DCGO DocGo Inc.

Overview and Growth

Fiscal 2025 results for DocGo Inc. combined $322.20M of revenue with net loss of $182.40M and an operating cash inflow of $34.45M. At $322.20M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 47.7% below fiscal 2024 revenue of $616.56M, marking a top-line contraction. Diluted earnings per share were -$1.84, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $217.10M, framing the scale of the company’s operating and financing commitments. Asset turnover was 1.48x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $178.03M operating loss before non-operating and tax effects. An operating margin of -55.3% reflected costs exceeding revenue-level gross profit by 55.3% of sales. The bottom-line result was a net loss of $182.40M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 56.6% after all recognized items. The pretax result was a loss of $187.50M, establishing the deficit before tax effects. Pretax margin was -58.2%, reflecting a pre-tax loss equal to 58.2% of revenue. Income tax expense totaled $8.87M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 144.9% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 84.0%. A $182.40M net loss replaced fiscal 2024 net income of $19.99M.

Liquidity and Capital Structure

At period end, the $217.10M asset base was financed through $91.23M of liabilities and $125.87M of equity. At period end, current assets of $152.40M compared with current liabilities of $67.49M, defining the company’s short-term resource position. The current ratio was 2.26x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $51.02M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 75.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $235.58K of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.0x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 0.1%, showing how much of the asset base was matched by borrowing. Liabilities represented 42.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 23.5%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 52.4% lower than fiscal 2024 assets of $455.62M, measuring the company’s own balance-sheet change. Book equity was 60.1% lower than fiscal 2024 equity of $315.18M, showing how shareholder capital changed year over year. Cash and equivalents were 42.8% lower than fiscal 2024 cash of $89.24M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $34.45M, a reported cash inflow that can be compared directly with net income and capital spending. Capital expenditures used $4.54M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 13.2% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $29.91M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 9.3%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 13.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.