PACS Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data PACS Group, 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

	FY2022	FY2024	FY2024	FY2025
Revenue	2,422	3,111	4,090	5,289
Cost of revenue	1,861	2,448	3,297	4,130
Gross profit	561	664	793	1,159
General and administrative	149	214	344	415
Operating income	229	208	123	310
Interest expense	25.5	49.9	44.3	28.4
Other non-operating income	-22.3	-50.5	-21.5	-25.1
Pre-tax income	207	157	102	284
Income tax	56.5	44.4	46.2	93
Net income to minority interests	0	0.01	-0.42	-0.08
Net income	150	113	55.8	192
EPS, basic	1.17	0.88	0.38	1.23
EPS, diluted	1.17	0.88	0.38	1.22
Shares, basic (weighted)	129	129	147	156
Shares, diluted (weighted)	129	129	149	157
Dividend per share	0.47	0.62	0.22

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	58.3	73.4	158	197
Receivables		548	642	628
Other current assets		48.7	64.1	171
Total current assets		722	938	1,070
Property, plant and equipment		578	991	1,201
Lease right-of-use assets		2,008	2,995	2,968
Goodwill	55.2	59	60.8	61.8
Other non-current assets		124	161	171
Total assets		3,513	5,243	5,584
Accounts payable		141	175	192
Accrued liabilities		92.2	146	188
Short-term debt		16.8	14.9	4.46
Total current liabilities		457	978	1,001
Long-term debt		196	251	245
Lease liabilities		1,962	2,936	2,940
Other non-current liabilities		130	197	153
Total liabilities		3,411	4,527	4,632
Total debt		213	412	353
Paid-in capital		0	591	637
Retained earnings		96	118	310
Other comprehensive income		0
Shareholders' equity		96.1	710	947
Minority interests		5.6	6.14	5.68
Total equity	68.7	102	716	952
Total liabilities and equity		3,513	5,243	5,584
Shares outstanding		129	155	157

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	150	113	55.3	191
Stock-based compensation	0	0	116	54.1
Deferred income tax	-1.92	-9.92	-44.5	-17.7
Change in receivables	-114	-177	-94	13.6
Change in payables	32.8	33.4	33.4	14.9
Cash from operations	92.6	63.7	367	404
Purchases of investments	0	0	-90.9	-21.2
Sales and maturities of investments	0	0	25.9	0
Cash from investing	-75.3	-173	-443	-264
Stock issued	0	0	95.3	0
Dividends paid	-60.3	-80.4	-33.7	0
Cash from financing	12.4	130	117	-69
Net change in cash	29.6	20.5	42.1	71.2
Interest paid	25.9	50.6	48.2	40.5
Income taxes paid	42.6	60	108	84

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 $41.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.5%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
Operating cash flow margin	10.3%	Cash from operations / revenue.
Effective tax rate	29.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	24.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	24.2%	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%.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	46.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	151.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	243.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	221.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.4%	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	10.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	63.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	33.4%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
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	6.8%	Change in diluted weighted shares, per year over 3 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	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.4%	Total debt / total assets.
Liabilities / assets	80.3%	Total liabilities / total assets.
Net debt	$81.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	13.9x	Operating income / interest expense.
Working capital	-$92.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.98x	Revenue / average total assets.
Fixed asset turnover	3.97x	Revenue / average property, plant and equipment.
Receivables turnover	8.75x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.66	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	$34.27	Revenue / diluted weighted shares.
Operating cash flow per share	$3.54	Cash from operations / diluted weighted shares.
Book value per share	$7.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.62	Tangible book value / shares outstanding.
Cash per share	$1.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.54B	Share price x shares outstanding.
Enterprise value	$6.62B	Market cap + total debt - cash - short-term investments.
P/E	24.3x	Market cap / net income. Only when net income is positive.
P/S	1.18x	Market cap / revenue.
P/B	5.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.24x	Market cap / tangible book value, when positive.
P/OCF	11.4x	Market cap / cash from operations, when positive.
EV/Sales	1.19x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
PEG	17.3x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PACS Group, Inc.'s revenue in fiscal 2025?

PACS Group, Inc. reported revenue of $5.29B for fiscal 2025, 29.3% higher than the year before.

Was PACS Group, Inc. profitable in fiscal 2025?

Yes. Net income was $191.5M, a net margin of 3.6%.

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 PACS Group, Inc.