Addus HomeCare Corp ADUS
Addus has been providing home care services since 1979. We operate three segments: personal care, hospice, and home health. Our services are principally provided in-home under agreements with federal, state and local government agencies, managed care organizations, commercial insurers and private individuals. Our consumers are predominantly "dual eligible," meaning they are eligible to receive both Medicare and Medicaid benefits.
We continue to drive organic growth while also growing through acquisitions, focusing on growth in the states in which we have a presence while adding clinical care services to our offerings. As of December 31, 2025, we provide all three levels of care, personal care, home health and hospice services, in Ohio, Tennessee, Illinois and New Mexico and strategically continue to pursue other markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.42B | $1.15B | $1.06B | $951.1M | $864.5M | $764.8M | $648.8M | $516.6M | $426.0M | $400.9M |
| Cost of revenue | $960.7M | $779.6M | $718.8M | $651.4M | $594.7M | $538.5M | $469.6M | $379.8M | $310.1M | $294.6M |
| Gross profit | $461.9M | $375.0M | $339.9M | $299.7M | $269.8M | $226.2M | $179.2M | $136.8M | $115.9M | $106.3M |
| SG&A | $306.8M | $258.8M | $234.8M | $216.9M | $189.4M | $169.7M | $133.9M | $105.3M | $76.9M | $76.8M |
| Total operating expenses | $323.3M | $272.3M | $248.9M | $231.0M | $203.9M | $181.7M | $144.5M | $114.0M | $90.6M | $90.9M |
| Operating income | $138.6M | $102.7M | $91.0M | $68.7M | $65.9M | $44.5M | $34.8M | $22.8M | $25.3M | $15.5M |
| Interest expense | — | — | $11.1M | $8.9M | $5.8M | $3.2M | $3.1M | $5.0M | $4.5M | $2.3M |
| Pre-tax income | $127.4M | $99.4M | $81.3M | $60.2M | $60.4M | $41.9M | $33.2M | $20.4M | $21.1M | $16.2M |
| Income tax | $31.5M | $25.8M | $18.8M | $14.1M | $15.3M | $8.8M | $7.4M | $4.1M | $9.3M | $4.1M |
| Net income | $95.9M | $73.6M | $62.5M | $46.0M | $45.1M | $33.1M | $25.2M | $16.4M | $12.0M | $12.2M |
| EPS, basic | 5.31 | 4.33 | 3.91 | 2.90 | 2.87 | 2.12 | 1.83 | 1.36 | 1.04 | 1.07 |
| EPS, diluted | 5.22 | 4.23 | 3.83 | 2.84 | 2.81 | 2.08 | 1.77 | 1.33 | 1.03 | 1.07 |
| Shares, diluted (wtd. avg.) | $18.4M | $17.4M | $16.3M | $16.2M | $16.1M | $16.0M | $14.2M | $12.4M | $11.6M | $11.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $98.9M | $64.8M | $80.0M | $168.9M | $145.1M | $111.7M | $70.4M | $53.8M | $8.0M |
| Receivables | $151.7M | $122.9M | $115.5M | $125.5M | $137.0M | $132.7M | $149.7M | $98.3M | $93.5M | $117.0M |
| Total current assets | $269.5M | $260.4M | $200.0M | $222.8M | $324.3M | $287.7M | $269.4M | $176.0M | $155.7M | $131.0M |
| Property, plant and equipment | $25.0M | $24.7M | $24.0M | $21.2M | $18.5M | $19.7M | $12.2M | $10.7M | $7.5M | $6.6M |
| Goodwill | $996.7M | $970.6M | $663.0M | $582.8M | $504.4M | $469.1M | $275.4M | $135.4M | $90.3M | $72.7M |
| Other intangibles | $102.4M | $109.6M | $92.0M | $72.2M | $64.3M | $71.5M | $57.1M | $23.8M | $16.6M | $15.3M |
| Total assets | $1.44B | $1.41B | $1.02B | $938.0M | $947.6M | $892.6M | $636.7M | $348.1M | $271.7M | $229.9M |
| Accounts payable | $16.8M | $27.2M | $26.2M | $22.1M | $19.4M | $23.7M | $19.6M | $12.2M | $7.4M | $4.5M |
| Short-term debt | — | — | — | — | — | $971.0K | $728.0K | $62.0K | $3.1M | $2.5M |
| Total current liabilities | $149.5M | $155.9M | $145.1M | $131.1M | $117.7M | $143.9M | $87.5M | $61.5M | $55.1M | $49.6M |
| Long-term debt | $121.0M | $218.4M | $124.1M | $131.8M | $220.9M | $193.9M | $59.2M | $17.2M | $39.9M | $22.5M |
| Total liabilities | $352.0M | $442.1M | $317.7M | $304.5M | $373.2M | $373.9M | $161.2M | $79.6M | $95.4M | $72.1M |
| Retained earnings | $472.3M | $376.4M | $302.8M | $240.3M | $194.3M | $149.2M | $116.0M | $90.8M | $80.3M | $65.5M |
| Total equity | $1.09B | $970.5M | $706.7M | $633.5M | $574.3M | $518.7M | $475.6M | $268.5M | $170.3M | $154.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $111.5M | $116.4M | $112.2M | $105.1M | $39.5M | $109.4M | $12.0M | $33.2M | $52.8M | -$743.0K |
| Depreciation and amortisation | $16.4M | $13.5M | $14.1M | $14.1M | $14.5M | $12.1M | $10.6M | $8.6M | $6.7M | $6.6M |
| Stock-based compensation | $16.4M | $11.2M | $10.3M | $10.6M | $9.4M | $6.0M | $5.8M | $4.1M | $2.6M | $1.1M |
| Capital expenditure | $7.7M | $6.0M | $9.5M | $8.3M | $4.6M | $6.8M | $4.6M | $5.3M | $3.6M | $1.7M |
| Investing cash flow | -$32.5M | -$354.6M | -$119.2M | -$106.6M | -$42.0M | -$214.2M | -$188.7M | -$67.8M | -$24.3M | -$21.7M |
| Financing cash flow | -$96.3M | $272.3M | -$8.2M | -$87.5M | $26.3M | $138.2M | $218.0M | $51.2M | $17.2M | $26.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013190.
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