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EHAB

Enhabit, Inc.

EHAB

Enhabit, Inc. • NYSE
$8.94 ▼ -1.00% (-0.09)
Market Cap $452.81 M
52w High $10.90
52w Low $6.47
Dividend Yield 0%
P/E -37.25
Volume 252.34K
Outstanding Shares 50.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $263.6M ▼ $111M ▲ $11.1M ▲ 4.211% ▲ $0.22 ▲ $28.6M ▲
Q2-2025 $266.1M ▲ $108.2M ▼ $5.2M ▼ 1.954% ▼ $0.1 ▼ $22.4M ▼
Q1-2025 $259.9M ▲ $113.8M ▼ $17.8M ▲ 6.849% ▲ $0.35 ▲ $41.5M ▲
Q4-2024 $258.2M ▲ $166.3M ▼ $-46M ▲ -17.816% ▲ $-0.92 ▲ $-33.3M ▲
Q3-2024 $253.6M $219.9M $-110.2M -43.454% $-2.2 $-89.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $56.9M ▲ $1.228B ▲ $631M ▼ $566.8M ▲
Q2-2025 $37.1M ▼ $1.225B ▼ $642.5M ▼ $552.4M ▲
Q1-2025 $39.5M ▲ $1.236B ▲ $662.6M ▼ $543.2M ▲
Q4-2024 $28.4M ▼ $1.226B ▼ $672.1M ▼ $523.5M ▼
Q3-2024 $45.7M $1.304B $706.4M $566.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.6M ▲ $37.8M ▲ $-1.4M ▲ $-16.4M ▼ $20M ▲ $36.2M ▲
Q2-2025 $5.7M ▼ $10.6M ▼ $-1.8M ▼ $-10.7M ▲ $-1.9M ▼ $8.7M ▼
Q1-2025 $18.4M ▲ $17.9M ▲ $20.8M ▲ $-28.2M ▼ $10.5M ▲ $17.6M ▲
Q4-2024 $-46M ▲ $-4.1M ▼ $-300K ▲ $-12.7M ▼ $-17.1M ▼ $-4.7M ▼
Q3-2024 $-109.5M $28.4M $-400K $-10.8M $17.2M $27.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Home Health Segment
Home Health Segment
 $410.00M ▲$200.00M ▼$210.00M ▲$200.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Enhabit’s income statement shows a business under revenue pressure and margin strain. Sales have been drifting slightly down from earlier peaks, suggesting growth has stalled for now rather than accelerated. At the same time, costs have not adjusted enough, so profitability has moved from solidly positive a few years ago to recurring operating and net losses more recently. This pattern points to a transition phase: the company is investing in strategy and payer relationships while absorbing reimbursement and labor headwinds. The key risk is that losses have widened over the last three years, indicating that the turnaround in margins is not yet visible in the headline results. Until revenue growth or cost efficiency improves meaningfully, earnings will likely remain a weak point.

Balance Sheet

Balance Sheet The balance sheet reflects a company that still has a meaningful asset base but has become more financially stretched over time. Total assets have edged down from prior highs, and equity has been steadily eroding as losses accumulate. That means the financial cushion supporting the business is thinner than it used to be. Debt levels stepped up sharply a few years ago and now sit well above earlier periods, while cash is relatively modest. This combination points to higher leverage and tighter flexibility. Enhabit is not in a distressed-looking position based on this snapshot, but it is clearly more reliant on borrowed money and less buffered by equity, which increases sensitivity to any prolonged weakness in performance or reimbursement.

Cash Flow

Cash Flow Despite reporting accounting losses, Enhabit continues to generate positive cash flow from operations, which is an important strength. The company has also kept capital spending relatively light, so free cash flow has remained positive, though not large. This suggests the underlying business model still converts much of its activity into cash. However, cash generation has trended down from earlier stronger years, reflecting the same margin and growth pressures seen on the income statement. The business appears self-funding for now, but there is less room for error or heavy new investment without either improving cash flow or adding more external financing.

Competitive Edge

Competitive Edge Enhabit holds a strong competitive position in home health and hospice, primarily due to its national scale and dense local networks. With hundreds of locations across many states, it can work effectively with large insurers, spread fixed costs, and build recognizable local brands. This scale is an important advantage in a fragmented industry where many rivals are much smaller. Its focus on quality, integrated home health and hospice offerings, and smoother patient transitions also helps differentiate it from more basic service providers. However, the company still competes in a highly regulated, labor-intensive space where payers push hard on pricing and staffing remains a constant challenge. The competitive position is attractive, but the environment is tough and execution-dependent.

Innovation and R&D

Innovation and R&D Innovation at Enhabit is centered on data-driven care and workflow technology rather than traditional lab-style R&D. Its use of predictive analytics, such as Medalogix Touch, to flag higher-risk patients and trigger extra outreach is a clear example of applying data to improve both outcomes and efficiency. The dedicated clinical call center model and new communication tools for scheduling and referrals aim to remove friction from daily operations. On the strategic side, the payer innovation program—shifting contracts toward episode-based payments and better terms with Medicare Advantage plans—is another form of “business model R&D.” Along with an updated case management model to improve clinician workload and retention, these efforts show Enhabit is actively redesigning how it delivers and gets paid for care. Future expansion into more remote monitoring and telehealth could deepen this edge if executed well.

Summary

Enhabit looks like a scaled, quality-focused home health and hospice provider that is strategically doing many of the right things—investing in data, improving payer contracts, and refining its staffing model—but is still working through the financial consequences of a difficult operating environment. The main tension is clear: operationally and strategically, the company is building a solid long-term platform in a growth area of healthcare, yet financially it has moved from profitability to sustained losses, higher leverage, and thinner equity. Cash flow remains positive, which helps, but not strong enough yet to fully offset these pressures. The story is therefore one of a capable operator in an attractive segment of healthcare, in the middle of a challenging transition. Future results will likely hinge on whether Enhabit can translate its payer strategy, clinician model, and technology tools into renewed revenue growth and healthier margins before balance sheet constraints become more limiting.

NEWS

November 5, 2025 · 4:13 PM UTC

Enhabit Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 4:15 PM UTC

Enhabit Announces Participation in UBS Global Healthcare Conference 2025

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October 16, 2025 · 4:15 PM UTC

Enhabit Home Health & Hospice Announces Date of 2025 Third Quarter Earnings Call

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September 16, 2025 · 4:15 PM UTC

Enhabit Announces Participation in Jefferies 2025 Healthcare Services Conference

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