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PACS

PACS Group, Inc.

PACS

PACS Group, Inc. • NYSE
$33.41 ▲ 3.89% (+1.25)
Market Cap $5.18 B
52w High $33.62
52w Low $7.50
Dividend Yield 0%
P/E 31.82
Volume 799.29K
Outstanding Shares 155.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.345B ▲ $212.036M ▲ $52.406M ▲ 3.898% ▲ $0.33 $14.401M ▲
Q2-2025 $1.309B ▲ $207.858M ▲ $50.963M ▲ 3.893% ▲ $0.33 ▲ $13.178M ▲
Q1-2025 $1.277B ▲ $205.219M ▲ $28.472M ▲ 2.229% ▲ $0.18 ▲ $12.705M ▲
Q2-2024 $981.846M ▲ $153.156M ▲ $-10.91M ▼ -1.111% ▼ $-0.073 ▼ $5.581M ▼
Q1-2024 $934.721M $54.808M $49.138M 5.257% $0.33 $96.348M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $355.672M ▲ $5.627B ▲ $4.75B ▲ $871.322M ▲
Q2-2025 $294.173M ▲ $5.502B ▲ $4.69B ▼ $806.84M ▲
Q1-2025 $287.512M ▲ $5.494B ▲ $4.738B ▲ $750.228M ▲
Q2-2024 $73.374M ▼ $3.896B ▲ $3.318B ▼ $572.128M ▲
Q1-2024 $81.213M $3.866B $3.733B $127.991M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $93.448M ▲ $314.014M ▲ $93.253M ▲ $-168.203M ▼ $281.202M ▲ $285.808M ▲
Q2-2025 $90.256M ▲ $168.005M ▲ $71.642M ▲ $-87.426M ▼ $219.788M ▲ $147.048M ▲
Q1-2025 $28.38M ▲ $150.244M ▲ $-16.416M ▲ $-4.065M ▼ $129.763M ▲ $132.527M ▲
Q2-2024 $-10.91M ▼ $34.813M ▼ $-120.463M ▼ $70.229M ▲ $-15.421M ▲ $19.481M ▼
Q1-2024 $49.138M $58.787M $-118.669M $34.453M $-25.429M $48.026M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $1.28Bn ▲$1.31Bn ▲$1.34Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown very quickly over the last few years, more than doubling as the company has expanded its footprint and acquired new facilities. That shows strong demand and effective execution on the growth strategy. Profitability, however, is under some pressure. Operating profit and cash-style profit have not grown in line with revenue, and net income actually slipped in the most recent year. That suggests rising costs, reimbursement pressure, integration expenses, or heavier overhead as the company scales. In simple terms: the business is getting bigger fast, but each dollar of revenue is dropping less to the bottom line than before. This combination—rapid top-line growth with slightly weakening margins—often reflects an aggressive expansion phase. The key question going forward is whether management can stabilize or improve margins once the current growth and integration wave settles in.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base rapidly, likely through acquisitions and expansion of its care network. Total assets are much larger than a few years ago, which is consistent with a roll-up, facility-acquisition strategy. This growth has been funded primarily with debt rather than equity. Borrowings are high and have increased significantly, while the equity base remains quite thin. That means the company is operating with substantial financial leverage, which can amplify both upside and downside. It leaves less room for error if operating conditions deteriorate or if growth slows. Cash on hand appears modest relative to the size of the business and its debt load. Overall, the balance sheet supports rapid expansion but also introduces meaningful financial risk and sensitivity to interest rates and lender confidence.

Cash Flow

Cash Flow The company is generating positive cash from its operations, which is an important sign that the underlying business is able to fund itself on a day-to-day basis. Operating cash flow has been fairly steady, not exploding in line with revenue growth but consistently in the black. Free cash flow has been more volatile. It dipped negative during a heavier investment period and then turned positive as capital spending moderated. Recent years show that after funding capital needs, there is still some cash left over, but the cushion does not appear especially large compared with the scale of the business and its leverage. In short, cash generation is positive but not yet comfortably robust given the company’s debt-heavy structure and ongoing need to invest in facilities and systems. The ability to convert accounting profits into resilient, growing cash flow will be important to watch.

Competitive Edge

Competitive Edge PACS operates as a large post-acute and skilled nursing platform with hundreds of facilities, giving it meaningful scale compared with many regional or single-facility competitors. That scale supports purchasing power, shared services, and a broader referral network from hospitals and health systems. Its core advantage lies in a decentralized, “local CEO” model: individual facilities have significant autonomy, supported by a strong central back office. This structure can create faster decisions, better alignment with community needs, and a culture of accountability—key strengths in a labor-intensive, service-heavy industry. The company has also built a reputation for turning around underperforming or distressed facilities, a capability that not all operators possess. High occupancy and strong quality scores in mature facilities indicate operational know-how and a real moat around execution. On the flip side, PACS is heavily exposed to government reimbursement, labor costs, and regulatory scrutiny, all of which can tighten margins and limit pricing power.

Innovation and R&D

Innovation and R&D PACS is not a traditional research-heavy or biotech company, but it is quite innovative in how it runs and scales its operations. Its main “R&D” is focused on systems, processes, and leadership rather than on labs and patents. The company has invested in a modern enterprise system for HR and back-office functions, mobile tools that give local leaders real-time operating data, and upgraded electronic health record capabilities. These investments aim to make each facility more efficient, improve care coordination, and speed up decision-making on the ground. Another important innovation is in talent development: structured training programs to groom future administrators and leaders. Together, the technology platform plus leadership pipeline create a repeatable playbook for acquiring, integrating, and improving new facilities—effectively an operational R&D engine.

Summary

PACS is a fast-growing post-acute care platform that has rapidly expanded its revenue and facility base by acquiring and improving underperforming nursing and senior care assets. The business model is distinctive: local autonomy for facility leaders supported by centralized technology, data, and back-office services. Financially, the company shows strong growth but mixed earnings trends: revenue has surged, while margins and net income have softened. The balance sheet leans heavily on debt, with relatively little equity and limited cash, which increases financial risk and makes consistent cash flow execution critical. Operationally, PACS appears to enjoy real competitive strengths in scale, occupancy, quality ratings, and turnaround expertise, underpinned by ongoing investment in systems and leadership development. The main watch points are margin pressure, regulatory and reimbursement risk, and the challenge of managing a highly leveraged, rapidly expanding platform over time.

NEWS

November 19, 2025 · 4:30 PM UTC

PACS Group, Inc. Reports Third Quarter 2025 Results

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November 17, 2025 · 9:05 AM UTC

PACS Group Intends to Release Third Quarter 2025 Earnings and Submit SEC Filings on November 19, 2025

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October 28, 2025 · 7:45 AM UTC

QT Imaging Announces Collaboration with Intelerad Medical Systems to Deploy Cloud PACS for Research and Clinical Connectivity

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October 23, 2025 · 2:00 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PACS Group, Inc. - PACS

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October 18, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PACS Group, Inc. - PACS

Read more