Deep Value: cash covers more than 100% of the stock price

This company holds roughly $48M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

DocGo

DCGO

Medical - Care Facilities · Healthcare

Price

$0.43

+0.00 (+0.95%)

Market Cap

$42.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+4.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 94.9M (2021) → 99.1M (2025)

Winston Score History

The full picture

DocGo is a healthcare services company that sends medical professionals directly to patients — at their homes, workplaces, or other locations — instead of making patients go to a hospital or clinic. Its main services include mobile health clinics, urgent care on-site visits, and medical transportation. Customers include government agencies, employers, and health systems across the United States and the United Kingdom.

DocGo earns money by charging per visit or through contracts with government and corporate clients for ongoing healthcare services. The company gained significant revenue from large government contracts, including migrant healthcare services for New York City, but that work has been winding down, creating a major revenue headwind. With a deeply negative operating margin and very low return on invested capital, DocGo is not yet profitable, and its biggest challenge is replacing lost government contract revenue with more stable, recurring commercial business to prove its mobile health model can be financially sustainable long-term.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-45.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$14M/ year

↑ Rising (+17% vs prior year)

4.2% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

2.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~15 months

$48M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

DocGo's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

30.5%

Modest — 30.5% gross margin

Profit after running costs

Operating Margin

-24.4%

Losing money on operations — -24.4%

Return on the money invested

ROCE

-86.2%

Weak — -86.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-32.4%

Shrinking sales (-32.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-9.2%

Burning cash (-9.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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