Pennant Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Pennant 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

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	251	286	339	391	440	473	545	695	948
Cost of revenue	187	212	259	297	350	377	438	558	769
Gross profit	63.7	73.6	79.6	94.1	89.5	96.6	107	137	179
Selling, general and administrative					36.3	34	36.7	50.2	71.1
Operating income	15.4	20.6	5.67	18.9	4.7	12.7	25.2	38.1	51.9
Interest expense		0	0.41	1.24	1.94	3.82	5.92	6.96	6.68
Other non-operating income			0	0.23	-0.02	-0.03	0.34	0.21	0.42
Pre-tax income	15.4	20.6	5.26	17.9	2.73	8.89	19.6	31.4	45.6
Income tax	5.38	4.35	2.09	2.35	0.58	1.65	5.67	7.03	11.9
Net income to minority interests	0.16	0.6	0.63	-0.19	-0.55	0.6	0.53	1.78	4.19
Net income	9.87	15.7	2.55	15.7	2.7	6.64	13.4	22.6	29.6
EBITDA	17.9	23.6	9.48	23.6	9.48	17.6	30.3	44.2	60.4
EPS, basic	0.36	0.58	0.11	0.56	0.09	0.23	0.45	0.72	0.86
EPS, diluted	0.36	0.58	0.11	0.52	0.09	0.22	0.44	0.70	0.84
Shares, basic (weighted)	27.8	27.8	27.8	28	28.4	29.1	29.9	31.2	34.6
Shares, diluted (weighted)	27.8	27.8	29.6	30.2	30.6	30.2	30.2	32	35.3

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.04	0.04	0.4	0.04	5.19	2.08	6.06	24.2	17
Receivables		24.5	32.2	47.2	53.9	53.4	61.1	81.3	123
Other current assets		4.61	6.1	12.3	16.7	18.3	12.9	17.3	27.3
Total current assets		29.1	38.7	59.6	75.8	73.8	80.1	123	167
Property, plant and equipment		10.5	14.6	17.9	16.8	26.6	28.6	43.3	61
Lease right-of-use assets			316	309	301	261	263	271	276
Goodwill	28	30.9	41.2	66.4	74.3	79.5	91	129	237
Intangible assets		0.08	0.05
Total assets		98.2	448	507	530	512	540	680	968
Accounts payable		4.39	8.65	9.76	10.6	13.6	10.8	18.7	25.2
Accrued liabilities		12.8	16.3	26.9	23.5	23.3	28.3	43.1	65.2
Deferred revenue		1.54	1.94	1.27	1.46	1.59	1.66	2.28	2.29
Short-term debt								0	5
Total current liabilities		29.5	51.2	89	71.6	70.2	71.5	102	147
Lease liabilities			304	297	288	247	249	253	254
Other non-current liabilities		3.32	2.88	11.9	5.29	6.28	8.26	10.6	23.4
Total liabilities		32.9	377	406	416	386	394	368	594
Total debt		0	18.5	8.28	51.4	62.9	63.9	0	169
Paid-in capital		0	74.9	84.7	95.6	99.8	106	236	246
Retained earnings		0	-3.8	11.9	14.6	21.3	34.7	57.2	86.8
Treasury stock			0	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07
Shareholders' equity		55.9
Minority interests		9.43	0	4.59	4.05	4.65	5.18	18.7	41.6
Total equity	59.9	65.3	71.1	101	114	126	146	312	374
Total liabilities and equity		98.2	448	507	530	512	540	680	968
Shares outstanding			27.9	28.2	28.5	29.7	29.9	34.4	34.6

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10	16.3	3.18	15.6	2.15	7.24	13.9	24.3	33.8
Depreciation and amortization	2.54	2.96	3.81	4.68	4.78	4.9	5.13	6.12	8.54
Stock-based compensation	2.3	2.38	3.38	8.34	10	3.09	5.37	7.78	8.94
Deferred income tax	1.49	0.21	1.25	-4.19	-1.75	1.7	4	-1.19	-2.19
Change in receivables	-5.71	-2.57	-8.57	-15.7	-7.34	-0.36	-7.35	-21.1	-24.1
Change in payables	0.43	1.37	4.07	0.99	0.56	2.37	-1.85	8.05	5.8
Cash from operations	17.3	23.3	9.55	50.2	-18.2	9.04	33.1	39.3	48.3
Capital expenditures	-3.13	-3.6	-6.71	-7.25	-6.3	-14.2	-8.11	-8.99	-12
Acquisitions	-12.1	-4.73	-18.8	-33.2	-13.6	-10.1	-21.4	-48.4	-204
Cash from investing	-16.1	-9.48	-26.5	-41.6	-20.1	-24.2	-30.2	-70.7	-228
Stock issued	0	0	0.03	1.14	0.88	1.08	0.58	0.85	0.55
Share buybacks		0	0	-0.07	0	0
Dividends paid	0	0	-11.6	0	0
Cash from financing	-1.16	-13.8	17.3	-8.95	43.5	12.1	1.11	49.6	172
Net change in cash	0.01	0.01	0.36	-0.36	5.15	-3.11	3.98	18.2	-7.22
Free cash flow	14.1	19.7	2.84	43	-24.5	-5.13	25	30.3	36.3
Interest paid	0	0	0.16	1.12	1.45	3.03	5.01	6.52	4.9
Income taxes paid	0	0	0.12	7.87	2.62	0.1	0.84	7.35	14

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 $40.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.5%	Gross profit / revenue.
Operating margin	5.6%	Operating income / revenue.
EBITDA margin	6.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	2.9%	Net income / revenue.
FCF margin	3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.8%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.1%	Net income / average total assets.
SG&A / revenue	7.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	31.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.9%	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	13.8%	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	36.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	59.7%	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	22.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	36.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	50.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	31.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	64.5%	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	13.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	56.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.1%	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	22.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.8%	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	-0.8%	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	19.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-3.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	42.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.7%	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	13.8%	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	10.4%	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	5.4%	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	3.2%	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	1.20x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / assets	18.6%	Total debt / total assets.
Liabilities / assets	61.0%	Total liabilities / total assets.
Net debt	$177.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.82x	Operating income / interest expense.
Working capital	$31.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	14.6x	Revenue / average property, plant and equipment.
Receivables turnover	8.27x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
FCF conversion	107.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.90	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	$30.64	Revenue / diluted weighted shares.
FCF per share	$0.96	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.48	Cash from operations / diluted weighted shares.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.42B	Share price x shares outstanding.
Enterprise value	$1.60B	Market cap + total debt - cash - short-term investments.
P/E	44.1x	Market cap / net income. Only when net income is positive.
P/S	1.29x	Market cap / revenue.
P/FCF	41.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.7x	Market cap / cash from operations, when positive.
EV/Sales	1.45x	Enterprise value / revenue.
EV/EBIT	25.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
PEG	0.78x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

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

Pennant Group, Inc. reported revenue of $947.7M for fiscal 2025, 36.3% higher than the year before.

Was Pennant Group, Inc. profitable in fiscal 2025?

Yes. Net income was $29.6M, a net margin of 3.1%.

How much free cash flow did Pennant Group, Inc. generate in fiscal 2025?

Cash from operations of $48.3M minus capital expenditures of $12.0M left free cash flow of $36.3M.

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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