agilon health, Inc. (AGL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$5.9B

Revenue growth

0.3%

Net income, last twelve months

-$232.2M

Operating margin

-5.2%

Net margin

-3.9%

Free cash flow

-$85.0M

Return on equity

-102.1%

Market value

$1.5B

Price to earnings

28.0x

Cash

$107.2M

Debt

$30.3M

Debt to equity

0.13

Shares outstanding

16.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 5 August 2026.

• Revenue rose 7% year over year. Total revenue was $1.49 billion, up from $1.39 billion a year earlier. Management cited higher than expected burden of illness performance, payor contracting and improved pricing, partly offset by lower membership.
• Net income turned to a profit. Net income was $18 million, against a $104 million net loss a year earlier. Gross profit was $107 million, compared with a $52 million loss in the prior-year quarter.
• Adjusted EBITDA moved to positive. Adjusted EBITDA was $70 million, compared with negative $83 million a year earlier. The release defines it as net income before interest, taxes, depreciation, stock-based compensation and certain other items.
• Membership down 10% year over year. Total members were down 10% from a year earlier. Medicare Advantage members fell 12%, ACO model members 3%, and average Medicare Advantage members 10%.
• ACO entities add to Adjusted EBITDA. ACO model entities are not consolidated. They contributed $7 million to Adjusted EBITDA, against $10 million a year earlier.
• ACO entities hold $83 million cash. At quarter end, $83 million of cash was associated with the company's unconsolidated ACO model entities.
• Medical margin rose to $197 million. Medical margin was $197 million, compared with negative $53 million a year earlier. The company defines it as medical services revenue less medical services expense.
• Other medical expenses rose sharply. Other medical expenses were $91 million, compared with $2 million a year earlier. The line covers physician incentive expense tied to surplus sharing, care management, and costs in geographies still being implemented.
• New members dilute per-member margin. Medical Margin per member per month can move as the share of new members changes. Management said new membership is typically dilutive to that measure.
• Severance and stock pay increased. Severance and related costs were $7.6 million, against $0.1 million a year earlier. Stock-based compensation was $23.8 million, against $15.4 million.
• Platform support costs slightly higher. Platform support costs were $42.7 million, compared with $37.4 million a year earlier. Geography entry costs in the general and administrative line were $2.9 million, against $4.2 million.
• Enterprise costs cover core functions. Enterprise-level operating expenses cover payor contracting, clinical program development, quality, data management, finance, and legal and compliance.
• Cash and securities total $257 million. The company reported $257 million of cash, cash equivalents and marketable securities and $32 million of total debt at June 30, 2026.
• Operating cash use narrowed in six months. Operating activities used $33.6 million in the six months, against $67.1 million a year earlier. Capital spending on property, equipment and capitalized software was $6.5 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 56 held.

Every filing

The newest filings with the SEC of 126 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

188 funds held it at 30 Jun 2026: 128 added and 34 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Davita Inc. (DVA): revenue $14.0B, market value $11.8B
• Sotera Health Co. (SHC): revenue $1.2B, market value $5.3B
• Progyny, Inc. (PGNY): revenue $1.3B, market value $2.2B

What the company does

agilon health works with existing community-based primary care physician groups across the United States to build Medicare-centric lines of business paid on a global capitation basis. It forms a risk-bearing entity in each local geography, and that entity takes on responsibility for the total healthcare needs of the Medicare Advantage patients attributed to its physician partners. The company was formed in 2016 and signed its first anchor physician group partnership in 2017. As of 31 December 2025 it had 28 anchor physician groups and 30 geographies. The primary care physicians on its platform serve approximately 511,000 Medicare Advantage members and 114,000 Medicare fee-for-service beneficiaries.

How the business is organised

The company describes its model as built on three elements: the agilon platform, a long-term physician partnership approach, and a network of physician partners. The platform combines technology, people, process and capital. Its stated purpose is to help physician groups find gaps in care, work with payors and move to what the company calls the Total Care Model, in which the physician manages quality, health outcomes and the total healthcare needs of attributed Medicare patients.

In each geography the company typically forms a wholly-owned risk-bearing entity, or RBE. The RBE signs global capitation agreements with payors, contracts with agilon for certain functions, and signs long-term professional service agreements with one or more anchor physician groups. Anchor groups can be primary care groups, multi-specialty practices, independent practice associations or hospital physician groups. The agreements typically run 20 years. Anchor groups have representatives on each RBE's board of directors.

How it earns money

Payors pay a defined per-member per-month fee for each member. The fee is typically a defined percentage of the monthly premium the payor receives from the Centers for Medicare & Medicaid Services (CMS). In return the company is financially responsible for a defined range of services, generally the costs CMS treats as Part A and Part B, including hospital, primary care, specialty and ancillary services. In some payor arrangements it is also responsible for Medicare Part D pharmaceutical costs. Medical services revenue, which is this capitation income, makes up substantially all of total revenue.

Premiums depend on CMS county benchmark rates, the plan's STAR rating and a risk-adjustment model based on patient health status. The payor generally pays claims, and the company receives surplus distributions monthly or quarterly. Payor contracts generally last one to three years. This can take the form of letters of credit, surety bonds, restricted deposits or withheld capitation payments.

Its physician partners

Anchor groups typically receive a base compensation rate on a fee-for-service basis, negotiated for the first ten years of each agreement. They also share a portion of the RBE's savings when quality improves and costs fall. Most contracts contain exclusivity or similar provisions. The company has issued partner physician group equity agreements, which entitle anchor groups to equity only on certain change-of-control events. Partner groups are in Connecticut, Georgia, Illinois, Kentucky, Michigan, Minnesota, New York, North Carolina, Ohio, Pennsylvania, Tennessee and Texas. The company does not directly employ its physician partners.

Government accountable care programmes

Alongside its Medicare Advantage work, agilon takes part with some partner groups in the CMS ACO REACH Model and the Medicare Shared Savings Program through nine approved Accountable Care Organizations. The REACH ACOs chose the Global risk-sharing option and the Primary Care Capitation Payment option. The Shared Savings ACOs chose the Enhanced Track, with risk sharing set at 75%. CMS has announced that ACO REACH will end at the end of 2026 and be replaced by the Long-term Enhanced ACO Design Model from 1 January 2027. For the 2026 performance year the company moved three of its ACOs from ACO REACH to the Shared Savings Program.

How it competes

The company describes healthcare as highly competitive and fragmented. Its competitors include other value-based care providers, local provider networks, hospitals, health systems, and payors that have built their own managed care tools. Competitors vary by geography. The company says some use elements of its model but that it does not believe any offers a model capturing all of its elements. It lists the factors in competition as physician relationships, patient quality, outcomes and cost, payor relationships, the physician experience, local leadership position and the economic model.

The company's focus is recruiting physician groups and building a local brand in each geography, which typically includes the anchor partner's name and "Senior Health Connect".

Technology, people and regulation

The company relies on proprietary systems it calls CORE, HCC Manager and Minerva, which gather and analyse third-party data. It holds no patents on them. It has registered "agilon health" and "Medicare Quick Thinking" as trademarks in the United States, expiring in 2028 and 2034.

As of 31 December 2025 it had 856 employees, substantially all full-time and none in a labor union.

Its operations are subject to state corporate practice of medicine and fee-splitting laws, the federal False Claims Act, the Anti-Kickback Statute, the Stark Law, HIPAA and state insurance rules for downstream risk arrangements. It also notes foreign anticorruption laws in Brazil and India.

*From agilon health's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1831097/000162828026011655/agl-20251231.htm)*

From the company's 10-K.