American Oncology Network Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of American Oncology Network Inc (AONC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: American Oncology Network Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 1,759M vs 811,072M combined for tracked competitors (0.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+11.6% annualized vs trailing 12 months), vs decelerating (-8.6%) for its tracked peer group.
- Growth: American Oncology Network Inc generated 51.4% revenue growth year over year in Q4 2024, vs 8.8% for its tracked competitors combined.
- Profitability: Its 0.5% net margin compares with 3.0% for the peer group.
- Peer revenue share: American Oncology Network Inc accounted for 0.3% of combined revenue among its tracked peer group, up from 0.2% a year earlier.
- Peer differentiation: Revenue per employee of $5.86M compares with $1.21M for the peer group (4.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AONC Sales vs. its Competitors, Q4 2024
American Oncology Network Inc reported revenue growth of 51.42 % year on year in Q4 2024, above its competitors' combined revenue growth of 8.81 %.
With a net margin of 0.49 %, American Oncology Network Inc reported lower profitability than its competitors (2.99 %).
American Oncology Network Inc generated 0.26 % of the combined sales of its peer group, up from 0.19 % a year earlier.
American Oncology Network Inc vs. its Competitors, Q4 2024
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across American Oncology Network Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| American Oncology Network Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across American Oncology Network Inc's competitor groups requires a Commercial License.
For context: the Medical Equipment & Supplies industry grew revenue 15.0% year over year, combined, vs 51.4% for American Oncology Network Inc. American Oncology Network Inc's share of combined industry revenue moved from 0.32% to 0.42%, a gain of 0.10 percentage points.
American Oncology Network Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| American Oncology Network Inc | No | Yes | Yes | No |
| Competitors combined (16) | ||||
| High-Confidence Competitors (1) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AONC Stock Performance relative to its Competitors
AONC Stock Performance relative to High-Confidence Competitors
AONC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Icad Inc | 282.9% | Outperformed |
| 2 | Cardinal Health Inc | 282.9% | Outperformed |
| 3 | Fonar Corporation | 282.9% | Outperformed |
| 4 | Tenet Healthcare Corp | 282.9% | Outperformed |
| 5 | Profound Medical Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for American Oncology Network Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
American Oncology Network Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of American Oncology Network Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| American Oncology Network Inc | 412.55 | 1,759.48 |
| Intuitive Surgical Inc | 147,271.91 | 11,296.30 |
| Mckesson Corporation | 103,086.54 | 410,983.00 |
| Hca Healthcare Inc | 97,829.80 | 76,388.00 |
| Boston Scientific Corporation | 64,714.22 | 20,997.00 |
| Aon Plc | 59,015.01 | 17,603.00 |
| SUBTOTAL | 548,194.57 | 812,937.34 |
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Sources: American Oncology Network Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on American Oncology Network Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
American Oncology Network Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| The Oncology Institute Inc | Named by the company | 85% |
| OneOncology, Inc. | Named by the company | 85% |
| US Oncology Network, Inc. | Named by the company | 85% |
| Aon Plc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for American Oncology Network Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
American Oncology Network Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Mckesson Corporation | North American Pharmaceutical 83.45 % |
| Hca Healthcare Inc | American Group 34.90 % |
| Boston Scientific Corporation | Cardiovascular 67.31 % |
| Aon Plc | Risk Capital 70.80 % |
| Cardinal Health Inc | Pharmaceutical and Specialty Solutions 92.08 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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American Oncology Network Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| American Oncology Network Inc | 413 | 5,864,947 | -89,860 |
| Intuitive Surgical Inc | 147,272 | 663,668 | 185,530 |
| Mckesson Corporation | 103,087 | 8,058,490 | 103,922 |
| Hca Healthcare Inc | 97,830 | 238,713 | 24,419 |
| Boston Scientific Corporation | 64,714 | 355,881 | 62,186 |
| Aon Plc | 59,015 | 293,383 | 65,650 |
| PEERS TOTAL | 547,782 | 1,205,793 | 42,078 |
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American Oncology Network Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Intuitive Surgical Inc | Geographic Distribution, Foreign 30.41 % |
| Boston Scientific Corporation | United States 63.11 % |
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 16.91 % |
| Cardinal Health Inc | United States 99.35 % |
| Profound Medical Corp | CA 66.91 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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American Oncology Network Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 222 companies in American Oncology Network Inc's industry classification, broader than the peer set above. Market cap in millions of $.American Oncology Network Inc ranks #0 of 222 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 586, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Intuitive Surgical Inc | 147,272 | 13.43 % |
| 2 | Medtronic Plc | 111,919 | 10.21 % |
| 3 | Stryker Corp | 107,636 | 9.82 % |
| 4 | 3m Company | 88,019 | 8.03 % |
| 5 | Boston Scientific Corporation | 1,234 | 5.2% |
| 6 | Edwards Lifesciences Corporation | 1,234 | 5.2% |
| 7 | Becton Dickinson And Company | 1,234 | 5.2% |
| 8 | Dexcom Inc | 1,234 | 5.2% |
| 9 | Resmed Inc | 1,234 | 5.2% |
| 10 | Alcon inc | 1,234 | 5.2% |
| 0 | American Oncology Network Inc | 45 | 0.00 % |
Market cap and industry share for the rest of American Oncology Network Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
American Oncology Network Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Medical Equipment & Supplies industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (288 companies). See the full Medical Equipment & Supplies industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 6.70 % | 53.36 % (avg) | -46.7 pp |
| Operating Margin | -0.99 % | industry median | +10.6 pp |
| EBITDA Margin | -0.77 % | -6.79 % (avg) | +6.0 pp |
| Capital Intensity (Capex / Revenue) | 1.19 % | 5.43 % (avg) | -4.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
American Oncology Network Inc's Valuation vs Competitive Position
Valuation multiples vs the Medical Equipment & Supplies industry average (288 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Medical Equipment & Supplies industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 34.6x | - |
| EV / EBITDA | - | 19.7x | - |
| P/B | -1.9x | 4.7x | -6.7x |
| Return on Equity | 30.52 % | industry aggregate | 22.45 % |
| Return on Invested Capital | -31.34 % | -2.30 % (avg) | -29.04 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
American Oncology Network Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue Growth | - | - | - | 37.55 % |
| Operating Margin | - | - | -3.84 % | -0.99 % |
| Return on Invested Capital | -0.50 % | -0.75 % | 94.44 % | -31.34 % |
| P/E | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
American Oncology Network Inc's Strategic Group Map
Every company in American Oncology Network Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. American Oncology Network Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
American Oncology Network Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 586 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.19 % vs industry average 5.43 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See American Oncology Network Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See American Oncology Network Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
American Oncology Network Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
American Oncology Network Inc falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
American Oncology Network Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 10.6 points above the industry median.
- Return on equity 22.5 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+11.6% annualized vs trailing 12 months).
Weaknesses
No rule matched.
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-8.6% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
American Oncology Network Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| American Oncology Network Inc | 0.22 | 1.40 | - |
| Intuitive Surgical Inc | 1.43 | 4.80 | - |
| Mckesson Corporation | 0.07 | 0.88 | - |
| Hca Healthcare Inc | 0.06 | 0.90 | - |
| Boston Scientific Corporation | 0.25 | 1.54 | 0.47 |
| Aon Plc | 0.05 | 1.06 | 1.66 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
American Oncology Network Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| American Oncology Network Inc | Q4 2024 | +51.4 % | - |
| Intuitive Surgical Inc | Q2 2026 | +29.3 % | +23.9 % |
| Mckesson Corporation | Q2 2026 | +7.7 % | +24.2 % |
| Hca Healthcare Inc | Q1 2026 | +4.3 % | +1.8 % |
| Boston Scientific Corporation | Q2 2026 | +7.5 % | +13.8 % |
| Aon Plc | Q2 2026 | +2.2 % | -4.9 % |
| PEERS TOTAL | +8.6 % | +15.3 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
American Oncology Network Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| American Oncology Network Inc | Q4 2024 | +42.1 % | +129.5 % |
| Intuitive Surgical Inc | Q2 2026 | +13.4 % | -27.5 % |
| Mckesson Corporation | Q2 2026 | +7.6 % | -19.6 % |
| Hca Healthcare Inc | Q1 2026 | - | +12.9 % |
| Boston Scientific Corporation | Q2 2026 | -2.6 % | +24.2 % |
| Aon Plc | Q2 2026 | - | +14.1 % |
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American Oncology Network Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| American Oncology Network Inc | - | - | - |
| Intuitive Surgical Inc | 15.63% | 17.11% | 17.82% |
| Mckesson Corporation | 6.43% | 35.05% | - |
| Hca Healthcare Inc | 12.94% | 18.54% | - |
| Boston Scientific Corporation | 8.34% | 9.91% | 14.77% |
| Aon Plc | 7.60% | 9.54% | 42.34% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
American Oncology Network Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| American Oncology Network Inc | - | 0.23 |
| Intuitive Surgical Inc | 47.32 | 13.04 |
| Mckesson Corporation | 23.24 | 0.25 |
| Hca Healthcare Inc | 15.00 | 1.28 |
| Boston Scientific Corporation | 17.79 | 3.08 |
| Aon Plc | 15.23 | 3.35 |
| PEERS AVERAGE | 19.38 | 0.67 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.