AGL · CIK 1831097
What agilon health, inc. told the SEC could break it.
agilon health's business rests almost entirely on Medicare Advantage. Substantially all of its revenue comes from MA payors, and it's funneled through just a small number of them — giving those payors bargaining power and exposing it to their creditworthiness and contract terms — while the program itself is federal, so changes to reimbursement rates, methodology, STARS ratings or structure would hit it directly. That dependence sits alongside signs of financial strain: its stock fell below the NYSE's $1.00 minimum in November 2025, triggering a non-compliance notice and a pursued reverse split, on top of restrictive credit-facility covenants including a $50 million minimum-cash test.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Revenue concentrated in a small number of Medicare Advantage payorshigh
Substantially all receivables and revenue come from a small number of Medicare Advantage payors, giving those payors bargaining power and exposing the company to their creditworthiness and contract terms.
“Substantially all of the Company's receivable balances are from a small number of payors. Revenue from Medicare Advantage payors constitutes substantially all of the Company's total revenue for the years ended December 31, 2025, 2024, and 2023.”
SEC filing →As of 2026
Regulatory & policy
- Dependence on federal Medicare Advantage program reimbursement/policyhigh
Substantially all revenue relates to federal government healthcare programs (Medicare Advantage); changes to reimbursement rates, methodology, STARS ratings, or program structure would adversely affect the business.
“Substantially all of our total revenues relate to federal government healthcare coverage programs. The MA program accounted for substantially all of our revenues for our immediately preceding fiscal years.”
SEC filing →As of 2026
Liquidity & debt
- NYSE sub-$1.00 listing non-compliance (reverse split pursued)medium
The company's stock fell below NYSE's $1.00 minimum, triggering a November 2025 non-compliance notice and a pursued reverse stock split — a sign of financial distress alongside restrictive credit-facility covenants (incl. a $50M minimum cash test).
“On November 5, 2025, we received written notice (the “Notice”) from the NYSE informing us that we are no longer in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of our common stock was less than $1.00 per share over a consecutive 30 trading-day period ended November 4, 2025”
SEC filing →As of 2026
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