agilon health, inc. — Earnings Quality Grade F
AGL · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 41 days, change -20 days YoY
AR growth -33.7% vs revenue growth -2.1%
Revenue -2.1%, CFFO -83.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 4.4% vs revenue -2.1%. Normal
SG&A/Gross Profit = -149.1%, excellent (<30%)
Gross margin -2.7%, change -2.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -22.5%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 52% of equity. Over 50%
Interest coverage = -64.3x (<2x). Financial stress
Other assets -74.7% vs revenue -2.1%. Normal
Write-offs up 903% YoY
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -32% YoY. Normal
Manipulation Score
M-Score = -4.55 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25