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agilon health
(AGL ↗)
agilonhealth.com ↗
agilon health partners with *primary care physicians* to take risk on Medicare Advantage patients — getting paid a flat amount per member and keeping the difference between that and actual healthcare costs. After a brutal 2024-25 cycle of bad cost trends, agilon *deliberately shrunk* its book to walk away from unprofitable contracts. Q1 2026 is the first quarter that shrink looks like discipline working.
Updated · Q1 2026 · May 2026
6
Chapters
~16
Min read
~$5.7B / yr revenue · ~860 employees · public since 2021
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Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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0 of 6
1
Growth
~3 min
Revenue Went Down on Purpose
Revenue fell *7%* — and the *profit* metrics *all went up.* That's the trade agilon was making.
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2
Financial Health
~3 min
$303M Cash, $32M Debt, $54M Adjusted EBITDA
agilon ended Q1 with *more cash than debt by 10x* — and adjusted EBITDA finally positive at *$54M*.
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3
Moat
~3 min
Owning the Physician Relationship
agilon's moat is *2,300 primary-care physicians* who use its platform to take risk on their own patients.
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4
Management
~2 min
New CEO at the Inflection
*Tim O'Rourke* just became CEO. Executive Chairman *Ron Williams* (ex-Aetna chief) sets the strategy from above.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Revenue down. Profit up. New CEO. Raised guidance. Seven threads to read together.
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6
Risk
~3 min
The Underwriting Risk
Value-based care is the *bet on whether you can predict next year's medical costs.* agilon got that wrong before.
↻ Next update · Aug 5
est. Aug 5, 2026 · Q2 2026 · agilon health IR ↗
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You're reading the 6 opening chapters. After that, every time agilon files a new report, the chapters get updated here.