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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Option Care Health reported revenue of $5.6B in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was $338M, an operating margin of 6.0%, and net income was $208M. Operating cash flow of $258M less capital expenditure of $41M left free cash flow of $217M. Net debt was $928M.
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 | 3,439 | 3,869 | 4,302 | 4,998 | 5,650 |
| Cost of revenue | 2,659 | 2,562 | 2,813 | 3,447 | 4,562 |
| Gross profit | 780 | 867 | 981 | 1,013 | 1,088 |
| Selling, general & admin | 526 | 566 | 607 | 630 | 682 |
| Operating income | 191 | 240 | 315 | 322 | 338 |
| Interest expense | 67.0 | 53.8 | 51.2 | 49.0 | 54.6 |
| Pre-tax income | 116 | 206 | 359 | 284 | 283 |
| Income tax | −23.4 | 55.2 | 91.7 | 71.8 | 75.3 |
| Net income | 140 | 151 | 267 | 212 | 208 |
| Diluted EPS | 0.77 | 0.83 | 1.48 | 1.23 | 1.27 |
| Diluted shares | 181 | 182 | 180 | 173 | 163 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 119 | 294 | 344 | 413 | 233 |
| Receivables | 338 | 378 | 378 | 410 | 474 |
| Inventory | 183 | 224 | 274 | 388 | 471 |
| Current assets | 710 | 994 | 1,094 | 1,323 | 1,265 |
| Net PP&E | 112 | 108 | 121 | 127 | 139 |
| Goodwill | 1,478 | 1,533 | 1,540 | 1,540 | 1,607 |
| Total assets | 2,791 | 3,113 | 3,217 | 3,422 | 3,456 |
| Payables | 279 | 379 | 427 | 611 | 640 |
| Current liabilities | 460 | 565 | 618 | 780 | 829 |
| Short-term debt | 6.0 | 6.0 | 6.0 | 6.5 | 6.8 |
| Long-term debt | 1,060 | 1,058 | 1,057 | 1,105 | 1,154 |
| Total liabilities | 1,615 | 1,727 | 1,795 | 2,018 | 2,129 |
| Shareholders' equity | 1,176 | 1,386 | 1,422 | 1,404 | 1,326 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 209 | 268 | 371 | 323 | 258 |
| Capital expenditure | 25.6 | 35.4 | 41.9 | 35.6 | 41.3 |
| Free cash flow | 183 | 232 | 329 | 288 | 217 |
| Depreciation & amortisation | 63.1 | 60.6 | 59.2 | 60.9 | 67.5 |
| Stock-based compensation | 9.6 | 16.8 | 30.5 | 36.1 | 40.0 |
| Acquisitions | 85.9 | 87.4 | 12.5 | 0.0 | 117 |
| Share buybacks | 0.0 | 0.0 | 250 | 253 | 310 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.5% | 11.2% | 16.2% | 13.0% |
| Operating income growth (YoY) | – | 25.9% | 31.0% | 2.3% | 5.0% |
| EPS growth (YoY) | – | 7.8% | 78.3% | −16.9% | 3.3% |
| Gross margin | 22.7% | 22.4% | 22.8% | 20.3% | 19.3% |
| Operating margin | 5.5% | 6.2% | 7.3% | 6.4% | 6.0% |
| Net margin | 4.1% | 3.9% | 6.2% | 4.2% | 3.7% |
| Return on equityBlank when equity is negative | 11.9% | 10.9% | 18.8% | 15.1% | 15.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.2% | 9.4% | 12.1% | 12.2% | 12.9% |
| Free cash flow margin | 5.3% | 6.0% | 7.7% | 5.8% | 3.8% |
| Cash conversion (CFO ÷ net income) | 1.49x | 1.78x | 1.39x | 1.53x | 1.25x |
| Receivable days | 36 | 36 | 32 | 30 | 31 |
| Inventory days | 25 | 32 | 36 | 41 | 38 |
| Payable days | 38 | 54 | 55 | 65 | 51 |
| Interest cover | 2.85x | 4.46x | 6.14x | 6.56x | 6.19x |
| Debt ÷ equity | 0.91x | 0.77x | 0.75x | 0.79x | 0.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 946 | 770 | 719 | 699 | 928 |
| Current ratio | 1.55x | 1.76x | 1.77x | 1.70x | 1.53x |
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.