DocGo Inc. (DCGO) intrinsic value & 10-year financials

DocGo Inc. (DCGO) has a Graham intrinsic value of $5.98 per share. At $0.27 on Oct 17, 2026, the stock trades 95% below that value. Over the last 7 fiscal years revenue grew 27.9% a year to $322.2M, with an average return on invested capital of -21.7%.

Graham intrinsic value
$5.98
Share price (Oct 17, 2026)
$0.27
Price vs Graham value
95% below
Market cap
$26.9M
Revenue (FY2025)
$322.2M
Revenue growth (7-yr CAGR)
27.9%
ROIC (10-yr avg)
-21.7%
Free cash flow (FY2025)
$29.9M

DCGO 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $322.2M -$182.4M -$1.84 $29.9M -55.3% -98.3%
FY2024 $616.6M $20.0M $0.18 $66.5M 4.7% 6.6%
FY2023 $624.3M $6.9M $0.06 -$71.8M 2.4% 4.0%
FY2022 $440.5M $34.6M $0.34 $25.7M 5.0% 23.7%
FY2021 $318.7M $19.2M $0.25 -$6.8M 4.8% 43.8%
FY2020 $94.1M -$14.8M -$0.25 -$15.0M -15.7% -110.1%
FY2019 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

DocGo Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

DocGo Inc. has historically struggled to out-earn its cost of capital, averaging just -21.7% ROIC.

DocGo Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, DocGo Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.98 per share.

DCGO stock: frequently asked questions

What is the intrinsic value of DocGo Inc. (DCGO) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, DCGO's intrinsic value is about $5.98 per share.

Is DCGO stock undervalued?

At $0.27 (close on Oct 17, 2026), DCGO trades 95% below its Graham value of $5.98. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does DocGo Inc. generate free cash flow?

DocGo Inc. generated $29.9M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 3 of the last 6 reported years.

What is DCGO's return on invested capital?

Average ROIC over the last 7 fiscal years was -21.7%, and average return on equity was -12.3%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this DCGO data come from?

From DocGo Inc.'s annual 10-K filings on SEC EDGAR, most recently filed May 11, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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