Here are a few brief analogies for Agilon Health:

• Like **Oak Street Health** for independent primary care doctors.
• **VillageMD** for primary care doctors serving seniors.

• Medicare Advantage Healthcare Services: Comprehensive healthcare management and coordination services for seniors enrolled in Medicare Advantage plans, delivered in partnership with local primary care physicians.
• Medicare Fee-for-Service Healthcare Services: Healthcare management and coordination services for seniors covered under traditional Medicare (Fee-for-Service), provided in collaboration with primary care physicians.

Agilon Health (AGL) primarily sells its healthcare services to individuals.

Its major customer categories are:

• Medicare Advantage Members: Seniors enrolled in Medicare Advantage plans who receive healthcare services managed by Agilon Health's network of primary care physicians.
• Medicare Fee-for-Service Beneficiaries: Seniors receiving healthcare services under traditional Medicare (fee-for-service) through Agilon Health's partnered primary care providers.

Ron Williams, Executive Chairman

Ron Williams is a co-founder of agilon health and has served as a director and chairman of the board since 2017. He currently holds the position of Executive Chairman, leading an interim "Office of the Chairman" that assumed the responsibilities of the CEO in August 2025 while the Board searches for a permanent CEO. Mr. Williams brings extensive leadership experience from the healthcare industry, including his tenure as Chairman and CEO of Aetna. He is also Chairman and CEO of RW2 Enterprises, an operating advisor to the private equity firm Clayton Dubilier & Rice (CD&R), and chairman of apree health. Agilon Health's early development and ownership were significantly influenced by CD&R, and Mr. Williams' role as an operating advisor to CD&R suggests a pattern of involvement with private equity-backed companies.

Jeff Schwaneke, Chief Financial Officer

Jeff Schwaneke was appointed Chief Financial Officer of agilon health, effective July 1, 2024. He possesses over 27 years of finance and operational expertise, with 15 years in the managed care sector. Prior to joining agilon health, Mr. Schwaneke spent 13 years at Centene Corporation, where he served as Executive Vice President, Health Care Enterprises, overseeing the pharmacy business, including Medicare Part D, dental and vision companies, and company-owned clinics. At Centene, he also held positions as Chief Financial Officer and Treasurer, and Corporate Controller and Chief Accounting Officer. During his time at Centene, he was instrumental in the company's growth, which included raising capital, leading acquisitions, and integrating newly acquired companies, and saw revenues grow from $20 billion to $125 billion.

Ben Shaker, Chief Markets Officer

Ben Shaker serves as the Chief Markets Officer at agilon health, overseeing physician partnerships across more than 30 communities throughout the United States. He joined agilon health in January 2017 as Ohio Market President and was appointed Chief Markets Officer in September 2020. Before his time at agilon health, Mr. Shaker was Vice President and Chief Operating Officer for Mount Carmel Health Partners, a clinically integrated network within Trinity Health.

Heidi Hittner, Chief Business Operations Officer

Heidi Hittner is the Chief Business Operations Officer at agilon health. Previously, she served as the company's Chief Experience Officer, where she was responsible for initiatives aimed at improving medical quality, managing costs, and driving organic growth. Before joining agilon health, Ms. Hittner held senior leadership roles at Fresenius Medical Care North America, where she advanced value-based care strategies, and at Concentra, where she led national operations.

Veeral Desai, Chief Strategy & Development Officer

Veeral Desai is a co-founder of agilon health, which was established in 2016. He has served as the Chief Strategy & Development Officer since September 2020. Mr. Desai joined agilon health in April 2017 as President of Enterprise Operations. His prior experience includes several senior executive roles at Vantage Oncology, most notably as President of Operations and Chief Operating Officer for Vantage Cancer Care Network. He also worked as a consultant at Bain & Company.

The key risks to Agilon Health (AGL) primarily revolve around its ability to manage healthcare costs and navigate the complex regulatory environment of value-based care for seniors.

1. Elevated Medical Cost Trends and Limited Visibility: Agilon Health consistently faces challenges with higher-than-expected medical expenses, particularly from inpatient stays, specialist visits, and Part B drugs, which negatively impact its medical margins and adjusted EBITDA. The company has also reported limited claims visibility, making it difficult to accurately predict future medical costs and leading to conservative reserving. For example, in Q4 2025, the company recorded a medical cost trend assumption of 7.4%, contributing to a full-year 2025 cost trend of approximately 6.5%, and it projects a gross trend of 7.5% for 2026.
2. Regulatory Uncertainty and Risk Adjustment Headwinds: Changes in healthcare regulations, particularly those from the Centers for Medicare & Medicaid Services (CMS) regarding Medicare Advantage advanced rate notices and risk adjustment factors, pose significant financial risks. Lower-than-expected risk adjustment revenue has directly impacted the company's financial performance, contributing to financial uncertainty. Management has voiced concern over potential lower-than-expected 2027 rate increases and new normalization factors that could cloud risk-adjustment revenue.
3. Profitability Challenges and Execution Risk in Turnaround Strategy: Agilon Health has consistently reported net losses and negative adjusted EBITDA, indicating ongoing profitability hurdles. While the company has embarked on a strategic repositioning, including exiting unprofitable contracts and markets to focus on achieving breakeven adjusted EBITDA by 2026 and cash flow breakeven by 2027, there are significant execution risks associated with delivering these ambitious targets. Achieving these improvements hinges on favorable outcomes across multiple variables, including risk adjustment accuracy, quality performance, and medical cost trend management.

The accelerating trend of major health insurance payers (e.g., UnitedHealth Group, Humana, CVS Health/Aetna) vertically integrating by acquiring and developing their own extensive primary care clinic networks, particularly those focused on senior populations and value-based care. This strategy could reduce the pool of independent primary care physicians and health systems available for Agilon Health to partner with, and directly competes with Agilon Health's role in enabling these practices to succeed in value-based care. The direct ownership of primary care assets by payers may lead them to internalize functions currently offered by Agilon Health, potentially disintermediating its business model.

Agilon Health (AGL) focuses on providing healthcare services for seniors through primary care physicians in the United States, primarily through Medicare Advantage (MA) and traditional Medicare (fee-for-service) models. The addressable markets for their main products and services in the U.S. are substantial.

Medicare Advantage (MA)

As of March 1, 2025, approximately 34.6 million beneficiaries were enrolled in Medicare Advantage plans in the United States. This represents 51.5% of the 68.1 million people eligible for Medicare.

The global Medicare Advantage market size was estimated at USD 445.97 billion in 2025, with projections to expand to USD 1,060.04 billion by 2034.

Traditional Medicare (Fee-for-Service)

The total U.S. Medicare market, which includes both Medicare Advantage and traditional Medicare fee-for-service beneficiaries, comprised an estimated 62 million U.S. residents in 2023. This number is projected to grow to 78 million by 2033. As of 2025, about 62.8 million people were enrolled in Medicare Parts A and B.

In 2024, the total Medicare program saw an increase of 1.5 million new beneficiaries, with traditional Medicare enrollment growing by about 200,000 beneficiaries.

Agilon Health also extends its value-based care approach to traditional Medicare fee-for-service beneficiaries through its participation in the Centers for Medicare & Medicaid Services' ACO REACH Model.

Agilon Health (AGL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Growth in Medicare Advantage (MA) Membership: Agilon Health consistently targets expansion in its Medicare Advantage member base. This growth is anticipated from both new market entry and increased penetration within existing geographies. For instance, in Q1 2024, MA membership increased by 43% year-over-year. The "Class of 2025" is projected to add over 60,000 Medicare Advantage members across five physician groups and more than 30 communities. For fiscal year 2026, the company expects total members live on its platform to be between 525,000 and 540,000.
2. Expansion into New Markets and Deepening Existing Relationships: The company's growth strategy includes extending its network reach into new states and strengthening its presence in current markets to enhance member acquisition and retention. The ongoing addition of new "classes" of markets, such as the Class of 2024, has been a primary driver of year-over-year revenue growth.
3. Improved Contract Economics and Payer Relations: Agilon Health is focused on disciplined contracting and achieving more favorable economic terms with payers. The company anticipates an incremental benefit of $125 million from contracting improvements by 2026, partly through higher incentives tied to quality performance.
4. Enhancement of Clinical Pathways and Data-Driven Programs: The company is investing in advancing its clinical pathways and quality programs, as well as leveraging technology for population health management. The "Burden of Illness" program, supported by improved data platforms and AI algorithms, is expected to enhance medical margins and contribute an estimated $22 million in benefits in 2026. Clinical pathways for conditions like heart failure, COPD, and dementia are being expanded across a significant portion of their markets to improve patient outcomes and manage costs effectively.
5. Strategic Exits of Unprofitable Payer Contracts: While potentially leading to short-term membership adjustments, Agilon Health is strategically exiting unprofitable payer contracts and markets. This disciplined approach aims to optimize financial performance and focus resources on sustainable, higher-quality revenue streams, ultimately strengthening the company's overall profitability and long-term growth trajectory.

Share Repurchases

• Agilon Health announced its intention to repurchase approximately $200 million of common stock from underwriters in May 2023, contingent on the completion of a secondary offering by a selling stockholder.

Share Issuance

• Agilon Health completed an Initial Public Offering (IPO) in April 2021, raising approximately $1.2 billion and transitioning the company from private equity backing to broad institutional ownership.
• In May 2023, a secondary public offering involved the sale of 70,000,000 shares of common stock by CD&R Vector Holdings, L.P., a selling stockholder.
• The number of common shares outstanding was 414.73 million as of December 31, 2025.

Inbound Investments

• Agilon Health's initial capital primarily came from a significant investment by the private equity firm Clayton, Dubilier & Rice (CD&R) at its founding in 2016.
• Capital International Investors increased its stake in Agilon Health on December 31, 2024, acquiring an additional 9,346,295 shares at $1.90 per share, bringing its total holdings to 22,331,873 shares.
• Various institutional investors, including CenterBook Partners LP, Connor Clark & Lunn Investment Management Ltd., Geode Capital Management LLC, SG Americas Securities LLC, and XTX Topco Ltd., notably increased their holdings in Agilon Health during 2024 and Q3 2025.

Outbound Investments

• In March 2023, Agilon Health acquired mphrX, a healthcare technology company, for $45 million to enhance its enterprise technology platform, aiming for faster partner onboarding and clinical data integration.
• Agilon Health sold its wholly-owned subsidiary, MDX Hawaii, to a private buyer in November 2023, to concentrate on its full-risk partnership model in core continental U.S. markets.

Capital Expenditures

• Agilon Health reported capital expenditures of $3.0 million in the fourth quarter of 2025.
• The trailing twelve months (TTM) capital expenditures were -$13.24 million as of December 31, 2025.
• Annual capital expenditures were $2.89 million in 2023 and $6.56 million in 2024.