DocGo (DCGO) AI Stock Analysis

• Market Cap: $66.57M
• Dividend Yield: N/A
• Average Volume (3M): 869.15K
• 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): -1.37
• Shares Outstanding: 98,750,250
• 10 Day Avg. Volume: 1,482,660
• 30 Day Avg. Volume: 869,152
• PEG Ratio: <0.01
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 0.27
• P/FCF Ratio: <0.01
• Enterprise Value/Market Cap: -350.12K
• Enterprise Value/Revenue: -72.34K
• Enterprise Value/Gross Profit: -280.48K
• Enterprise Value/Ebitda: 317.12K
• 1Y Price Target: $2.50
• Price Target Upside: 273.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.38
• Revenue Forecast (FY): $291.35M

• Rating: 50 Neutral
• Price Target: $0.78 ▲(15.97% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak recent profitability and volatile fundamentals (income statement deterioration), with only partial offset from a reasonably managed balance sheet and improved recent cash flow. The earnings call improves the outlook via raised 2026 guidance and a clearer path to reduced losses, but technicals remain mixed and the Nasdaq bid-price notice adds an additional downside risk.

Positive Factors

Raised 2026 revenue guidance and segment scale

Management raised 2026 revenue to $290–$310M (implying 15%–23% growth) and reports a clear transport/mobile-health segment mix. This indicates a durable, contract-driven revenue base with scale in transportation and recurring program flows that support utilization-driven cash generation over the medium term.

Operational efficiency program underway

The company has a quantified efficiency roadmap with automation and process improvements targeting $5–$6M in 2026 and $20–$24M in 2027. Combined with hiring progress and falling overtime, these structural actions should sustainably lower unit labor costs and improve gross margins as scale normalizes.

High-margin digital services contribution

SteadyMD and remote patient monitoring are growing with materially higher gross margins (SteadyMD ~37%; RPM >50%). These higher-margin, digital/telehealth services diversify revenue away from lower-margin legacy programs and offer durable margin upside as adoption and scale increase.

Negative Factors

Material revenue decline from migrant wind-down

The one-time wind-down halved revenue year-over-year, removing a large, previously recurring revenue source. This structural loss of scale raises volatility, weakens fixed-cost absorption, and increases dependence on contract renewals and organic growth to restore durable profitability and cash flow.

Large noncash impairments

Substantial impairments materially reduce intangible asset cushions and reflect lower recoverable values from prior investments. This limits balance-sheet optionality, signals prior overvaluation of assets, and can constrain future M&A or strategic investment without rebuilding equity or generating fresh cash.

Working capital and covenant pressure

Declining cash and ~$20M of delayed receivables create near-term liquidity and covenant risk. This structural working-capital strain may force covenant negotiations, increase borrowing costs or limit strategic actions, constraining the company's flexibility until collections and cash generation normalize.

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 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 health, the company is paid to deploy clinicians (e.g., for acute care, chronic care support, vaccinations, or other in-home/community clinical programs) and is typically compensated via contracted service fees tied to program scope, utilization/visit volume, staffing, and service-level requirements. In medical transportation, DocGo earns fees for transporting patients (including non-emergency medical transportation and ambulance-related transport where applicable), with pricing commonly based on trip volume and service type, and payments coming from payors such as government programs, managed care organizations, and healthcare providers under contractual arrangements. Significant drivers of earnings include the scale and duration of contracted programs, renewal and expansion of government/enterprise relationships, utilization (trip/visit volumes), and the company’s ability to manage labor and fleet/logistics costs while meeting contractual performance requirements. Specific named partnerships, customer concentration details, and segment-level revenue breakdowns are not available in this response and are therefore null.

DocGo Financial Statement Overview

Summary

Income statement quality is weak (Score 38) due to a sharp swing to large losses and negative EBITDA margin with volatile growth. Balance sheet is steadier (Score 62) with generally manageable leverage and positive equity, but ROE has turned meaningfully negative. Cash flow is mixed (Score 55): recent positive operating and free cash flow helps offset reported losses, though volatility remains a concern.

Income Statement

Profitability and growth have deteriorated materially versus prior years. After modest profitability in 2021–2024 (net margins roughly 1%–8% with relatively steady gross margins around the low-to-mid 30% range), the latest annual period shows a sharp swing to a large net loss and deeply negative EBITDA margin, overwhelming the otherwise stable gross margin profile. Reported revenue growth is extremely volatile, and the most recent period’s scale and margin collapse increases the risk profile and reduces confidence in earnings quality and trajectory.

Balance Sheet

Leverage appears manageable, with debt-to-equity generally low across the historical annual reports (roughly ~0.07–0.25) and equity remaining positive. That said, returns on equity have turned meaningfully negative in the latest annual period, consistent with the large loss, which can pressure the balance sheet over time if sustained. Overall, the capital structure looks reasonable, but the recent profitability shock is a clear weakness.

Cash Flow

Cash generation has been mixed but improved from earlier periods: operating cash flow and free cash flow were positive in 2022 and 2024, following negative cash flow in 2020–2021 and a notably weak 2023. The latest annual period shows strong positive operating and free cash flow, which is a key offset to the reported net loss; however, cash flow volatility year-to-year remains a concern, and operating cash flow relative to accounting earnings is not consistently strong across the history.

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	83.10M	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	10.00T>	455.62M	490.45M	393.28M	309.60M
Cash, Cash Equivalents and Short-Term Investments	52.48T	89.24M	59.29M	157.34M	175.54M
Total Debt	29.18T	57.19M	46.50M	19.91M	16.51M
Total Liabilities	91.23T	140.44M	185.28M	114.35M	82.55M
Stockholders Equity	10.00T>	320.92M	300.79M	273.23M	219.58M
Cash Flow
Free Cash Flow	29.91T	64.50M	-74.35M	23.37M	-8.60M
Operating Cash Flow	34.45T	70.34M	-64.22M	28.87M	-1.95M
Investing Cash Flow	-39.08T	-10.87M	-29.88M	-38.45M	-8.59M
Financing Cash Flow	-50.82T	-24.15M	1.12M	-6.18M	155.21M

DocGo Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.67
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.67 is below the 20-day moving average (MA) of 0.69, below the 50-day MA of 0.76, and below the 200-day MA of 1.18, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.40 is Neutral, neither overbought nor oversold. The STOCH value of 26.23 is Neutral, 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	70 Outperform	$858.77M	78.45	6.89%	―	18.37%	―
BTMD	55 Neutral	$57.36M	3.01	-35.31%	―	1.34%	185.03%
AMN	52 Neutral	$695.93M	-6.34	-35.90%	―	-11.42%	-617.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DCGO	50 Neutral	$66.57M	―	>-0.01%	―	-47.03%	-274.41%
AGL	43 Neutral	$176.86M	-0.70	-116.65%	―	5.21%	5.21%
PIII	43 Neutral	$20.90M	-0.23	-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.