DocGo (DCGO)
NASDAQ:DCGO
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DocGo
(NASDAQ:DCGO)
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Rating:47Neutral
Price Target:
$0.56
▼(-3.62% Downside)
Action:ReiteratedDate:04/02/26
The score is held down primarily by deteriorated profitability and a bearish technical trend (price below major moving averages with negative MACD). Improved 2026 guidance and operational progress provide some offset, but liquidity/covenant concerns and the Nasdaq bid-price compliance risk keep overall risk elevated.
Positive Factors
Clearer 2026 guidance and path to profitability
Management raised 2026 revenue guidance and materially narrowed expected adjusted EBITDA loss while targeting adjusted EBITDA profitability in H2 2026. This gives a concrete operating plan and targets that, if achieved, signal scalable revenue leverage, improved cash generation, and a credible path to durable operating break-even.
Negative Factors
Large revenue contraction from migrant program wind-down
A one-time wind-down halved scale year-over-year, removing a large revenue stream and shrinking fixed-cost absorption. Loss of scale elevates unit costs, reduces pricing leverage, and makes growth dependent on replacing sizable, often lower-margin programs with profitable, durable contracts—a multi-quarter structural challenge.
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Positive Factors
Negative Factors
Clearer 2026 guidance and path to profitability
Management raised 2026 revenue guidance and materially narrowed expected adjusted EBITDA loss while targeting adjusted EBITDA profitability in H2 2026. This gives a concrete operating plan and targets that, if achieved, signal scalable revenue leverage, improved cash generation, and a credible path to durable operating break-even.
Read all positive factors
DocGo (DCGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.33M
Dividend YieldN/A
Average Volume (3M)1.18M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth-47.03%
EPS Growth-274.41%
CountryUS
Employees3,404
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-1.37
Shares Outstanding98,750,250
10 Day Avg. Volume1,178,745
30 Day Avg. Volume1,184,488
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.60
Price to Sales (P/S)0.27
P/FCF Ratio3.22
Enterprise Value/Market Cap0.57
Enterprise Value/Revenue0.09
Enterprise Value/Gross Profit0.30
Enterprise Value/Ebitda-0.40
Forecast
1Y Price Target
$2.38Price Target Upside310.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.32
Revenue Forecast (FY)$298.91M
DocGo Business Overview & Revenue Model
Company Description
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 tran...
How the Company Makes Money
DocGo generates revenue primarily by providing (1) mobile health services and (2) medical transportation services under contracts and arrangements with government entities, health systems, insurers, and other healthcare organizations. In mobile he...
DocGo Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum and several concrete positive developments — raised 2026 revenue and adjusted EBITDA guidance, strong performance from SteadyMD and remote patient monitoring, meaningful volume growth across core services, hiring progress, and a clear efficiency roadmap with measurable savings. Offsetting these positives were substantial noncash impairments, a material year-over-year revenue drop tied to the one-time wind-down of migrant programs, a decline in cash balance and delayed receivables (~$20M) that create near-term working capital and covenant considerations, and margin pressure from elevated overtime and lower-margin legacy programs. On balance the company presented actionable plans (staffing, automation, cost-savings, and strategic review) and an improved outlook for 2026, suggesting operational recovery and path to adjusted EBITDA profitability later in the year despite near-term liquidity and accounting headwinds.Positive Updates
Revenue Beat and Raised 2026 Guidance
Q4 2025 revenue of $74.9 million beat the top end of guidance; 2026 revenue guidance increased to $290M–$310M (up $10M from prior guide), implying 15%–23% growth over 2025 base revenues.
Negative Updates
Significant YoY Revenue Decline (Migrant Wind-Down)
Total revenue Q4 2025 $74.9M vs Q4 2024 $120.8M; full-year 2025 revenue $322.2M vs $616.6M in 2024 — decline driven entirely by wind down of migrant-related projects (Q4 included ~$7.4M migrant mobile health revenue).
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Q4-2025 Updates
Positive
Negative
Revenue Beat and Raised 2026 Guidance
Q4 2025 revenue of $74.9 million beat the top end of guidance; 2026 revenue guidance increased to $290M–$310M (up $10M from prior guide), implying 15%–23% growth over 2025 base revenues.
Read all positive updates
Company Guidance
DocGo raised 2026 revenue guidance to $290–$310 million (up from $280–$300M), implying 15%–23% growth over 2025, and narrowed expected adjusted EBITDA loss to $5–$10 million (vs prior $15–$25M), with management aiming for adjusted EBITDA profitability in the back half of 2026. The guide assumes a blended adjusted gross margin near ~33% for the year, segment mix of roughly $215M transport and $85–$88M mobile health on a ~$300M midpoint, SteadyMD contributing ~$25–$30M (SteadyMD Q4 revenue >$8M, $6.1M recorded by DocGo; SteadyMD FY interactions >4M comprising ~3M lab orders and ~1M telehealth visits, with gross margin improving from ~30% to 37%), and expected efficiency savings of ~$5–$6M in 2026 (and ~$20–$24M in 2027). Management cited recent traction against the Q4 2025 baseline ($74.9M Q4 revenue; Q4 adjusted EBITDA loss ~$11.3M; FY 2025 revenue $322.2M, adjusted EBITDA loss $28.6M), operational improvements (filled 206 of 546 EMT/paramedic openings; Q4 overtime ~13% trending down from 11–13% toward sub-10%/mid-single-digit targets), RPM strength (Q4 RPM revenue $4.0M and $830K adjusted EBITDA), care-gap assigned lives up 12% sequential to >1.45M, NPS 92, and cash dynamics (cash $68.3M vs $95.2M on Sept 30, $12.5M cash paid for SteadyMD + ~$1.5M transaction costs, ~ $20M migrant receivable outstanding); noted noncash impairments totaled ~$77M (goodwill $49.5M, intangibles $22.6M, equity investment $5M).DocGo Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 322.20M | 616.56M | 624.29M | 440.52M | 318.72M |
| Gross Profit | 98.76M | 213.57M | 195.38M | 154.72M | 109.75M |
| EBITDA | -73.50M | 45.56M | 31.49M | 32.40M | 28.07M |
| Net Income | -182.40M | 19.99M | 6.86M | 34.58M | 23.74M |
Balance Sheet | |||||
| Total Assets | 217.10M | 455.62M | 490.45M | 393.28M | 309.60M |
| Cash, Cash Equivalents and Short-Term Investments | 51.02M | 89.24M | 59.29M | 157.34M | 175.54M |
| Total Debt | 29.18M | 57.19M | 46.50M | 19.91M | 16.51M |
| Total Liabilities | 91.23M | 140.44M | 185.28M | 114.35M | 82.55M |
| Stockholders Equity | 144.01M | 320.92M | 300.79M | 273.23M | 219.58M |
Cash Flow | |||||
| Free Cash Flow | 27.02M | 64.50M | -74.35M | 23.37M | -8.60M |
| Operating Cash Flow | 34.45M | 70.34M | -64.22M | 28.87M | -1.95M |
| Investing Cash Flow | -39.08M | -10.87M | -29.88M | -38.45M | -8.59M |
| Financing Cash Flow | -50.82M | -24.15M | 1.12M | -6.18M | 155.21M |
DocGo Technical Analysis
Negative
0.58
Price Trends
0.68
Negative
0.81
Negative
1.11
Negative
Market Momentum
-0.04
Positive
34.86
Neutral
18.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DCGO, the sentiment is Negative. The current price of 0.58 is below the 20-day moving average (MA) of 0.62, below the 50-day MA of 0.68, and below the 200-day MA of 1.11, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 34.86 is Neutral, neither overbought nor oversold. The STOCH value of 18.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DCGO.
DocGo Risk Analysis
DocGo disclosed 72 risk factors in its most recent earnings report. DocGo 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
DocGo Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $863.78M | 78.45 | 6.89% | ― | 18.37% | ― | |
55 Neutral | $62.89M | 3.01 | -35.31% | ― | 1.34% | 185.03% | |
52 Neutral | $690.52M | -6.34 | -14.67% | ― | -11.42% | -617.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $315.85M | -0.70 | -116.65% | ― | 5.21% | 5.21% | |
47 Neutral | $51.33M | -0.16 | -71.45% | ― | -47.03% | -274.41% | |
47 Neutral | $18.32M | -0.08 | -257.39% | ― | -2.15% | -6.72% |
* Healthcare Sector Average
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DocGo Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
DocGo Receives Nasdaq Notice Over Minimum Bid Price
Negative
Jan 30, 2026
On January 26, 2026, DocGo Inc. disclosed that it had received a notice from Nasdaq stating that the company’s common stock had failed to meet the Nasdaq Capital Market’s minimum bid price requirement of $1.00 per share between Decembe...
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.