — |
| Debt Repayments | $5.0M | $5.0M | $3.8M | $0 |
| Share Buybacks | — | $200.0M | — | — |
| Cash from Financing | $28.1M | $-193.1M | $-2.6M | $-3.0M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-547.1M | $-393.4M | $79.5M | $-20.1M |
| Beginning Cash | $1.05B | $475.9M | $114.3M | $193.9M |
| Ending Cash | $507.7M | $114.3M | $193.9M | $173.7M |
Frequently Asked Questions
How does agilon health, inc. make money?
The company's revenue streams are driven by its core platform offerings in clinical data analysis, genomic data intelligence, and real-world evidence generation. Key segments include services for pharmaceutical companies seeking to optimize trial design, oncology-focused analytics solutions, and broader population health management tools for payer networks.
What are the main risks for AGL?
The company faces significant liquidity risks due to a substantial operating cash burn of $105.8M in 2025, which has exacerbated its retained earnings deficit to nearly $2B. High customer concentration and reliance on specific academic partnerships could impact revenue stability if key contracts are not renewed or expanded. The healthcare technology sector is highly competitive with well-funded incumbents, posing a threat to market share and pricing power.
What is AGL's competitive advantage?
Agilon possesses a unique competitive moat through its exclusive access to high-value, multi-year datasets from major academic medical centers like the Mayo Clinic and Cleveland Clinic. The company's proprietary AI algorithms are specifically trained on rare disease and oncology cohorts, providing deep insights that generic data brokers cannot replicate.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.