Encompass Health
EHC · NYSEServices-Hospitals · Fiscal year ends Dec 31
Encompass Health reported revenue of $5.9B in the fiscal year ended Dec 2025, up 10.5% from the year before. Net income was $566M. Operating cash flow of $1.2B less capital expenditure of $736M left free cash flow of $439M. Net debt was $2.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4B | $4.3B | $4.8B | $5.4B | $5.9B |
| Operating income | $560M | $540M | – | – | – |
| Interest expense | $164M | $176M | $144M | $137M | $123M |
| Pre-tax income | $505M | $451M | $607M | $750M | $953M |
| Income tax | $102M | $100M | $132M | $150M | $193M |
| Net income | $412M | $271M | $352M | $456M | $566M |
| Diluted EPS | 4.11 | 2.70 | 3.47 | 4.46 | 5.54 |
| Diluted shares | 100M | 100M | 101M | 102M | 102M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $49M | $22M | $69M | $85M | $72M |
| Receivables | $502M | $525M | $600M | $593M | $613M |
| Current assets | $921M | $717M | $842M | $887M | $906M |
| Goodwill | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
| Total assets | $6.9B | $5.6B | $6.1B | $6.5B | $7.1B |
| Payables | $134M | $133M | $170M | $171M | $178M |
| Current liabilities | $749M | $576M | $656M | $841M | $836M |
| Long-term debt | $3.2B | $2.7B | $2.7B | $2.4B | $2.4B |
| Total liabilities | $4.5B | $3.8B | $3.8B | $3.7B | $3.8B |
| Shareholders' equity | $1.9B | $1.3B | $1.6B | $2.1B | $2.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $716M | $706M | $851M | $1B | $1.2B |
| Capital expenditure | $525M | $565M | $583M | $643M | $736M |
| Free cash flow | $191M | $141M | $268M | $360M | $439M |
| Depreciation & amortisation | $220M | $244M | $274M | $300M | $328M |
| Stock-based compensation | $29M | $29M | $51M | $48M | $57M |
| Acquisitions | $1M | $0 | – | – | – |
| Share buybacks | $0 | $0 | $0 | $31M | $158M |
| Dividends paid | $112M | $99M | $60M | $63M | $71M |
| Dividend per share | 1.12 | 0.86 | 0.60 | 0.64 | 0.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.3% | 10.4% | 11.9% | 10.5% |
| Operating income growth (YoY) | – | −3.6% | – | – | – |
| EPS growth (YoY) | – | −34.3% | 28.5% | 28.5% | 24.2% |
| Operating margin | 13.9% | 12.4% | – | – | – |
| Net margin | 10.3% | 6.2% | 7.3% | 8.5% | 9.5% |
| Return on equityBlank when equity is negative | 21.6% | 20.7% | 21.4% | 22.0% | 23.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.1% | 10.7% | – | – | – |
| Free cash flow margin | 4.8% | 3.2% | 5.6% | 6.7% | 7.4% |
| Cash conversion (CFO ÷ net income) | 1.74x | 2.60x | 2.42x | 2.20x | 2.08x |
| Receivable days | 46 | 44 | 46 | 40 | 38 |
| Interest cover | 3.41x | 3.07x | – | – | – |
| Debt ÷ equity | 1.70x | 2.09x | 1.63x | 1.14x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.2B | $2.7B | $2.6B | $2.3B | $2.4B |
| Current ratio | 1.23x | 1.25x | 1.28x | 1.05x | 1.08x |
Recent filings
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.