Addus HomeCare Corp

Addus HomeCare Corporation is a US-based provider of comprehensive in-home care services, primarily serving the elderly, chronically ill, and disabled individuals. Headquartered in Frisco, Texas, the company focuses on helping patients remain in their homes rather than facing institutionalization or hospitalization. Its core offerings include non-medical personal care, hospice, and home health services delivered across more than 20 states.

Financials

Earnings Transcripts

Leadership & board

Acquisitions

Addus HomeCare does not have a stock repurchase program and does not pay a dividend. The company has never paid dividends on its common stock and does not intend to do so in the foreseeable future, planning instead to retain earnings to operate and finance the growth of the business; its credit facility also restricts distributions. Capital allocation is centered on debt reduction and funding acquisitions rather than returning capital to shareholders. During 2025-2026 management repeatedly emphasized maintaining a disciplined, low-leverage balance sheet (net leverage under 1x adjusted EBITDA) specifically to fund its acquisition strategy, having reduced bank debt from roughly $154 million at Q3 2025 to about $64 million by Q2 2026 while evaluating both tuck-in personal care deals and larger, Gentiva-scale opportunities.

Addus HomeCare's revenues are heavily concentrated in state Medicaid-funded personal care and in a small number of states. In fiscal 2025 the company derived approximately 37.0% of net service revenues from Illinois, 15.2% from Texas and 13.1% from New Mexico. Within the personal care segment, Illinois represented approximately 42.1% of net service revenues in 2025 (down from 51.5% in 2024). One payor client, the Illinois Department on Aging, accounted for 18.1% of consolidated net service revenues in 2025 (21.0% in 2024). Net service revenues from state, local and other governmental programs accounted for 50.8% of net service revenues in 2025, and managed care organizations accounted for 46.0%, with commercial insurance, private pay and other payors making up the remainder. Because a substantial portion of the business is concentrated in a few states and is dependent on Medicaid funding, changes to Medicaid programs (including OBBBA-mandated restrictions on Medicaid funding mechanisms) or reductions in state expenditures could have a disproportionate impact.

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