Encompass Health Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Encompass Health 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	3,643	3,914	4,277	4,605	3,566	4,015	4,349	4,801	5,373	5,935
General and administrative	133	172	220	247	152	170	154	202	209	236
Operating income	588	578	555	612	564	560	540
Interest expense	172	154	147	160	184	164	176	144	137	123
Other non-operating income	2.9	4.1	2.2	30.5	8.4	7.5	-5.2	15.7	20.1	18.8
Pre-tax income	482	496	493	562	353	505	451	607	750	953
Income tax	164	146	119	116	74.7	102	100	132	150	193
Income from continuing operations	248	272	291	359	195	300	257	364	459	567
Net income to minority interests	70.5	79.1	83.1	87.1	84.6	105	94.9	111	141	193
Net income	248	271	292	359	284	412	271	352	456	566
EBITDA	761	762	755	831	767	779	783
EPS, basic	2.77	2.88	2.98	3.65	2.87	4.15	2.72	3.51	4.53	5.62
EPS, diluted	2.59	2.84	2.93	3.61	2.85	4.11	2.70	3.47	4.46	5.54
Shares, basic (weighted)	89.1	93.7	97.9	98	98.6	99	99.2	99.5	99.9	101
Shares, diluted (weighted)	99.5	99.3	99.8	99.4	99.8	100	100	101	102	102
Dividend per share	0.94	0.98	1.04	1.10	1.12	1.12	0.86	0.60	0.64	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.5	54.4	69.2	60	186	49.4	21.8	69.1	85.4	72.2
Receivables	432	460	460	499	563	502	525	600	593	613
Other current assets	170	113	66.2	97.5	86.4	115	92.1	91.5	123	184
Total current assets	655	702	662	756	949	921	717	842	887	906
Property, plant and equipment	1,392	1,517	1,635	1,959	2,207	2,581	2,939	3,301	3,643	4,102
Lease right-of-use assets			0	277	246	194	213	209	204	213
Goodwill	1,927	1,973	2,101	1,219	1,228	1,237	1,263	1,281	1,284	1,318
Intangible assets	411	403	443	476	431	158	282	278	298	308
Other non-current assets	221	235	291	305	295	230	222	192	219	244
Total assets	4,682	4,865	5,175	6,081	6,446	6,865	5,637	6,102	6,535	7,090
Accounts payable	68.3	78.4	90	94.6	115	134	133	170	171	178
Accrued liabilities	147	172	188	211	254	199	168	208	31.4	54.8
Short-term debt	37.1	32.3	35.8	39.3	38.3	37.8	25.2	24.8	139	43.6
Total current liabilities	476	518	673	721	717	749	576	656	841	836
Long-term debt	2,979	2,545	2,479	3,023	3,251	3,241	2,742	2,688	2,359	2,447
Lease liabilities			0	244	210	180	200	196	190	197
Other non-current liabilities	49.6	75.2	85.6	42.7	93.8	48.9	45.7	46.1	51.8	207
Total liabilities	3,615	3,248	3,356	4,148	4,444	4,466	3,775	3,805	3,686	3,814
Total debt	3,016	2,578	2,514	3,063	3,289	3,278	2,767	2,713	2,498	2,491
Paid-in capital	2,799	2,747	2,589	2,370	2,327	2,290	1,730	1,787	1,847	1,870
Retained earnings	-1,448	-1,176	-885	-527	-242	142	116	407	797	1,289
Treasury stock	-615	-419	-428	-492	-497	-521	-537	-547	-578	-723
Other comprehensive income	-1.2	-1.3	0						0	0.5
Shareholders' equity	736	1,153	1,277	1,352	1,588	1,911	1,310	1,648	2,067	2,438
Minority interests	193	243	280	341	382	446	516	608	726	779
Total equity	911	1,395	1,557	1,693	1,970	2,357	1,826	2,255	2,793	3,218
Total liabilities and equity	4,682	4,865	5,175	6,081	6,446	6,865	5,637	6,102	6,535	7,090

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	318	350	375	446	369	517	366	463	597	759
Depreciation and amortization	173	184	200	219	203	220	244	274	300	328
Stock-based compensation	27.4	47.7	85.9	114	25.6	29.1	29.2	50.6	48.3	56.5
Deferred income tax	133	60.8	-9.1	40	34.5	17.4	27.9	3.9	10.7	22.3
Change in receivables	-66.3	-31.5	7	-22.9	-5.1	-39.5	-16.9	-22.4	3	-15.2
Change in payables	6.3	7.5	6.6	-6.1	14.1	15.6	2.3	11.8	3	-22.6
Cash from operations	640	658	762	635	705	716	706	851	1,003	1,176
Capital expenditures	-178	-226	-255	-372	-393	-525	-565	-583	-643	-736
Acquisitions	-48.1	-38.8	-144	-232	0	-1.1	0
Sales and maturities of investments	0	0	0	6.4	12.6	0	0
Cash from investing	-230	-283	-425	-657	-408	-666	-627	-603	-653	-765
Debt issued	0	0	0	1,000	993	0	0
Debt repaid	-202	-130	-20.6	-520	-717	-215	-346	-7.2	-255	-115
Share buybacks	-65.6	-38.1	0	-45.9	-6.1	0	0	0	-31.1	-158
Dividends paid	-83.8	-91.5	-101	-109	-112	-112	-99	-60.4	-62.8	-71.1
Cash from financing	-416	-360	-321	48.2	-146	-240	-146	-197	-331	-431
Net change in cash	-6.1	15.4	16.7	26.1	151	-191	-66.9	50.8	18.9	-20.2
Free cash flow	463	433	508	263	312	191	141	268	360	439
Interest paid	164	151	150	156	168	168	178	148	147	133
Income taxes paid	33.3	96.4	115	104	34.3	131	51.2	109	165	124

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 $123.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	16.6%	Pre-tax income / revenue.
Net margin	10.0%	Net income / revenue.
FCF margin	6.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.5%	Cash from operations / revenue.
Effective tax rate	20.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.9%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	24.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.8%	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	14.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	24.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	27.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.2%	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	17.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.5%	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	10.8%	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	21.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	46.0%	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	7.1%	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	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-5.8%	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	-8.5%	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	18.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.0%	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	9.0%	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	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	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	1.9%	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	0.0%	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	0.6%	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	0.5%	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	1.19x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.3%	Total debt / total assets.
Liabilities / assets	53.6%	Total liabilities / total assets.
Net debt	$2.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$167.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$967.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	1.43x	Revenue / average property, plant and equipment.
Receivables turnover	9.03x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
FCF conversion	66.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	65.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.21	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	$62.06	Revenue / diluted weighted shares.
FCF per share	$4.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.13	Cash from operations / diluted weighted shares.
Book value per share	$25.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.67	Tangible book value / shares outstanding.
Cash per share	$1.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	59.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.18B	Share price x shares outstanding.
Enterprise value	$14.71B	Market cap + total debt - cash - short-term investments.
P/E	19.6x	Market cap / net income. Only when net income is positive.
P/S	1.96x	Market cap / revenue.
P/B	4.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.6x	Market cap / tangible book value, when positive.
P/FCF	29.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.0x	Market cap / cash from operations, when positive.
EV/Sales	2.37x	Enterprise value / revenue.
EV/FCF	35.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Encompass Health Corp's revenue in fiscal 2025?

Encompass Health Corp reported revenue of $5.94B for fiscal 2025, 10.5% higher than the year before.

Was Encompass Health Corp profitable in fiscal 2025?

Yes. Net income was $566.2M, a net margin of 9.5%.

How much free cash flow did Encompass Health Corp generate in fiscal 2025?

Cash from operations of $1.18B minus capital expenditures of $736.4M left free cash flow of $439.2M.

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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