The company's financial position appears increasingly vulnerable, with total assets declining from $493.9M in 2024Q3 to $209.2M in 2026Q1, alongside a significant erosion of shareholder equity.
DocGo Inc. (DCGO) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 119.8M | 152.4M | 304.49M | 338.87M | 271.08M | 256.03M | 58.42M | 59.14M |
| Cash & Short-Term Investments | 25.23M | 51.02M | 89.24M | 59.29M | 157.34M | 175.54M | 32.42M | 47.74M |
| Cash Only | 25.23M | 51.02M | 89.24M | 59.29M | 157.34M | 175.54M | 32.42M | 47.74M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 86.22M | 92.89M | 210.9M | 262.08M | 103M | 78.38M | 24.85M | 10.16M |
| Days Sales Outstanding | 117.68 | 105.23 | 124.85 | 153.23 | 85.34 | 89.77 | 96.42 | 76.8 |
| Inventory | 0 | 0 | 0 | 0 | 4.48M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 5.72 | - | - | - |
| Other Current Assets | 3.94M | 3.7M | 4.34M | 17.5M | 6.27M | 0 | 0 | 0 |
| Total Non-Current Assets | 67.02M | 64.7M | 151.13M | 151.58M | 122.2M | 53.57M | 41.75M | 41.82M |
| Property, Plant & Equipment | 38.73M | 43.5M | 42.18M | 38.42M | 39.37M | 26.24M | 21.1M | 20.41M |
| Fixed Asset Turnover | 7.03x | 7.41x | 14.62x | 16.25x | 11.19x | 12.15x | 4.46x | 2.37x |
| Goodwill | 0 | 0 | 47.43M | 47.54M | 38.9M | 8.69M | 6.61M | 6.31M |
| Intangible Assets | 1.41M | 0 | 25.73M | 37.68M | 22.97M | 10.68M | 10.67M | 9.97M |
| Long-Term Investments | 52.54M | 0 | 5.55M | 553.57K | 597.98K | 4.16M | 0 | 0 |
| Other Non-Current Assets | 3.48M | 20.67M | 21.83M | 15.5M | 10.4M | 3.81M | 3.36M | 5.13M |
| Total Assets | 186.82M | 217.1M | 455.62M | 490.45M | 393.28M | 309.6M | 100.17M | 100.96M |
| Asset Turnover | 1.22x | 1.48x | 1.35x | 1.27x | 1.12x | 1.03x | 0.94x | 0.48x |
| Asset Growth % | -186.39% | -52.35% | -7.1% | 24.71% | 27.03% | 209.07% | -0.78% | - |
| Total Current Liabilities | 72.33M | 67.49M | 121.81M | 170.12M | 100.16M | 57.88M | 23.5M | 9.73M |
| Accounts Payable | 14.02M | 11.11M | 28.36M | 19.83M | 21.58M | 15.83M | 3.95M | 947.94K |
| Days Payables Outstanding | 20.85 | 18.15 | 25.68 | 16.87 | 27.56 | 27.66 | 23 | 9.85 |
| Short-Term Debt | 9.68M | 51.74K | 30.01M | 25.03M | 664.91K | 626.33K | 664.36K | 564.91K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 23.7M | 23.91M | 27.4M | 39.81M | 49.38M | 11.89M | 3.58M | 680.49K |
| Current Ratio | 1.66x | 2.26x | 2.50x | 1.99x | 2.71x | 4.42x | 2.49x | 6.08x |
| Quick Ratio | 1.66x | 2.26x | 2.50x | 1.99x | 2.66x | 4.42x | 2.49x | 6.08x |
| Cash Conversion Cycle | 96.83 | - | - | - | 63.5 | - | - | - |
| Total Non-Current Liabilities | 18.7M | 23.74M | 18.64M | 15.16M | 14.19M | 24.67M | 9.73M | 11.87M |
| Long-Term Debt | 159.34K | 183.84K | 5.21K | 41.59K | 1.24M | 1.3M | 594.49K | 751.5K |
| Capital Lease Obligations | 72.34M | 18.78M | 18.63M | 15.12M | 12.96M | 9.85M | 9.14M | 11.12M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.48M | 4.78M | 0 | 0 | 0 | 13.52M | 0 | 0 |
| Total Liabilities | 91.04M | 91.23M | 140.44M | 185.28M | 114.35M | 82.55M | 33.23M | 21.6M |
| Total Debt | 25.91M | 29.18M | 57.19M | 46.5M | 19.91M | 16.51M | 13.89M | 15.54M |
| Net Debt | 672.81K | -21.84M | -32.05M | -12.79M | -137.42M | -159.03M | -18.53M | -32.2M |
| Debt / Equity | 0.27x | 0.23x | 0.18x | 0.15x | 0.07x | 0.07x | 0.21x | 0.20x |
| Debt / EBITDA | -0.26x | - | 1.28x | 1.48x | 0.61x | 0.72x | - | - |
| Net Debt / EBITDA | -0.01x | - | -0.72x | -0.41x | -4.24x | -6.95x | - | - |
| Interest Coverage | -501.77x | -183.89x | 13.70x | - | - | 26.94x | -72.12x | - |
| Total Equity | 95.78M | 125.87M | 315.18M | 305.17M | 278.93M | 227.06M | 66.95M | 79.36M |
| Equity Growth % | -209.71% | -60.06% | 3.28% | 9.41% | 22.84% | 239.16% | -15.64% | - |
| Book Value per Share | 0.97 | 1.27 | 2.88 | 2.89 | 2.71 | 2.39 | 0.67 | 0.79 |
| Total Shareholders' Equity | 119.05M | 144.01M | 320.92M | 300.79M | 273.23M | 219.58M | 55M | 68.47M |
| Common Stock | 9.89K | 9.86K | 10.19K | 10.41K | 10.24K | 10.01K | 0 | 0 |
| Retained Earnings | -214.39M | -183.8M | -1.4M | -21.39M | -28.97M | -63.56M | -87.3M | -72.94M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.17M | 2.39M | 1.22M | 1.48M | 741.21K | -32.5K | -48.54K | -244.88K |
| Minority Interest | -23.27M | -18.14M | -5.74M | 4.38M | 5.7M | 7.48M | 11.95M | 10.89M |
Quick answers to the most common questions about buying DCGO stock.
As of 2025, DocGo Inc. (DCGO) had total assets of $217.1M including $152.4M in current assets.
DocGo Inc. (DCGO) carries total debt of $29.2M, offset by $51.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DocGo Inc. (DCGO) has total shareholders' equity (book value) of $144.0M ($1.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DocGo Inc. (DCGO) reported a current ratio of 2.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Municipal contract concentration risk
Metrics are mathematically derived from official filings.
Asset Base Contraction Signals Weakness
As reported in financial statements, DocGo's total assets have declined from a peak of $493.9M in 2024Q3 to $209.2M in 2026Q1, reflecting a significant erosion of the company's resource base as it struggles to replace expiring, high-volume government contracts with sustainable, long-term revenue streams.
The consistent shrinkage of the balance sheet suggests that the company is currently in a defensive posture, likely liquidating or failing to replace assets associated with its legacy business model. Investors should monitor whether this contraction represents a strategic right-sizing or a forced retreat from the market due to declining operational viability.
Liquidity Buffer Facing Persistent Erosion
Based on DocGo's reported figures, the current ratio has tightened from 2.59 in 2025Q3 to 1.79 in 2026Q1, indicating that the company's ability to cover short-term obligations is diminishing as cash reserves are depleted to fund ongoing operational losses and working capital requirements.
While a current ratio of 1.79 remains above the critical threshold of 1.0, the rapid decline in cash from $104.2M in 2025Q2 to $35.7M in 2026Q1 warrants close scrutiny. This trend suggests that the company may face future liquidity constraints if it cannot stabilize its cash burn or secure additional financing.
Retained Earnings Deficit Deepens Significantly
According to recent SEC filings, DocGo's retained earnings have plummeted to a deficit of $198.6M in 2026Q1, a stark reversal from the near-breakeven levels observed in 2024Q4, which highlights the severe impact of persistent net losses on the company's long-term shareholder equity base.
The rapid accumulation of this deficit suggests that the company's core operations are not generating sufficient value to offset historical losses. This erosion of equity quality may limit the company's future financial flexibility and could potentially trigger concerns regarding long-term solvency if the trend of negative earnings persists.
Goodwill Impairment Risk Remains Opaque
As evidenced by the balance sheet data, the near-total disappearance of goodwill from $50.0M in 2025Q2 to $0.6M in 2026Q1 suggests that the company has likely recognized significant impairment charges, which may indicate that previous acquisitions have failed to deliver the expected strategic or operational synergies.
The rapid write-down of these intangible assets implies that the company's historical growth-by-acquisition strategy has not yielded the anticipated long-term value. Investors should consider whether the remaining asset valuations are still overly optimistic given the current contraction in the company's primary revenue-generating segments.