Business Description
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.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,422,530 | 1,154,599 | 1,058,651 | 951,120 |
| Cost of Sales | 960,656 | 779,578 | 718,775 | 651,381 |
| Gross Profit | 461,874 | 375,021 | 339,876 | 299,739 |
| Selling, General & Administrative Expenses | 306,847 | 258,800 | 234,794 | 216,942 |
| Depreciation & Amortization Expenses | 16,412 | 13,530 | 14,126 | 14,060 |
| Operating Profit | 138,615 | 102,691 | 90,956 | 68,737 |
| Interest and Investment Income | 2,442 | 4,394 | 1,476 | 341 |
| Interest Expense | (13,612) | (7,732) | (11,106) | (8,907) |
| Total Non-Operating Income | (11,170) | (3,338) | (9,630) | (8,566) |
| Income Before Provision for Income Taxes | 127,445 | 99,353 | 81,326 | 60,171 |
| Provision for Income Taxes | 31,535 | 25,755 | 18,810 | 14,146 |
| Consolidated Net Income | 95,910 | 73,598 | 62,516 | 46,025 |
| Net Income Attributable to Common Shareholders | 95,910 | 73,598 | 62,516 | 46,025 |
| Basic EPS | 5.31 | 4.33 | 3.91 | 2.90 |
| Diluted EPS | 5.22 | 4.23 | 3.83 | 2.84 |
| Basic Weighted Average Shares Outstanding | 18,053 | 17,006 | 15,996 | 15,861 |
| Diluted Weighted Average Shares Outstanding | 18,391 | 17,380 | 16,311 | 16,181 |
| Shares Outstanding | 18,518 | 18,148 | 16,227 | 16,128 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 81,617 | 98,911 | 64,791 | 79,961 |
| Total Cash and Cash Equivalents | 81,617 | 98,911 | 64,791 | 79,961 |
| Accounts Receivable | 151,695 | 122,880 | 115,499 | 125,501 |
| Total Trade Receivables | 151,695 | 122,880 | 115,499 | 125,501 |
| Other Current Assets | 36,179 | 38,591 | 19,714 | 17,345 |
| Total Current Assets | 269,491 | 260,382 | 200,004 | 222,807 |
| Net Property, Plant & Equipment | 68,711 | 72,051 | 69,444 | 60,162 |
| Net Intangible Assets | 102,410 | 109,643 | 91,983 | 72,188 |
| Goodwill | 996,696 | 970,558 | 662,995 | 582,837 |
| Total Assets | 1,437,308 | 1,412,634 | 1,024,426 | 937,994 |
| Accounts Payable | 16,832 | 27,176 | 26,183 | 22,092 |
| Accrued Expenses | 107,812 | 104,656 | 101,830 | 85,341 |
| Current Portion of Leases | 13,144 | 12,800 | 11,339 | 10,801 |
| Other Current Liabilities | 11,699 | 11,239 | 5,765 | 12,912 |
| Total Current Liabilities | 149,487 | 155,871 | 145,117 | 131,146 |
| Long-Term Debt | 120,959 | 218,443 | 124,132 | 131,772 |
| Leases | 37,259 | 41,883 | 39,711 | 35,479 |
| Other Long-Term Liabilities | 44,300 | 25,945 | 8,772 | 6,057 |
| Total Long-Term Liabilities | 202,518 | 286,271 | 172,615 | 173,308 |
| Total Liabilities | 352,005 | 442,142 | 317,732 | 304,454 |
| Common Stock | 18 | 18 | 16 | 16 |
| Additional Paid-in Capital | 612,945 | 594,044 | 403,846 | 393,208 |
| Retained Earnings | 472,340 | 376,430 | 302,832 | 240,316 |
| Total Common Shareholders' Equity | 1,085,303 | 970,492 | 706,694 | 633,540 |
| Total Shareholders' Equity | 1,085,303 | 970,492 | 706,694 | 633,540 |
| Total Liabilities and Shareholders' Equity | 1,437,308 | 1,412,634 | 1,024,426 | 937,994 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 95,910 | 73,598 | 62,516 | 46,025 |
| Depreciation & Amortization | 16,412 | 13,530 | 14,126 | 14,060 |
| Share-Based Compensation Expense | 16,424 | 11,165 | 10,319 | 10,625 |
| Other Adjustments | 20,764 | 16,614 | 4,400 | 6,620 |
| Changes in Trade Receivables | (26,650) | 22,137 | 15,666 | 20,592 |
| Changes in Accounts Payable | (12,656) | (1,909) | 2,025 | 2,514 |
| Changes in Accrued Expenses | 2,617 | (5,131) | 13,885 | (5,536) |
| Changes in Other Operating Activities | (1,293) | (13,591) | (10,690) | 10,210 |
| Cash from Operating Activities | 111,507 | 116,434 | 112,247 | 105,110 |
| Capital Expenditure | (7,719) | (6,050) | (9,454) | (8,300) |
| Proceeds from Sale of Property, Plant & Equipment | 15 | 29 | 15 | — |
| Payments for Business Acquisitions | (31,581) | (353,946) | (109,797) | (98,290) |
| Proceeds from Business Divestments | 6,785 | 5,357 | — | — |
| Cash from Investing Activities | (32,500) | (354,610) | (119,236) | (106,590) |
| Issuance of Short-Term Debt | 11,335 | 233,000 | 110,000 | 47,000 |
| Repayments of Short-Term Debt | (110,000) | (136,353) | (118,500) | (137,000) |
| Net Issuance / (Repayments) of Short-Term Debt | (98,665) | 96,647 | (8,500) | (90,000) |
| Issuance of Common Shares | 2,477 | 179,035 | 319 | 2,546 |
| Net Issuance / (Repurchases) of Common Shares | 2,477 | 179,035 | 319 | 2,546 |
| Other Financing Activities | (113) | (3,386) | — | — |
| Cash from Financing Activities | (96,301) | 272,296 | (8,181) | (87,454) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (17,294) | 34,120 | (15,170) | (88,934) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.99B |
| P/E | 20.57x |
| P/S | 1.40x |
| EV/EBITDA | 13.41x |
| Return on Equity | 9.3% |
| Return on Invested Capital | 8.7% |
| Current Ratio | 1.80x |
| Free Cash Flow Margin | 7.3% |
Margins
Gross margin
32.5%
Operating margin
9.7%
Net margin
6.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $377M | +8.0% | 10.3% | $39M |
| Q1 2026 | $364M | +7.7% | 9.4% | $34M |
| Q4 2025 | $373M | +25.6% | 11.3% | $42M |
| Q3 2025 | $362M | +25.0% | 9.1% | $33M |
| Q2 2025 | $349M | — | 9.4% | $33M |
| Q1 2025 | $338M | — | 9.0% | $31M |
| Q4 2024 | $297M | — | 9.1% | $27M |
| Q3 2024 | $290M | — | 9.0% | $26M |
More on Addus HomeCare Corp
Figures compiled from public company filings.
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