MeritValue

GoHealth, Inc.

GOCOQdata completeness 100%7 fiscal years on file
The thesis, from the filings

GoHealth, Inc. earns about -16% on invested capital, but has diluted owners by 83% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.06B1$631.7M2$734.7M3$798.9M3$361.8M3
Net income−$189.4M4−$148.7M5−$63.3M6−$2.93M6−$257.1M6
Operating cash flow−$299M7$60.9M8$109.1M9−$21.6M9−$121.9M9
Capital expenditure$19.8M10$13.5M11$13.7M12$13.7M12$8.25M12
Free cash flow (derived)−$318.8M7$47.4M8$95.4M9−$35.3M9−$130.2M9
Total debt$1.34B13$1.02B14$995.4M15$974.7M16$1.27B16
Cash & equivalents$84.4M17$16.5M18$90.8M19$40.9M20$32.9M20
Diluted shares7.1M8.4M9.3M10.0M12.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$29.27
your share of equity
Profit it earned you last year
−$198.71
Free cash flow it threw off
−$100.61
Debt you’d be carrying
$984.14

10 shares is a claim on $29.27 of net worth that earned you −$198.71 and generated −$100.61 of cash last year, against $984.14 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -25%FY22 -20%FY23 -6%FY24 -0%FY25 -31%

It earned an average -16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+83% shares · 5y

Share count is up 83% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001808220-24-000017 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001808220-25-000010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-022454 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001808220-24-000017 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001808220-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-022454 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001808220-24-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001808220-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-022454 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001808220-24-000017 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001808220-25-000010 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-022454 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001808220-23-000036 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001808220-24-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001808220-25-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-022454 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001808220-23-000036 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001808220-24-000017 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001808220-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-022454 (CashAndCashEquivalentsAtCarryingValue)