DocGo (DCGO) AI Stock Analysis

• Market Cap: $74.98M
• Dividend Yield: N/A
• Average Volume (3M): 673.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: -47.03%
• EPS Growth: -274.41%
• Country: US
• Employees: 3,404
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): -0.28
• Shares Outstanding: 97,813,370
• 10 Day Avg. Volume: 828,856
• 30 Day Avg. Volume: 673,263
• PEG Ratio: 0.11
• Price to Book (P/B): 1.35
• Price to Sales (P/S): 0.70
• P/FCF Ratio: 6.73
• Enterprise Value/Market Cap: 0.41
• Enterprise Value/Revenue: 0.08
• Enterprise Value/Gross Profit: 0.27
• Enterprise Value/Ebitda: -0.64
• 1Y Price Target: $3.13
• Price Target Upside: 306.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $0.79 ▲(3.12% Upside)

The score is weighed down primarily by weak financial performance (negative margins and negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). These are only partly offset by a mixed but improving strategic narrative from the earnings call (growth guidance and SteadyMD acquisition) and modestly mixed corporate events, with the Nasdaq bid-price notice adding risk.

Positive Factors

Balance Sheet Strength

Being debt-free and holding cash to fund growth materially improves financial flexibility. This reduces interest burden, supports M&A and contract bids, and provides runway to scale operations and invest in technology without immediate refinancing risk, strengthening long-term resilience.

Strategic Acquisition - Virtual Care

Buying SteadyMD adds a nationwide virtual care footprint and clinician capacity, expanding DocGo's addressable market and recurring care capabilities. This structurally diversifies revenue streams, enables cross-selling with transportation and in-home services, and supports scalable, higher-margin offerings.

Operational Scale in Core Services

Sustained record volumes indicate durable demand for mobile health and transportation services and validate contract-based business models. Higher utilization under long-term contracts supports operational leverage, more predictable revenue, and bargaining power with payors over the medium term.

Negative Factors

Negative Cash Flow

Persistent negative operating and free cash flow undermines self-funding ability and forces reliance on external capital for growth and working capital. Over months this constrains strategic flexibility, increases refinancing risk, and can limit investment in scaling higher-margin services.

Revenue Volatility from Contract Sunset

A large year-over-year revenue drop tied to temporary migrant projects highlights concentration and reliance on transient contracts. This structural volatility complicates forecasting, weakens revenue base, and forces the company to replace lost volume with durable long-term contracts to stabilize margins.

Profitability and Margin Pressure

Moving from EBITDA-positive to a notable adjusted EBITDA loss signals structural margin challenges from new investments and lower-margin mix. Sustained unprofitable operations require either significant scale, price improvements, or cost cuts to reach durable profitability and fund growth internally.

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 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.

How the Company Makes Money

DocGo generates revenue through multiple channels, primarily by billing for its healthcare services provided to patients and healthcare facilities. Key revenue streams include direct payments from patients for telehealth consultations, contracts with hospitals and clinics for on-site medical services, and partnerships with healthcare organizations to provide mobile health solutions. Additionally, the company may receive reimbursements from insurance providers for covered services. Significant partnerships with hospitals and health systems enhance its service offerings and expand its market reach, contributing to overall revenue growth.

DocGo Financial Statement Overview

Summary

Financial health is pressured by negative profitability and weak cash generation. Income statement margins are negative despite strong revenue growth, and cash flow is a key concern with negative operating and free cash flow. The balance sheet is comparatively better with manageable leverage, but ROE has turned negative.

Income Statement

DocGo's income statement shows significant volatility. The TTM data indicates a negative net profit margin and EBIT margin, reflecting substantial losses. Despite a strong revenue growth rate, profitability remains a concern with negative EBIT and EBITDA margins. Historical data shows fluctuating revenue growth and declining margins, suggesting challenges in maintaining profitability.

Balance Sheet

The balance sheet presents a moderate financial position. The debt-to-equity ratio is relatively low, indicating manageable leverage. However, the return on equity has turned negative in the TTM period, highlighting inefficiencies in generating returns for shareholders. The equity ratio remains stable, suggesting a solid asset base.

Cash Flow

Cash flow analysis reveals significant challenges. The TTM period shows negative operating and free cash flows, with a declining free cash flow growth rate. The operating cash flow to net income ratio is below 1, indicating cash flow issues. Historical data shows inconsistent free cash flow growth, raising concerns about liquidity management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	368.09M	616.56M	624.29M	440.52M	318.72M	94.09M
Gross Profit	114.89M	213.57M	195.38M	154.72M	109.75M	31.35M
EBITDA	-48.53M	45.56M	31.49M	32.40M	28.07M	-9.25M
Net Income	-51.59M	19.99M	6.86M	34.58M	23.74M	-14.36M
Balance Sheet
Total Assets	353.78M	455.62M	490.45M	393.28M	309.60M	100.17M
Cash, Cash Equivalents and Short-Term Investments	73.36M	89.24M	59.29M	157.34M	175.54M	32.42M
Total Debt	29.46M	57.19M	46.50M	19.91M	16.51M	13.89M
Total Liabilities	93.12M	140.44M	185.28M	114.35M	82.55M	33.23M
Stockholders Equity	270.53M	320.92M	300.79M	273.23M	219.58M	55.00M
Cash Flow
Free Cash Flow	51.83M	64.50M	-74.35M	23.37M	-8.60M	-16.97M
Operating Cash Flow	57.81M	70.34M	-64.22M	28.87M	-1.95M	-10.65M
Investing Cash Flow	-31.58M	-10.87M	-29.88M	-38.45M	-8.59M	-6.04M
Financing Cash Flow	-56.81M	-24.15M	1.12M	-6.18M	155.21M	-812.09K

DocGo Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.77
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 0.77 is below the 20-day moving average (MA) of 0.86, below the 50-day MA of 0.92, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 36.30 is Neutral, neither overbought nor oversold. The STOCH value of 15.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DCGO.

DocGo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TALK	65 Neutral	$669.25M	165.57	3.74%	―	18.37%	―
AMN	57 Neutral	$818.21M	-2.96	-35.90%	―	-11.42%	-617.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DCGO	47 Neutral	$74.98M	-1.47	-17.32%	―	-47.03%	-274.41%
BTMD	47 Neutral	$95.43M	2.63	―	―	1.34%	185.03%
AGL	46 Neutral	$345.01M	-1.07	-73.31%	―	5.21%	5.21%
PIII	45 Neutral	$13.83M	-0.04	-257.39%	―	-2.15%	-6.72%

DocGo Corporate Events

DocGo Receives Nasdaq Notice Over Minimum Bid Price

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 December 9, 2025 and January 23, 2026, putting it out of compliance with Nasdaq Listing Rule 5550(a)(2). While the notice has no immediate effect on DocGo’s listing status, the company has until July 27, 2026 to regain compliance by maintaining a closing bid price at or above $1.00 for at least ten consecutive business days, and could potentially access an additional 180-day compliance period if it meets certain other listing criteria and pursues remedial steps such as a possible reverse stock split; failure to do so could ultimately lead to delisting proceedings, a process the company would have the right to appeal.

The most recent analyst rating on (DCGO) stock is a Hold with a $0.84 price target. To see the full list of analyst forecasts on DocGo stock, see the DCGO Stock Forecast page.

DocGo Extends Share Repurchase Program to 2026

On December 12, 2025, DocGo Inc. announced an extension of its share repurchase program, allowing the company to buy back up to $26 million in common stock until June 30, 2026. The extension provides DocGo with flexibility in managing its capital structure, potentially benefiting shareholders by supporting stock price stability and reflecting confidence in the company’s financial health.

The most recent analyst rating on (DCGO) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on DocGo stock, see the DCGO Stock Forecast page.