ENSIGN GROUP, INC ENSG
Founded in 1999, The Ensign Group, Inc. (Ensign) is a holding company with independent subsidiaries that provide skilled nursing, senior living and rehabilitative services, as well as other ancillary businesses (including mobile diagnostics and medical transportation), in 17 states. As part of our investment strategy, we also acquire, lease and own healthcare real estate to service the post-acute care continuum through acquisition and investment opportunities in healthcare properties. For the year ended December 31, 2025, we generated approximately 95.6% of our revenue from our skilled nursing facilities. The remainder of our revenue is primarily generated from our real estate properties, senior living services and other ancillary services.
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 | $5.03B | $4.24B | $3.71B | $3.03B | $2.63B | $2.39B | $2.04B | $1.75B | $1.60B | $1.65B |
| Cost of revenue | $4.02B | $3.38B | $2.94B | $2.35B | $2.02B | $1.87B | $1.62B | $1.42B | $1.31B | $1.34B |
| Gross profit | $1.01B | $860.6M | $766.8M | $671.0M | $607.6M | $522.2M | $415.9M | $336.4M | $284.9M | $313.1M |
| SG&A | $269.8M | $225.1M | $263.0M | $158.8M | $151.8M | $129.7M | $110.9M | $90.6M | $74.1M | $69.2M |
| Total operating expenses | $4.63B | $3.90B | $3.47B | $2.73B | $2.37B | $2.18B | $1.91B | $1.67B | $1.56B | $1.56B |
| Operating income | $425.3M | $358.3M | $255.4M | $296.8M | $260.5M | $223.2M | $129.2M | $84.9M | $43.2M | $91.8M |
| Interest expense | $8.0M | $8.3M | $8.1M | $8.9M | $6.8M | $9.4M | $15.7M | $15.2M | $13.6M | $7.1M |
| Pre-tax income | $455.6M | $386.1M | $272.8M | $289.1M | $258.0M | $217.6M | $116.2M | $71.7M | $31.2M | $85.8M |
| Income tax | $111.4M | $87.6M | $62.9M | $64.4M | $60.3M | $46.2M | $24.0M | $12.7M | $14.2M | $33.0M |
| Net income | $344.0M | $298.0M | $209.4M | $224.7M | $194.7M | $170.5M | $110.5M | $92.4M | $40.5M | $50.0M |
| EPS, basic | 6.00 | 5.26 | 3.76 | 4.09 | 3.57 | 3.19 | 2.07 | 1.78 | 0.79 | 0.99 |
| EPS, diluted | 5.84 | 5.12 | 3.65 | 3.95 | 3.42 | 3.06 | 1.97 | 1.70 | 0.77 | 0.96 |
| Shares, diluted (wtd. avg.) | $58.9M | $58.2M | $57.3M | $56.9M | $56.9M | $55.8M | $56.0M | $54.4M | $52.8M | $52.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $503.9M | $464.6M | $509.6M | $316.3M | $262.2M | $236.6M | $59.2M | $31.0M | $42.3M | $57.7M |
| Short-term investments | $68.5M | $62.3M | $17.2M | $15.4M | $13.8M | $13.4M | $17.8M | $8.7M | $13.1M | $11.6M |
| Receivables | $637.0M | $569.9M | $485.0M | $408.4M | $328.7M | $305.1M | $309.0M | $251.9M | $265.1M | $244.4M |
| Total current assets | $1.27B | $1.16B | $1.05B | $781.1M | $639.7M | $583.0M | $411.1M | $348.1M | $368.1M | $333.9M |
| Property, plant and equipment | $1.70B | $1.29B | $1.09B | $992.0M | $888.4M | $778.2M | $767.6M | $608.4M | $537.1M | $484.5M |
| Goodwill | $98.0M | $98.0M | $76.9M | $76.9M | $60.5M | $54.5M | $54.5M | $49.6M | $53.1M | $46.0M |
| Other intangibles | $6.4M | $7.3M | $6.5M | $6.4M | $2.7M | $2.9M | $3.4M | $30.9M | $32.8M | $35.1M |
| Total assets | $5.46B | $4.67B | $4.18B | $3.45B | $2.85B | $2.55B | $2.36B | $1.18B | $1.10B | $1.00B |
| Accounts payable | $97.3M | $98.9M | $92.8M | $77.1M | $58.1M | $50.9M | $45.0M | $39.8M | $39.0M | $39.0M |
| Short-term debt | $4.2M | $4.1M | $4.0M | $3.9M | $3.8M | $3.0M | $2.7M | $10.1M | $9.9M | $8.1M |
| Total current liabilities | $894.3M | $743.4M | $734.7M | $582.1M | $523.1M | $562.4M | $343.2M | $269.2M | $225.8M | $211.9M |
| Long-term debt | $137.5M | $141.6M | $145.5M | $149.3M | $152.9M | $117.6M | $330.4M | $233.1M | $303.0M | $275.5M |
| Total liabilities | $3.23B | $2.83B | $2.68B | $2.20B | $1.83B | $1.73B | $1.71B | $579.6M | $602.4M | $540.5M |
| Retained earnings | $1.76B | $1.43B | $1.14B | $946.3M | $734.0M | $551.1M | $391.5M | $344.9M | $264.7M | $235.0M |
| Total equity | $2.23B | $1.84B | $1.50B | $1.25B | $1.02B | $818.2M | $656.1M | $602.3M | $500.1M | $460.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $564.3M | $347.2M | $376.7M | $272.5M | $275.7M | $373.4M | $192.2M | $210.3M | $79.5M | $73.9M |
| Depreciation and amortisation | $104.3M | $84.1M | $72.4M | $62.4M | $56.0M | $54.6M | $51.1M | $44.9M | $42.3M | $38.7M |
| Stock-based compensation | $48.3M | $36.2M | $30.8M | $22.7M | $18.7M | $14.5M | $11.3M | $8.4M | $7.8M | $9.1M |
| Capital expenditure | — | — | — | — | — | — | $71.5M | $50.9M | $54.1M | $65.7M |
| Investing cash flow | -$513.2M | -$390.1M | -$182.7M | -$186.2M | -$173.9M | -$58.7M | -$247.0M | -$151.2M | -$113.2M | -$210.6M |
| Financing cash flow | -$11.8M | -$2.2M | -$612.0K | -$32.3M | -$76.1M | -$137.3M | $82.9M | -$70.3M | $18.3M | $152.9M |
| Dividends paid | $14.4M | $13.7M | $12.9M | $12.2M | $11.5M | $10.8M | $10.2M | $9.4M | $8.7M | $8.2M |
| Buybacks | $20.0M | $0 | $0 | $29.9M | $10.1M | $25.0M | $6.4M | $0 | $7.3M | $30.0M |
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 0001125376-26-000007.
Others in SIC 8051
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PACS | PACS Group, Inc. | $6.73B | 34.8x | 29.4% |
| NHC | NATIONAL HEALTHCARE CORP | $3.42B | 28.5x | 17.4% |