PACS Group, Inc.
PACS NYSE Services-Skilled Nursing Care Facilities Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$5.3B
29.3%
vs prior year
Operating margin
Operating income as a share of revenue.
5.9%
2.8 pts
Net income
Profit after all expenses, interest and tax.
$192M
243.5%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.9%
10.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.71 EPS (TTM)
What PACS Group, Inc. does
No business description yet.
- Legal name
- PACS Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0002001184-26-000005
0002001184
Revenue and margins
PACS Group, Inc. had $5.3B of revenue in fiscal 2025, up 29.3% on the year before.
FY22
Revenue $2.4B
FY23
Revenue $3.1B
FY24
Revenue $4.1B
FY25
Revenue $5.3B
Q3 '23
Revenue $789M
Q4 '23
Revenue $853M
Q1 '24
Revenue $920M
Q2 '24
Revenue $936M
Q3 '24
Revenue $1.0B
Q4 '24
Revenue $1.2B
Q1 '25
Revenue $1.3B
Q2 '25
Revenue $1.3B
Q3 '25
Revenue $1.3B
Q4 '25
Revenue $1.4B
Q1 '26
Revenue $1.4B
Q2 '26
Revenue $1.4B
FY22
Gross —
Operating 9.5%
Net 6.2%
FCF —
FY23
Gross —
Operating 6.7%
Net 3.6%
FCF —
FY24
Gross —
Operating 3.0%
Net 1.4%
FCF —
FY25
Gross —
Operating 5.9%
Net 3.6%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 19.1%
Operating 4.6%
Net 2.5%
FCF —
Q4 '23
Gross —
Operating 7.3%
Net 4.0%
FCF —
Q1 '24
Gross 20.0%
Operating 7.1%
Net 3.8%
FCF —
Q2 '24
Gross 18.5%
Operating −4.0%
Net −3.4%
FCF —
Q3 '24
Gross 17.2%
Operating 2.2%
Net 1.5%
FCF —
Q4 '24
Gross —
Operating 6.0%
Net 3.1%
FCF —
Q1 '25
Gross —
Operating 3.8%
Net 2.2%
FCF —
Q2 '25
Gross —
Operating 6.1%
Net 3.9%
FCF —
Q3 '25
Gross —
Operating 6.4%
Net 3.9%
FCF —
Q4 '25
Gross —
Operating 7.0%
Net 4.4%
FCF —
Q1 '26
Gross —
Operating 8.5%
Net 5.7%
FCF —
Q2 '26
Gross —
Operating 7.7%
Net 5.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew 1.4% a year. Loss periods are shown in red.
FY22
Net income $150M
FY23
Net income $113M
FY24
Net income $55.8M
FY25
Net income $192M
Q3 '23
Net income $19.9M
Q4 '23
Net income $34.1M
Q1 '24
Net income $34.8M
Q2 '24
Net income −$31.9M
Q3 '24
Net income $15.6M
Q4 '24
Net income $37.2M
Q1 '25
Net income $28.5M
Q2 '25
Net income $51.0M
Q3 '25
Net income $52.4M
Q4 '25
Net income $59.7M
Q1 '26
Net income $80.7M
Q2 '26
Net income $76.4M
FY22
Diluted EPS $1.17
FY23
Diluted EPS $0.88
FY24
Diluted EPS $0.38
FY25
Diluted EPS $1.22
Q3 '23
Diluted EPS $0.15
Q4 '23
Diluted EPS $0.28
Q1 '24
Diluted EPS $0.27
Q2 '24
Diluted EPS −$0.21
Q3 '24
Diluted EPS $0.10
Q4 '24
Diluted EPS $0.22
Q1 '25
Diluted EPS $0.17
Q2 '25
Diluted EPS $0.31
Q3 '25
Diluted EPS $0.32
Q4 '25
Diluted EPS $0.42
Q1 '26
Diluted EPS $0.50
Q2 '26
Diluted EPS $0.47
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity 219.2%
Return on assets —
FY23
Return on capital 63.4%
Return on equity 137.0%
Return on assets 3.2%
FY24
Return on capital 8.3%
Return on equity 13.8%
Return on assets 1.3%
FY25
Return on capital 18.9%
Return on equity 23.1%
Return on assets 3.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY22
Cash from operations $92.6M
Capital spending —
FY23
Cash from operations $63.7M
Capital spending —
FY24
Cash from operations $367M
Capital spending —
FY25
Cash from operations $404M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $15.2M
Capital spending —
Q4 '23
Cash from operations −$9.7M
Capital spending —
Q1 '24
Cash from operations $58.8M
Capital spending —
Q2 '24
Cash from operations $34.8M
Capital spending —
Q3 '24
Cash from operations $209M
Capital spending —
Q4 '24
Cash from operations $64.6M
Capital spending —
Q1 '25
Cash from operations $150M
Capital spending —
Q2 '25
Cash from operations $52.6M
Capital spending —
Q3 '25
Cash from operations $205M
Capital spending —
Q4 '25
Cash from operations −$3.4M
Capital spending —
Q1 '26
Cash from operations $236M
Capital spending —
Q2 '26
Cash from operations $136M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
PACS Group, Inc. returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 5.5%.
FY22
Dividends $60.3M
Buybacks —
FY23
Dividends $80.4M
Buybacks —
FY24
Dividends $33.7M
Buybacks —
FY25
Dividends $0.0M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $25.3M
Buybacks —
Q4 '23
Dividends $11.4M
Buybacks —
Q1 '24
Dividends $17.5M
Buybacks —
Q2 '24
Dividends $16.2M
Buybacks —
Q3 '24
Dividends $0.0M
Buybacks —
Q4 '24
Dividends $0.0M
Buybacks —
Q1 '25
Dividends $0.0M
Buybacks —
Q2 '25
Dividends $0.0M
Buybacks —
Q3 '25
Dividends $0.0M
Buybacks —
Q4 '25
Dividends $0.0M
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.15B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably PACS Group, Inc. can carry it.
FY22
Cash $58.3M
Debt —
FY23
Cash $73.4M
Debt $213M
FY24
Cash $158M
Debt $559M
FY25
Cash $197M
Debt $509M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $58.3M | $73.4M | $158M | $197M |
| Debt incl. finance leases | — | $213M | $559M | $509M |
| Debt / equity | — | 2.2x | 0.6x | 0.4x |
| Interest coverage | 9.0x | 4.2x | 2.8x | 10.9x |
| Current ratio | — | 1.6x | 1.0x | 1.1x |
| Quick ratio | — | 1.6x | 1.0x | 1.1x |
| Total assets | — | $3.5B | $5.2B | $5.6B |
| Total liabilities | — | $3.4B | $4.5B | $4.6B |
| Shareholders' equity | $68.7M | $96.1M | $710M | $947M |
| Net debt (− = net cash) | — | $139M | $401M | $312M |
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
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ |
| Current ratio rose | — | — | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 3 / 8 | 7 / 8 |
| Accruals ratio | — | 1.4% | −7.1% | −3.9% |
| Altman Z'' | — | 1.01 | 0.35 | 0.85 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $2.4B | $3.1B | $4.1B | $5.3B |
| Operating income | $229M | $208M | $123M | $310M |
| Interest expense | $25.5M | $49.9M | $44.3M | $28.4M |
| Pretax income | $207M | $157M | $102M | $284M |
| Income tax | $56.5M | $44.4M | $46.2M | $93.0M |
| Net income | $150M | $113M | $55.8M | $192M |
| Net income to common | $150M | $113M | $55.8M | $192M |
| Diluted EPS | $1.17 | $0.88 | $0.38 | $1.22 |
| Diluted shares | 0.13B | 0.13B | 0.15B | 0.16B |
| Cash flow | ||||
| Cash from operations | $92.6M | $63.7M | $367M | $404M |
| Stock-based compensation | $0.0M | $0.0M | $116M | $54.1M |
| Dividends paid | $60.3M | $80.4M | $33.7M | $0.0M |
| Dividends and buybacks | $60.3M | $80.4M | $33.7M | $0.0M |
| Balance sheet | ||||
| Cash and short-term investments | $58.3M | $73.4M | $158M | $197M |
| Total debt | — | $213M | $412M | $353M |
| Finance lease liabilities | — | — | $147M | $156M |
| Current assets | — | $722M | $938M | $1.1B |
| Current liabilities | — | $457M | $978M | $1.0B |
| Goodwill | $55.2M | $59.0M | $60.8M | $61.8M |
| Total assets | — | $3.5B | $5.2B | $5.6B |
| Total liabilities | — | $3.4B | $4.5B | $4.6B |
| Shareholders' equity | $68.7M | $96.1M | $710M | $947M |
| Margins | ||||
| Operating margin | 9.5% | 6.7% | 3.0% | 5.9% |
| Net margin | 6.2% | 3.6% | 1.4% | 3.6% |
| Returns | ||||
| Return on capital | — | 63.4% | 8.3% | 18.9% |
| Return on capital employed | — | 6.8% | 2.9% | 6.8% |
| Return on equity | 219.2% | 137.0% | 13.8% | 23.1% |
| Return on assets | — | 3.2% | 1.3% | 3.5% |
| Return on tangible equity | 1,120.6% | 304.2% | 8.6% | 21.6% |
| Growth | ||||
| Revenue growth | — | 28.5% | 31.4% | 29.3% |
| Net income growth | — | −25.0% | −50.6% | 243.5% |
| EPS growth | — | −24.8% | −56.8% | 221.1% |
| Share count change | — | 0.0% | 15.4% | 5.5% |
| Financial health | ||||
| Debt / equity | — | 2.2x | 0.6x | 0.4x |
| Interest coverage | 9.0x | 4.2x | 2.8x | 10.9x |
| Current ratio | — | 1.6x | 1.0x | 1.1x |
| Quick ratio | — | 1.6x | 1.0x | 1.1x |
| Capital allocation | ||||
| Stock comp / revenue | 0.0% | 0.0% | 2.8% | 1.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | 3.0 | 7.0 |
| Altman Z'' | — | 1.0 | 0.3 | 0.8 |
| Accruals ratio | — | 1.4% | −7.1% | −3.9% |
Source: SEC EDGAR XBRL filings (CIK 0002001184). Data updated October 24, 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.