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Chemed

CHE NYSE Health Care Services Financials FY2016–FY2025

Chemed's revenue rose 4.1% to $2.5 billion in fiscal 2025. Its operating margin was 13.4%, down from 15.1% a year earlier. Free cash flow was $325 million, down 11.6%. It paid out $463 million in dividends and buybacks, 142% of free cash flow. The diluted share count fell 4.8%.

Last close · Oct 23, 2026

$512.98

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.5B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
13.4%
1.7 pts
Net income Profit after all expenses, interest and tax.
$265M
12.2%
Free cash flow Cash from operations minus capital spending.
$325M
11.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
27.3%
3.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.8x
On $19.88 EPS (TTM)

About these figures. Chemed had no debt at the end of 2020 and has had none since repaying its term loan in 2023 (its 10-Ks say so), so debt is zero in those years.

What Chemed does

No business description yet.

Legal name
CHEMED CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001562762-26-000020
0000019584

Revenue and margins

Chemed had $2.5B of revenue in fiscal 2025, up 4.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $325M in fiscal 2025, 12.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Chemed returned $463M to shareholders in fiscal 2025, 142% of free cash flow. The diluted share count fell 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Chemed yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $74.5M and divides by 14.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.8x · peers 25.3x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Chemed can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $32.9M$74.1M$264M$178M$74.5M
Debt incl. finance leases $185M$97.5M$0.0M$0.0M$0.0M
Net debt / EBITDA 0.4x0.1x−0.7x−0.4x−0.2x
Debt / equity 0.3x0.1x0.0x0.0x0.0x
Interest coverage 183.6x74.9x109.6x205.9x193.3x
Current ratio 0.8x0.9x1.6x1.4x1.1x
Quick ratio 0.7x0.9x1.6x1.4x1.0x
Total assets $1.3B$1.4B$1.7B$1.7B$1.5B
Total liabilities $719M$643M$560M$550M$559M
Shareholders' equity $623M$799M$1.1B$1.1B$979M
Net debt (− = net cash) $152M$23.4M−$264M−$178M−$74.5M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.9M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 28, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $513.45 $1.0M Form 4
Sep 18, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $501.40 $1.0M Form 4
Aug 21, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $541.16 $1.1M Form 4
Aug 21, 2026 Spencer S Leeexecutive vice president Sold 1,000 $541.04 $0.5M Form 4
Aug 3, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $539.51 $1.1M Form 4
Jul 31, 2026 Patrick P GraceDirector Sold 190 $532.00 $0.1M Form 4
Jun 9, 2026 Andrea R LindellDirector Sold 1,347 $447.33 $0.6M Form 4
May 29, 2026 George J Walsh IIIDirector Sold 500 $437.83 $0.2M Form 4
May 8, 2026 Patrick P GraceDirector Sold 60 $425.78 $0.0M Form 4
May 1, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $421.13 $0.8M Form 4
Mar 27, 2026 Kevin J McNamarapresident and CEO, Director Sold 1,500 $369.37 $0.6M Form 4
Mar 12, 2026 Kevin J McNamarapresident and CEO, Director Sold 2,000 $403.18 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 94 / 95 / 9
Accruals ratio −3.7%−6.9%−7.7%
Altman Z'' 8.979.369.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Chemed CHE $6.8B 4.1% 13.4% 12.9% 27.3% 25.8x 5
Hims & Hers Health HIMS $6.4B 59.0% 4.5% 2.5% 19.0% — 4 Compare →
Amn Healthcare Services AMN $1.9B −8.5% −2.0% 8.6% −2.8% 17.9x 5 Compare →
Concentra Group Holdings Parent CON $5.0B 13.9% 15.4% 9.1% 14.9% 25.3x 5 Compare →
Alignment Healthcare ALHC $1.7B 46.1% 0.4% 2.9% — 42.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.7B $1.8B $1.9B $2.1B $2.1B $2.1B $2.3B $2.4B $2.5B
Gross profit $461M $516M $555M $617M $701M $770M $765M $799M $854M $823M
Operating income $179M $113M $244M $257M $390M $343M $344M $341M $367M $338M
Interest expense $3.7M $4.3M $5.0M $4.5M $2.4M $1.9M $4.6M $3.1M $1.8M $1.8M
Pretax income $177M $117M $240M $262M $396M $350M $330M $350M $400M $356M
Income tax $68.3M $18.7M $34.1M $41.7M $76.5M $81.8M $80.1M $77.9M $97.5M $90.5M
Net income $109M $98.2M $206M $220M $320M $269M $250M $273M $302M $265M
Diluted EPS $6.48 $5.86 $12.23 $13.31 $19.48 $16.85 $16.53 $17.93 $19.89 $18.34
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.01B
Cash flow
Cash from operations $135M $163M $287M $301M $489M $309M $310M $330M $418M $388M
Capital expenditure $39.8M $64.3M $52.9M $53.0M $58.8M $58.7M $57.3M $56.9M $49.5M $62.8M
Free cash flow $95.6M $98.2M $234M $248M $430M $250M $253M $273M $368M $325M
Depreciation and amortization $34.6M $35.6M $38.9M $45.2M $56.6M $59.1M $59.2M $60.9M $63.0M $64.8M
Stock-based compensation $13.8M $16.3M $19.2M $21.3M $26.8M $31.4M $33.6M $40.8M $52.1M $38.7M
Acquisitions $0.0M $4.7M $53.2M $138M $3.6M $0.0M $3.5M $4.0M $97.4M $0.2M
Share buybacks $102M $94.6M $159M $92.6M $176M $576M $115M $67.7M $361M $432M
Dividends paid $16.4M $17.4M $18.7M $19.8M $21.1M $22.0M $22.0M $23.5M $27.1M $31.7M
Dividends and buybacks $119M $112M $178M $112M $197M $598M $137M $91.2M $388M $463M
Balance sheet
Cash and short-term investments $15.3M $11.1M $4.8M $6.2M $163M $32.9M $74.1M $264M $178M $74.5M
Total debt $109M $101M $89.2M $90.0M $0.0M $185M $97.5M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $170M $176M $160M $191M $329M $230M $273M $501M $395M $303M
Current liabilities $172M $194M $192M $262M $299M $302M $297M $312M $286M $287M
Inventory $5.8M $5.3M $5.7M $7.5M $7.1M $10.1M $10.3M $12.0M $8.2M $7.5M
Property and equipment, net $121M $143M $162M $176M $188M $194M $200M $204M $201M $206M
Total assets $880M $920M $976M $1.3B $1.4B $1.3B $1.4B $1.7B $1.7B $1.5B
Total liabilities $356M $380M $384M $542M $534M $719M $643M $560M $550M $559M
Shareholders' equity $524M $540M $591M $727M $901M $623M $799M $1.1B $1.1B $979M
Margins
Gross margin 29.3% 31.0% 31.1% 31.9% 33.7% 36.0% 35.8% 35.3% 35.1% 32.5%
Operating margin 11.3% 6.8% 13.7% 13.3% 18.7% 16.0% 16.1% 15.0% 15.1% 13.4%
EBITDA margin 13.5% 8.9% 15.9% 15.6% 21.5% 18.8% 18.9% 17.7% 17.7% 15.9%
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%
Returns
Return on capital 18.2% 15.2% 32.0% 29.1% 40.6% 34.7% 32.6% 31.8% 31.1% 27.3%
Return on capital employed 25.7% 15.8% 32.3% 28.8% 36.4% 31.5% 31.4% 27.2% 26.8% 25.7%
Return on equity 21.0% 18.5% 36.3% 33.4% 39.3% 35.2% 35.1% 28.6% 27.1% 25.3%
Return on assets 12.6% 10.9% 21.7% 19.6% 23.6% 19.3% 17.9% 17.5% 18.1% 16.5%
Growth
Revenue growth 2.2% 5.7% 7.0% 8.8% 7.3% 2.9% −0.2% 6.1% 7.4% 4.1%
Net income growth −1.4% −9.7% 109.4% 7.0% 45.3% −15.9% −7.1% 9.2% 10.8% −12.2%
EPS growth 2.4% −9.6% 108.7% 8.8% 46.4% −13.5% −1.9% 8.5% 10.9% −7.8%
FCF growth −24.9% 2.7% 138.6% 6.0% 73.4% −41.9% 1.1% 8.3% 34.6% −11.6%
Share count change −3.6% −0.3% 0.4% −1.6% −0.8% −2.8% −5.3% 0.7% −0.1% −4.8%
Financial health
Net debt / EBITDA 0.4x 0.6x 0.3x 0.3x −0.4x 0.4x 0.1x −0.7x −0.4x −0.2x
Debt / equity 0.2x 0.2x 0.2x 0.1x 0.0x 0.3x 0.1x 0.0x 0.0x 0.0x
Interest coverage 48.1x 26.5x 48.8x 56.8x 165.5x 183.6x 74.9x 109.6x 205.9x 193.3x
Current ratio 1.0x 0.9x 0.8x 0.7x 1.1x 0.8x 0.9x 1.6x 1.4x 1.1x
Quick ratio 1.0x 0.9x 0.8x 0.7x 1.1x 0.7x 0.9x 1.6x 1.4x 1.0x
Capital allocation
Capex / revenue 2.5% 3.9% 3.0% 2.7% 2.8% 2.7% 2.7% 2.5% 2.0% 2.5%
Stock comp / revenue 0.9% 1.0% 1.1% 1.1% 1.3% 1.5% 1.6% 1.8% 2.1% 1.5%
Payouts / FCF 124.2% 114.1% 75.8% 45.3% 45.7% 239.3% 54.1% 33.4% 105.6% 142.3%
Quality scores
Piotroski F-score 6.0 7.0 7.0 8.0 8.0 5.0 7.0 6.0 4.0 5.0
Altman Z'' 6.5 5.9 7.2 6.1 7.7 7.1 7.8 9.0 9.4 9.7
Accruals ratio −3.1% −7.2% −8.6% −7.3% −12.6% −2.9% −4.3% −3.7% −6.9% −7.7%

Source: SEC EDGAR XBRL filings (CIK 0000019584). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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