American Oncology Network Financials
This page shows American Oncology Network (AONC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
American Oncology Network has an operating margin of -1.0%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -3.8% the prior year.
American Oncology Network's revenue surged 37.5% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 96/100.
American Oncology Network's current ratio of 1.53 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 26/100, which could limit financial flexibility.
While American Oncology Network generated -$4.9M in operating cash flow, capex of $21.0M consumed most of it, leaving -$25.9M in free cash flow. This results in a low score of 21/100, reflecting heavy capital investment rather than weak cash generation.
American Oncology Network passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, American Oncology Network generates $0.18 in operating cash flow (-$4.9M OCF vs -$27.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
American Oncology Network earns $-2.5 in operating income for every $1 of interest expense (-$17.4M vs $7.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
American Oncology Network generated $1.8B in revenue in fiscal year 2024. This represents an increase of 37.5% from the prior year.
American Oncology Network's EBITDA was -$6.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 83.0% from the prior year.
American Oncology Network reported -$27.0M in net income in fiscal year 2024. This represents an increase of 57.3% from the prior year.
American Oncology Network earned $-0.89 per diluted share (EPS) in fiscal year 2024. This represents an increase of 34.6% from the prior year.
Cash & Balance Sheet
American Oncology Network generated -$25.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 14.8% from the prior year.
American Oncology Network held $62.8M in cash against $87.1M in long-term debt as of fiscal year 2024.
Margins & Returns
American Oncology Network's gross margin was 6.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
American Oncology Network's operating margin was -1.0% in fiscal year 2024, reflecting core business profitability. This is up 2.8 percentage points from the prior year.
American Oncology Network's net profit margin was -1.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.4 percentage points from the prior year.
Capital Allocation
American Oncology Network spent $368K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 313.5% from the prior year.
American Oncology Network invested $21.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 70.6% from the prior year.
AONC Income Statement
| Metric | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $490.9M+4.4% | $470.3M+8.4% | $434.0M+19.1% | $364.3M+12.4% | $324.2M-3.6% | $336.3M+6.8% | $315.0M+3.7% | $303.7M |
| Cost of Revenue | $448.4M+3.4% | $433.7M+7.2% | $404.6M+14.0% | $354.9M+12.5% | $315.6M+1.5% | $310.9M+6.7% | $291.4M+4.6% | $278.5M |
| Gross Profit | $42.5M+16.4% | $36.5M+24.3% | $29.4M+213.0% | $9.4M+8.9% | $8.6M-66.1% | $25.4M+7.8% | $23.6M-6.5% | $25.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $34.2M-1.6% | $34.7M-5.4% | $36.7M+29.9% | $28.3M+1.4% | $27.9M+10.7% | $25.2M+5.4% | $23.9M+0.8% | $23.7M |
| Operating Income | $8.2M+413.2% | $1.6M+120.0% | -$8.0M+58.4% | -$19.2M+6.7% | -$20.6M+15.5% | -$24.4M-566.6% | -$3.7M-645.2% | -$491K |
| Interest Expense | $1.6M-15.3% | $1.9M+2.2% | $1.8M+4.0% | $1.8M-8.0% | $1.9M+25.1% | $1.5M-1.2% | $1.6M+9.5% | $1.4M |
| Income Tax | -$72K | $0+100.0% | -$324K-111.2% | $2.9M+4094.2% | $69K-78.1% | $315K | $0 | $0 |
| Net Income | -$22.1M-5570.2% | -$389K-111.8% | $3.3M+142.1% | -$7.8M-49.3% | -$5.2M-191.4% | -$1.8M-4.7% | -$1.7M-1054.5% | $179K |
| EPS (Diluted) | N/A | $-190.00-172627.3% | $-0.11+91.0% | $-1.22 | N/A | $-0.61 | $0.00 | $0.00 |
AONC Balance Sheet
| Metric | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $470.3M+19.1% | $394.8M-8.3% | $430.8M+2.1% | $421.9M+12.7% | $374.5M-5.0% | $394.0M+1931.2% | $19.4M+1.0% | $19.2M |
| Current Assets | $331.5M+22.2% | $271.2M-11.4% | $306.3M-5.5% | $324.0M+16.6% | $277.8M-6.9% | $298.4M+317635.8% | $94K-46.0% | $174K |
| Cash & Equivalents | $62.8M+223.4% | $19.4M-42.5% | $33.8M-54.9% | $74.9M+162.6% | $28.5M-44.7% | $51.7M+2526954.8% | $2K-48.6% | $4K |
| Inventory | $60.7M+23.2% | $49.3M-9.2% | $54.3M+22.6% | $44.3M-0.6% | $44.6M+17.8% | $37.8M | N/A | N/A |
| Accounts Receivable | $129.2M+1.0% | $128.0M+2.1% | $125.4M-5.2% | $132.3M+2.4% | $129.2M-8.4% | $141.0M | N/A | N/A |
| Goodwill | $10.9M0.0% | $10.9M0.0% | $10.9M | N/A | $1.1M | N/A | N/A | N/A |
| Total Liabilities | $516.5M+3.6% | $498.6M+5.9% | $470.7M-20.1% | $589.4M+9.9% | $536.2M-27.1% | $735.3M+2387.2% | $29.6M-23.9% | $38.9M |
| Current Liabilities | $216.8M+8.5% | $199.9M-13.7% | $231.6M-1.0% | $233.8M+38.3% | $169.0M+0.7% | $167.9M+1842.4% | $8.6M+21.0% | $7.1M |
| Long-Term Debt | $87.1M-0.6% | $87.6M-0.7% | $88.2M+9.1% | $80.9M+0.3% | $80.6M+0.3% | $80.4M | N/A | N/A |
| Total Equity | -$46.2M+55.5% | -$103.8M-159.7% | -$40.0M+76.1% | -$167.4M-3.5% | -$161.7M+52.6% | -$341.3M-3257.0% | -$10.2M+48.3% | -$19.7M |
| Retained Earnings | -$102.2M+1.3% | -$103.5M-55.1% | -$66.7M+62.0% | -$175.6M-8.5% | -$161.8M+52.6% | -$341.4M-1497.3% | -$21.4M-8.7% | -$19.7M |
AONC Cash Flow Statement
| Metric | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.9M+142.5% | -$28.1M+17.2% | -$33.9M-175.2% | $45.1M+477.5% | -$12.0M-207.5% | -$3.9M-100.3% | -$1.9M-490.3% | -$329K |
| Capital Expenditures | $6.3M-2.0% | $6.5M+59.5% | $4.0M-2.1% | $4.1M+49.9% | $2.8M+4.9% | $2.6M-36.2% | $4.1M+48.4% | $2.8M |
| Free Cash Flow | $5.6M+116.2% | -$34.5M+9.1% | -$38.0M-192.6% | $41.0M+378.7% | -$14.7M-125.8% | -$6.5M-7.5% | -$6.1M-95.2% | -$3.1M |
| Investing Cash Flow | -$17.2M-214.8% | $15.0M+975.7% | -$1.7M-212.5% | $1.5M+114.0% | -$10.9M+40.9% | -$18.4M-400.9% | -$3.7M-38.7% | -$2.6M |
| Financing Cash Flow | $48.7M+3826.9% | -$1.3M+76.2% | -$5.5M-2059.8% | -$254K+13.9% | -$295K-124.6% | $1.2M-97.8% | $54.5M+51973.3% | -$105K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | N/A | N/A | $89K | $0+100.0% | -$321.2M-200.0% | $321.2M |
AONC Financial Ratios
| Metric | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.7%+0.9pp | 7.8%+1.0pp | 6.8%+4.2pp | 2.6%-0.1pp | 2.7%-4.9pp | 7.6%+0.1pp | 7.5%-0.8pp | 8.3% |
| Operating Margin | 1.7%+1.3pp | 0.3%+2.2pp | -1.8%+3.4pp | -5.3%+1.1pp | -6.4%+0.9pp | -7.2%-6.1pp | -1.2%-1.0pp | -0.2% |
| Net Margin | -4.5%-4.4pp | -0.1%-0.8pp | 0.8%+2.9pp | -2.1%-0.5pp | -1.6%-1.1pp | -0.5%+0.0pp | -0.5%-0.6pp | 0.1% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -4.7%-4.6pp | -0.1%-0.9pp | 0.8%+2.6pp | -1.8%-0.5pp | -1.4%-0.9pp | -0.4%+8.4pp | -8.8%-9.8pp | 0.9% |
| Current Ratio | 1.53+0.2 | 1.36+0.0 | 1.32-0.1 | 1.39-0.3 | 1.64-0.1 | 1.78+1.8 | 0.01-0.0 | 0.02 |
| Debt-to-Equity | -1.89-1.0 | -0.84+1.4 | -2.21-1.7 | -0.48+0.0 | -0.50-0.3 | -0.24+2.7 | -2.91-0.9 | -1.98 |
| FCF Margin | 1.1%+8.5pp | -7.3%+1.4pp | -8.8%-20.0pp | 11.3%+15.8pp | -4.5%-2.6pp | -1.9%0.0pp | -1.9%-0.9pp | -1.0% |
Note: Shareholder equity is negative (-$46.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is American Oncology Network's annual revenue?
American Oncology Network (AONC) reported $1.8B in total revenue for fiscal year 2024. This represents a 37.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is American Oncology Network's revenue growing?
American Oncology Network (AONC) revenue grew by 37.5% year-over-year, from $1.3B to $1.8B in fiscal year 2024.
Is American Oncology Network profitable?
No, American Oncology Network (AONC) reported a net income of -$27.0M in fiscal year 2024, with a net profit margin of -1.5%.
What is American Oncology Network's EBITDA?
American Oncology Network (AONC) had EBITDA of -$6.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does American Oncology Network have?
As of fiscal year 2024, American Oncology Network (AONC) had $62.8M in cash and equivalents against $87.1M in long-term debt.
What is American Oncology Network's gross margin?
American Oncology Network (AONC) had a gross margin of 6.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is American Oncology Network's operating margin?
American Oncology Network (AONC) had an operating margin of -1.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is American Oncology Network's net profit margin?
American Oncology Network (AONC) had a net profit margin of -1.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is American Oncology Network's free cash flow?
American Oncology Network (AONC) generated -$25.9M in free cash flow during fiscal year 2024. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is American Oncology Network's operating cash flow?
American Oncology Network (AONC) generated -$4.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are American Oncology Network's total assets?
American Oncology Network (AONC) had $470.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are American Oncology Network's capital expenditures?
American Oncology Network (AONC) invested $21.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is American Oncology Network's current ratio?
American Oncology Network (AONC) had a current ratio of 1.53 as of fiscal year 2024, which is generally considered healthy.
What is American Oncology Network's debt-to-equity ratio?
American Oncology Network (AONC) had a debt-to-equity ratio of -1.89 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Oncology Network's return on assets (ROA)?
American Oncology Network (AONC) had a return on assets of -5.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is American Oncology Network's cash runway?
Based on fiscal year 2024 data, American Oncology Network (AONC) had $62.8M in cash against an annual operating cash burn of $4.9M. This gives an estimated cash runway of approximately 153 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is American Oncology Network's debt-to-equity ratio negative or unusual?
American Oncology Network (AONC) has negative shareholder equity of -$46.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is American Oncology Network's Piotroski F-Score?
American Oncology Network (AONC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Oncology Network's earnings high quality?
American Oncology Network (AONC) has an earnings quality ratio of 0.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can American Oncology Network cover its interest payments?
American Oncology Network (AONC) has an interest coverage ratio of -2.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is American Oncology Network?
American Oncology Network (AONC) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.