# DocGo (DCGO.US)

Canonical: https://gigainvestors.com/s/DCGO

Analysis as of: 2026-10-16T07:27:55.802Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $0.28 per share; close as of 2026-10-15.

Estimated value: low $1.78 per share, central $2.00 per share, high $2.29 per share. Buy at or below the central value $2.00 per share. Valuation as of 2026-10-16T07:27:55.802Z; scenarios are not confidence intervals.

Expected annual return: 167.8% at the stated quote. About 167.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.80×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.43×

- FY2020: -0.16×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.02×

- FY2024: 0.05×

- FY2025: -0.28×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.1%

- ROIC, second-lowest year: -54.7%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 33.3%

- Recent gross margin (lower of latest and 3-year median): 30.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -54.7%

- FY2020: -39.0%

- FY2021: 26.8%

- FY2022: 22.5%

- FY2023: 4.1%

- FY2024: 7.7%

- FY2025: -57.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$67M

- Net income, five-year total: -$97M

- Return on incremental invested capital: -126.0%

- Working capital / revenue, annual change: 23664.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $25M

- FY2022: $40M

- FY2023: $13M

- FY2024: $30M

- FY2025: -$174M

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -39.0% vs 4.1%

- Per-share earnings: -0.20 to 0.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 11.2%

- Diluted shares, 5-year annual growth: 11.2%

- Per-share value change: $0.27

- Per-share value, starting three-year median: -$0.20

- Per-share value, ending three-year median: $0.06

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 3.3%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -39.0%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.20

- FY2020: -$0.25

- FY2021: $0.25

- FY2022: $0.34

- FY2023: $0.06

- FY2024: $0.18

- FY2025: -$1.84

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -99.9%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 50.6%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.9%

- FY2020: -3.7%

- FY2021: 8.3%

- FY2022: 1.5%

- FY2023: 14.5%

- FY2024: -11.0%

- FY2025: -99.9%

## Holders

## Price story

Down 97% since Aug 2022 · "DocGo Shares Tumble After Earnings Miss and Wider Loss Forecast" (finance.yahoo.com, Aug 2026) · sales -47.7%

Story as of 2026-10-16T09:58:36.975Z; price observation 2026-10-15.

Price needs cash profits to shrink 44.8% a year for ten years

- 2025-08-06: DocGo secures contract with major NY academic medical system ([investing.com](https://www.investing.com/news/company-news/docgo-secures-contract-with-major-ny-academic-medical-system-93CH-4173016))

- 2026-08-18: DocGo Shares Tumble After Earnings Miss and Wider Loss Forecast ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/docgo-shares-tumble-earnings-miss-102612459.html))

### Sales · FY2024–2025

sales -47.7%; source https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm; observed 2026-03-16.

- FY2019: $48M 

- FY2020: $94M 

- FY2021: $319M 

- FY2022: $441M 

- FY2023: $624M 

- FY2024: $617M 

- FY2025: $322M 

### Gross margin · FY2025

gross margin 30.7%; source https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm; observed 2026-03-16.

- FY2019: 27.3% 

- FY2020: 33.3% 

- FY2021: 34.4% 

- FY2022: 35.1% 

- FY2023: 31.3% 

- FY2024: 34.6% 

- FY2025: 30.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are USD 322.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm (filed 2026-03-16); FY2025: revenue 322196000; grossProfit 98757699; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-30); DCGO.US: DocGo Inc. operates as a mobile healthcare services company in the United States and the United Kingdom. It operates through Mobile Health Services and Transportation Services segments. The company offers transportation services comprising emergency response services; and non-emergency transport services, such as ambulance and wheelchair transportation services. It also provides mobile health services through its care delivery platform that are performed at home, offices, and other locations comprising mobile urgent care, exams, vaccinations, monitoring and care management, procedures, point-of-care tests, and screenings and coaching; event services, including on-site healthcare support at sporting events and concerts; virtual care management; and remote patient monitoring and chronic disease management services. The company serves municipalities, hospitals and health systems, states and communities, insurers, physician practices, health plans, and businesses and employees. DocGo Inc. was founded in 2015 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 30.7% to 34.6% during 2023–25; it earns 4.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: grossProfit / revenue = 31.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: grossProfit / revenue = 34.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm (filed 2026-03-16); FY2025: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 7-year return on capital observations [[2019,-0.5474207610297247],[2020,-0.3904370688925337],[2021,0.26791410847170677],[2022,0.2252790866110587],[2023,0.04069489942804123],[2024,0.07723835699609394],[2025,-0.5765211829853926]]; median 0.04069489942804123. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back USD 10.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2021: growth capex 0; upkeep 6657545; owner earnings 24597792. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2022: growth capex 0; upkeep 5497792; owner earnings 39652284. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: growth capex 0; upkeep 10126222; owner earnings 13164125. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: growth capex 0; upkeep 5836249; owner earnings 30040792. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2019,0],[2020,0],[2021,8628592],[2022,0],[2023,0],[2024,1294422000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm (filed 2026-03-16); FY2025: cash repurchases 10828906 USD.

### Are managers owners

Insiders own 3.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-30); DCGO.US SharesStats.PercentInsiders = 3.0620000000000003 percentage points; cache date 2026-09-30.

### What the price says

The price assumes cash profits shrink 44.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Ten-year compound average after fade. Initial solved rate -0.5977777278750431. Price 0.282; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-12: $10.16 per share

- 2021-01: $10.16 per share

- 2021-02: $10.20 per share

- 2021-03: $9.85 per share

- 2021-04: $10.00 per share

- 2021-05: $9.96 per share

- 2021-06: $9.94 per share

- 2021-07: $9.90 per share

- 2021-08: $9.95 per share

- 2021-09: $9.96 per share

- 2021-10: $10.09 per share

- 2021-11: $8.00 per share

- 2021-12: $9.35 per share

- 2022-01: $7.08 per share

- 2022-02: $7.15 per share

- 2022-03: $9.25 per share

- 2022-04: $7.02 per share

- 2022-05: $7.55 per share

- 2022-06: $7.14 per share

- 2022-07: $7.73 per share

- 2022-08: $10.20 per share

- 2022-09: $9.92 per share

- 2022-10: $9.90 per share

- 2022-11: $7.35 per share

- 2022-12: $7.07 per share

- 2023-01: $10.00 per share

- 2023-02: $9.15 per share

- 2023-03: $8.65 per share

- 2023-04: $8.50 per share

- 2023-05: $8.95 per share

- 2023-06: $9.37 per share

- 2023-07: $8.39 per share

- 2023-08: $8.95 per share

- 2023-09: $5.33 per share

- 2023-10: $5.94 per share

- 2023-11: $5.65 per share

- 2023-12: $5.59 per share

- 2024-01: $3.70 per share

- 2024-02: $4.07 per share

- 2024-03: $4.04 per share

- 2024-04: $3.38 per share

- 2024-05: $2.93 per share

- 2024-06: $3.09 per share

- 2024-07: $3.63 per share

- 2024-08: $3.78 per share

- 2024-09: $3.32 per share

- 2024-10: $3.51 per share

- 2024-11: $4.33 per share

- 2024-12: $4.24 per share

- 2025-01: $4.89 per share

- 2025-02: $3.09 per share

- 2025-03: $2.64 per share

- 2025-04: $2.23 per share

- 2025-05: $1.42 per share

- 2025-06: $1.57 per share

- 2025-07: $1.36 per share

- 2025-08: $1.56 per share

- 2025-09: $1.36 per share

- 2025-10: $1.09 per share

- 2025-11: $1.03 per share

- 2025-12: $0.88 per share

- 2026-01: $0.77 per share

- 2026-02: $0.72 per share

- 2026-03: $0.63 per share

- 2026-04: $0.71 per share

- 2026-05: $0.66 per share

- 2026-06: $0.52 per share

- 2026-07: $0.65 per share

- 2026-08: $0.38 per share

- 2026-09: $0.40 per share

- 2026-10: $0.28 per share

## Annual estimated value (USD per share)

- FY2023: low $1.81 per share, central $1.99 per share, high $2.24 per share

- FY2024: low $3.70 per share, central $4.12 per share, high $4.67 per share

- FY2025: low $2.18 per share, central $2.42 per share, high $2.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:36.725Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1822359/000162828026018214/dcgo-20251231.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# DCGO — Docgo Inc

Held by 1 investor · USD 63,000 total · 2026 Q1 · reported price USD 0.63 (split-adjusted).
Page: https://gigainvestors.com/s/DCGO

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 63,000 | <0.1% | hold |

## Total held by quarter

- 2022 Q3: USD 554,144 · 1 holder · USD 9.93
- 2022 Q4: USD 395,099 · 1 holder · USD 7.08
- 2023 Q1: USD 483,271 · 1 holder · USD 8.66
- 2023 Q2: USD 522,893 · 1 holder · USD 9.37
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 0 · 0 holders
- 2024 Q2: USD 309,000 · 1 holder · USD 3.09
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 424,000 · 1 holder · USD 4.24
- 2025 Q1: USD 264,000 · 1 holder · USD 2.64
- 2025 Q2: USD 157,000 · 1 holder · USD 1.57
- 2025 Q3: USD 136,000 · 1 holder · USD 1.36
- 2025 Q4: USD 88,000 · 1 holder · USD 0.88
- 2026 Q1: USD 63,000 · 1 holder · USD 0.63
- 2026 Q2: USD 0 · 0 holders