DCGO

DocGo is what happens after a pandemic-era growth story reverses. Revenue collapsed 47.7% to $322M in FY2025 — back below its FY2021 level of $319M — after peaking at $624M in FY2023. That arc is the tell: the surge was driven by low-durability, concentrated government/municipal programs (mobile-health and population-health contracts the MD&A ties to 'government and municipal entities to fund programs to assist currently underserved patient segments') that have now rolled off. The FY2025 net loss of -$182M swung from +$20M a year earlier, dragging ROE to -126.7% and pushing retained earnings to -$184M. On the reported P&L this looks like a company in free-fall.

But the balance sheet and cash statement tell a softer story. That -$182M loss is overwhelmingly non-cash — operating cash flow was still positive at $34.5M, so the bulk of the loss is impairment/write-down of the assets built during the boom (total assets fell 52.4%). The company carries $51M cash against essentially no debt ($184K long-term, $51.7K current), stockholders' equity of $144M, and a current ratio of ~2.3x ($152M current assets vs $67.5M current liabilities). At a $54.9M market cap the stock trades at ~0.38x book and roughly at net cash — you are paying almost nothing for a business still throwing off $34.5M of operating cash and buying back $10.8M of its own stock. P/S is 0.2x.