Ensign
ENSG · NasdaqServices-Skilled Nursing Care Facilities · Fiscal year ends Dec 31
Ensign reported revenue of $5B in the fiscal year ended Dec 2025, up 18.8% from the year before. Operating income was $425M, an operating margin of 8.5%, and net income was $344M. It held more cash than debt (net cash $362M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $3B | $3.7B | $4.2B | $5B |
| Cost of revenue | $2B | $2.4B | $2.9B | $3.4B | $4B |
| Gross profit | $608M | $671M | $767M | $861M | $1B |
| Operating income | $260M | $297M | $255M | $358M | $425M |
| Interest expense | $7M | $9M | $8M | $8M | $8M |
| Pre-tax income | $258M | $289M | $273M | $386M | $456M |
| Income tax | $60M | $64M | $63M | $88M | $111M |
| Net income | $195M | $225M | $209M | $298M | $344M |
| Diluted EPS | 3.42 | 3.95 | 3.65 | 5.12 | 5.84 |
| Diluted shares | 57M | 57M | 57M | 58M | 59M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $262M | $316M | $510M | $465M | $504M |
| Receivables | $329M | $408M | $485M | $570M | $637M |
| Current assets | $640M | $781M | $1B | $1.2B | $1.3B |
| Net PP&E | $888M | $992M | $1.1B | $1.3B | $1.7B |
| Goodwill | $60M | $77M | $77M | $98M | $98M |
| Total assets | $2.9B | $3.5B | $4.2B | $4.7B | $5.5B |
| Payables | $58M | $77M | $93M | $99M | $97M |
| Deferred revenue | $9M | $10M | $11M | $19M | – |
| Current liabilities | $523M | $582M | $735M | $743M | $894M |
| Short-term debt | $4M | $4M | $4M | $4M | $4M |
| Long-term debt | $153M | $149M | $145M | $142M | $138M |
| Total liabilities | $1.8B | $2.2B | $2.7B | $2.8B | $3.2B |
| Shareholders' equity | $1B | $1.2B | $1.5B | $1.8B | $2.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $276M | $273M | $377M | $347M | $564M |
| Depreciation & amortisation | $56M | $62M | $72M | $84M | $104M |
| Stock-based compensation | $19M | $23M | $31M | $36M | $48M |
| Acquisitions | $6M | $16M | $0 | – | – |
| Share buybacks | $10M | $30M | $0 | $0 | $20M |
| Dividends paid | $12M | $12M | $13M | $14M | $14M |
| Dividend per share | 0.21 | 0.22 | 0.23 | 0.24 | 0.25 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.1% | 22.6% | 14.3% | 18.8% |
| Operating income growth (YoY) | – | 14.0% | −14.0% | 40.3% | 18.7% |
| EPS growth (YoY) | – | 15.5% | −7.6% | 40.3% | 14.1% |
| Gross margin | 23.1% | 22.2% | 20.7% | 20.3% | 20.1% |
| Operating margin | 9.9% | 9.8% | 6.9% | 8.5% | 8.5% |
| Net margin | 7.4% | 7.4% | 5.6% | 7.0% | 6.8% |
| Return on equityBlank when equity is negative | 19.1% | 18.0% | 14.0% | 16.2% | 15.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.2% | 10.3% | 7.4% | 9.1% | 9.3% |
| Cash conversion (CFO ÷ net income) | 1.42x | 1.21x | 1.80x | 1.17x | 1.64x |
| Receivable days | 46 | 49 | 48 | 49 | 46 |
| Payable days | 11 | 12 | 12 | 11 | 9 |
| Interest cover | 38.0x | 33.2x | 31.6x | 43.2x | 53.2x |
| Debt ÷ equity | 0.15x | 0.12x | 0.10x | 0.08x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$106M | −$163M | −$360M | −$319M | −$362M |
| Current ratio | 1.22x | 1.34x | 1.42x | 1.56x | 1.42x |
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.