Forensic Analysis · Healthcare Providers & Services · as of Nov 8, 2026
Agilon Health, Inc. (AGL)
A forensic read on Agilon Health, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-7.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-131.0%
ROE
-2.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Agilon Health, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -7.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-168.6%
FY2025
Return on invested capital.Return on invested capital is -168.6% in the latest fiscal year and slipping across FY2023–FY2025 from -27.7%. After-tax operating profit was ($183M) in FY2023 and ($366M) in FY2025, with operating income at -5.4% of revenue in FY2023, -4.8% in FY2024 and -7.8% in FY2025. The capital base behind it came down -67% across FY2023–FY2025, from $662M to $217M, so this return is struck on a smaller base than it started on.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $200M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+317.6M to FY2025 $-12.0M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
$24M
FY2025
Goodwill impairments.Took $24M of goodwill writedowns across 1 year (FY2025 ($24M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$5.93B
Revenue Growth YoY-2.1%
Revenue CAGR (2yr)+17.2%
Net Margin-6.6%
Free Cash Flow-$119.0M
Return on Equity-131.0%
Debt / Equity0.28x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Agilon Health, Inc.'s actual 10-K/10-Q/8-K filings?