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ZYBERNO

Stock Report

Updated Sep 1, 2026

DocGo Inc. (DCGO)

Healthcare • NASDAQ

$0.38

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

40.0/100

WEAK BUSINESS

DocGo Inc. (DCGO) scores 40/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full DCGO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+72.6%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

7.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

32.3%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full DCGO valuation analysis · → View full DCGO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-135.3%)

Debt-to-Equity (Solvency Risk):GOOD (0.37x)

Operating Margin (Operational Efficiency):CRITICAL (-62.2%)

Return on Capital (Capital Efficiency):CRITICAL (-170.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

DocGo Inc. (DCGO) stock report — Zyberno Score 40/100 (WEAK BUSINESS), Margin of Safety +72.6%, 7% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, DocGo Inc. (DCGO) trades at $0.38 against an estimated intrinsic value per share of $1.39 — a +72.6% Margin of Safety based on Owner Earnings of $16.63M TTM, projected at -7.8% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 7.3% annually.

Over the trailing twelve months, DCGO generated $16.63M in Owner Earnings. Capital was deployed as follows: $3.51M invested in capital expenditures. Reinvestment rate: -3.8%. Owner Earnings have declined at 7.8% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.38

Market Cap:$37.64M

Valuation Multiples (3)

P/B Ratio:0.39x

P/S Ratio:0.13x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$22.24M

Pfcf Ratio:3.88x

Price Action & Momentum (3)

12-1 Momentum:

-72.1% (4th pctile)

📈 Click to view full DCGO Momentum analysis →

Momentum Percentile:4 / 100

% of 52-Week High:23.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-135.3%

📊 Click to view full DCGO ROE analysis →

ROA:-83.0%

Roic:

-170.9%

📊 Click to view full DCGO ROIC analysis →

Reinvestment Rate:-3.8%

Fundamental Growth Rate (g):6.6%

Margin Analysis (3)

Operating Margin Ttm:-62.2%

Net Margin Ttm:-68.1%

Ebitda Margin:-58.1%

TTM Performance (2)

Operating Margin Ttm:-62.2%

Net Margin Ttm:-68.1%

Yield Metrics (3)

Earnings Yield:-$298.53

Owner Earnings Yield:$25.77

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.31

📊 Click to view full DCGO Earnings Surprise analysis →

EPS Surprise vs Expected:43.3%

Latest Earnings Filed:2026-08-17

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-16.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):39.4%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-6.7%

Operating Cash Flow Growth Rate (Linear):-2.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):54.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.66x

Quick Ratio:1.66x

Cash Ratio:0.35x

Leverage Analysis (3)

Debt To Equity Ttm:0.37x

Debt-to-Equity Ratio:0.37x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:47,463,865.00

Cash And Cash Equivalents:25,233,369.00

Long Term Debt:$5.84M

Net Debt:-$15.40M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $294.72M

Linear Growth: -16.6%

📊 Click to view full DCGO Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$183.19M

Linear Growth: 54.7%

📊 Click to view full DCGO Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$200.69M

Linear Growth: 39.4%

📊 Click to view full DCGO Net Income analysis & methodology →

Income Before Tax:-$189.40M

Ebitda Ttm:-171,139,283.00

Operating Expenses (5)

Operating Expenses:477,909,658.00

R And D Expense:14,117,761.00

Sga Expense:129,883,842.00

Income Tax Expense:$17.29M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:19.2%

Sga To Revenue Percentage:176.9%

Ebitda Margin:-58.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$186.82M

Current Assets:$119.80M

Ppe Net:12,711,083.00

Goodwill:0.00

Intangible Assets:$1.41M

Liability Structure (4)

Total Liabilities:91,035,190.00

Current Liabilities:72,334,291.00

Long Term Debt:$5.84M

Short Term Debt:$3.99M

Equity & Capital (3)

Equity:$95.78M

Retained Earnings:-$214.39M

Common Stock:500,000,000.00

Working Capital Items (3)

Accounts Receivable:86,219,100.00

Inventory:0.00

Accounts Payable:14,020,960.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:2,655,516.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $20.14M

Linear Growth: -2.8%

Free cash flow TTM: $16.63M

Linear Growth: -6.7%

📊 Click to view full DCGO Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$1.66M

Capital Expenditures Ttm:3,506,064.00

Financing Activities (3)

Financing Cash Flow:-$2.46M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:12,049,849.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.95

Eps diluted TTM: -$1.95

Linear Growth: 26.9%

📊 Click to view full DCGO EPS analysis & methodology →

Earnings Per Share Ttm:-$2.03

Revenue & Cash Per Share (3)

Sales Per Share Ttm:2.98

Operating Cash Flow Per Share:$0.35

Fcf Per Share Ttm:0.17

Book Value & Capital (2)

Book Value Per Share:$0.97

Cash Per Share:0.26

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.22x

Working Capital Turnover Ttm:6.21x

Receivables Management (2)

Receivables Turnover Ttm:3.42x

Days Sales Outstanding Ttm:106.78

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:17.36

Cash Conversion Cycle:-909.59

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $16.63M

Linear Growth: -7.8%

📊 Click to view full DCGO Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.17

Owner Earnings Yield:$25.77

Growth Assessment (1)

Owner Earnings Growth Rate:-$7.76

Damodaran Growth Analysis (2)

Reinvestment Rate:-3.8%

Fundamental Growth Rate (g):6.6%

Intrinsic Value Models (1)

Intrinsic Value:

$137.22M

📊 Click to view full DCGO DCF valuation →

Margin of Safety (1)

Margin Of Safety:

72.6%

📊 Click to view full DCGO valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

7.3%

📊 Click to view full DCGO expected return analysis →

Forward Expected Return (Yield + Growth):

32.3%

📊 Click to view full DCGO expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-16.6%

Net Income Growth Rate (Linear):39.4%

Operating Income Growth Rate (Linear):54.7%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-6.7%

Operating Cash Flow Growth Rate (Linear):-2.8%

Other Growth Rates (2)

Book Value Growth Rate (Linear):-17.8%

Owner Earnings Growth Rate:-$7.76

C. Company Profile & Context

Corporate Information (6)

Symbol:DCGO

Company Name:DocGo Inc.

Sector:Healthcare

Industry:Healthcare Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:98.80M

Shares Outstanding Basic:98.80M

Shares Outstanding Diluted:98.80M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 01:04:38 UTC

Data Timestamp:2026-08-20T06:39:55.498349