AGLNYSEServices-Misc Health & Allied Services, NECUS GAAP · USD

agilon health, inc.

agilon health, inc. is a U.S.-based healthcare services company built around community-based primary care physician groups and Medicare Advantage patients. Its model combines a technology-enabled platform, long-term physician partnerships, and a local network of physician organizations to support risk-bearing arrangements and coordinated care delivery.

Revenue5,933m USD
−2.1 %y/y
Operating profit (EBIT)-463m USD
−58.6 %y/y
EBIT margin-7.8%
−3.0 ppy/y
Net income-391m USD
−50.4 %y/y
Free cash flow-119m USD
−67.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,00002,0004,0006,0008,000m USD2020: 1,218 m USD2020: EBIT -57 m USD20202021: 1,834 m USD2021: EBIT -394 m USD20212022: 2,708 m USD2022: EBIT -105 m USD20222023: 4,316 m USD2023: EBIT -232 m USD20232024: 6,061 m USD2024: EBIT -292 m USD20242025: 5,933 m USD2025: EBIT -463 m USD20255,933-463
RevenueOperating profit (EBIT)

Business

Share of revenue
Capitation-based healthcare services75 %

Monthly per-member-per-month arrangements that fund care for attributed Medicare Advantage patients.

Physician partnership services15 %

Long-term operating and support services provided to anchor physician groups and RBEs.

Technology and care enablement platform10 %

Tools, processes, and analytics used to identify care gaps and support care coordination.

Products

Reported · share of revenue
99.8%FY2025100 %
  • Medical Services99.8 %
  • Other Operating0.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

agilon serves community-based primary care physician groups that want to participate in Medicare-centric value-based care arrangements. Its economic counterparties also include Medicare Advantage payors, which fund capitation payments tied to attributed members and contracted care responsibilities.

Community-based primary care physician groups

They use agilon's platform and operating support to transition into a Total Care Model and manage attributed Medicare patients.

Medicare Advantage payors

They contract for capitation-based arrangements that transfer care management responsibility and payment flow to agilon's model.

Attributed Medicare Advantage members

These patients are the covered population whose care costs and outcomes drive the economics of the platform.

Physician network participants

Additional PCPs and affiliated groups join the network to share best practices and expand local care capacity.

Strategy

agilon's strategy is to deepen its platform with existing community physician groups and extend the model into additional local markets. It aims to strengthen the network effect among physician partners while maintaining long-term, recurring capitation relationships with Medicare Advantage payors.

Expand into new geographiesMedium term

Growth depends on entering additional local markets and building new physician partnerships.

Deepen physician partnershipsMedium term

The model relies on long-term alignment with community-based PCPs to manage attributed patients.

Improve care outcomes and cost managementShort term

Better quality and lower medical cost are central to the economics of global capitation.

Strengthen the physician networkLong term

A larger network can attract more PCPs and reinforce the platform's value proposition.

Geography

agilon operates in the United States and focuses on local community physician markets rather than a single national clinic footprint. Its model is organized through local geographies where risk-bearing entities contract with payors and physician partners, so expansion depends on entering and scaling new regional markets.

Risks

agilon's business is exposed to medical cost inflation, membership volatility, and the challenge of scaling new physician partnerships without eroding economics. It also faces regulatory, reimbursement, cybersecurity, and capital-availability risks typical of value-based healthcare models that depend on Medicare Advantage and payor contracts.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Medical costs exceed revenue under capitation contracts1Difficulty expanding physician partnerships and geographies2Failure to secure or retain MA payor contracts3Regulatory and government program risk4Cybersecurity and data privacy incidents5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Medical costs exceed revenue under capitation contractsImpact: HighLikelihood: High

    The company is paid fixed PMPM amounts but bears care cost risk for attributed members.

    Exposure: Global capitation and medical services expense

  2. Difficulty expanding physician partnerships and geographiesImpact: HighLikelihood: High

    The model requires local physician adoption, and startup costs may not be recovered if growth stalls.

    Exposure: New market entry and partner recruitment

  3. Failure to secure or retain MA payor contractsImpact: HighLikelihood: Medium

    Revenue depends on contracted arrangements with payors that fund the platform.

    Exposure: Payor relationships and renewal cycles

  4. Regulatory and government program riskImpact: MediumLikelihood: Medium

    Medicare Advantage is heavily regulated and changes can alter reimbursement or compliance burdens.

    Exposure: CMS and healthcare regulation

  5. Cybersecurity and data privacy incidentsImpact: MediumLikelihood: Medium

    The platform depends on patient and physician data to coordinate care and manage risk.

    Exposure: Information systems and protected health data

Accounting

Judgemental items
Capitation revenue recognition

Revenue is earned over time as members are entitled to healthcare services under PMPM contracts.

Impact: Affects revenue timing and quarter-to-quarter comparability

Risk adjustment estimates

Payor contract economics depend on estimating member risk factors and related settlements.

Impact: Can materially affect revenue and earnings

Incurred but not reported claims

Medical expense accruals rely on estimates of claims that have been incurred but not yet billed.

Impact: Can swing gross profit and operating results

Equity method investments and administrative eliminations

The company notes adjustments related to services provided to equity method investments.

Impact: Affects adjusted EBITDA and comparability

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026