DocGo Inc.

DCGO

HealthcareMedical - Care FacilitiesNASDAQ

$0.57

Market Cap: $56.33M

DocGo Inc. (DCGO) Valuation Summary

Updated May 11, 2026 05:46

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1,245,267.67 – $1,256,512.98	$1,250,849.75	+219331787.1%
Revenue DCF 10Y	$1,247,455.11 – $1,253,622.40	$1,250,784.68	+219320376.7%
▸ Trading Multiples
EV/Revenue	$529,784.09 – $529,851.94	$529,801.27	+92898597.4%

Valuation History

DCF Analysis

DocGo Inc. (DCGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1,250,784.68

Market Price

$0.57

Upside / Downside

+219320376.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -27.7% to a target of 13.2% over 5 years, discounted at a WACC of 7.3%, DocGo Inc. (DCGO) has an intrinsic value of $1,250,784.68 per share (range: $1,247,455.11 – $1,253,622.40).

Key Assumptions

Current Operating Margin

-27.7%

Target Operating Margin

13.2%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

282072.8%

Target CapEx/Rev

972627.3%

D&A/Revenue

648418.2%

Tax Rate

14.6%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	299	-7.2%	-19.5%	-58	-58	1,938,095	(1,049,508)	-75,658,047	76,546,576	73,896,743
2027	319	6.8%	-11.3%	-36	-36	2,069,075	(1,340,788)	1,164,782	-436,531	-392,748
2028	320	0.3%	-3.1%	-10	-10	2,074,696	(1,565,382)	49,985	459,319	385,134
2029	321	0.3%	5.0%	16	14	2,080,332	(1,791,187)	50,120	239,038	186,795
2030	322	0.3%	13.2%	42	36	2,085,983	(2,018,206)	50,257	17,557	12,786
2031	324	0.7%	13.2%	43	37	2,101,135	(2,256,633)	134,746	-290,207	-196,972
2032	328	1.2%	13.2%	43	37	2,125,952	(2,509,697)	220,690	-604,398	-382,311
2033	333	1.6%	13.2%	44	38	2,160,729	(2,780,865)	309,265	-929,364	-547,872
2034	340	2.1%	13.2%	45	38	2,205,900	(3,073,925)	401,700	-1,269,687	-697,571
2035	349	2.5%	13.2%	46	39	2,262,046	(3,393,069)	499,299	-1,630,283	-834,746

Enterprise Value Bridge

Sum of PV(FCFF)71,429,239

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value71,429,239

(–) Net Debt-52,484,749

Equity Value123,913,987

(÷) Shares Outstanding99

Fair Value per Share$1,250,784.68

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.3%	$1253620	$1253621	$1253621	$1253622	$1253622
6.3%	$1252272	$1252272	$1252273	$1252273	$1252274
7.3%	$1250784	$1250784	$1250785	$1250785	$1250786
8.3%	$1249173	$1249174	$1249174	$1249175	$1249175
9.3%	$1247455	$1247456	$1247456	$1247456	$1247457

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5766275.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

DocGo Inc. (DCGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1,250,849.75

Market Price

$0.57

Upside / Downside

+219331787.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -27.7% to a target of 13.2% over 5 years, discounted at a WACC of 7.3%, DocGo Inc. (DCGO) has an intrinsic value of $1,250,849.75 per share (range: $1,245,267.67 – $1,256,512.98).

Key Assumptions

Current Operating Margin

-27.7%

Target Operating Margin

13.2%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

282072.8%

Target CapEx/Rev

972627.3%

D&A/Revenue

648418.2%

Tax Rate

14.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	299	-7.2%	-19.5%	-58	-58	1,938,095	(1,255,912)	-75,658,047	76,340,172	73,697,485
2027	319	6.8%	-11.3%	-36	-36	2,069,075	(1,781,494)	1,164,782	-877,237	-789,252
2028	320	0.3%	-3.1%	-10	-10	2,074,696	(2,228,237)	49,985	-203,536	-170,663
2029	321	0.3%	5.0%	16	14	2,080,332	(2,677,394)	50,120	-647,169	-505,725
2030	322	0.3%	13.2%	42	36	2,085,983	(3,128,974)	50,257	-1,093,212	-796,160

Enterprise Value Bridge

Sum of PV(FCFF)71,435,685

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value71,435,685

(–) Net Debt-52,484,749

Equity Value123,920,434

(÷) Shares Outstanding99

Fair Value per Share$1,250,849.75

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.3%	$1256512	$1256512	$1256513	$1256513	$1256513
6.3%	$1253671	$1253671	$1253671	$1253671	$1253672
7.3%	$1250849	$1250850	$1250850	$1250850	$1250850
8.3%	$1248048	$1248048	$1248049	$1248049	$1248049
9.3%	$1245268	$1245268	$1245268	$1245268	$1245268

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$529,801.27

Market Price

$0.57

Upside / Downside

+92898597.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), DocGo Inc. (DCGO) has a fair value of $529,801.27 based on 7 comparable companies in the Medical - Care Facilities industry.

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
DocGo Inc.DCGO	56	-162896.8x	-70654.4x
Ovid Therapeutics Inc.OVID	369	51.0x	—
Prelude Therapeutics IncorporatedPRLD	287	22.2x	10.8x
MacroGenics, Inc.MGNX	191	1.6x	2.2x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
AVITA Medical, Inc.RCEL	104	1.3x	1.2x
Coya Therapeutics, Inc.COYA	69	2.8x	10.0x
InspireMD, Inc.NSPR	54	5.3x	6.8x
Industry Median		2.8x	4.5x
(*) Revenue		322	743
= Enterprise Value		889	3,377
(-) Net Debt		-52,484,749	-52,484,749
Equity Value		52,485,638	52,488,126
(/) Outstanding shares		99	99
Fair Price		$529789	$529814

Selected Fair Value (avg of trailing + forward)

$529801.27

+92898597.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

DocGo Inc. (DCGO) Valuation Summary

Updated May 11, 2026 05:46

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1,245,267.67 – $1,256,512.98	$1,250,849.75	+219331787.1%
Revenue DCF 10Y	$1,247,455.11 – $1,253,622.40	$1,250,784.68	+219320376.7%
▸ Trading Multiples
EV/Revenue	$529,784.09 – $529,851.94	$529,801.27	+92898597.4%

Valuation History

DCF Analysis

DocGo Inc. (DCGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1,250,784.68

Market Price

$0.57

Upside / Downside

+219320376.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-27.7%

Target Operating Margin

13.2%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

282072.8%

Target CapEx/Rev

972627.3%

D&A/Revenue

648418.2%

Tax Rate

14.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	299	-7.2%	-19.5%	-58	-58	1,938,095	(1,049,508)	-75,658,047	76,546,576	73,896,743
2027	319	6.8%	-11.3%	-36	-36	2,069,075	(1,340,788)	1,164,782	-436,531	-392,748
2028	320	0.3%	-3.1%	-10	-10	2,074,696	(1,565,382)	49,985	459,319	385,134
2029	321	0.3%	5.0%	16	14	2,080,332	(1,791,187)	50,120	239,038	186,795
2030	322	0.3%	13.2%	42	36	2,085,983	(2,018,206)	50,257	17,557	12,786
2031	324	0.7%	13.2%	43	37	2,101,135	(2,256,633)	134,746	-290,207	-196,972
2032	328	1.2%	13.2%	43	37	2,125,952	(2,509,697)	220,690	-604,398	-382,311
2033	333	1.6%	13.2%	44	38	2,160,729	(2,780,865)	309,265	-929,364	-547,872
2034	340	2.1%	13.2%	45	38	2,205,900	(3,073,925)	401,700	-1,269,687	-697,571
2035	349	2.5%	13.2%	46	39	2,262,046	(3,393,069)	499,299	-1,630,283	-834,746

Enterprise Value Bridge

Sum of PV(FCFF)71,429,239

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value71,429,239

(–) Net Debt-52,484,749

Equity Value123,913,987

(÷) Shares Outstanding99

Fair Value per Share$1,250,784.68

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.3%	$1253620	$1253621	$1253621	$1253622	$1253622
6.3%	$1252272	$1252272	$1252273	$1252273	$1252274
7.3%	$1250784	$1250784	$1250785	$1250785	$1250786
8.3%	$1249173	$1249174	$1249174	$1249175	$1249175
9.3%	$1247455	$1247456	$1247456	$1247456	$1247457

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

DocGo Inc. (DCGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1,250,849.75

Market Price

$0.57

Upside / Downside

+219331787.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -27.7% to a target of 13.2% over 5 years, discounted at a WACC of 7.3%, DocGo Inc. (DCGO) has an intrinsic value of $1,250,849.75 per share (range: $1,245,267.67 – $1,256,512.98).

Key Assumptions

Current Operating Margin

-27.7%

Target Operating Margin

13.2%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

282072.8%

Target CapEx/Rev

972627.3%

D&A/Revenue

648418.2%

Tax Rate

14.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	299	-7.2%	-19.5%	-58	-58	1,938,095	(1,255,912)	-75,658,047	76,340,172	73,697,485
2027	319	6.8%	-11.3%	-36	-36	2,069,075	(1,781,494)	1,164,782	-877,237	-789,252
2028	320	0.3%	-3.1%	-10	-10	2,074,696	(2,228,237)	49,985	-203,536	-170,663
2029	321	0.3%	5.0%	16	14	2,080,332	(2,677,394)	50,120	-647,169	-505,725
2030	322	0.3%	13.2%	42	36	2,085,983	(3,128,974)	50,257	-1,093,212	-796,160

Enterprise Value Bridge

Sum of PV(FCFF)71,435,685

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value71,435,685

(–) Net Debt-52,484,749

Equity Value123,920,434

(÷) Shares Outstanding99

Fair Value per Share$1,250,849.75

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.3%	$1256512	$1256512	$1256513	$1256513	$1256513
6.3%	$1253671	$1253671	$1253671	$1253671	$1253672
7.3%	$1250849	$1250850	$1250850	$1250850	$1250850
8.3%	$1248048	$1248048	$1248049	$1248049	$1248049
9.3%	$1245268	$1245268	$1245268	$1245268	$1245268

Current price: $0.57. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$529,801.27

Market Price

$0.57

Upside / Downside

+92898597.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), DocGo Inc. (DCGO) has a fair value of $529,801.27 based on 7 comparable companies in the Medical - Care Facilities industry.

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
DocGo Inc.DCGO	56	-162896.8x	-70654.4x
Ovid Therapeutics Inc.OVID	369	51.0x	—
Prelude Therapeutics IncorporatedPRLD	287	22.2x	10.8x
MacroGenics, Inc.MGNX	191	1.6x	2.2x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
AVITA Medical, Inc.RCEL	104	1.3x	1.2x
Coya Therapeutics, Inc.COYA	69	2.8x	10.0x
InspireMD, Inc.NSPR	54	5.3x	6.8x
Industry Median		2.8x	4.5x
(*) Revenue		322	743
= Enterprise Value		889	3,377
(-) Net Debt		-52,484,749	-52,484,749
Equity Value		52,485,638	52,488,126
(/) Outstanding shares		99	99
Fair Price		$529789	$529814

Selected Fair Value (avg of trailing + forward)

$529801.27

+92898597.4%