Agilon Health, Inc. provides healthcare solutions specifically designed for older adults, delivered through local primary care physicians throughout the United States. As ...
Agilon Health is a healthcare-services and technology-enabled care-management company focused primarily on older adults enrolled in Medicare Advantage and, to a lesser extent, Medicare fee-for-service programs. Rather than operating mainly as a traditional hospital system or physician practice, agilon forms long-term partnerships with independent primary-care physician organizations. These partnerships are ...Agilon Health is a healthcare-services and technology-enabled care-management company focused primarily on older adults enrolled in Medicare Advantage and, to a lesser extent, Medicare fee-for-service programs. Rather than operating mainly as a traditional hospital system or physician practice, agilon forms long-term partnerships with independent primary-care physician organizations. These partnerships are designed to help local doctors move from fee-for-service medicine toward value-based care, in which financial performance is linked to quality, patient outcomes, access, and the effective management of total medical costs.
The company’s principal offering is its Medicare-centric Total Care Model. Agilon provides partner physicians with population-health analytics, care-management capabilities, clinical programs, technology platforms, administrative support, contracting expertise, and operational infrastructure. These resources can help physicians identify high-risk patients, coordinate specialist and hospital services, improve preventive care, manage chronic diseases, and reduce avoidable emergency-room visits or admissions. The local physician generally remains central to the patient relationship, while agilon contributes the systems and expertise needed to manage a larger population under value-based reimbursement arrangements.
Agilon’s customers and partners are independent primary-care or multispecialty physician groups. Its market opportunity is supported by the aging U.S. population, increasing Medicare enrollment, and the healthcare industry’s continuing shift toward risk-based reimbursement. The model can create economic value when improved care coordination and lower utilization exceed the company’s operating costs and medical-cost obligations. However, the business is exposed to medical-cost inflation, utilization volatility, reimbursement changes, risk-adjustment rules, provider execution, payer relationships, and the time required to mature newly launched physician partnerships.
As a services business, agilon does not have a conventional manufacturing bill of materials. Its major cost base is instead associated with medical-care arrangements, provider and clinical-support resources, technology, implementation, sales, corporate administration, and partnership development. The company’s scalability depends on adding physician groups and members while improving performance in existing markets. The supplied data indicates approximately 238,000 senior clients at December 31, 2021, including Medicare Advantage and Medicare fee-for-service beneficiaries, although membership changes over time.
The supplied trailing-twelve-month snapshot shows revenue per share of approximately $354.39, negative net income per share of approximately $15.04, a negative net margin of about 4.2%, and negative free cash flow. It also reports a current ratio of approximately 1.08 and relatively modest debt compared with assets. These figures suggest that profitability and cash generation remain important execution priorities. Agilon’s leadership includes CEO Steve Sell and founder Ravi Sachdev, with the company’s broader strategy centered on empowering primary-care physicians, expanding value-based care partnerships, improving senior-patient outcomes, and achieving sustainable financial performance.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$5.9B
-2.1%
+5.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-405.3M
-55.8%
-40.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-3.2%
-4080.2%
+74.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-7.1%
-47.2%
+10.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-6.8%
-59.2%
-43.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-119.0M
-67.5%
-394.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-2.0%
-71.2%
-379.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
29.0%
+211.2%
-20.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.02x
-19.5%
+4.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us and welcome to the Agilon Health Second Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question-and-answer session. [Operator Instructions] I will now hand the conference over to Evan Smith, Senior Vice President, Investor Relations. Evan, please go ahead.
Evan Smith: Thank you, operator. Good afternoon, and welcome to the call. With me are our CEO, Tim O'Rourke, and our CFO, Jeff Schwaneke. Following our prepared remarks, we will conduct a Q&A session. Before we begin, I would like to remind you that our remarks and responses to questions may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our SEC filings. Please note that we assume no obligation to update any forward-looking statements. Additionally, certain financial measures, which we will discuss in this call, are non-GAAP financial measures. Non-GAAP measures are supplemental and not a substitute for GAAP results. However, we believe that providing these non-GAAP measures helps investors gain a better and more complete understanding of our financial results and are consistent with how management views our financial results. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is available in the earnings press release and Form 8-K filed with the SEC today. And with that, let me turn the call over to Tim.
Timothy O’Rourke: Good afternoon, everyone, and thank you for joining us today. For those I have not yet had the opportunity to meet, I'm Tim O'Rourke. I joined Agilon as Chief Executive Officer in early May. Over the past 90 days, I have met with nearly all of our physician partners, shadowed PCPs, and have witnessed firsthand how we can help and continue to improve how they care for their patients. Their passion and caring reinforces our mission at Agilon, the proximity and durability of our physician partnerships, and our absolute responsibility to support these physicians in their work across all of our communities. I have been engaged in good discussions with our payer partners and have engaged with the Agilon team. I am listening, learning, and focusing on key areas to drive additional value for all of our stakeholders. I came to Agilon because I believe it sits at the center of where value-based care is going. By partnering with community-based primary care physicians and providing them with enhanced economics, technology, and clinical tools, we enable PCPs to focus on what they are trained to do, keeping patients healthy. To further our mission, Agilon continues to advance new clinical, quality, and AI initiatives that will build upon our historical success in delivering improved patient outcomes while reducing unnecessary medical costs. We believe our collaboration with and …
