Exploring agilon health, inc. (AGL) Investor Profile: Who’s Buying and Why?

You're looking at agilon health, inc. (AGL) and asking the obvious question: why are the big players still holding on when the stock price has cratered? The stock traded near $0.63 per share as of November 2025, a brutal 66.61% decline over the last year, and this is happening while the company projects a full-year 2025 revenue of $5.82 billion but still anticipates an Adjusted EBITDA loss of $258 million at the midpoint of their guidance. Yet, institutional heavyweights like Clayton, Dubilier & Rice, LLC are sitting on a 24.12% stake, with BlackRock, Inc. holding a solid 5.98% of the shares, part of the 484,625,469 total institutional shares reported. That kind of conviction in the face of a $110 million net loss in Q3 2025 defintely warrants a deeper look. What signals are these 388 institutional owners seeing in the value-based care model that the broader market is missing, and what does their continued accumulation mean for your investment strategy?

Who Invests in agilon health, inc. (AGL) and Why?

You're looking at agilon health, inc. (AGL), a stock that's seen a lot of volatility, and you want to know who's holding the bag and what their thesis is. The direct takeaway is this: agilon health is overwhelmingly an institutional play, with nearly all of its shares held by large funds betting on the long-term transformation of US healthcare, despite significant near-term financial risk.

The investor base is not a retail crowd. Institutional investors, which include mutual funds, pension funds, and hedge funds, own an estimated 96.32% of the company's shares. That leaves a very small float for individual investors, which is typical for a company that was recently a private equity-backed venture. This high institutional concentration means the stock price is largely driven by the sentiment and capital flows of a few dozen major players, not the day-to-day trading of the public.

Here's the quick math on the major holders, based on recent 2025 filings:

Investment Motivations: The Value-Based Thesis

The core attraction to agilon health is its position as a pure-play in the value-based care (VBC) model, specifically for Medicare Advantage (MA) patients. This model pays providers a fixed amount per member per month (capitation), shifting the financial risk-and the incentive-from volume of services to health outcomes. Investors who buy agilon health are defintely buying into the idea that this model is the future of US healthcare and that agilon health's platform will be a winner in that transition.

The motivation is long-term growth, not current profitability. The company reported a Q3 2025 total revenue of $1.44 billion, but a net loss of $110 million and an Adjusted EBITDA loss of $91 million. The investment thesis is that the platform's scale-with 618,000 total members on the platform as of Q3 2025-will eventually flip the switch to massive profitability once operational challenges are ironed out. They believe the Mission Statement, Vision, & Core Values of agilon health, inc. (AGL) will translate into sustained financial success.

• Betting on Medicare Advantage growth.
• Anticipating VBC model's long-term profitability.
• Low valuation metrics signal potential upside.

Strategies: Growth, Value, and Short-Term Trading

You see three main strategies at play here. First, the Long-Term Growth Investors, like Vanguard Group Inc. and BlackRock, Inc., are largely passive holders who own the stock because it's a key component of the healthcare sector indices they track. They are not selling unless the VBC thesis fundamentally breaks.

Second, there are the Value Investors and active managers. With the stock trading near its 52-week low and a Price-to-Sales (P/S) ratio around 0.06 and a Price-to-Book (P/B) ratio of 0.73 as of early November 2025, some see a deep value opportunity. They are buying the stock because the market price is far below the intrinsic value they assign to the company's patient base and technology platform. They are accumulating shares now, anticipating a multi-year turnaround.

Finally, you have the Short-Term/Activist Traders, primarily hedge funds. Their strategy is highly dynamic. For example, CenterBook Partners LP boosted its stake by 492.4% in Q3 2025, buying over 9.4 million additional shares, which is a massive conviction bet on a rebound. But, to be fair, other large funds like Capital World Investors were cutting their positions by over 81% in the same period. This is the market wrestling with the near-term risks-like the full-year 2025 Adjusted EBITDA forecast of a negative $258 million-versus the long-term opportunity. It's a classic high-risk, high-reward growth-to-value transition play.

Next Step: Review the Q4 2025 guidance when it's released to see if the strategic cost reductions and market exits are starting to stabilize the medical margin trend.

Institutional Ownership and Major Shareholders of agilon health, inc. (AGL)

You need to know who holds the reins at agilon health, inc. (AGL) because their moves directly impact the stock price and the company's strategic direction. The direct takeaway here is that institutional investors own an overwhelming majority of AGL-around 96.32% of the shares-but recent filings show a clear split between large passive funds selling down and activist or focused funds buying in, especially as the stock trades near its 52-week low.

This high concentration means a few major players can cause significant volatility, and their investment decisions are a strong signal about the long-term viability of AGL's value-based care model.

Top Institutional Investors and Their Stakes

The ownership structure of agilon health, inc. is dominated by a few massive institutions, with the largest holder being a private equity firm that took the company public. This is a crucial detail because it signals a different level of influence than a typical mutual fund. As of the Q3 2025 filings, the top holders are clear.

Here's the quick math on the largest institutional stakes, based on the September 30, 2025, reporting date:

• Clayton, Dubilier & Rice, LLC holds a massive stake of 100,000,000 shares, representing approximately 24.12% of the company's total shares outstanding.
• Morgan Stanley is another top holder, with a reported 59,384,795 shares.
• Capital World Investors holds 8,364,227 shares, though this is after a major sell-off.
• Vanguard Group Inc. and BlackRock, Inc., two of the largest index fund managers globally, hold significant passive stakes, with Vanguard owning 24,292,603 shares and BlackRock, Inc. holding 24,197,634 shares.

The presence of a private equity sponsor like Clayton, Dubilier & Rice, LLC as the anchor investor means their eventual exit strategy will defintely be a major factor in the stock's future performance.

Shifting Sands: Increases and Decreases in 2025

The most telling story in the 2025 fiscal year data is the divergence in institutional sentiment. We saw significant selling from some of the largest, most passive investors, but also massive accumulation from others, suggesting a battle of conviction over the company's turnaround prospects.

In the third quarter of 2025, several passive giants reduced their exposure. For instance, Capital World Investors slashed its position by over 37.2 million shares, and Vanguard Group Inc. decreased its holdings by over 6 million shares.

However, this selling was met by aggressive buying from other funds. CenterBook Partners LP, for example, lifted its stake by an astounding 492.4%, purchasing an additional 9,499,012 shares. This is a huge vote of confidence. Also, a November 2025 filing revealed North Peak Capital Management, LLC reporting a large beneficial ownership of 39,411,957 shares, representing 9.5% of the class.

This kind of ownership churn-passive funds selling, focused funds buying-often happens when a stock is distressed, trading at a low price of around $0.58 per share in November 2025. For a deeper dive into the company's underlying financial health, you should check out Breaking Down agilon health, inc. (AGL) Financial Health: Key Insights for Investors.

The Impact of Institutional Investors on AGL's Strategy

Institutional investors are not just passive shareholders; they are a powerful force that can influence corporate strategy and stock price. For agilon health, inc., their role is amplified by the company's challenging 2025 performance. The company reported a Q3 2025 loss of $0.27 per share and reinstated its full-year 2025 guidance for Adjusted EBITDA between negative $270 million and negative $245 million.

When large institutions sell, it puts downward pressure on the stock, which is what we've seen. When they buy, especially with a Schedule 13D filing (which indicates an intent to actively pursue a change in business strategy, versus a passive 13G), it can signal a push for operational improvements or a strategic pivot. The large accumulation by funds like CenterBook Partners LP suggests they see a significant opportunity, likely tied to the company's projected 2025 revenue of $5.81 billion to $5.83 billion and expected material improvement in 2026.

In short, the institutional selling reflects concern over the near-term financial struggles, but the buying represents a bet on the long-term success of the value-based care model, especially after management announced $30 million in operating expense reductions to align costs with revenue.

Key Investors and Their Impact on agilon health, inc. (AGL)

You are looking at a company, agilon health, inc. (AGL), where the investment landscape is dominated by institutional money. This isn't a stock driven by retail traders; it's a battleground for major funds. As of late 2025, institutional ownership sits at a staggering 93.38%, meaning the big players-the mutual funds, pension funds, and private equity groups-are the ones dictating the stock's long-term trajectory and near-term volatility.

The core takeaway is that the largest shareholders have a clear mandate: they need to see a path to sustainable profit after a challenging 2025, which included a $104 million net loss in the second quarter. Their influence is currently centered on driving a strategic turnaround.

The Dominant Shareholders and Their Leverage

The investor profile for agilon health, inc. (AGL) is anchored by a few colossal entities. The most notable is the private equity firm Clayton, Dubilier & Rice, LLC, which, through its affiliates like Cdr Investment Associates IX Ltd, holds a foundational stake of 100,000,000 shares. That's a massive 24.12% of the company. This kind of concentration gives them significant leverage over major corporate decisions, far beyond what a typical institutional investor holds.

Beyond the private equity anchor, you see the usual suspects, the passive giants who own a piece of nearly every public company. They are not activist investors, but their sheer size makes them influential. Here's the quick math on the top index and mutual fund holders:

• Vanguard Group Inc: Over 30.29 million shares
• BlackRock, Inc.: Over 24.77 million shares
• Morgan Stanley: Over 57.23 million shares

When Vanguard or BlackRock, Inc. make a move, it defintely impacts liquidity and investor sentiment, even if their primary goal is just to track an index. Their holdings represent the market's baseline confidence in the company's long-term viability in the healthcare sector.

Recent Moves and the Turnaround Mandate

The recent trading activity reflects the stock's volatility and the search for a bottom after the financial headwinds of 2025. While some major holders were trimming their positions, others saw a buying opportunity in the dip. The most aggressive recent move came from CenterBook Partners LP, which saw value and lifted its stake by an eye-popping 492.4% in the third quarter of 2025. They purchased an additional 9,499,012 shares, bringing their total position to 11,428,027 shares. That's a strong vote of confidence in a turnaround.

Also notable, Capital International Investors significantly increased their position earlier in 2025, acquiring 9,346,295 more shares to reach 22,331,873 total, signaling a strategic interest in the long-term value of the Medicare-centric, value-based care model. This buying suggests a belief that the company can execute on its new strategy, which includes structural changes following the CEO's departure in Q2 2025.

The influence of these investors is now highly concentrated on corporate governance. The company received a notice of non-compliance from the NYSE in November 2025 and is considering a reverse stock split, subject to stockholder approval. This kind of major action requires the buy-in of the largest shareholders, particularly Clayton, Dubilier & Rice, LLC, and it shows the direct impact these funds have on the company's immediate future. They are the ones who will ultimately greenlight the capital structure changes needed to stabilize the business.

Investor Holdings Snapshot (2025 Fiscal Year)

To give you a clearer picture of who is sitting at the table, here is a snapshot of the largest institutional stakes based on recent 2025 filings. The value is based on a recent share price of $0.67 per share.

The concentration of ownership means any shift in sentiment from just one or two of these top holders can cause a significant stock price movement. For more on the operational challenges that are driving these investor decisions, you should read Breaking Down agilon health, inc. (AGL) Financial Health: Key Insights for Investors.

Market Impact and Investor Sentiment

You're looking at agilon health, inc. (AGL) right now and seeing a stock that is deeply discounted but still struggling with profitability, a classic high-risk, high-reward scenario that has polarized investors. The current investor sentiment is best described as cautiously neutral, leaning negative, which is reflected in the consensus average rating of Hold from 18 analysts as of November 2025.

The market is pricing in significant risk, but there is a clear divide: value-oriented investors see the deep discount, while others focus on persistent losses. For instance, the stock trades at a Price-to-Sales ratio of just 0.1x, which is a massive discount compared to the US Healthcare industry average of 1.2x. But, honestly, the financial pressures are real: the company reported a negative free cash flow of -$23,255,124 and a negative forward P/E (Price-to-Earnings ratio) of -1.74 as of November 2025.

Here's the quick math on the potential upside: the average analyst price target is $2.73, which suggests a theoretical upside of over 300% from the stock's recent trading price near $0.58 (as of mid-November 2025). That's a huge gap, and it tells you the market is defintely waiting for proof of execution before closing that valuation gap.

Recent Market Reactions to Ownership Shifts

The stock market's reaction to major investor moves and company news has been volatile, which is typical for a company undergoing a significant turnaround. In early 2025, the stock surged over 165% year-to-date, largely fueled by strategic restructuring-like exiting unprofitable partnerships-and the positive macro tailwind of the Centers for Medicare & Medicaid Services (CMS) rate hikes for 2026.

However, the Q2 2025 earnings report in August, which included a revenue miss, the withdrawal of full-year guidance, and the departure of the CEO, was a major shock. Still, the stock rose 6.76% in aftermarket trading to $1.74 following that announcement. Why? The market often views a major leadership change, like the appointment of co-founder and industry veteran Ronald A. Williams as Executive Chairman, as a necessary, decisive action to accelerate performance improvements. The positive reaction was a vote of confidence in the new, more focused operational direction, not the quarter's results.

Institutional buying activity also shows a mixed picture. While some funds are cutting their exposure, others are accumulating shares. CenterBook Partners LP, for example, lifted its stake in agilon health, inc. by a massive 492.4% in the third quarter of 2025, acquiring an additional 9,499,012 shares. This suggests a segment of sophisticated investors believes the stock is oversold and represents a compelling long-term value play.

Key Investors and Analyst Perspectives on Future Impact

The investor profile for agilon health, inc. is dominated by large institutional players, which gives them significant influence on the stock's long-term trajectory. The largest shareholder, Clayton, Dubilier & Rice, LLC, holds a substantial 24.12% of the company, with other major asset managers like Capital Research and Management Company (13.38%), Morgan Stanley Investment Management Inc. (13.02%), and BlackRock, Inc. (5.98%) also holding significant stakes.

The presence of a major private equity firm like Clayton, Dubilier & Rice, LLC, as the largest holder, often suggests a long-term, operational-improvement focus rather than short-term trading. Their influence, coupled with the new Executive Chairman Ronald A. Williams (who is an Operating Advisor to CD&R), is crucial for driving the strategic changes needed to achieve the Mission Statement, Vision, & Core Values of agilon health, inc. (AGL).

Analysts are focusing on the company's ability to execute on its re-instated 2025 fiscal year guidance. The latest guidance (reinstated in November 2025) projects a Revenue midpoint of $5.82 billion, a Medical Margin midpoint of $5 million, and an Adjusted EBITDA midpoint of negative -$258 million. The key for investors is whether management can hit the Medical Margin target, which shows the core business model is working.

The analyst community's cautious stance is best summarized by the wide range in price targets, from a bearish $0.25 to a bullish $2.00. This range reflects the uncertainty surrounding the timing of profitability. Analysts are looking for continued progress in key operational metrics, specifically:

• Stabilizing Medicare Advantage (MA) membership, which is guided to be between 490,000 and 520,000 for FY 2025.
• Reducing the negative impact from prior period claims development, which was a negative $22 million in Q1 2025.
• Evidence that the operating cost reductions of $30 million will flow through to the bottom line.

The market is waiting for the numbers to show the strategic changes are working, especially after the Q2 2025 net loss of $104 million.