Detailed financial statements for PACS Group, Inc. (PACS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PACS Group, Inc. operates as a holding company, primarily focused on delivering post-acute healthcare services. This encompasses operating various facilities, providing skilled professionals, and offering essential ancillary support. The company further specializes in providing a spectrum of senior living options, encompassing dedicated senior care, assisted living, and independent living residences in select communities.
Analysis Summary
Trailing-twelve-month margins: gross margin 19.7%, operating margin 7.4%, net margin 4.8%.
Balance sheet quality for PACS: current ratio of 1.1, net debt of $3.27B. 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 $298.8M represents 156% 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.17B | $2.42B | $3.11B | $4.09B | $5.29B |
| Cost of Revenue | $979.2M | $2.02B | $2.66B | $3.30B | $4.13B |
| Gross Profit | $187.3M | $400.7M | $447.1M | $792.6M | $1.16B |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $96.8M | $149.0M | $213.7M | $343.8M | $415.1M |
| Operating Expenses | $104.0M | $171.3M | $239.3M | $669.6M | $849.6M |
| Operating Income | $83.4M | $229.4M | $207.8M | $123.1M | $309.6M |
| EBITDA | $93.9M | $254.9M | $232.9M | $186.7M | $365.6M |
| Interest Expense | $5.3M | $25.5M | $49.9M | $44.3M | $28.4M |
| Pre-tax Income | $81.4M | $207.0M | $157.3M | $101.6M | $284.4M |
| Income Tax | $33.5M | $56.5M | $44.4M | $46.2M | $93.0M |
| Net Income | $47.9M | $150.5M | $112.9M | $55.8M | $191.5M |
| EPS | $0.32 | $1.00 | $0.75 | $0.38 | $1.23 |
| EPS (Diluted) | $0.32 | $1.00 | $0.75 | $0.38 | $1.22 |
| Shares Outstanding (Diluted) | $150.2M | $150.2M | $150.2M | $148.6M | $156.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.34B | $1.36B | $1.42B | $1.43B |
| Gross Profit | $298.3M | $223.6M | $232.3M | $338.5M |
| Operating Income | $86.3M | $94.7M | $120.0M | $109.3M |
| EBITDA | $99.2M | $110.8M | $138.1M | $132.0M |
| Net Income | $52.4M | $59.7M | $80.7M | $76.4M |
| EPS | $0.33 | $0.38 | $0.51 | $0.48 |
| EPS (Diluted) | $0.32 | $0.38 | $0.50 | $0.47 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $58.3M | $73.4M | $157.7M | $197.0M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | $420.1M | $600.1M | $716.5M | $702.1M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $511.2M | $722.1M | $938.3M | $1.07B |
| Property, Plant & Equipment | $1.78B | $2.59B | $3.99B | $4.17B |
| Goodwill | $55.2M | $59.0M | $60.8M | $61.8M |
| Intangible Assets | $6.3M | $6.3M | $6.3M | $6.3M |
| Total Assets | $2.46B | $3.51B | $5.24B | $5.58B |
| Accounts Payable | $110.6M | $140.9M | $175.1M | $192.2M |
| Short-term Debt | $61.4M | $16.8M | $156.9M | $4.5M |
| Total Current Liabilities | $483.9M | $456.9M | $978.4M | $1.00B |
| Long-term Debt | $438.3M | $715.7M | $251.0M | $344.8M |
| Total Liabilities | $2.39B | $3.41B | $4.53B | $4.63B |
| Retained Earnings | $63.5M | $96.0M | $118.0M | $309.6M |
| Total Equity | $63.6M | $96.1M | $709.6M | $946.8M |
| Total Debt | $1.93B | $2.80B | $3.50B | $3.47B |
| Net Debt | $1.87B | $2.73B | $3.34B | $3.27B |
| Working Capital | $27.3M | $265.2M | -$40.2M | $68.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $355.7M | $197.0M | $248.0M | $164.5M |
| Total Assets | $5.63B | $5.58B | $5.66B | $5.66B |
| Total Liabilities | $4.75B | $4.63B | $4.62B | $4.54B |
| Total Equity | $871.3M | $946.8M | $1.04B | $1.11B |
| Total Debt | $3.47B | $3.47B | $3.37B | $3.25B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $47.9M | $150.5M | $112.9M | $55.8M | $191.5M |
| Depreciation & Amortization | $7.2M | $22.3M | $25.6M | $40.8M | $55.7M |
| Stock-based Compensation | 0 | 0 | 0 | $115.5M | $54.1M |
| Change in Working Capital | -$4.4M | -$94.3M | -$94.7M | $158.2M | $72.7M |
| Operating Cash Flow | $57.6M | $92.6M | $63.7M | $367.3M | $404.2M |
| Capital Expenditure | -$124.1M | -$22.9M | -$45.8M | -$349.8M | -$105.4M |
| Acquisitions | -$79.7M | -$55.4M | -$127.0M | -$32.9M | -$143.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$53.8M | -$60.3M | -$80.4M | -$33.7M | 0 |
| Free Cash Flow | -$66.5M | $69.8M | $17.9M | $17.5M | $298.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $204.8M | -$3.4M | $236.3M | $135.5M |
| Capital Expenditure | -$18.0M | -$51.1M | -$21.8M | -$26.5M |
| Free Cash Flow | $186.8M | -$54.5M | $214.5M | $109.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $12.5M | $15.7M | 0 | $46.2M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +107.6% | +28.5% | +31.4% | +29.3% |
| Net Income Growth (YoY) | | +213.9% | -25.0% | -50.6% | +243.5% |
| EPS Growth (YoY) | | +212.5% | -25.0% | -49.3% | +223.7% |
| Shares Change (YoY) | | +0.0% | +0.0% | -1.1% | +5.5% |
| FCF Growth (YoY) | | +204.9% | -74.3% | -2.1% | +1604.4% |
| Gross Margin | 16.1% | 16.5% | 14.4% | 19.4% | 21.9% |
| Operating Margin | 7.1% | 9.5% | 6.7% | 3.0% | 5.9% |
| EBITDA Margin | 8.0% | 10.5% | 7.5% | 4.6% | 6.9% |
| Net Margin | 4.1% | 6.2% | 3.6% | 1.4% | 3.6% |
| FCF Margin | -5.7% | 2.9% | 0.6% | 0.4% | 5.6% |
| Effective Tax Rate | 41.1% | 27.3% | 28.2% | 45.5% | 32.7% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.44 | $0.46 | $0.12 | $0.12 | $1.91 |
| Dividends Per Share | $0.36 | $0.40 | $0.54 | $0.23 | $0.00 |
| Shares Outstanding (Basic) | $150.2M | $150.2M | $150.2M | $146.7M | $156.2M |
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
| Gross Margin | 19.68% |
| Operating Margin | 7.39% |
| Net Margin | 4.85% |
Financial Health
| Debt / Equity | 2.93 |
| Current Ratio | 0.91 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 71.88 | 23.00 | 30.67 | 34.50 | 31.21 |
| P/B | 0.00 | 54.26 | 35.93 | 2.71 | 6.33 |
| P/S | 2.96 | 1.43 | 1.11 | 0.47 | 1.13 |
| Gross Margin | 16.1% | 16.5% | 14.4% | 19.4% | 21.9% |
| Operating Margin | 7.1% | 9.5% | 6.7% | 3.0% | 5.9% |
| Net Margin | 4.1% | 6.2% | 3.6% | 1.4% | 3.6% |