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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Chemed reported revenue of $2.5B in the fiscal year ended Dec 2025, up 65.3% from the year before. Operating income was $338M, an operating margin of 13.4%, and net income was $265M. Operating cash flow of $388M less capital expenditure of $63M left free cash flow of $325M.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,261 | 1,202 | 1,315 | 1,531 | 2,530 |
| Cost of revenue | 1,369 | 1,370 | 1,466 | 1,577 | 1,707 |
| Gross profit | −108 | −168 | −151 | −46.0 | 823 |
| Selling, general & admin | 367 | 359 | 395 | 424 | 417 |
| Operating income | 343 | 343 | 341 | 366 | 338 |
| Interest expense | 1.9 | 4.6 | 3.1 | 1.8 | 1.8 |
| Pre-tax income | 350 | 330 | 350 | 399 | 356 |
| Income tax | 81.8 | 80.1 | 77.9 | 97.5 | 90.5 |
| Net income | 269 | 250 | 273 | 302 | 265 |
| Diluted EPS | 16.85 | 16.53 | 17.93 | 19.89 | 18.34 |
| Diluted shares | 15.9 | 15.1 | 15.2 | 15.2 | 14.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 32.9 | 74.1 | 264 | 178 | 74.5 |
| Receivables | 137 | 139 | 182 | 171 | 183 |
| Inventory | 10.1 | 10.3 | 12.0 | 8.2 | 7.5 |
| Current assets | 230 | 273 | 501 | 395 | 303 |
| Net PP&E | 194 | 200 | 204 | 201 | 206 |
| Goodwill | 579 | 581 | 585 | 667 | 667 |
| Total assets | 1,343 | 1,442 | 1,668 | 1,669 | 1,538 |
| Payables | 73.0 | 41.9 | 64.0 | 44.1 | 64.5 |
| Current liabilities | 302 | 297 | 312 | 286 | 287 |
| Short-term debt | – | 5.0 | – | – | – |
| Long-term debt | 185 | 92.5 | – | – | – |
| Total liabilities | 719 | 643 | 560 | 550 | 559 |
| Shareholders' equity | 623 | 799 | 1,108 | 1,119 | 979 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 309 | 310 | 330 | 417 | 388 |
| Capital expenditure | 58.7 | 57.3 | 56.9 | 49.5 | 62.8 |
| Free cash flow | 250 | 253 | 273 | 368 | 325 |
| Depreciation & amortisation | 59.1 | 59.2 | 60.9 | 63.0 | 64.8 |
| Stock-based compensation | 31.4 | 33.6 | 40.8 | 52.1 | 38.7 |
| Acquisitions | – | 3.5 | 4.0 | 97.4 | 0.2 |
| Share buybacks | 576 | 115 | 67.7 | 361 | 432 |
| Dividends paid | 22.0 | 22.0 | 23.5 | 27.1 | 31.7 |
| Dividend per share | 1.40 | 1.48 | 1.56 | 1.80 | 2.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.7% | 9.4% | 16.4% | 65.3% |
| Operating income growth (YoY) | – | 0.1% | −0.9% | 7.6% | −7.7% |
| EPS growth (YoY) | – | −1.9% | 8.5% | 10.9% | −7.8% |
| Gross margin | −8.6% | −14.0% | −11.4% | −3.0% | 32.5% |
| Operating margin | 27.2% | 28.6% | 25.9% | 23.9% | 13.4% |
| Net margin | 21.3% | 20.8% | 20.7% | 19.7% | 10.5% |
| Return on equityBlank when equity is negative | 43.1% | 31.3% | 24.6% | 27.0% | 27.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 33.0% | 30.0% | 25.1% | 26.5% | 27.0% |
| Free cash flow margin | 19.8% | 21.0% | 20.8% | 24.0% | 12.9% |
| Cash conversion (CFO ÷ net income) | 1.15x | 1.24x | 1.21x | 1.38x | 1.46x |
| Receivable days | 40 | 42 | 50 | 41 | 26 |
| Inventory days | 3 | 3 | 3 | 2 | 2 |
| Payable days | 19 | 11 | 16 | 10 | 14 |
| Interest cover | 184x | 74.9x | 110x | 206x | 193x |
| Debt ÷ equity | 0.30x | 0.12x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 152 | 23.4 | – | – | – |
| Current ratio | 0.76x | 0.92x | 1.61x | 1.38x | 1.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.