CHEMED CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CHEMED CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,577	1,667	1,783	1,939	2,080	2,139	2,135	2,264	2,431	2,530
Cost of revenue	1,115	1,151	1,228	1,321	1,378	1,369	1,370	1,466	1,577	1,707
Gross profit	461	516	555	617	701	770	765	799	854	823
Selling, general and administrative	244	277	271	306	330	367	359	395	424	417
Operating expenses							1,791	1,924	2,065	2,192
Operating income	179	113	244	257	390	343	343	341	366	338
Interest expense	3.72	4.27	4.99	4.54	2.36	1.87	4.58	3.11	1.78	1.75
Other non-operating income	2.02	8.15	0.96	8.76	8.67	9.14	-9.23	12.9	34.8	19.3
Pre-tax income	177	117	240	262	396	350	330	350	399	356
Income tax	68.3	18.7	34.1	41.7	76.5	81.8	80.1	77.9	97.5	90.5
Net income	109	98.2	206	220	319	269	250	273	302	265
EBITDA	213	149	282	303	446	402	403	401	430	403
EPS, basic	6.64	6.11	12.80	13.77	20.02	17.14	16.72	18.11	20.10	18.42
EPS, diluted	6.48	5.86	12.23	13.31	19.48	16.85	16.53	17.93	19.89	18.34
Shares, basic (weighted)	16.4	16.1	16.1	16	16	15.7	14.9	15.1	15	14.4
Shares, diluted (weighted)	16.8	16.7	16.8	16.5	16.4	15.9	15.1	15.2	15.2	14.5
Dividend per share	1.00	1.08	1.16	1.24	1.32	1.40	1.48	1.56	1.80	2.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.3	11.1	4.83	6.16	163	32.9	74.1	264	178	74.5
Receivables	132	114	120	144	127	137	139	182	171	183
Inventory	5.76	5.33	5.71	7.46	7.1	10.1	10.3	12	8.19	7.54
Other current assets	13.1	16.1	19.2
Total current assets	170	176	160	191	329	230	273	501	395	303
Property, plant and equipment	121	143	162	176	188	194	200	204	201	206
Lease right-of-use assets				112	123	125	136	126	127	131
Goodwill	472	477	511	577	579	579	581	585	667	667
Intangible assets	55.1	54.9	68.3	126	118	108	99.7	90.3	92.2	82.8
Other non-current assets	7.04	7.13	9.21	9.05	8.76	8.14	59.8	55.6	55.8	8.65
Total assets	880	920	976	1,268	1,435	1,343	1,442	1,668	1,669	1,538
Accounts payable	39.6	48.4	50.2	51.1	54.2	73	41.9	64	44.1	64.5
Accrued liabilities	54	62.9	63.3	70.8	91.3	95.6	87.4	88.4	92.1	58.3
Short-term debt	8.75	10					5
Total current liabilities	172	194	192	262	299	302	297	312	286	287
Long-term debt	100	91.2	89.2	90		185	92.5
Lease liabilities				86.7	99.2	101	111	101	98.5	103
Other non-current liabilities	15.5	16.5	17.1	7.88	26.3	9.64	12.1	13	13.4	13.3
Total liabilities	356	380	384	542	534	719	643	560	550	559
Total debt	109	101	89.2	90		185	97.5
Paid-in capital	640	696	774	861	961	1,044	1,150	1,341	1,484	1,592
Retained earnings	958	1,039	1,226	1,426	1,724	1,970	2,198	2,447	2,722	2,955
Treasury stock	-1,111	-1,231	-1,446	-1,598	-1,823	-2,430	-2,588	-2,720	-3,127	-3,608
Shareholders' equity	524	540	591	727	901	623	799	1,108	1,119	979
Total equity	524	540	591	727	901	623	799	1,108	1,119	979
Total liabilities and equity	880	920	976	1,268	1,435	1,343	1,442	1,668	1,669	1,538

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	109	98.2	206	220	319	269	250	273	302	265
Depreciation and amortization	34.6	35.6	38.9	45.2	56.6	59.1	59.2	60.9	63	64.8
Stock-based compensation	13.8	16.3	19.2	21.3	26.8	31.4	33.6	40.8	52.1	38.7
Deferred income tax	-6.71	2.41	5.19	-2.77	1.43	2.4	14.8	-8.03	-4.14	-5.94
Change in receivables	-42.1	1.07	-5.57	-19.2	12.8	-8.43	-2.41	-41.5	10.7	-11.6
Change in inventory	0.56	0.42	-0.35	-1.76	0.37	-3.01	-0.16	-1.73	3.83	0.65
Change in payables	0.89	12.9	8.94	28.4	19.1	9.83	15.3	-9.35	-9.28	-5.19
Cash from operations	135	162	287	301	489	309	310	330	417	388
Capital expenditures	-39.8	-64.3	-52.9	-53	-58.8	-58.7	-57.3	-56.9	-49.5	-62.8
Acquisitions		-4.73	-53.2	-138	-3.6		-3.53	-3.99	-97.4	-0.23
Cash from investing	-39.9	-67.6	-105	-191	-61.6	-57.8	-59.4	-60.6	-144	-59.3
Stock issued	8.42	27.1	32.4	34.4	50.4	35.8	45	102	56.5	27.2
Share buybacks	-102	-94.6	-159	-92.6	-176	-576	-115	-67.7	-361	-432
Dividends paid	-16.4	-17.4	-18.7	-19.8	-21.1	-22	-22	-23.5	-27.1	-31.7
Cash from financing	-94.9	-99.1	-188	-109	-271	-381	-209	-79.8	-359	-433
Net change in cash	0.58	-4.19	-6.29	1.33	157	-130	41.2	190	-85.6	-104
Free cash flow	95.6	98.2	234	248	430	250	253	273	368	325
Interest paid	3.05	3.63	4.18	4.13	2.03	1.4	3.71	2.65	1.16	1.35
Income taxes paid	60.9	42.3	9.75	44.1	61.5	99.4	65.9	73.9	98.7	103

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $512.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.1%	Gross profit / revenue.
Operating margin	13.5%	Operating income / revenue.
EBITDA margin	15.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	10.6%	Net income / revenue.
FCF margin	12.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.0%	Cash from operations / revenue.
Effective tax rate	25.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.4%	Net income / average total assets.
Return on invested capital (ROIC)	28.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	17.0%	Selling, general and administrative expense / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-12.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-7.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-11.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	22.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.9%	Total debt / total assets.
Liabilities / assets	47.4%	Total liabilities / total assets.
Net debt	$99.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	106x	Operating income / interest expense.
Working capital	-$28.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$52.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.64x	Revenue / average total assets.
Fixed asset turnover	12.4x	Revenue / average property, plant and equipment.
Inventory turnover	227x	Cost of revenue / average inventory.
Days inventory	2 days	365 x average inventory / cost of revenue.
Receivables turnover	13.8x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	18 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	117.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$20.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$196.61	Revenue / diluted weighted shares.
FCF per share	$24.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$29.54	Cash from operations / diluted weighted shares.
Book value per share	$62.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.98	Tangible book value / shares outstanding.
Cash per share	$3.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	198.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.69B	Share price x shares outstanding.
Enterprise value	$6.79B	Market cap + total debt - cash - short-term investments.
P/E	24.3x	Market cap / net income. Only when net income is positive.
P/S	2.58x	Market cap / revenue.
P/B	8.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	127x	Market cap / tangible book value, when positive.
P/FCF	20.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.2x	Market cap / cash from operations, when positive.
EV/Sales	2.62x	Enterprise value / revenue.
EV/EBIT	19.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	10.1%	(Dividends paid + share buybacks) / market cap.
PEG	6.91x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CHEMED CORP's revenue in fiscal 2025?

CHEMED CORP reported revenue of $2.53B for fiscal 2025, 4.1% higher than the year before.

Was CHEMED CORP profitable in fiscal 2025?

Yes. Net income was $265.2M, a net margin of 10.5%.

How much free cash flow did CHEMED CORP generate in fiscal 2025?

Cash from operations of $388.3M minus capital expenditures of $62.8M left free cash flow of $325.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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