Option Care Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Option Care Health, Inc. 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	936	1,828	1,940	2,310	3,033	3,439	3,945	4,302	4,998	5,650
Cost of revenue	674	548	466	1,797	2,350	2,659	2,562	2,813	3,447	4,562
Gross profit	262	446	422	513	682	780	867	981	1,013	1,088
Selling, general and administrative		338	346	460	500	526	566	607	630	682
General and administrative	38.8	39.6	47.3
Operating expenses	273	419	384	513	572	589	627	667	691	750
Operating income	-11	27.3	38.3	-0.32	111	191	240	315	322	338
Interest expense			45.8	73.7	108	67	53.8	51.2	49	54.6
Other non-operating income	-23.2	-44.3	-45.8	-73.7	-11.5	-13.4	-34.5	44.1	-38.2	-55
Pre-tax income	-34.2	-67.4	-51	-78.2	-5.24	116	206	359	284	283
Income tax	2.02	-18.6	-2.65	-2.27	2.83	-23.4	55.2	91.7	71.8	75.3
Income from continuing operations	-36.2	-63.3	-51.6
Net income	-42.8	3.88	-6.12	-75.9	-8.08	140	151	267	212	208
EBITDA	11	61.9	76.3	53.4	182	254	301	374	383	405
EPS, basic	-0.23	0.03	-0.04	-0.49	-0.04	0.78	0.83	1.49	1.23	1.28
EPS, diluted	-0.23	0.03	-0.04	-0.49	-0.04	0.77	0.83	1.48	1.23	1.27
Shares, basic (weighted)	225	143	143	156	181	180	181	179	172	162
Shares, diluted (weighted)	225	143	143	156	181	181	182	180	173	163

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.57	39.5	36.4	67.1	99.3	119	294	344	413	233
Receivables	109	85.5	310	324	328	338	378	378	410	474
Inventory	36.2	38	83.3	116	159	183	224	274	388	471
Other current assets	18.5	18.6	37.5	51.3	70.8	69.5	98.3	98.7	112	87.6
Total current assets	173	187	467	559	657	710	994	1,094	1,323	1,265
Property, plant and equipment	32.7	27	93.1	133	121	112	108	121	127	139
Lease right-of-use assets			0	63.5	68.8	74.8	72.4	84.2	86.5	91.3
Goodwill	366	627	632	1,426	1,429	1,478	1,533	1,540	1,540	1,607
Intangible assets	31	19.1	10.5	386	351	366	364	335	301	309
Other non-current assets	1.99	2.12	15.5	22.7	20.8	23.7	40.3	42.3	44	44.4
Total assets	605	603	1,428	2,590	2,647	2,791	3,113	3,217	3,422	3,456
Accounts payable	64.4	66	188	221	283	279	379	427	611	640
Accrued liabilities			24.9	45.8	58.9	83.5	76.9	92.5	63	70.4
Short-term debt	18.5	1.72	4.15	9.25	9.25	6	6	6	6.51	6.78
Total current liabilities	130	105	240	330	434	460	565	618	780	829
Long-term debt	433	479	535	1,277	1,115	1,060	1,058	1,057	1,105	1,154
Lease liabilities			0	58.2	70.8	74.5	71.4	85.5	84.8	88.5
Other non-current liabilities	0.76	21.8	16.7	15.1	8.47	20.9	9.68	0	0.37	1.44
Total liabilities	567	606	825	1,683	1,632	1,615	1,727	1,795	2,018	2,129
Total debt	468	503	539	1,286	1,124	1,066	1,064	1,063	1,111	1,161
Paid-in capital	612	625	620	1,008	1,129	1,139	1,177	1,204	1,231	1,264
Retained earnings	-645	-710	-16	-92	-100	39.9	190	458	669	877
Treasury stock	0	-0.02	0	-2.4	-2.4	-2.4	-2.4	-255	-508	-818
Other comprehensive income			0.84	-7.2	-11.2	-0.45	21.2	15	11	4.11
Shareholders' equity	601	606	603	907	1,016	1,176	1,386	1,422	1,404	1,326
Total equity	601	606	603	907	1,016	1,176	1,386	1,422	1,404	1,326
Total liabilities and equity	605	603	1,428	2,590	2,647	2,791	3,113	3,217	3,422	3,456
Shares outstanding	282	128	143	177	180	180	182	175	166	157

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-42.8	3.88	-6.12	-75.9	-8.08	140	151	267	212	208
Depreciation and amortization	22	34.7	38.1	53.7	71.3	63.1	60.6	59.2	60.9	67.5
Stock-based compensation	1.8	1.46	2.14	4.17	2.92	9.58	16.8	30.5	36.1	40
Deferred income tax	2.05	-19.8	-3.6	-4.61	1.2	-30.4	49.2	12.8	12.7	8.44
Change in receivables	-2.22	-34	-21	82.3	-3.92	-4.27	-36.9	0.22	-32.1	-54.6
Change in inventory	10	-3.48	2.97	-12.9	-42.7	-22.7	-41	-51	-114	-81.5
Cash from operations	-42.5	37.9	24.4	39.5	127	209	268	371	323	258
Capital expenditures		-25	-26.3	-28.3	-26.9	-25.6	-35.4	-41.9	-35.6	-41.3
Acquisitions	-67.5	0	-10.7	-700	0	-85.9	-87.4	-12.5	0	-117
Cash from investing	-73.2	-24.5	-37	-728	-26.3	-112	-108	-56.5	-36.5	-161
Debt issued	0	0	1	981	0	855	0	0	50	229
Debt repaid		-4.15	-5.15	-2.08	-9.25	-8.83	-6	-6	-6.38	-4.95
Stock issued	83.3	20.8	0	0	119	0	0	0	0	0
Share buybacks						0	0	-250	-253	-310
Cash from financing	110	-5.15	-4.15	719	-68.8	-76.9	15.3	-265	-218	-277
Net change in cash	-6.01	8.25	-16.7	30.7	32.2	20.2	175	49.7	68.7	-180
Free cash flow		12.9	-1.85	11.2	101	183	232	329	288	217
Interest paid	34.7	43.5	47.2	50.8	97.6	60.9	50.4	69.8	71.6	64.7
Income taxes paid	-0.37	1.19	1.6	2.41	2.88	5.71	13.4	75.2	64.5	67.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $23.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.2%	Gross profit / revenue.
Operating margin	5.8%	Operating income / revenue.
EBITDA margin	7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.5%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.4%	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	12.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.9%	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	9.8%	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	5.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.0%	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	25.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	3.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.1%	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	15.2%	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	-24.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.2%	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	16.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	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	5.5%	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	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	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	5.5%	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	-5.5%	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	-3.5%	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	-2.0%	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	1.64x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.86x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.3%	Total debt / total assets.
Liabilities / assets	60.0%	Total liabilities / total assets.
Net debt	$982.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.06x	Operating income / interest expense.
Working capital	$465.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	56.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$555.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.68x	Revenue / average total assets.
Fixed asset turnover	40.5x	Revenue / average property, plant and equipment.
Inventory turnover	11.0x	Cost of revenue / average inventory.
Days inventory	33 days	365 x average inventory / cost of revenue.
Receivables turnover	11.0x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	23 days	Days inventory + days sales outstanding - days payables.
FCF conversion	103.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.30	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	$35.82	Revenue / diluted weighted shares.
FCF per share	$1.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.60	Cash from operations / diluted weighted shares.
Book value per share	$8.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.54	Tangible book value / shares outstanding.
Cash per share	$1.13	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.46B	Share price x shares outstanding.
Enterprise value	$4.44B	Market cap + total debt - cash - short-term investments.
P/E	16.8x	Market cap / net income. Only when net income is positive.
P/S	0.61x	Market cap / revenue.
P/B	2.56x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/EBIT	13.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
PEG	1.10x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Option Care Health, Inc.'s revenue in fiscal 2025?

Option Care Health, Inc. reported revenue of $5.65B for fiscal 2025, 13% higher than the year before.

Was Option Care Health, Inc. profitable in fiscal 2025?

Yes. Net income was $207.6M, a net margin of 3.7%.

How much free cash flow did Option Care Health, Inc. generate in fiscal 2025?

Cash from operations of $258.4M minus capital expenditures of $41.3M left free cash flow of $217.1M.

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.

Open interactive statements, quarterly figures and charts

Back to Option Care Health, Inc.