American Oncology Network Financials
American Oncology Network (AONC) reported $1.8B in revenue for fiscal year 2024, up 37.5% from the prior fiscal year. This page shows its 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).
A thin-gross-margin model is gaining scale, but reinvestment and financing still decide whether growth turns into cash.
From FY2023 to FY2024, revenue climbed37.5% while receivables stayed near$129M , so the improvement in operating cash flow was not just more sales but better cash collection from those sales. Yet free cash flow remained-$25.9M because capital spending reached$21.0M , which means the business is moving closer to cash breakeven before reinvestment, but not after it.
Cash ended FY2024 at
With gross margin at only
Financial Health Signals
American Oncology Network does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
American Oncology Network passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
American Oncology Network reported a net loss of $27.0M while operations used $4.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
American Oncology Network reported an operating loss of $17.4M against $7.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Cash & Balance Sheet
American Oncology Network recorded an outflow of $25.9M in free cash flow in fiscal year 2024, representing a cash shortfall 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.
Not reported for 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.
Not reported for fiscal year 2024.
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.
Not reported for fiscal year 2024.
AONC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| Revenue | $1.8B+37.5% | $1.3B+11.3% | $1.1B+21.8% | $943.7M | N/A |
| Cost of Revenue | $1.6B+37.2% | $1.2B+13.5% | $1.1B+21.8% | $865.8M | N/A |
| Gross Profit | $117.8M+42.3% | $82.8M-13.3% | $95.5M+22.4% | $78.0M | N/A |
| SG&A Expenses | $133.9M+33.0% | $100.7M+16.3% | $86.6M+12.4% | $77.0M | N/A |
| Operating Income | -$17.4M+64.5% | -$49.2M-983.1% | $5.6M+511.0% | $911K | N/A |
| Interest Expense | $7.1M+10.0% | $6.4M+87.8% | $3.4M+140.8% | $1.4M | N/A |
| Income Tax | $2.5M+550.5% | $384K | $0-100.0% | $460K | N/A |
| Net Income | -$27.0M+57.3% | -$63.1M-2539.2% | $2.6M+2565.7% | -$105K | N/A |
| EPS (Diluted) | -$0.89 | -$1.36 | $0.00 | $0.00 | $0.00 |
Not reported in any period shown, so not listed: R&D Expenses.
AONC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| Total Assets | $470.3M+25.6% | $374.5M+14.8% | $326.2M+31.4% | $248.3M+2593903.3% | $10K |
| Current Assets | $331.5M+19.3% | $277.8M+14.8% | $242.0M+16.2% | $208.3M | N/A |
| Cash & Equivalents | $62.8M+120.2% | $28.5M+6.0% | $26.9M-1.6% | $27.4M | $0 |
| Inventory | $60.7M+36.2% | $44.6M+22.2% | $36.5M+5.6% | $34.5M | N/A |
| Accounts Receivable | $129.2M+0.1% | $129.2M-5.1% | $136.1M+22.4% | $111.2M | N/A |
| Goodwill | $10.9M+938.1% | $1.1M | N/A | N/A | N/A |
| Total Liabilities | $516.5M-3.7% | $536.2M+57.5% | $340.4M+26.5% | $269.2M+2586633.9% | $10K |
| Current Liabilities | $216.8M+28.3% | $169.0M+19.9% | $140.9M+18.1% | $119.3M+1146767.2% | $10K |
| Long-Term Debt | $87.1M+8.0% | $80.6M+0.4% | $80.3M+26.1% | $63.7M | N/A |
| Total Equity | -$46.2M+71.4% | -$161.7M-1038.6% | -$14.2M+32.0% | -$20.9M-2503201.3% | -$834 |
| Retained Earnings | -$102.2M+36.9% | -$161.8M-726.5% | $25.8M+11.1% | $23.2M+2786550.8% | -$834 |
AONC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$4.9M+72.7% | -$18.1M-167.1% | -$6.8M+74.2% | -$26.3M | N/A |
| Capital Expenditures | $21.0M+70.6% | $12.3M+70.8% | $7.2M-13.6% | $8.3M | N/A |
| Free Cash Flow | -$25.9M+14.8% | -$30.4M-117.5% | -$14.0M+59.7% | -$34.7M | N/A |
| Investing Cash Flow | -$2.4M+93.2% | -$35.5M-154.0% | -$14.0M-30.8% | -$10.7M | N/A |
| Financing Cash Flow | $41.7M-24.6% | $55.3M+260.1% | $15.3M-42.2% | $26.5M | N/A |
| Share Buybacks | $368K+313.5% | $89K | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
AONC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| Gross Margin | 6.7%+0.2pp | 6.5%-1.8pp | 8.3%0.0pp | 8.3% | N/A |
| Operating Margin | -1.0%+2.8pp | -3.8%-4.3pp | 0.5%+0.4pp | 0.1% | N/A |
| Net Margin | -1.5%+3.4pp | -4.9%-5.2pp | 0.2%+0.2pp | 0.0% | N/A |
| Return on Assets | -5.7%+11.1pp | -16.9%-17.6pp | 0.8%+0.8pp | 0.0% | N/A |
| Current Ratio | 1.53-0.1x | 1.64-0.1x | 1.720.0x | 1.75 | N/A |
| FCF Margin | -1.5%+0.9pp | -2.4%-1.2pp | -1.2%+2.5pp | -3.7% | N/A |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
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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Where American Oncology Network Ranks
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) recorded an outflow of $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) recorded an outflow of $4.9M in operating cash flow during fiscal year 2024, representing cash used by 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 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.
Why is American Oncology Network's debt-to-equity ratio negative or not reported?
American Oncology Network (AONC) has negative shareholder equity of -$46.2M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $27.0M while operations used $4.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $17.4M against $7.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.