Liquidity remains critically thin, highlighted by a $39.1 million operating cash outflow in 2025Q4 and a historical OCF/NI ratio of -58.16 in 2023Q4, indicating poor cash conversion.
GoHealth Inc. (GOCO) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -102.13M | -121.95M | -21.61M | 109.14M | 60.9M | -299.01M | -114.22M | -3K | 5.44M |
| Operating CF Growth % | -378.38% | -464.39% | -119.8% | 79.2% | 120.37% | -161.79% | -3807133.33% | -100.06% | - |
| Operating CF / Revenue % | -66.84% | -33.7% | -2.7% | 14.86% | 9.64% | -28.14% | -13.02% | -0% | 2.41% |
| Net Income | -289.89M | -257.13M | -7.32M | -151.27M | -376.38M | -534.19M | -97.2M | -41.07M | 28.11M |
| Depreciation & Amortization | 53.94M | 80.11M | 105.89M | 105.75M | 107M | 107.51M | 98.55M | 32.98M | 6.16M |
| Stock-Based Compensation | 8.94M | 9.17M | 11.28M | 19.55M | 27.14M | 27.3M | 216.23M | 0 | 0 |
| Deferred Taxes | -4.82M | -3.76M | 4.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 152.73M | 70.52M | -61.04M | 19M | 32.98M | 406.8M | 20.44M | 159.25M | 791K |
| Working Capital Changes | 67.66M | -20.86M | -74.9M | 116.12M | 270.16M | -306.42M | -352.24M | -151.17M | -29.62M |
| Cash from Investing | -5.2M | -8.25M | 3.81M | -13.73M | -13.51M | -19.8M | -14.52M | -815.61M | -6.17M |
| Capital Expenditures | -5.2M | -8.25M | -13.73M | -13.73M | -13.51M | -19.8M | -14.52M | -8.02M | -6.17M |
| Acquisitions | 0 | 0 | 17.54M | 0 | 0 | 0 | 0 | -807.59M | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | -508.32M | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 508.32M | 0 | 0 |
| Cash from Financing | 124.74M | 122M | -32.03M | -21.11M | -115.05M | 259.09M | 260.66M | 827.43M | 63K |
| Dividends Paid | 0 | 0 | 0 | -3.57M | 0 | 0 | -400K | 0 | 0 |
| Share Repurchases | -4.32M | -5.22M | -1.51M | -2.29M | -345K | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 1K | 0 | 0 | 0 | 0 | 862.41M | 541.26M | 0 |
| Debt Issuance (Net) | 3M | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 142K |
| Other Financing | -8.94M | -8.41M | -32.73M | 91K | -4.33M | -6.62M | -614.17M | 0 | -79K |
| Net Change in Cash | 17.73M | -8.02M | -49.89M | 74.34M | -67.9M | -59.87M | 131.96M | 11.77M | -667K |
| Exchange Rate Effect | 315K | 182K | -55K | 42K | -238K | -155K | 35K | -49K | -3K |
| Cash at Beginning | 32.9M | 40.92M | 90.81M | 16.46M | 84.36M | 144.23M | 12.28M | 505K | 1.17M |
| Cash at End | 39.88M | 32.9M | 40.92M | 90.81M | 16.46M | 84.36M | 144.23M | 12.28M | 505K |
| Free Cash Flow | -107.33M | -130.19M | -35.34M | 95.41M | 47.39M | -318.81M | -128.74M | -8.02M | -727K |
| FCF Growth % | -82.7% | -268.45% | -137.04% | 101.32% | 114.87% | -147.64% | -1505.44% | -1003.03% | - |
| FCF Margin % | -70.24% | -35.98% | -4.42% | 12.99% | 7.5% | -30.01% | -14.67% | -1.49% | -0.32% |
| FCF per Share | -6.63 | -10.06 | -3.54 | 10.27 | 5.61 | -45.12 | -22.94 | -0.38 | -0.03 |
Quick answers to the most common questions about buying GOCO stock.
GoHealth Inc. (GOCO) generated $-121.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GoHealth Inc. (GOCO) reported negative free cash flow of $130.2M in 2025, indicating capital requirements exceeded cash from operations.
GoHealth Inc. (GOCO) spent $8.2M 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, GoHealth Inc. (GOCO) spent $5.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and Regulatory Headwinds
Metrics are mathematically derived from official filings.
Persistent Cash Burn Challenges Sustainability
As reported in recent financial statements, GoHealth's operating cash flow remains highly volatile, with the company recording a $39.1 million outflow in 2025Q4, underscoring the difficulty of generating positive net float when marketing expenditures consistently outpace the cash commissions realized from Medicare Advantage policy sales.
The recurring negative operating cash flow suggests that the company's business model struggles to bridge the gap between high upfront customer acquisition costs and the long-term nature of commission receipts. Investors should monitor whether the recent pivot toward a cash-flow-first strategy can actually stabilize liquidity or if the structural reliance on external funding will persist.
Accounting Revenue Disconnects From Liquidity
Based on historical data, the divergence between net income and operating cash flow, exemplified by the -58.16 OCF/NI ratio in 2023Q4, indicates that reported earnings are heavily influenced by non-cash accruals and contract asset adjustments rather than actual cash generation from insurance brokerage activities.
This significant variance suggests that the company's profitability metrics may not accurately reflect its underlying liquidity position. The reliance on ASC 606 revenue recognition appears to mask the reality that cash inflows are not keeping pace with the aggressive growth targets previously set by management.
Contract Asset Realization Risks Loom
According to quarterly filings, the company's cash flow statement obscures the potential credit risk inherent in its contract assets, as the lack of consistent cash conversion suggests that the projected lifetime value of commissions may be subject to significant downward revisions if policyholder retention rates continue to deteriorate.
The absence of meaningful cash inflows relative to the scale of reported contract assets warrants further investigation into the quality of these receivables. It appears that the company is effectively financing its operations through the anticipation of future renewals, which may prove vulnerable to shifts in carrier commission structures or regulatory changes.
Capital Allocation Amidst Liquidity Constraints
As evidenced by the company's financial disclosures, the continued use of cash for minor share buybacks, such as the $822,000 outflow in 2025Q1, appears incongruent with the broader trend of burning through cash reserves, which have dwindled to approximately $32.9 million in recent periods.
Such capital allocation decisions may indicate a lack of strategic focus on preserving liquidity during a period of severe revenue contraction. Investors should monitor whether management will prioritize the preservation of the remaining cash runway over further attempts to support the share price through buybacks.