agilon health, inc. AGL
Our business is transforming healthcare by empowering the primary care physicians ("PCP") to be the agents for change in the communities they serve. We believe that PCPs, with their intimate patient-physician relationships, are best positioned to drive meaningful change in quality, cost and patient experience when provided with the right infrastructure and payment model. Through our combination of the agilon platform, a long-term partnership model with existing physician groups and a growing network of like-minded physicians, we believe we are poised to revolutionize healthcare for seniors across communities throughout the United States ("U.S."). We believe our purpose-built model provides the necessary capabilities, capital and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. Our model operates by primarily forming risk-bearing entities ("RBEs") within local geographies, that enter into arrangements with payors providing for monthly payments to manage the total healthcare needs of our physician partners' attributed patients (or global capitation arrangements). The RBEs also contract with agilon to perform certain functions and enter into long-term professional service agreements with one or more anchor physician groups pursuant to which the anchor physician groups receive a base compensation rate and share in the savings from successfully improving quality of care and reducing costs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.93B | $6.06B | $4.32B | $2.39B | $1.52B | $1.22B | $794.4M | — |
| SG&A | $238.5M | $268.9M | $285.8M | $207.8M | $427.5M | $137.3M | $122.8M | — |
| Total operating expenses | $6.40B | $6.35B | $4.55B | $2.49B | $1.89B | $1.28B | $901.0M | — |
| Operating income | -$463.2M | -$292.1M | -$232.1M | -$105.4M | -$372.2M | -$56.7M | -$106.6M | — |
| Interest expense | $6.6M | $6.2M | $6.7M | $4.5M | $6.1M | $8.1M | $9.1M | — |
| Pre-tax income | -$404.1M | -$248.8M | -$194.5M | -$90.7M | -$383.0M | -$62.3M | -$114.7M | — |
| Income tax | $1.3M | $1.5M | $791.0K | $1.6M | $886.0K | $865.0K | $232.0K | — |
| Net income | -$391.3M | -$260.1M | -$262.8M | -$106.9M | -$406.8M | -$60.1M | -$282.6M | — |
| Shares, diluted (wtd. avg.) | $414.0M | $411.0M | $408.9M | $408.2M | $372.9M | $323.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $173.7M | $188.2M | $114.3M | $475.9M | $1.05B | $128.2M | $139.2M | $76.4M |
| Short-term investments | — | — | — | $411.9M | $0 | — | — | — |
| Receivables | $673.8M | $1.02B | $942.5M | $492.4M | $293.4M | $144.6M | — | — |
| Total current assets | $1.10B | $1.46B | $1.48B | $1.45B | $1.37B | $294.2M | — | — |
| Property, plant and equipment | $25.4M | $28.2M | $27.6M | $19.9M | $9.2M | $6.5M | — | — |
| Goodwill | $0 | $24.1M | $24.1M | $2.5M | $41.5M | $41.5M | — | — |
| Other intangibles | $65.7M | $72.8M | $63.8M | $18.4M | $55.4M | $60.5M | — | — |
| Total assets | $1.27B | $1.73B | $1.74B | $1.70B | $1.59B | $446.4M | — | — |
| Accounts payable | $127.5M | $220.3M | $239.4M | $177.4M | $112.9M | $97.2M | — | — |
| Short-term debt | $19.2M | $0 | $6.2M | $5.0M | $5.0M | $3.0M | — | — |
| Total current liabilities | $1.08B | $1.15B | $977.2M | $535.1M | $357.0M | $266.8M | — | — |
| Long-term debt | $15.8M | $34.9M | $32.3M | $38.5M | $43.4M | $64.7M | — | — |
| Total liabilities | $1.14B | $1.26B | $1.08B | $656.9M | $494.7M | $421.6M | — | — |
| Retained earnings | -$1.98B | -$1.59B | -$1.33B | -$1.06B | -$957.7M | -$551.2M | — | — |
| Total equity | $126.7M | $471.0M | $661.0M | $1.04B | $1.09B | -$284.7M | -$232.0M | $41.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$105.8M | -$57.8M | -$156.2M | -$130.8M | -$148.2M | -$53.2M | -$103.9M | — |
| Depreciation and amortisation | $28.6M | $24.5M | $20.2M | $13.8M | $14.7M | $14.1M | $41.4M | — |
| Stock-based compensation | $49.1M | $50.7M | $69.5M | $28.4M | $292.4M | $6.7M | $5.2M | — |
| Capital expenditure | $13.2M | $13.3M | $15.8M | $15.4M | $6.6M | $1.8M | $2.9M | — |
| Investing cash flow | $88.6M | $139.9M | -$44.0M | -$444.4M | -$90.5M | $22.1M | -$5.1M | — |
| Financing cash flow | -$3.0M | -$2.6M | -$193.1M | $28.1M | $1.15B | $24.6M | $176.3M | — |
| Buybacks | — | — | $200.0M | — | — | $6.7M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026544.
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