PACS Group, Inc. PACS
We are a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities. Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities. We also provide senior care, assisted living, and independent living options in some of our communities. In total, we operate 321 post-acute care facilities across 17 states serving over 31,700 patients daily. Our significant historical growth has been primarily driven by our expertise in acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care skilled nursing facilities. We believe our success is driven in significant part by our locally led, centrally supported operating model, through which we empower local leaders at each facility to operate their facility autonomously and deliver excellence in clinical quality and a superior experience for our patients. We provide our independently operated facilities with a comprehensive suite of technology, support, and back-office services that enable local leadership teams to focus more of their time and effort on providing quality care to patients. We believe our operating model delivers value to all of our healthcare stakeholders, including patients and families, referring providers, payors, and administrators and clinicians.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $5.29B | $4.09B | $3.11B | $2.40B | — |
| SG&A | $415.1M | $343.8M | $213.7M | $149.0M | — |
| Total operating expenses | $4.98B | $3.97B | $2.90B | $2.19B | — |
| Operating income | $309.6M | $123.1M | $207.8M | $229.4M | — |
| Interest expense | $28.4M | $44.3M | $49.9M | $25.5M | — |
| Pre-tax income | $284.4M | $101.6M | $157.3M | $207.0M | — |
| Income tax | $93.0M | $46.2M | $44.4M | $56.5M | — |
| Net income | $191.5M | $55.3M | $112.9M | $150.5M | — |
| EPS, basic | 1.23 | 0.38 | 0.88 | 1.17 | — |
| EPS, diluted | 1.22 | 0.38 | 0.88 | 1.17 | — |
| Shares, diluted (wtd. avg.) | $156.7M | $148.6M | $128.7M | $128.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $197.0M | $157.7M | $73.4M | $98.2M | $68.6M |
| Receivables | $628.1M | $641.8M | $547.8M | — | — |
| Total current assets | $1.07B | $938.3M | $722.1M | — | — |
| Goodwill | $61.8M | $60.8M | $59.0M | $55.2M | — |
| Total assets | $5.58B | $5.24B | $3.51B | — | — |
| Accounts payable | $192.2M | $175.1M | $140.9M | — | — |
| Short-term debt | $4.5M | $14.9M | $16.8M | — | — |
| Total current liabilities | $1.00B | $978.4M | $456.9M | — | — |
| Long-term debt | $244.8M | $251.0M | $195.7M | — | — |
| Total liabilities | $4.63B | $4.53B | $3.41B | — | — |
| Retained earnings | $309.6M | $118.0M | $96.0M | — | — |
| Total equity | $946.8M | $709.6M | $101.7M | $68.7M | -$24.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $404.2M | $367.3M | $63.7M | $92.6M | — |
| Stock-based compensation | $54.1M | $115.5M | $0 | $0 | — |
| Investing cash flow | -$264.0M | -$442.7M | -$172.8M | -$75.3M | — |
| Financing cash flow | -$69.0M | $117.5M | $129.6M | $12.3M | — |
| Dividends paid | $0 | $33.7M | $80.4M | $60.3M | — |
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 0002001184-26-000014.
Others in SIC 8051
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ENSG | ENSIGN GROUP, INC | $9.95B | 29.2x | 18.8% |
| NHC | NATIONAL HEALTHCARE CORP | $3.42B | 28.5x | 17.4% |