DocGo (DCGO)
NASDAQ:DCGO
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DocGo
(NASDAQ:DCGO)
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Rating:50Neutral
Price Target:
$0.69
▲(6.15% Upside)
Action:ReiteratedDate:04/23/26
DCGO scores near the lower-middle range primarily due to the recent profitability collapse and volatile financial performance, which outweighs balance-sheet stability and improved recent cash flow. Technicals remain weak versus longer-term averages and valuation is difficult to support with a negative P/E. Offsetting factors include improved 2026 guidance and a clearer path to better adjusted EBITDA, though listing-risk and near-term liquidity/covenant concerns remain notable.
Positive Factors
Raised 2026 guidance and path to adjusted EBITDA profitability
Management increased 2026 revenue guidance and narrowed expected adjusted EBITDA loss, implying 15%–23% top-line growth and a plan for adjusted EBITDA profitability in 2H 2026. This provides a multi-quarter roadmap for operational leverage, cost discipline and steadying earnings quality if execution holds.
Negative Factors
Revenue volatility after migrant program wind-down
A large one-time contraction tied to the wind-down of migrant programs halved revenue year-over-year, highlighting concentration and program timing risk. This structural volatility undermines predictability of cash flows and raises the burden on management to replace lost scale with sustainable contracts.
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Positive Factors
Negative Factors
Raised 2026 guidance and path to adjusted EBITDA profitability
Management increased 2026 revenue guidance and narrowed expected adjusted EBITDA loss, implying 15%–23% top-line growth and a plan for adjusted EBITDA profitability in 2H 2026. This provides a multi-quarter roadmap for operational leverage, cost discipline and steadying earnings quality if execution holds.
Read all positive factors
DocGo (DCGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$69.85M
Dividend YieldN/A
Average Volume (3M)1.41M
Price to Earnings (P/E)―
Beta (1Y)1.36
Revenue Growth-47.74%
EPS Growth-1056.93%
CountryUS
Employees3,404
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-1.37
Shares Outstanding98,778,410
10 Day Avg. Volume1,489,099
30 Day Avg. Volume1,406,989
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 Cap0.69
Enterprise Value/Revenue0.15
Enterprise Value/Gross Profit0.49
Enterprise Value/Ebitda-0.65
Forecast
1Y Price Target
$2.38Price Target Upside265.38% 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 primarily makes money by providing contracted healthcare services and medical transportation services to institutional customers. Key revenue streams include: (1) Medical Transportation Services: revenue from providing non-emergency (and rel...
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).
Read all updates
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
Neutral
0.65
Price Trends
0.67
Negative
0.79
Negative
1.08
Negative
Market Momentum
-0.03
Negative
54.43
Neutral
74.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DCGO, the sentiment is Neutral. The current price of 0.65 is above the 20-day moving average (MA) of 0.59, below the 50-day MA of 0.67, and below the 200-day MA of 1.08, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 54.43 is Neutral, neither overbought nor oversold. The STOCH value of 74.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $869.39M | 78.45 | 6.89% | ― | 22.00% | 589.71% | |
63 Neutral | $87.24M | 10.21 | -35.31% | ― | -2.52% | 305.94% | |
53 Neutral | $464.64M | -0.70 | -116.65% | ― | -2.11% | -55.51% | |
52 Neutral | $817.97M | -6.34 | -14.67% | ― | -8.49% | 35.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $69.85M | -0.16 | -71.45% | ― | -47.74% | -1056.93% | |
45 Neutral | $20.20M | -0.04 | -257.39% | ― | -2.76% | -1.22% |
* Healthcare Sector Average
DCGO
DocGo
0.71
-1.50
-67.95%
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20.47
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TALK
Talkspace
5.19
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AGL
Agilon Health
27.95
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PIII
P3 Health Partners
2.77
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BTMD
biote
2.22
-1.05
-32.11%
DocGo Corporate Events
Business Operations and StrategyExecutive/Board Changes
DocGo Forms Special Board Committee to Drive Profitability
Positive
Apr 22, 2026
On April 17, 2026, DocGo said board member Stephen K. Klasko will step down from the board and all related committee roles following the June 16, 2026 annual shareholder meeting after accepting a new healthcare leadership position, with the compan...
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.