American Oncology Network (AONC) AI Stock Analysis

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American Oncology Network

(OTC:AONC)

Rating:54Neutral

Price Target:

$12.50

▲(14.05% Upside)

The overall stock score is primarily impacted by the company's financial performance, which is concerning due to persistent losses and financial instability. Technical analysis provides some positive momentum, but the valuation remains unattractive due to the negative P/E ratio and lack of dividends. The absence of earnings call insights and corporate events does not affect the score.

American Oncology Network (AONC) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$483.97M

Dividend YieldN/A

Average Volume (3M)2.98K

Price to Earnings (P/E)―

Beta (1Y)-0.16

Revenue Growth166.39%

EPS Growth15.50%

CountryUS

Employees1,914

SectorHealthcare

Sector Strength49

IndustryMedical - Care Facilities

Share Statistics

EPS (TTM)>-0.01

Shares Outstanding32,129,753

10 Day Avg. Volume2,968

30 Day Avg. Volume2,985

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)N/A

P/FCF RatioN/A

Enterprise Value/Market Cap0.76

Enterprise Value/Revenue0.27

Enterprise Value/Gross Profit3.41

Enterprise Value/Ebitda21.00

Forecast

1Y Price Target

$12.50

Price Target Upside14.05% Upside

Rating ConsensusHold

Number of Analyst Covering1

American Oncology Network Business Overview & Revenue Model

Company DescriptionAmerican Oncology Network (AONC) is a healthcare company focused on providing comprehensive oncology services. The company partners with community-based oncologists to offer a full spectrum of cancer care, including diagnostics, treatment, and supportive care services. AONC is dedicated to improving patient outcomes by integrating cutting-edge technology and personalized medicine into its service offerings.

How the Company Makes MoneyAONC generates revenue primarily through partnerships with oncology practices, providing them with management services, technology solutions, and access to a broader network of healthcare resources. The company earns income by offering administrative support, billing services, and clinical management systems that improve the efficiency and effectiveness of cancer care delivery. Additionally, AONC may have financial arrangements with healthcare payers and pharmaceutical companies, further diversifying its revenue streams. By enabling community oncologists to deliver high-quality care with reduced operational burdens, AONC strengthens its financial position through both service fees and performance-based incentives.

American Oncology Network Earnings Call Summary

Earnings Call Date:Mar 27, 2025

(Q1-2024)

% Change Since: |

Next Earnings Date:Nov 18, 2025

Earnings Call Sentiment Neutral

The earnings call highlighted significant revenue growth and expansion through acquisitions, as well as the launch of an innovative analytics platform. However, these positives were offset by increased costs, a higher net loss, and a decrease in adjusted EBITDA.

Q1-2024 Updates

Positive Updates

Revenue Growth

Revenue increased by $60.6 million or 20% compared to the same period last year, with revenue for Q1 2024 at $364.3 million.

Expansion and Acquisitions

Completed 2 practice acquisitions in Q1 and announced 2 additional acquisitions in Q2, expanding presence in Texas, Maryland, Hawaii, and Georgia.

Provider Network Growth

Added 17 new providers in Q1 and a total of 40 year-to-date, strengthening the platform.

Launch of MiBA

Introduced Meaningful Insights Biotech Analytics to enhance personalized cancer care and patient outcomes using AI technologies.

High Net Promoter Scores

Achieved Net Promoter Scores of 75% or greater from physicians and team members, and over 90% from patients.

Negative Updates

Increased Costs

Cost of revenue increased by $76.4 million, primarily due to higher drug and medical supply costs and increased cost per patient encounter.

Net Loss

Reported a net loss before non-controlling interest of $24.9 million for Q1 2024, compared to a loss of $1.5 million in the same period last year.

Decrease in Adjusted EBITDA

Adjusted EBITDA decreased to $2 million from $4 million in the year-ago period.

Company Guidance

In the first quarter of 2024, American Oncology Network (AONC) reported a revenue increase of 20% to $364.3 million, up from $303.7 million in the previous year, driven by a 12.8% rise in revenue per encounter and a 6.2% increase in patient encounters. Despite these gains, the company experienced a net loss before non-controlling interest of $24.9 million, compared to a $1.5 million loss in the prior year, with adjusted EBITDA falling to $2 million from $4 million. The cost of revenue rose to $354.9 million, primarily due to higher drug and medical supply costs, while equity-based compensation accounted for $13.3 million. AONC's strategic growth included the addition of 17 new providers and significant acquisitions, enhancing its platform with the launch of Meaningful Insights Biotech Analytics (MiBA) to improve cancer care through AI-driven insights. The company ended the quarter with a total liquidity of $132.7 million, including cash and cash equivalents of $74.9 million, and maintained an $81.3 million outstanding balance under its PNC Loan Facility.

American Oncology Network Financial Statement Overview

Summary

American Oncology Network shows robust revenue growth, which is a positive sign for future potential. However, profitability remains a major concern with persistent losses and negative margins, reflecting operational inefficiencies and cost challenges. The balance sheet reveals financial instability with negative equity, and cash flow issues are evident with negative operational and free cash flows. These factors indicate a need for strategic restructuring to improve financial health.

Income Statement

Neutral

The company has demonstrated revenue growth over the last few years, growing from $724.7 million in 2020 to $1.76 billion in 2024, indicating strong top-line growth. However, the profitability metrics are concerning. The company has consistently reported negative EBIT and net income in recent years, with a net loss widening substantially in 2024. Gross profit margins have remained low, which suggests challenges in cost management.

Balance Sheet

Negative

The balance sheet reveals a weak equity position, with negative stockholders' equity in recent years, indicating potential financial distress. The debt-to-equity ratio is not meaningful due to negative equity, but the company has reduced its total debt from 2023 to 2024. The equity ratio is concerning due to persistent negative equity, highlighting financial instability.

Cash Flow

Negative

Cash flow from operations has been negative in recent years, reflecting operational inefficiencies. Free cash flow is also negative, although there was a slight improvement in 2024. The company's reliance on financing activities to fund operations is notable, indicating cash flow challenges.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.76B	1.28B	1.15B	943.75M	724.74M
Gross Profit	117.85M	82.80M	95.45M	77.96M	66.11M
EBITDA	1.81M	-39.35M	23.09M	7.85M	25.94M
Net Income	-3.97M	-5.54M	2.59M	-105.00K	21.95M
Balance Sheet
Total Assets	470.33M	374.45M	326.23M	248.30M	9.57K
Cash, Cash Equivalents and Short-Term Investments	72.64M	63.93M	36.78M	27.35M	0.00
Total Debt	147.37M	128.32M	127.13M	63.69M	0.00
Total Liabilities	362.32M	303.74M	264.21M	188.75M	10.41K
Stockholders Equity	18.77M	-161.73M	-14.20M	―	-834.00
Cash Flow
Free Cash Flow	-25.90M	-30.40M	-13.98M	-34.66M	25.02M
Operating Cash Flow	-4.94M	-18.12M	-6.78M	-26.34M	37.24M
Investing Cash Flow	-2.41M	-35.40M	-13.99M	-10.69M	-14.67M
Financing Cash Flow	41.66M	55.13M	15.35M	26.54M	16.26M

American Oncology Network Technical Analysis

Technical Analysis Sentiment

Neutral

Last Price10.96

Price Trends

50DMA

11.43

Negative

100DMA

9.66

Positive

200DMA

7.29

Positive

Market Momentum

MACD

-0.01

Positive

RSI

48.18

Neutral

STOCH

30.82

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AONC, the sentiment is Neutral. The current price of 10.96 is below the 20-day moving average (MA) of 11.41, below the 50-day MA of 11.43, and above the 200-day MA of 7.29, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 48.18 is Neutral, neither overbought nor oversold. The STOCH value of 30.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AONC.

American Oncology Network Risk Analysis

American Oncology Network disclosed 54 risk factors in its most recent earnings report. American Oncology Network reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

American Oncology Network Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUNA	65 Neutral	$468.50M	7.35	15.04%	―	2.83%	―
AVAH	59 Neutral	$1.72B	110.90	42.49%	―	11.53%	―
TOI	55 Neutral	$304.83M	―	-535.24%	―	17.53%	14.49%
AONC	54 Neutral	$483.97M	―	3.43%	―	166.39%	15.50%
EHAB	52 Neutral	$398.43M	―	-21.72%	―	-0.39%	-1408.40%
Sector *	51 Neutral	$7.91B	-0.36	-41.71%	2.23%	23.45%	-1.86%
CYH	51 Neutral	$395.14M	―	39.18%	―	0.80%	-95.01%

* Healthcare Sector Average

Performance Comparison

AONC

American Oncology Network

10.96

7.56

222.35%

CYH

Community Health

2.84

-2.70

-48.74%

TOI

Oncology Institute

3.26

2.96

986.67%

AVAH

Aveanna Healthcare Holdings

8.08

2.32

40.28%

EHAB

Enhabit, Inc

7.86

-0.09

-1.13%

AUNA

Auna S.A. Class A

6.36

-0.44

-6.47%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 16, 2025