Cash flow generation remains inconsistent, with free cash flow margins oscillating from -9.4% in 2023Q4 to 1.5% in 2026Q1, heavily influenced by volatile working capital swings.
| Cash from Operations | -50.05M | -105.76M | -57.78M | -156.2M | -130.81M | -148.16M | -53.2M | -103.86M |
| Operating CF Margin % | - | -1.78% | -0.95% | -3.62% | -5.48% | -9.74% | -4.37% | -13.07% |
| Operating CF Growth % | -274.02% | -83.05% | 63.01% | -19.41% | 11.71% | -178.47% | 48.77% | - |
| Net Income | -373.49M | -391.35M | -260.1M | -262.8M | -106.86M | -406.79M | -60.05M | -282.74M |
| Depreciation & Amortization | 28.5M | 28.59M | 24.46M | 20.16M | 13.77M | 14.67M | 14.1M | 41.41M |
| Stock-Based Compensation | 38.65M | 49.12M | 50.66M | 69.33M | 28.38M | 292.39M | 6.69M | 5.22M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 532K | -3.23M | -2.81M | -16.18M |
| Other Non-Cash Items | 9.07M | 18.4M | -3.38M | 27.18M | -7.19M | 9.82M | -17.6M | 115.24M |
| Working Capital Changes | 228.26M | 189.47M | 130.59M | -10.07M | -59.44M | -55.02M | 6.47M | 33.18M |
| Change in Receivables | 0 | 344.58M | -74.58M | 0 | -204.17M | -149.04M | -59.38M | -23.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 149.04M | 0 | 0 |
| Change in Payables | 0 | -87.48M | 198.58M | 473.61M | 173.45M | 95.7M | 67.31M | 38.26M |
| Cash from Investing | 130.97M | 88.61M | 139.89M | -44.02M | -444.39M | -90.51M | 22.07M | -5.06M |
| Capital Expenditures | -31.22M | -13.24M | -13.25M | -15.83M | -15.43M | -13.43M | -2.35M | -3.91M |
| CapEx % of Revenue | 0.54% | 0.22% | 0.22% | 0.37% | 0.65% | 0.88% | 0.19% | 0.49% |
| Acquisitions | 0 | 0 | 0 | -43.06M | 500K | -1.34M | 26.2M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -6.13M | -31.87M | -41.77M | -34.51M | -23.75M | -75.74M | -1.79M | -1.15M |
| Cash from Financing | -7.98M | -2.99M | -2.58M | -193.13M | 28.06M | 1.15B | 24.62M | 176.3M |
| Debt Issued (Net) | 0 | 0 | -3.75M | -5M | -5M | -19.9M | -3.04M | -3.59M |
| Equity Issued (Net) | -2.83M | -2.99M | 1.17M | -200M | 33.06M | 1.19B | 27.66M | 180.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.83M | -2.99M | 0 | -200M | 0 | 0 | -6.74M | 0 |
| Other Financing | -5.15M | 0 | 0 | 11.87M | 0 | -14.74M | 0 | -303K |
| Net Change in Cash | 72.94M | -20.15M | 79.53M | -393.35M | -547.14M | 915.73M | -6.52M | 67.38M |
| Free Cash Flow | -76.61M | -119M | -71.03M | -187.01M | -163.47M | -161.59M | -55.55M | -107.77M |
| FCF Margin % | -1.32% | -2.01% | -1.17% | -4.33% | -6.84% | -10.62% | -4.56% | -13.57% |
| FCF Growth % | -26.21% | -67.55% | 62.02% | -14.4% | -1.17% | -190.86% | 48.45% | - |
| FCF per Share | -4.60 | -7.19 | -4.32 | -11.43 | -10.01 | -10.83 | -3.61 | -7.02 |
| FCF Conversion (FCF/Net Income) | 0.21x | 0.26x | 0.22x | 0.59x | 1.23x | 0.36x | 0.89x | 0.37x |
| Interest Paid | 1.31M | 0 | 4.6M | 5.8M | 3.67M | 4.82M | 7.09M | 0 |
| Taxes Paid | 146K | 0 | 1.8M | 5.36M | 5.31M | 1.82M | 2K | 0 |
Medical cost utilization volatility
As evidenced by the provided financial data, Agilon Health exhibits a significant disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -2.64 in 2025Q1 to 0.79 in 2026Q1, suggesting that reported earnings are poor proxies for actual cash generation.
The extreme volatility in the conversion ratio indicates that accrual-based accounting adjustments, particularly regarding medical claims reserves, are heavily distorting the company's cash reality. Investors should interpret this as a signal that the underlying earnings quality remains low, as cash flow is frequently decoupled from the bottom-line results.
Based on reported quarterly figures, Agilon Health's free cash flow trajectory remains highly inconsistent, with margins swinging from a negative 9.4% in 2023Q4 to a marginal 1.5% in 2026Q1, reflecting the company's ongoing struggle to achieve sustainable cash-generative operations amidst a challenging medical cost environment.
The inability to maintain positive free cash flow suggests that the business model is currently consuming more capital than it generates through its core capitation activities. This trend warrants further investigation into whether the recent return to positive FCF in 2026Q1 is a durable inflection point or merely a temporary artifact of working capital timing.
According to historical cash flow statements, working capital changes have been the primary driver of cash flow variance, with swings as large as $105.8 million in 2024Q4, indicating that the company's cash position is highly sensitive to the timing of medical claims payments and provider settlements.
The reliance on working capital fluctuations to bridge the gap between operating losses and cash flow suggests that the company's core operations are not yet self-funding. This volatility makes it difficult to assess the true underlying cash-generating capacity of the physician enablement platform.
As reported in financial statements, stock-based compensation remains a persistent non-cash expense, often exceeding $15 million per quarter, which effectively masks the true economic cost of talent retention and dilutes the cash flow available to shareholders despite the company's negative net income profile.
The consistent use of stock-based compensation suggests that the company is relying on equity to preserve cash, which may be necessary given the negative operating margins. Analysts should monitor whether this reliance on non-cash compensation creates a long-term overhang that could impact future cash flow if equity-based incentives become less effective for retention.
Quick answers to the most common questions about buying AGL stock.
Agilon Health, Inc. (AGL) generated $-105.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agilon Health, Inc. (AGL) reported negative free cash flow of $119.0M in 2025, indicating capital requirements exceeded cash from operations.
Agilon Health, Inc. (AGL) spent $13.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Agilon Health, Inc. (AGL) spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.