Detailed financial statements for Chemed Corporation (CHE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Chemed Corporation provides hospice and palliative care services to patients through a network of physicians, doctors, registered nurses, home health aides, social workers, clergy, and volunteers primarily in the United States. The company operates through two segments: VITAS and Roto-Rooter segments.
Analysis Summary
Chemed Corporation reported revenue of $2.53B in the most recent fiscal year, growing at a 5-year CAGR of 4.0%. Net income reached $265.2M, with a -3.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.7%, operating margin 13.9%, net margin 10.6%. Free cash flow grew at -5.4% CAGR over 5 years.
At $542.13 (intraday price, November 2, 2026), CHE trades at a P/E of 25.93 and an ROE of 32.10%. Market capitalisation stands at $7.1B.
Balance sheet quality for CHE: debt-to-equity ratio of 0.46, current ratio of 1.11 over the last 12 months, net debt of $80.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $325.5M represents 123% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.67B | $1.78B | $1.94B | $2.08B | $2.14B | $2.13B | $2.26B | $2.43B | $2.53B |
| Cost of Revenue | $1.12B | $1.15B | $1.23B | $1.32B | $1.38B | $1.37B | $1.37B | $1.47B | $1.58B | $1.77B |
| Gross Profit | $461.4M | $516.2M | $555.0M | $617.4M | $701.4M | $769.8M | $765.1M | $798.8M | $854.3M | $758.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $248.1M | $276.7M | $271.2M | $305.7M | $330.2M | $366.7M | $358.7M | $395.1M | $424.4M | $417.2M |
| Operating Expenses | $282.7M | $403.2M | $311.4M | $360.0M | $311.7M | $426.8M | $421.6M | $458.2M | $487.9M | $417.2M |
| Operating Income | $178.7M | $113.0M | $243.6M | $257.4M | $389.7M | $343.0M | $343.5M | $340.6M | $366.5M | $338.2M |
| EBITDA | $215.4M | $156.8M | $283.5M | $311.3M | $454.9M | $411.2M | $393.4M | $414.3M | $464.3M | $422.4M |
| Interest Expense | $3.7M | $4.3M | $5.0M | $4.5M | $2.4M | $1.9M | $4.6M | $3.1M | $1.8M | $1.8M |
| Pre-tax Income | $177.1M | $116.9M | $239.6M | $261.6M | $396.0M | $350.3M | $329.7M | $350.4M | $399.5M | $355.8M |
| Income Tax | $68.3M | $18.7M | $34.1M | $41.7M | $76.5M | $81.8M | $80.1M | $77.9M | $97.5M | $90.5M |
| Net Income | $108.7M | $98.2M | $205.5M | $219.9M | $319.5M | $268.6M | $249.6M | $272.5M | $302.0M | $265.2M |
| EPS | $6.64 | $6.11 | $12.80 | $13.77 | $20.02 | $17.14 | $16.72 | $18.11 | $20.10 | $18.42 |
| EPS (Diluted) | $6.48 | $5.86 | $12.23 | $13.31 | $19.48 | $16.85 | $16.53 | $17.93 | $19.89 | $18.42 |
| Shares Outstanding (Diluted) | 16.8 M | 16.7 M | 16.8 M | 16.5 M | 16.4 M | 15.9 M | 15.1 M | 15.2 M | 15.2 M | 14.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $639.3M | $657.5M | $673.3M | $690.9M |
| Gross Profit | $206.0M | $198.9M | $204.4M | $233.0M |
| Operating Income | $100.7M | $84.6M | $89.2M | $96.4M |
| EBITDA | $122.3M | $106.2M | $101.4M | $116.2M |
| Net Income | $76.8M | $66.3M | $67.7M | $71.6M |
| EPS | $5.48 | $4.85 | $5.13 | $5.49 |
| EPS (Diluted) | $5.48 | $4.85 | $5.13 | $5.45 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.3M | $11.1M | $4.8M | $6.2M | $162.7M | $32.9M | $74.1M | $264.0M | $178.3M | $74.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $132.0M | $113.7M | $119.5M | $143.8M | $126.9M | $137.2M | $139.4M | $181.5M | $171.2M | $182.6M |
| Inventory | $5.8M | $5.3M | $5.7M | $7.5M | $7.1M | $10.1M | $10.3M | $12.0M | $8.2M | $7.5M |
| Total Current Assets | $169.9M | $176.0M | $159.8M | $190.7M | $329.4M | $230.3M | $272.6M | $500.8M | $394.7M | $302.6M |
| Property, Plant & Equipment | $121.3M | $143.0M | $162.0M | $287.4M | $311.3M | $318.7M | $335.4M | $330.2M | $328.2M | $336.8M |
| Goodwill | $472.4M | $476.9M | $510.6M | $577.4M | $578.6M | $578.6M | $581.3M | $585.0M | $666.7M | $667.0M |
| Intangible Assets | $55.1M | $54.9M | $68.3M | $126.4M | $118.1M | $108.1M | $99.7M | $90.3M | $92.2M | $82.8M |
| Total Assets | $880.1M | $920.0M | $975.5M | $1.27B | $1.43B | $1.34B | $1.44B | $1.67B | $1.67B | $1.64B |
| Accounts Payable | $39.6M | $48.4M | $50.1M | $51.1M | $54.2M | $73.0M | $41.9M | $64.0M | $44.1M | $53.5M |
| Short-term Debt | $8.8M | $10.0M | 0 | 0 | 0 | 0 | $5.0M | $15.7M | 0 | $51.9M |
| Total Current Liabilities | $171.8M | $193.5M | $191.7M | $262.2M | $299.1M | $302.4M | $297.2M | $312.1M | $285.7M | $287.1M |
| Long-term Debt | $100.0M | $91.2M | $89.2M | $90.0M | 0 | $185.0M | $92.5M | 0 | 0 | 0 |
| Total Liabilities | $356.0M | $379.7M | $384.2M | $541.7M | $533.7M | $719.5M | $643.3M | $560.2M | $549.6M | $660.6M |
| Retained Earnings | $958.1M | $1.04B | $1.23B | $1.43B | $1.72B | $1.97B | $2.20B | $2.45B | $2.72B | $2.96B |
| Total Equity | $524.1M | $540.4M | $591.3M | $726.6M | $901.2M | $623.3M | $798.7M | $1.11B | $1.12B | $979.4M |
| Total Debt | $108.8M | $101.2M | $89.2M | $215.9M | $135.4M | $323.5M | $247.0M | $155.1M | $140.8M | $154.8M |
| Net Debt | $93.4M | $90.1M | $84.4M | $209.8M | -$27.3M | $290.6M | $172.9M | -$108.8M | -$37.5M | $80.2M |
| Working Capital | -$1.9M | -$17.5M | -$31.8M | -$71.5M | $30.3M | -$72.1M | -$24.6M | $188.8M | $109.1M | $15.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $129.8M | $74.5M | $16.9M | $40.2M |
| Total Assets | $1.62B | $1.64B | $1.54B | $1.58B |
| Total Liabilities | $546.9M | $660.6M | $687.8M | $749.1M |
| Total Equity | $1.08B | $979.4M | $848.0M | $830.5M |
| Total Debt | $141.5M | $154.8M | $236.9M | $329.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $108.7M | $98.2M | $205.5M | $219.9M | $319.5M | $268.6M | $249.6M | $272.5M | $302.0M | $265.2M |
| Depreciation & Amortization | $34.6M | $35.6M | $38.9M | $45.2M | $56.6M | $59.1M | $59.2M | $60.9M | $63.0M | $64.8M |
| Stock-based Compensation | $1.9M | $1.2M | $446,000 | $14.8M | $18.4M | $22.5M | $26.3M | $30.1M | $32.0M | $4.9M |
| Change in Working Capital | -$25.2M | -$14.5M | $17.2M | $7.6M | $44.4M | -$26.8M | -$33.5M | -$39.3M | $8.1M | $23.7M |
| Operating Cash Flow | $135.4M | $162.5M | $287.1M | $301.2M | $489.3M | $308.6M | $309.9M | $330.3M | $417.5M | $388.3M |
| Capital Expenditure | -$39.8M | -$64.3M | -$52.9M | -$53.0M | -$58.8M | -$58.7M | -$57.3M | -$56.9M | -$49.5M | -$62.8M |
| Acquisitions | 0 | -$4.7M | -$53.2M | -$138.0M | -$3.6M | 0 | -$3.5M | -$4.0M | -$97.4M | -$225,000 |
| Stock Repurchased | -$102.3M | -$94.6M | -$158.9M | -$92.6M | -$175.6M | -$576.0M | -$114.5M | -$67.7M | -$361.4M | -$431.5M |
| Dividends Paid | -$16.4M | -$17.4M | -$18.7M | -$19.8M | -$21.1M | -$22.0M | -$22.0M | -$23.5M | -$27.1M | -$31.7M |
| Free Cash Flow | $95.6M | $98.2M | $234.3M | $248.2M | $430.5M | $249.9M | $252.6M | $273.4M | $368.0M | $325.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $83.4M | $133.5M | $88.2M | $84.8M |
| Capital Expenditure | -$17.4M | -$16.3M | -$17.1M | -$15.5M |
| Free Cash Flow | $66.0M | $117.2M | $71.1M | $69.3M |
| Dividends Paid | -$8.7M | -$8.5M | -$8.2M | -$7.9M |
| Stock-based Compensation | -$15.2M | $23.5M | $1.4M | $9.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.7% | +7.0% | +8.7% | +7.3% | +2.9% | -0.2% | +6.1% | +7.4% | +4.1% | |
| Net Income Growth (YoY) | -9.7% | +109.4% | +7.0% | +45.3% | -15.9% | -7.0% | +9.2% | +10.8% | -12.2% | |
| EPS Growth (YoY) | -8.0% | +109.5% | +7.6% | +45.4% | -14.4% | -2.5% | +8.3% | +11.0% | -8.4% | |
| Shares Change (YoY) | -0.3% | +0.4% | -1.6% | -0.8% | -2.8% | -5.3% | +0.7% | -0.1% | -5.2% | |
| FCF Growth (YoY) | +2.7% | +138.6% | +6.0% | +73.4% | -41.9% | +1.1% | +8.3% | +34.6% | -11.5% | |
| Gross Margin | 29.3% | 31.0% | 31.1% | 31.8% | 33.7% | 36.0% | 35.8% | 35.3% | 35.1% | 30.0% |
| Operating Margin | 11.3% | 6.8% | 13.7% | 13.3% | 18.7% | 16.0% | 16.1% | 15.0% | 15.1% | 13.4% |
| EBITDA Margin | 13.7% | 9.4% | 15.9% | 16.1% | 21.9% | 19.2% | 18.4% | 18.3% | 19.1% | 16.7% |
| Net Margin | 6.9% | 5.9% | 11.5% | 11.3% | 15.4% | 12.6% | 11.7% | 12.0% | 12.4% | 10.5% |
| FCF Margin | 6.1% | 5.9% | 13.1% | 12.8% | 20.7% | 11.7% | 11.8% | 12.1% | 15.1% | 12.9% |
| Effective Tax Rate | 38.6% | 16.0% | 14.2% | 15.9% | 19.3% | 23.3% | 24.3% | 22.2% | 24.4% | 25.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.70 | $5.87 | $13.94 | $15.02 | $26.25 | $15.68 | $16.73 | $17.99 | $24.23 | $22.61 |
| Dividends Per Share | $0.98 | $1.04 | $1.11 | $1.20 | $1.29 | $1.38 | $1.46 | $1.55 | $1.78 | $2.20 |
| Shares Outstanding (Basic) | 16.4 M | 16.1 M | 16.1 M | 16.0 M | 16.0 M | 15.7 M | 14.9 M | 15.1 M | 15.0 M | 14.4 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 32.10% |
| Return on Invested Capital | 19.17% |
| Return on Assets | 16.43% |
| Gross Margin | 31.65% |
| Operating Margin | 13.94% |
| Net Margin | 10.61% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 1.11 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 10.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.16 | 39.77 | 22.13 | 31.90 | 26.60 | 30.87 | 30.53 | 32.29 | 26.36 | 23.23 |
| P/B | 5.01 | 7.22 | 7.69 | 9.65 | 9.43 | 13.30 | 9.54 | 7.94 | 7.11 | 6.29 |
| P/S | 1.67 | 2.34 | 2.55 | 3.62 | 4.09 | 3.88 | 3.57 | 3.89 | 3.27 | 2.43 |
| Gross Margin | 29.3% | 31.0% | 31.1% | 31.8% | 33.7% | 36.0% | 35.8% | 35.3% | 35.1% | 30.0% |
| Operating Margin | 11.3% | 6.8% | 13.7% | 13.3% | 18.7% | 16.0% | 16.1% | 15.0% | 15.1% | 13.4% |
| Net Margin | 6.9% | 5.9% | 11.5% | 11.3% | 15.4% | 12.6% | 11.7% | 12.0% | 12.4% | 10.5% |
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