PACS
PACS Group, Inc.34.20
-0.55-1.58%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Robust M&A pipeline, payer gains
Q&A spotlighted a robust M&A pipeline, with 2026 guidance embedding about five low-occupancy facilities per quarter and pricing plateauing after inflation-driven hikes; management stays highly selective. They highlighted payer share gains via quality upgrades, driving more managed care in mature facilities for margin tailwinds. Confident on value-based purchasing staffing/infection metrics and early TEAM model rollout, thanks to clinical edge and bed density. Answers largely reaffirmed prepared remarks' discipline. No walk-backs surfaced. Pipeline overflows. Watch M&A execution and payer mix shifts.
Key Stats
Market Cap
5.36BP/E (TTM)
32.57Basic EPS (TTM)
1.05Dividend Yield
0.01%Recent Filings
8-K
Appoints Optum CEO to board
PACS Group appointed Patrick H. Conway, MD, MSc—ex-CMS Deputy Administrator, current Optum CEO—to its board on March 4, 2026, effective immediately, for a term ending in 2027. This adds deep clinical, regulatory, and value-based care expertise to guide post-acute strategy amid shifting reimbursements. Conway shaped CMS payment reforms. No family ties or conflicts disclosed.
10-K
FY2025 results
PACS Group drove FY2025 revenue to $5.3B, up 29% y/y from $4.1B in FY2024, fueled by acquisitions adding 101 facilities while Mature facilities (149 vs 137) hit 95% occupancy and 56% skilled mix by revenue. Q4 momentum shone through 89% total occupancy despite New/Ramping integration drag, with Medicare rates up 3.6% at Mature sites and Medicaid +5.2% via supplements. Net income leaped to $191.5M from $55.3M, margins expanding on 30% patient day growth yet labor pressures from 47k staff. Debt fell to $3.6B with $197M cash; no dividends or buybacks. OBBBA Medicaid cuts threaten payor mix.
8-K
PACS smashes 2025 targets
PACS Group crushed 2025 with $5.29B revenue, up 29.3%, and $191.5M net income. Mature facilities hit 94.9% occupancy—nearly double industry average—while adding 8 facilities. Guidance calls for $5.65B-$5.75B revenue and $555M-$575M Adjusted EBITDA in 2026. Growth persists despite ramping facility dips.
8-K
Annual meeting elects directors
8-K
Credit waiver eases defaults
PACS Group locked in a sixth amendment to its credit agreement on November 26, 2025, waiving multiple prior defaults tied to subsidiary designations, compliance certificates, cash management lapses, and recent Covenant Care and Unified transactions. Lenders terminated the October forbearance while suspending the $100 million minimum liquidity covenant until after June 30, 2026 financials. Defaults cleared. Lenders hold leverage on future slips.
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