DocGo Inc. (DCGO) Market Cap
DocGo Inc. has a market capitalization of $72.7M.
Financials based on reported quarter end 2025-12-31
Price: $0.74
▲ 0.05 (6.65%)
Market Cap: 72.67M
NASDAQ · time unavailable
CEO: Lee Bienstock
Sector: Healthcare
Industry: Medical - Care Facilities
IPO Date: 2020-12-17
Website: https://www.docgo.com
DocGo Inc. (DCGO) - Company Information
Market Cap: 72.67M · Sector: Healthcare
DocGo, Inc. provides mobile health and medical transportation services for various health care providers in the United States and the United Kingdom. The company's transportation services include emergency response services; and non-emergency transport services comprise ambulance and wheelchair transportation services. It also offers mobile health services through its platform that are performed at home and offices; COVID-19 testing; and event services, which include on-site healthcare support at sporting events and concerts. DocGo, Inc. was incorporated in 2015 and is headquartered in New York, New York.
Analyst Sentiment
Based on 8 ratings
Analyst 1Y Forecast: $1.50
Average target (based on 3 sources)
Consensus Price Target
Low
$2
Median
$2
High
$2
Average
$2
Potential Upside: 103.8%
Price & Moving Averages
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"DCGO reported revenue of $322.2B for the year ending December 31, 2025, with a net loss of $182.4B. The company has total assets of $217.1B and total liabilities of $91.2B, resulting in total equity of $125.9B. Despite a positive operating cash flow of $23.1B and positive free cash flow of $19.5B, the company has no dividends paid during the period. Its price is currently $0.6438, reflecting a staggering 76.76% decline over the past year. The significant drop in share price raises concerns about market confidence, despite strong cash flow metrics. DCGO maintains a negative net debt position of $23.3B, indicating a solid balance sheet overall, but ongoing profitability issues hinder potential shareholder returns. Valuation remains challenging amid the current price level, which is below target consensus of $1.50. Market performance suggests a need for strategic adjustments to restore investor trust and growth momentum."
Revenue Growth
Strong revenue figures but lack of growth context.
Profitability
Significant net losses indicate poor profitability.
Cash Flow Quality
Positive operating and free cash flow are strong points.
Leverage & Balance Sheet
Strong balance sheet with negative net debt.
Shareholder Returns
Substantial decline in stock price and no dividends.
Analyst Sentiment & Valuation
Price significantly below target consensus, affecting sentiment.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management delivered a cleaner revenue story but a tougher profitability/cash story. Q4 revenue was $74.9M (ex-migrant +11% YoY) while adjusted EBITDA was a larger-than-expected loss at $(11.6)M, largely tied to the migrant wind-down—confirmed as non-recurring going forward. The key pivot is guidance: 2026 revenue raised to $290M–$310M and adjusted EBITDA improved to a $(5)M–$(10)M loss versus prior $(15)M–$(25)M. In Q&A, the “why” was specific: upside revenue came mainly from medical transportation staffing progress and SteadyMD expansion, with gross margin supported by overtime moderating from ~13% toward sub-10% overtime. The pressure points are cash and covenants: year-end cash was $68.3M (down $27M QoS) with ~$20M migrant receivables still in flight, plus working capital needs from EMT growth. Analyst pressure focused on quantified free-cash-flow timing and lender covenant interpretation, and management avoided exact numbers, implying near-term cash dips despite later-year cash stabilization.
Growth Catalysts
- SteadyMD virtual care: first quarter to exceed $8M quarterly revenue; Q4 SteadyMD contribution $6.1M after late-Oct acquisition (acquired Oct 20)
- Medical transportation staffing normalization: increased ability to fulfill volumes with improved EMT/paramedic hiring (overtime gradually declining)
- Care Gap Closure program scaling with payer expansion into Kentucky (launch expected later this month)
- Remote patient monitoring growth: Q4 record revenue $4.0M and $830K adjusted EBITDA; monitored patient count +16% vs Q4 2024
- Efficiency innovation portfolio: technology-driven automation and operating leverage expected to cut costs (see strategy_and_ops)
Business Development
- Major customer expansions tied to customers’ branded GLP-1 weight loss programs (named only as customer expansions; brands not specified)
- Top-10 national insurance payer expanding Care Gap Closure: launches in Kentucky later this month; working across California, New Mexico, and now Kentucky
- Credit line provider / lender discussions: working through interpretation of adjusted EBITDA covenant while operating at EBITDA-negative levels
Financial Highlights
- Q4 revenue: $74.9M vs $120.8M Q4 2024 (YOY decline driven by migrant-related wind-down); ex-migrant Q4 revenue +11% YOY
- Q4 adjusted EBITDA: loss $(11.6)M (management: adjusted EBITDA loss slightly greater than expected); comparison Q4 2024 adjusted EBITDA +$1.1M
- Full-year revenue: $322.2M vs $616.6M in 2024 (migrant wind-down); ex-migrant basis expected to show growth (management cited growth context via 2026 guidance vs 2025 base)
- Full-year adjusted EBITDA: loss $(28.6)M in 2025 vs loss $(60.0)M in 2024
- Adjusted gross margin (blended): 32.5% in Q4 2025 vs 33.5% in Q4 2024
- Medical transportation adjusted gross margin: 32.8% (Q4 2025) vs 30.1% in 2024
- Mobile health adjusted gross margin: 31.8% vs 35.9% in 2024 (mobile health migrant wind-down materially pressured gross margin; migrant gross margin below 20% in Q4)
- Medical transportation overtime pressure: overtime ~13% of hourly wages in Q4; running 11%–13% for past several quarters; management expects trend lower in 2026 toward sub-10% seen in 2024
- 2026 guidance increase: revenue $290M–$310M vs prior $280M–$300M (midpoint +$10M); adjusted EBITDA loss $(5)M–$(10)M vs prior $(15)M–$(25)M (improvement of ~$10M–$15M)
- 2026 guidance framing: guidance excludes any revenues from migrant-related projects; implies 15%–23% growth over 2025 base revenues
- 2026 gross margin outlook: blended full-year expected ~33% (segment mix targets: transport >33% and hoped “north of 33%”, with mobile health targeted ~35% blended level to support overall ~33%)
- Non-cash accounting impacts in Q4: goodwill impairment $49.5M; intangible assets impairment $22.6M; equity investment impairment $5.0M (GAAP GAAP impact; explicitly noncash/accounting-driven)
- Cash balance: $68.3M at year-end vs $95.2M at Sep 30, 2025; SteadyMD cash paid $12.5M + ~$1.5M transaction costs; delayed migrant receivables collection drove lower cash
Capital Funding
- Cash & cash equivalents (incl. restricted cash and investments): $68.3M at year end (down from $95.2M at Sep 30, 2025)
- SteadyMD acquisition: $12.5M cash paid; additional transaction-related costs ~$1.5M
- Credit line: paid back in August; has not drawn since; covenant issues being remedied with provider (may increase borrowing costs but adds flexibility)
- Working capital / cash runway risk: management expects further cash declines in near term due to operating losses + working capital needs; potential working capital pressure in 2026
Strategy & Ops
- Integration target: consolidate provider networks so SteadyMD clinicians can cover patients across DocGo mobile health offerings by end of Q2 2026
- Automation/workflow: leveraging AgenTeq AI and workflow automation for administrative/patient support; AgenTeq patient outreach incorporated into Dara ordering/routing platform; automation introduced into pre-billing
- Efficiency innovation portfolio launched in Q4: >12 projects across medical transportation, mobile health, corporate
- Savings targets from efficiency innovation: ~$5M–$6M in 2026; ~$20M–$24M in 2027 (full-year annual benefit)
- Operational hiring status (EMT/paramedic): filled 206 roles out of 546 open at end of last quarter
- Overtime constraint driving margin: overtime 13% of hourly wages in Q4; expected to move closer to sub-10% overtime levels in 2026
Market Outlook
- 2026 revenue guidance: $290M–$310M (previous $280M–$300M); excludes migrant-related revenues
- 2026 adjusted EBITDA guidance: loss $(5)M–$(10)M (previous loss $(15)M–$(25)M); expects adjusted EBITDA profitability in the back half of 2026
- Care Gap Closure program: Kentucky launch expected later in March 2026 (management wording: “later this month” from call date)
Risks & Headwinds
- Migrant-related program wind-down: both revenue headwind (Q4 and FY) and mobile health gross margin pressure (migrant mobile health gross margins below 20% in Q4)
- Free cash flow / working capital pressure in 2026: Q&A highlighted timing of remaining migrant receivables and EMT growth working capital needs
- Migrant receivables cash timing: management cited ~$20M in migrant receivables impacting year-end cash; 97% collected up to date; remaining collections expected to arrive across Q1/Q2 (with “a good chunk” imminent in early Q1) though exact timing could cause temporary cash dips
- Credit covenant risk: operating at EBITDA-negative levels; lender is interpreting adjusted EBITDA covenant; may increase borrowing costs but line availability is being addressed
- Medical transportation gross margin still constrained by higher-than-planned effective hourly wages and utilization-driven overtime (overtime 11%–13% historically, ~13% in Q4)
- Accounting impairment overhang: goodwill/intangible write-downs to zero at year end (noncash, but signals balance-sheet valuation pressure)
Sentiment: MIXED
Note: This summary was synthesized by AI from the DCGO Q4 2025 (FY ended 2025-12-31; call dated 2026-03-16) earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.