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American Oncology Network Inc. (AONC) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of American Oncology Network Inc. stock $19.18, price $22.25, that is 13.8% below the price, quality 45 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

AO American Oncology Network Inc. logo Thin data Nov 10, 2026

American Oncology Network Inc.

AONC · US
Expensive, weak quality

Our calculation puts a fair price 14% below what the stock costs today.

Revenue last quarter +51% vs. a year ago.
Quality 45/100
Mixed Growth (revenue 3y +23.1 %/yr in USD)
Negative equity (buybacks among others)
Fair value $19.18 · Overvalued
Loss-making · -0.2% net margin (TTM)
Negative free cash flow
Trails peers (2/7)
Narrow moat 17/100
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$29.00 $1.05 Fair Value $19.18 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $1.05 – $29.00 · fair‑value band $14.39 – $23.98 · the $22.25 price screens above the $19.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

American Oncology Network, Inc., through its subsidiaries, provides oncology management services in the United States.

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The company provides various services to patients, including laboratory services for routine and specialized testing; in-house professional and technical pathology services with pathology reports; in-house specialty pharmacy services with patient education, financial assistance, and 24/7 patient assistance; and care management support services, including nutrition guidance.

The company was incorporated in 2017 and is based in Fort Myers, Florida.

Stock analysis

American Oncology Network Inc. (AONC) currently trades at $22.25, while our estimate is $19.18, 14% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $14.39 (bear) to $23.98 (bull), the price of $22.25 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 45/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

American Oncology Network Inc. reported revenue of $1.8B in FY2024 versus $725M in FY2020, a compound +24.8%/yr. Reported net income was −$4.0M in FY2024.

Key figures

Market cap $336M Small · P/S ratio 0.19 · EPS (TTM) $−2.05 · Net margin −0.2% · Return on equity −30.2% · Return on assets (EBIT) 9,000% (5-year average) · Operating margin 1.7% · Revenue (TTM) $1.8B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (medium confidence).

What moves the price

The share trades about 3% below its 52-week high and 284% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −4% fair-value upside, at −14%, AONC screens richer than that median.

Fair Value

Bear $14.39 Fair Value $19.18 Bull $23.98
Price $22.25 · Downside -13.8%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 78
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 36
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 49
How calm the share price moves, does not count
Price momentum 72
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 98
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+37.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.0% (2020) → −1.0% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed

AONC screens overvalued: fair value 14% below the price. Compare with HCA Healthcare, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 246 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside −13.8% · Below median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −0.8% · Bottom 25%
Net margin (12 months) −0.2% · Bottom 25%
Operating margin (12 months) 1.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 51.4% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Medical Care Facilities median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 0.19× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)15 · sector 33
FUTURE (revenue growth)100 · sector 33
PAST (return on equity)0 · sector 31
HEALTH (low debt)0 · sector 90
DIVIDEND (yield)0 · sector 39

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Fresenius Medical Care AG FMS $22.74 $46.55 +105% vs AONC
Aier Eye Hospital Group 300015 ¥8.85 ¥10.88 +23% vs AONC
DaVita Inc DVA $179.28 $218.90 +22% vs AONC
HCA Healthcare, Inc HCA $504.42 $547.34 +9% vs AONC
Tenet Healthcare Corporation THC $290.27 $279.20 −4% vs AONC
The Ensign Group ENSG $185.09 $140.09 −24% vs AONC
Encompass Health Corporation EHC $142.51 $94.81 −33% vs AONC
Fresenius SE FRE €53.47 €34.77 −35% vs AONC
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,550 ₹5,234 −39% vs AONC
Dr. Sulaiman Al Habib Medical Services Group 4013 214.70 SAR 109.45 SAR −49% vs AONC

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American Oncology Network Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "American Oncology Network Inc. Fair Value". https://www.fairvalue-calculator.com/stock/AONC

Frequently asked questions

Is American Oncology Network Inc. (AONC) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $19.18 versus a price of $22.25, about 14% lower (overvalued).
What is the fair value of AONC?
Our estimate for American Oncology Network Inc. is $19.18 (as of Nov 10, 2026), built from audited fundamentals. The current price: $22.25.
What is the quality score of AONC?
American Oncology Network Inc. has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for American Oncology Network Inc. (AONC)?
Our calculated price target is the estimate of $19.18 (as of Nov 10, 2026). Cautious scenario $14.39, optimistic scenario $23.98. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the American Oncology Network Inc. stock forecast for 2026?
Our estimate puts fair value at $19.18, about 14% lower versus a price of $22.25 (overvalued). Cautious scenario $14.39, optimistic scenario $23.98. The calculation is refreshed regularly with new filings.
What is the revenue of American Oncology Network Inc. (AONC)?
American Oncology Network Inc. reported trailing-twelve-month revenue of about $1.8B (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of American Oncology Network Inc. (AONC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For American Oncology Network Inc. it is $19.18 per share (as of Nov 10, 2026), against a price of $22.25.
Is American Oncology Network Inc. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, AONC trades above its calculated fair value: price $22.25, fair value $19.18, a gap of about −14% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AONC?
No. The price is what the market pays today ($22.25); the fair value is what the company's own numbers justify ($19.18). For American Oncology Network Inc. the two are $3.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is American Oncology Network Inc. worth?
The market values American Oncology Network Inc. at about $336M (market capitalisation, as of Nov 10, 2026). Per share that is $22.25; our models calculate a fair value of $19.18 per share.
What do the bullish and bearish scenarios say about AONC?
Our models span a range for American Oncology Network Inc.: cautious scenario $14.39, base $19.18, optimistic $23.98 per share (as of Nov 10, 2026, price $22.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of American Oncology Network Inc. (AONC)?
Balance-sheet figures for American Oncology Network Inc. (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is AONC from its 52-week high?
American Oncology Network Inc. trades at $22.25, about 3% below its 52-week high of $23.00 and 284% above the low of $5.80 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $19.18 is for.
Which stocks are comparable to American Oncology Network Inc.?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Tenet Healthcare Corporation, Dr. Sulaiman Al Habib Medical Services Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is American Oncology Network Inc. stock attractive at the current price?
The data as of Nov 10, 2026: price $22.25, calculated fair value $19.18 (−14%), Quality Score 45/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. American Oncology Network Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of American Oncology Network Inc. (AONC)?
The closing price on Nov 10, 2026 was $22.25. Our estimate is $19.18, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with American Oncology Network Inc. right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of American Oncology Network Inc.

How large is the market capitalisation of American Oncology Network Inc. (AONC)?
The market capitalisation of American Oncology Network Inc. is $336M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of American Oncology Network Inc. (AONC)?
The price-to-sales ratio of American Oncology Network Inc. is 0.19 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of American Oncology Network Inc. (AONC)?
Earnings per share at American Oncology Network Inc. are $−2.05. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of American Oncology Network Inc. (AONC)?
The net margin of American Oncology Network Inc. is −0.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of American Oncology Network Inc. (AONC)?
The return on equity (ROE) of American Oncology Network Inc. is −30.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of American Oncology Network Inc. (AONC)?
On an EBIT basis the return on assets of American Oncology Network Inc. is 9,000% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of American Oncology Network Inc. (AONC)?
The operating margin of American Oncology Network Inc. is 1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at American Oncology Network Inc. (AONC)?
Revenue at American Oncology Network Inc. is growing +51.4% versus a year earlier (3y avg +23.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does American Oncology Network Inc. (AONC) generate?
The free cash flow of American Oncology Network Inc. is −$25.9M (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does American Oncology Network Inc. (AONC) carry?
The net debt of American Oncology Network Inc. is $84.5M (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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