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Medical care facilities · Healthcare · Fiscal year ends Dec 31
PACS reported revenue of $5.3B in the fiscal year ended Dec 2025, up 29.4% from the year before. Operating income was $310M, an operating margin of 5.9%, and net income was $192M. Net debt was $52M.
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 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 2,399 | 3,110 | 4,087 | 5,288 |
| Cost of revenue | 1,861 | 2,448 | 3,297 | 4,130 |
| Gross profit | 538 | 662 | 790 | 1,158 |
| Operating income | 229 | 208 | 123 | 310 |
| Interest expense | 25.5 | 49.9 | 44.3 | 28.4 |
| Pre-tax income | 207 | 157 | 102 | 284 |
| Income tax | 56.5 | 44.4 | 46.2 | 93.0 |
| Net income | 150 | 113 | 55.8 | 192 |
| Diluted EPS | 1.17 | 0.88 | 0.38 | 1.22 |
| Diluted shares | 129 | 129 | 149 | 157 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 58.3 | 73.4 | 158 | 197 |
| Receivables | – | 548 | 642 | 628 |
| Current assets | – | 722 | 938 | 1,070 |
| Net PP&E | – | 578 | 991 | 1,201 |
| Goodwill | 55.2 | 59.0 | 60.8 | 61.8 |
| Total assets | – | 3,513 | 5,243 | 5,584 |
| Payables | – | 141 | 175 | 192 |
| Current liabilities | – | 457 | 978 | 1,001 |
| Short-term debt | – | 16.8 | 14.9 | 4.5 |
| Long-term debt | – | 196 | 251 | 245 |
| Total liabilities | – | 3,411 | 4,527 | 4,632 |
| Shareholders' equity | 68.7 | 96.1 | 710 | 947 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 92.6 | 63.7 | 367 | 404 |
| Stock-based compensation | 0.0 | 0.0 | 116 | 54.1 |
| Dividends paid | 60.3 | 80.4 | 33.7 | 0.0 |
| Dividend per share | 0.47 | 0.62 | 0.22 | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.6% | 31.4% | 29.4% |
| Operating income growth (YoY) | – | −9.4% | −40.8% | 151.6% |
| EPS growth (YoY) | – | −24.8% | −56.8% | 221.1% |
| Gross margin | 22.4% | 21.3% | 19.3% | 21.9% |
| Operating margin | 9.6% | 6.7% | 3.0% | 5.9% |
| Net margin | 6.3% | 3.6% | 1.4% | 3.6% |
| Return on equityBlank when equity is negative | 219.2% | 117.4% | 7.9% | 20.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 6.8% | 2.9% | 6.8% |
| Cash conversion (CFO ÷ net income) | 0.62x | 0.56x | 6.59x | 2.11x |
| Receivable days | – | 64 | 57 | 43 |
| Payable days | – | 21 | 19 | 17 |
| Interest cover | 8.98x | 4.16x | 2.78x | 10.9x |
| Debt ÷ equity | – | 2.21x | 0.37x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 139 | 108 | 52.3 |
| Current ratio | – | 1.58x | 0.96x | 1.07x |
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.