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FAQ: Stonegate Capital Partners' Q3 2025 Coverage Update on GoHealth Inc.
TL;DR
GoHealth's strategic focus on margin integrity and renewal stability positions it to capitalize on market stabilization with a diversified revenue stream from GoHealth Protect.
GoHealth reported 3Q25 net revenues of $34.2M, down from $118.3M, due to intentional Medicare Advantage volume reduction and $80M new loan facility supporting working capital compliance.
GoHealth's focus on retention and quality member care aims to provide stable healthcare coverage during industry transitions, benefiting consumers through reliable service.
GoHealth Protect revenue grew meaningfully while traditional agency revenue dropped 71.5%, showing a strategic pivot toward diversified income streams beyond commission models.
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This report covers Stonegate Capital Partners' updated analysis of GoHealth Inc.'s Q3 2025 performance, including financial results, strategic initiatives, and valuation assessment.
GoHealth reported net revenues declined to $34.2M from $118.3M a year ago, with agency revenue decreasing 71.5% and non-agency revenue declining 96.5% year-over-year, though other revenue from GoHealth Protect showed meaningful growth.
The revenue decline resulted from an intentional pullback in Medicare Advantage volume, reduced non-agency activity, and a broader industry shift toward margin integrity and renewal stability.
GoHealth advanced strategic and capital initiatives including a super priority term loan facility with $80M of new money, refreshed its Board of Directors, and continues evaluating integration opportunities across the fragmented broker landscape.
Average customer acquisition cost increased 14.0% year-over-year to $716, though management is maintaining a disciplined approach to acquisition efficiency through agent productivity, enhanced training, and data-driven marketing strategies.
Stonegate applies an EV/EBITDA range of 9.0x to 11.0x with a midpoint of 10.0x, resulting in a valuation range of $7.46 to $14.32 with a mid-point of $10.89.
GoHealth Protect and related offerings continued to scale and diversify revenue beyond traditional commission streams, while management has stabilized the balance sheet and strengthened strategic optionality.
Management is focused on retention, quality, disciplined execution through the current AEP (Annual Enrollment Period), preserving liquidity, platform efficiency, and maintaining a high-quality member base while awaiting market stabilization.
Curated from Reportable
