Tearsheet

PACS (PACS)

Market Price (12/4/2025): $31.26 | Market Cap: $4.7 Bil
Sector: Health Care | Industry: Health Care Facilities

PACS (PACS)

Market Price (12/4/2025): $31.26
Market Cap: $4.7 Bil
Sector: Health Care
Industry: Health Care Facilities

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%
1	Megatrend and thematic drivers Megatrends include Healthcare Real Estate. Themes include Post-Acute Care Real Estate.	Stock price has recently run up significantly 6M Rtn6 month market price return is 208%, 12M Rtn12 month market price return is 108%
2		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.5%
3		Short seller report Hindenburg Research report on 11/4/2024.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%
1	Megatrend and thematic drivers Megatrends include Healthcare Real Estate. Themes include Post-Acute Care Real Estate.
2	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%
3	Stock price has recently run up significantly 6M Rtn6 month market price return is 208%, 12M Rtn12 month market price return is 108%
4	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.5%
5	Short seller report Hindenburg Research report on 11/4/2024.

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$31.26	$13.11
Market Cap CYE ($ Bil)	4.7	2.0	-	-	-
Total Debt ($ Bil)	2.7	2.8	1.9	0.0	0.0
Total Cash ($ Bil)	0.1	0.1	0.1	0.0	0.0
Enterprise Value ($ Bil)	7.3	4.8
Valuation Ratios
P/S TTM	0.6	0.6	0.0	0.0	0.0
P/EBIT TTM	10.0	9.5	0.0	0.0	0.0
P/E TTM	19.9	17.4	0.0	0.0	0.0
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.4	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2	-2.6
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-2.8

	12/4/25	2024	2023	2022
Share Price CYE	$31.26	$13.11
Market Cap CYE ($ Bil)	4.7	2.0	-	-
Total Debt ($ Bil)	2.7	2.8	1.9	0.0
Total Cash ($ Bil)	0.1	0.1	0.1	0.0
Enterprise Value ($ Bil)	7.3	4.8
Valuation Ratios
P/S TTM	0.6	0.6	0.0	0.0
P/EBIT TTM	10.0	9.5	0.0	0.0
P/E TTM	19.9	17.4	0.0	0.0
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.4
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3

	PACS	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.4
Rev Chg Q	�	7.1%
Rev Chg LTM	�	6.1%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	5.6%	18.8%
CFO/Rev LTM	4.5%	20.5%
Net Inc Mgn	2.9%	13.1%
VALUATION	LOW
P/S	0.6	3.2
P/CFO	12.7	15.8
P/FCF	-16.3	20.5
P/E	19.8	23.5
STABILITY	POOR
Debt/Equity	1.39	0.20
Cash/Assets	0.02	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Number of Post-Acute Care Facilities	316	6302025	Link
Number of States with Operations	17	6302025	Link
Number of Skilled Nursing Beds	32208	6302025	Link
Number of Assisted Living Beds	2419	6302025	Link
Percentage of Skilled Nursing Portfolio with 4 or 5-star CMS QM rating	76%	11062024	Link
Total Facilities Occupancy Rate	90.5%	11062024	Link
Ramping Facilities Occupancy Rate	93.9%	11062024	Link
Mature Facilities Occupancy Rate	94.5%	11062024	Link
Ramping Facilities Skilled Mix	31.2%	11062024	Link
Mature Facilities Skilled Mix	32.1%	11062024	Link
Number of Patients Served Daily	more than 30,000	9112025	Link
Number of Employees	over 46,000	9112025	Link

Recent
11/19/2025	Earnings Release	Rev: $1.0 Bil (A) vs. $null (E) EPS: 0.31 (A) vs. $null (E)

PACS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The stock of PACS (symbol: PACS) experienced significant movement between August 31, 2025, and December 4, 2025, driven by a series of financial and operational developments.

1. Delayed and Subsequent Filing of Q3 2025 Financial Results and SEC Reports: PACS Group announced on November 17, 2025, its intention to release its third-quarter 2025 financial results and file all outstanding annual and quarterly reports through September 30, 2025, with the SEC by November 19, 2025. This commitment to address a backlog in regulatory filings, including a previously delayed Form 10-Q for Q3 2025 due to an ongoing Audit Committee investigation and the need to restate prior financial statements, instilled renewed investor confidence and led to a dramatic surge in the stock price. The company had received an extension from the NYSE until November 19, 2025, to regain compliance with listing standards.

2. Strong Q3 2025 Financial Performance: On November 19, 2025, PACS Group reported robust third-quarter 2025 results. The company's total revenue for the quarter reached $1.34 billion, marking a 31% increase year-over-year from $1.02 billion in Q3 2024. Net income attributable to PACS Group also saw a substantial rise to $52.4 million, up from $15.6 million in the prior year. Operating income increased to $86.3 million, and cash and cash equivalents rose significantly to $355.7 million from $157.7 million at the end of 2024. The company also provided a strong full-year 2025 revenue guidance of $5.25 billion to $5.35 billion, and adjusted EBITDA of $480 million to $490 million.

3. Resolution of Audit Committee Investigation and Financial Restatements: The completion of the independent Audit Committee's investigation into allegations from a short-seller report and the successful restatement of financial statements for previous periods significantly reduced regulatory uncertainty surrounding PACS. The company became current with all SEC filing requirements, including its 2024 Form 10-K and quarterly reports through Q3 2025. This resolution was a major factor in improving investor sentiment.

4. Business Expansion and Operational Strength: PACS Group continued its strategic expansion, acquiring the operations and real estate of a 160-bed skilled nursing facility in Las Vegas, Nevada, bringing its total portfolio to 321 healthcare operations across 17 states. The company reported strong operational metrics, including a total facility occupancy of 89% for the first three quarters of 2025, significantly above the industry average of 79%, with mature facilities achieving 95% occupancy. A high percentage of its skilled nursing portfolio (68.6%) earned 4- or 5-star Centers for Medicare & Medicaid Services (CMS) Quality Measure ratings.

5. Amendment and Waiver to Existing Credit Agreement: On November 26, 2025, PACS entered into an amendment to its Amended and Restated Credit Agreement, which waived all defaults and events of default in a previously disclosed forbearance agreement. This amendment, alongside approximately $500 million of available liquidity under its $600 million credit facility as of December 1, 2025, bolstered the company's financial flexibility and its ability to fund further acquisitions and capital improvements.

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Stock Movement Drivers

Fundamental Drivers

The 184.9% change in PACS stock from 9/3/2025 to 12/3/2025 was primarily driven by a 0.0% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	11.00	31.34	184.91%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	�	�
Net Income Margin (%)	�	�	�
P/E Multiple	�	�	�
Shares Outstanding (Mil)	150.15	150.15	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
PACS	184.9%
Market (SPY)	6.2%	-9.5%
Sector (XLV)	13.3%	-1.5%

Fundamental Drivers

The 208.2% change in PACS stock from 6/4/2025 to 12/3/2025 was primarily driven by a 0.0% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	10.17	31.34	208.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	�	�
Net Income Margin (%)	�	�	�
P/E Multiple	�	�	�
Shares Outstanding (Mil)	150.15	150.15	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
PACS	208.2%
Market (SPY)	15.1%	-7.8%
Sector (XLV)	16.9%	1.4%

Fundamental Drivers

The 108.2% change in PACS stock from 12/3/2024 to 12/3/2025 was primarily driven by a 0.0% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	15.05	31.34	108.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	�	�
Net Income Margin (%)	�	�	�
P/E Multiple	�	�	�
Shares Outstanding (Mil)	150.15	150.15	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
PACS	108.2%
Market (SPY)	14.3%	13.9%
Sector (XLV)	7.0%	15.5%

Fundamental Drivers

null
null

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
PACS
Market (SPY)	53.2%	12.2%
Sector (XLV)	20.8%	18.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PACS Return	-	-	-	-	-	140%	140%
Peers Return	13%	36%	-0%	14%	10%	23%	135%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
PACS Win Rate	-	-	-	-	62%	50%
Peers Win Rate	42%	53%	42%	43%	42%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
PACS Max Drawdown	-	-	-	-	-	-41%
Peers Max Drawdown	-48%	-5%	-28%	-8%	-11%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ACHC, SRTA, HCA, THC, UHS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

PACS has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique Key	Event	XLV	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-16.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	19.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	599 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-28.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	40.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	116 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	18.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	68.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1100 days	1480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

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About PACS (PACS)

We are a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities. Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities, with over 200 post-acute care facilities across nine states serving over 20,000 patients daily. We also provide senior care, assisted living, and independent living options in some of our communities. Our significant historical growth has been primarily driven by our expertise in acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care skilled nursing facilities. We believe our success is driven in significant part by our decentralized, local operating model, through which we empower local leaders at each facility to operate their facility autonomously and deliver excellence in clinical quality and a superior experience for our patients. We provide our independently operated facilities with a comprehensive suite of technology, support, and back-office services that allow local leadership teams to focus more of their time and effort on providing quality care to patients. We believe our operating model delivers value to all of our healthcare stakeholders, including patients and families, referring providers, payors, and administrators and clinicians. The post-acute care ecosystem serves individuals who need additional help recuperating from acute conditions, illnesses, or serious medical procedures after they have been discharged from the hospital. This ecosystem ranges from higher acuity, higher-cost settings, such as long-term acute care hospitals and inpatient rehabilitation facilities, to lower acuity, lower-cost settings, such as assisted living facilities, and home health. Skilled nursing facilities (SNFs) are positioned at the center of this ecosystem and play an essential role in providing cost efficient facility-based care to patients that have been discharged from hospitals but still require 24-hour in-patient services. SNFs can provide both long-term custodial care and higher value short-term transitional care. The SNF industry is large and growing, with the Centers for Medicare & Medicaid Services (CMS) expecting total industry expenditures to increase from $193.6 billion in 2022 to $283.3 billion in 2031, representing a compound annual growth rate (CAGR) of 4.3%. Based on the number of facilities as reported by CMS, we are one of the largest SNF operators in the United States. We are primarily focused on providing higher value short-term transitional care and believe we are uniquely positioned to capitalize on the current underlying trends within the SNF industry and to capture a growing portion of the expected demand. We believe that healthcare is local and we operate through a decentralized model, recognizing that each patient, facility, and community is unique. To that end, we believe that our local leaders and employees understand the distinct needs and priorities of their patients, staff, and facilities and are best positioned to make clinical and operational decisions in order to optimize patient outcomes and experience. To facilitate this, each of our facilities operates independently, led by a facility administrator and his or her interdisciplinary team of medical directors, nurses, therapists, specialty consultants, and operators. To assist these local teams in achieving their best clinical and operating potential, we provide each facility with access to PACS Services. PACS Services is a comprehensive suite of offerings, including accounting, finance, human resources, payroll, accounts receivable and payable, legal, and risk management services, as well as a robust suite of technology tools. We operate in a highly regulated industry with stringent regulatory compliance obligations, which requires robust regulatory compliance operations. Failure to operate in compliance with applicable laws and regulations could require significant expenditures and result in regulatory deficiencies and other regulatory penalties. PACS Services functions to support our regulatory compliance obligations across our organization, including through controlled billing and cost reporting practices and legal, risk management, and compliance support. PACS Services also provides teams of regional professionals available as resources to each facility, including a regional vice president (RVP) and regional clinical and non-clinical directors and consultants. We developed PACS Services to be a resource to help reduce administrative burden so that local leadership teams can focus on making decisions that improve the care, well-being, and quality of life of their patients. We believe that talented local leadership is critical to the success of our model of independently operated, centrally supported facilities. At the facility level, administrators are effectively the chief executive officers, and together with other local licensed professionals, are ultimately responsible for the operations of their respective facilities. We seek to recruit, train, and reward dynamic administrators for our facilities, and rely on them to work with their interdisciplinary teams to implement policies and procedures that are appropriate and effective and result in positive outcomes. We support the delivery of excellent care by building excellent teams. We believe our model attracts high caliber, entrepreneurial professionals who value having considerable autonomy, accountability, and aligned incentives. We provide these professionals with leadership and industry training, guidance, and operational support. Our model is intended to align local leaders’ incentives with facility and organizational success, encouraging them to dedicate themselves to the long-term future of their facilities. To create such alignment, we have developed an administrator compensation structure that prioritizes quality of care and operational and financial performance. Our administrators understand that a well-performing facility is the result of providing quality care in an environment of healing and caring, and one that is appropriately staffed, supplied, and equipped to meet the needs of its patients. This dedicated focus by our administrators and their local teams on patient outcomes drives demand for our services and can ultimately result in higher patient census and profitability. We also seek to provide opportunities for upward career mobility, with many of our administrators being promoted from within our company to roles of increasing levels of responsibility. Our culture of meritocracy and pride of ownership has helped us retain experienced facility administrators as well as RVPs who had average industry experience of 12.1 years, as of December 31, 2023. For the year ended December 31, 2023, we had a voluntary turnover rate of 3.1% among our facility administrators. Excellence in clinical quality and experience for our patients is at the forefront of our mission. We believe our focus on quality is reflected in our CMS Quality Measures (QM) Star rating, occupancy rate, and skilled mix by nursing patient days (which refers to the number of days our Medicare and managed care patients receive skilled nursing services at SNFs as a percentage of the total number of days that patients from all payor sources receive skilled nursing services at SNFs for any given period). The QM Star rating is a number between 1 and 5 that is assigned to SNFs that participate in Medicare or Medicaid, and is based on an aggregate score across a range of quality reporting program requirements. As of December 31, 2023, our average QM Star rating across all our facilities was 4.1 Stars, compared to the industry average of 3.6 Stars. For the years ended December 31, 2023, 2022 and 2021, our average occupancy rate across our Mature facilities, which we define as facilities purchased more than 36 months prior to the measurement date, was 93%, 92%, and 88%, respectively, compared to the industry average of 76%, 74% and 71%. For the year ended December 31, 2023, our skilled mix by nursing patient days was 32%. We have historically grown primarily through our disciplined and balanced acquisition strategy. We aim to create value by identifying and acquiring underperforming custodial care facilities and converting them into higher-value short-term transitional care facilities by investing in clinical teams and processes and upgrading technology, equipment, training, staffing, aesthetics, and other aspects of the business. The resources and guidance offered by PACS Services is key to rapid integration of new facilities and provides our local leadership teams with an effective technology infrastructure, support tools, and regional support teams that allow local leadership to focus on operational improvements. Our facilities generally undergo an up to three-year post-acquisition transition period. During this period, we seek to implement best practices designed to realize and sustain the facility’s full potential. These practices often result in significant improvements to clinical quality and other operational metrics, including skilled mix, occupancy rates and payor contracting. We believe the results of our acquisition strategy are demonstrated by our high average QM Star rating and occupancy rate for Mature facilities of 4.2 and 93%, respectively, as of December 31, 2023. As of December 31, 2023, the average QM Star rating and occupancy rate for New facilities, which we define as facilities purchased less than 18 months prior to the measurement date, was 3.9 and 87%, respectively. Our portfolio of owned and leased properties is strategically located in nine states: Arizona, California, Colorado, Kentucky, Missouri, Nevada, Ohio, South Carolina and Texas. We anticipate that available acquisition opportunities will enable us to further penetrate our reach into these nine states and to enter new states in the future. We believe our current markets are attractive and that the states in which we operate each has unique benefits, such as favorable reimbursement dynamics, high barriers to entry, or population growth of adults aged 65 and older, which is our primary patient demographic. We generally look for similar attributes in new markets that we enter. As of December 31, 2023, we leased 165 facilities, directly owned the real estate at 29 facilities, and owned partial interests in an additional 14 facilities through joint ventures managed by third parties. As we continue to grow, we intend to explore additional purchases of real-estate assets, through purchase options or right-of-first refusals in existing leases, as well as acquisitions and de novo construction of purpose-built facilities. For the year ended December 31, 2023, we generated total revenue of $3.1 billion, representing a CAGR of 63.3% over the last three years. A substantial portion of our revenue is generated from payments from third-party payors, including Medicare and Medicaid, which represent our largest sources of revenue and accounted for 38.6% and 37.6% of our routine revenue for the year ended December 31, 2023, respectively. For the year ended December 31, 2022, we generated revenue of $2.4 billion, and Medicare and Medicaid accounted for 47.6% and 30.2% of our total revenue, respectively. For the year ended December 31, 2023, we generated total net income of $112.9 million, total operating expense of $2.9 billion and Adjusted EBITDA of $237.5 million, representing a CAGR of 53.4%, 63.7%, and 51.1%, respectively, over the last three years. For the year ended December 31, 2022, our total operating expenses were $2.2 billion, and we generated net income of $150.5 million and Adjusted EBITDA of $255.5 million. As of December 31, 2023, we had total long-term liabilities of $3.0 billion. Adjusted EBITDA is a non-GAAP financial measure. --- We were initially incorporated on December 17, 2012 as Providence Group, Inc., a California corporation. On June 30, 2023, we undertook a reorganization in connection with our entry into a new credit agreement. Pursuant to this reorganization, PACS Group, Inc., which was incorporated on March 24, 2023 as a Delaware corporation, became the parent entity for our organization. --- PACS Group, Inc. is a holding company with operating subsidiaries that provide skilled nursing, senior living, as well as other ancillary businesses. Each facility is structured as an operating subsidiary under one of our two subsidiary holding companies: Providence Group, Inc. and Providence Group NH, LLC. Subsidiaries of Providence Group, Inc. are currently operating subsidiaries (facilities) with mortgage loans insured by the U.S. Department of Housing and Urban Affairs. Subsidiaries of Providence Group NH, LLC are currently operating subsidiaries (facilities) without such mortgage loans. PACS Group, Inc. and its subsidiaries that are not licensed healthcare providers do not provide healthcare services to patients, residents or any other person, and do not direct or control the provision of services provided. All healthcare services are provided solely by applicable subsidiaries that are licensed healthcare providers, under the direction and control of licensed healthcare professionals in accordance with applicable law. Our principal executive offices are located at 262 N. University Ave, Farmington, Utah.

AI Generated Analysis | Feedback

Here are a few brief analogies to describe PACS:

HCA Healthcare for post-acute care: Think of PACS like a major hospital chain such as HCA Healthcare, but focused specifically on operating skilled nursing and assisted living facilities.
Brookdale Senior Living for a broader range of post-acute care: Similar to Brookdale Senior Living, a large operator of senior living communities, but with a significant emphasis on skilled nursing and rehabilitation alongside assisted living.
The Marriott or Hilton of skilled nursing and assisted living facilities: Like a major hotel chain that operates numerous properties, PACS manages a large network of skilled nursing and assisted living centers providing specialized care.

AI Generated Analysis | Feedback

Skilled Nursing Facility Services: Provides comprehensive medical, nursing, and rehabilitative care for patients recovering from acute illnesses or injuries.
Assisted Living Facility Services: Offers residential housing and personal care support for individuals who require assistance with daily living activities.

AI Generated Analysis | Feedback

PACS Group, Inc. (symbol: PACS) primarily sells its services directly to individuals.

The company operates skilled nursing facilities and assisted living facilities, serving a diverse range of residents and patients. The major categories of individual customers it serves include:

Seniors and Elderly Individuals: These customers seek long-term care, assistance with daily living activities, personal care, and social engagement in an assisted living or skilled nursing setting.
Individuals Requiring Post-Acute Rehabilitation: This category includes patients who need short-term skilled nursing care, physical therapy, occupational therapy, or speech therapy following a hospital stay, surgery, illness, or injury, with the goal of returning home or to a lower level of care.
Individuals with Chronic Conditions or Complex Medical Needs: These customers require ongoing specialized medical care, memory care (for conditions like Alzheimer's or dementia), or comprehensive support for managing chronic health issues that necessitate a higher level of supervision and care than can be provided at home.

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Jason Murray, Co-Founder, CEO and Chairman

Jason Murray is a co-founder of PACS Group, Inc. and has served as CEO and Chairman since January 2013. He possesses over 20 years of experience as an executive in acute and post-acute healthcare settings and is a licensed nursing home administrator. Under his leadership, PACS Group has grown into a national platform with 315 post-acute facilities across 17 states. He was named the 2023 Mountain West Entrepreneur of the Year by Ernst & Young. Murray co-founded PACS with Mark Hancock in 2013.

Mark Hancock, Co-Founder, Executive Vice Chairman, and Interim Chief Financial Officer

Mark Hancock is a co-founder of PACS Group, Inc. and serves as the Executive Vice Chairman and interim Chief Financial Officer, having been appointed interim CFO in September 2025 following Derick Apt's resignation. He previously held the CFO position since co-founding PACS in 2013. Hancock brings over 20 years of experience as a finance professional and has also worked as a licensed nursing home administrator in Utah, California, and Kentucky. Before co-founding PACS, he worked for Fortune 500 companies in the auto and steel industries and served as the treasurer for a $20 billion financial services company. He was recognized as a 2023 Mountain West Entrepreneur of the Year by Ernst & Young. Hancock played a pivotal role in growing PACS from a two-facility organization to one of the largest skilled nursing companies with over 200 facilities.

Josh Jergensen, President and Chief Operating Officer

Josh Jergensen is the President and Chief Operating Officer at PACS Group, Inc. He has been with PACS since its inception 11 years ago and has been instrumental in the company's growth from two facilities to over 275. Jergensen has more than 10 years of experience operating complex multi-story skilled nursing facilities and is a licensed nursing home administrator and approved preceptor in California. Since 2014, he has provided operational support to all facilities within the PACS portfolio.

Michelle Lewis, Executive Vice President, Chief Accounting Officer

Michelle Lewis has served as PACS Group's Executive Vice President, Chief Accounting Officer since January 2023. She joined the company in July 2018 and has held various roles of increasing responsibility, including Controller. A licensed Certified Public Accountant, Ms. Lewis previously owned and operated Michelle Lewis Accounting Services, PLLC, a certified public accounting firm, and also provided controller functions at a privately held healthcare organization from January 2008 to May 2015.

John Mitchell, Chief Legal Officer and Secretary

As Chief Legal Officer and Secretary, John Mitchell manages PACS Group’s legal department. Prior to joining PACS in 2017, he served as Vice President, Legal at HCP, a NYSE-traded healthcare-focused real estate investment trust, and as Senior Vice President, Legal, and Chief Compliance Officer at Skilled Healthcare Group, a NYSE-traded skilled nursing company. He began his career at an international law firm, focusing on corporate, finance, and mergers and acquisitions.

AI Generated Analysis | Feedback

The clear emerging threat for PACS Group, Inc. (PACS) is the accelerating societal and policy-driven shift towards home and community-based care (HCBC) and "aging in place." This trend directly competes with and reduces the demand for the skilled nursing facilities and senior living communities that constitute PACS's primary business model. Government initiatives, technological advancements in remote monitoring and telehealth, and strong patient preferences are all contributing to a growing market for in-home care services, presenting a long-term challenge to the traditional institutional care sector.

AI Generated Analysis | Feedback

PACS Group, Inc. (symbol: PACS) operates within the U.S. post-acute healthcare market, primarily focusing on skilled nursing facilities and assisted living, and independent living services.

The addressable markets for their main products and services in the U.S. are:

U.S. Post-Acute Care (PAC) Market: The U.S. post-acute care market was valued at approximately USD 482.97 billion in 2024. It is projected to reach around USD 786.71 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5% from 2024 to 2034. Other estimates place the market at USD 438.07 billion in 2022, with a projection to reach approximately USD 696.55 billion by 2032 at a CAGR of 4.75% from 2023 to 2032. This market includes skilled nursing facilities, home care, long-term acute care, and inpatient rehabilitation.
U.S. Skilled Nursing Facilities (SNF) Market: The U.S. skilled nursing facilities market size was estimated at USD 199.72 billion in 2024 and is expected to reach USD 290.02 billion by 2033, growing at a CAGR of 4.39% from 2025 to 2033. Another source estimates the market to be valued at USD 407.89 billion in 2025 and is expected to reach USD 668.37 billion by 2032, exhibiting a CAGR of 7.3% from 2025 to 2032. Skilled nursing facilities contribute a significant share to the post-acute care market.
U.S. Long-Term Care Market: The U.S. long-term care market size was estimated at USD 470.66 billion in 2024 and is expected to reach an estimated value of USD 729.78 billion by 2030, registering a CAGR of 7.71% over the forecast period. This market encompasses services such as nursing care, assisted living facilities, home health care, and hospices.

AI Generated Analysis | Feedback

PACS Group, Inc. (symbol: PACS) is anticipated to experience future revenue growth over the next two to three years driven by several key factors:

Expansion through Acquisitions and New Facility Additions: PACS Group has demonstrated a consistent strategy of expanding its operational footprint by acquiring new facilities and adding new beds. For example, the company added 32 facilities and 12 real estate acquisitions in the 12 months ending June 30, 2024, and an additional 28 facilities across four new states since then, bringing its total operated facilities to 248 at that time. Since Q2 2024, PACS has added 96 facilities to its portfolio. This ongoing expansion significantly increases the company's capacity and reach, directly contributing to higher revenue.
Increased Occupancy Rates and Patient Days: A fundamental driver of revenue for post-acute care providers is the utilization of their facilities. PACS has consistently reported strong occupancy rates, with facility occupancy at 91% in Q2 2024, notably above the industry average of 76%. The addition of operational beds also leads to an increase in patient days, further boosting revenue. As new and existing facilities maintain or improve their occupancy, overall patient days and corresponding revenue are expected to grow.
Growth in Revenue Per Patient Day and Rate Increases: PACS has experienced improvements in its revenue per patient day, influenced by both the maturation of facilities and strategic rate increases. The average Medicare revenue per patient day increased to $952 in the second quarter of 2024, up from $870 in the same period of 2023. This indicates that the company is not only serving more patients but also generating higher revenue for each patient day, potentially due to higher patient acuity levels and favorable reimbursement rates.
Maturation of Existing and Newly Acquired Facilities: As new facilities integrate into PACS Group's operations and mature, they typically achieve higher occupancy rates and increased revenue per patient day. The company estimates a 19% improvement in occupancy and a 14.8% increase in revenue per day as facilities transition from new to mature status. This organic growth within the existing portfolio, as facilities reach their full potential, is a significant, built-in driver of future revenue.
Emphasis on High-Quality Care and CMS Star Ratings: PACS Group attributes its revenue growth, in part, to a strong focus on clinical outcomes and high Centers for Medicare & Medicaid Services (CMS) Quality Measures ratings. Many of their facilities hold 4- or 5-star ratings, which can enhance their reputation, attract more patients, and potentially lead to preferred provider status and better reimbursement rates. This commitment to quality care positions PACS favorably within the competitive healthcare landscape.

AI Generated Analysis | Feedback

Share Issuance

PACS Group, Inc. completed its initial public offering on April 15, 2024, selling 21,428,572 shares of common stock at $21.00 per share, generating approximately $450 million in gross proceeds.
In September 2024, the company closed an upsized underwritten public offering, issuing 2,777,778 shares of its common stock at $36.25 per share, resulting in approximately $101 million in gross proceeds to the company.

Outbound Investments

Since October 31, 2024, PACS Group has acquired 38 facilities, adding 4,700 skilled nursing beds and expanding its presence to 17 states.
The company completed the acquisition of 11 skilled nursing facilities in Tennessee in December 2024, adding 1,310 skilled nursing beds to its portfolio, with a 12th facility expected to close in Q1 2025.
PACS Group has seen a net addition of 96 healthcare facilities since the second quarter of 2024, primarily occurring in the latter half of 2024, bringing its total to 316 healthcare facilities across 17 states as of June 30, 2025.

Capital Expenditures

The company anticipates capital expenditures of $54 million for the next fiscal year.
Capital expenditures constitute a significant portion of PACS Group's cost of services.
PACS Group plans to utilize its cash flow to support its growth initiatives and execute its business plan.

Better Bets than PACS (PACS)

	PACS	Better Performance than PACS
Metric	Value	INDUSTRY: Health Care Facilities
Op Mgn LTM	5.6%	EHC (17.3%), THC (16.1%), HCA (15.2%), UHS (11.5%), ENSG (8.3%)
CFO/Rev LTM	4.5%	EHC (19.1%), HCA (16.4%), THC (11.9%), UHS (11.5%), ENSG (10.0%)
FCF/Rev LTM	-3.5%	HCA (10.0%), THC (7.2%), EHC (6.9%), UHS (5.6%), ENSG (1.0%)
Total Yield	9.0%	CYH (76.6%), ARDT (13.3%), UHS (11.1%), NUTX (11.1%), SEM (9.7%)
P/S	0.6	CYH (0.0), SEM (0.3), ARDT (0.3), EHAB (0.4), ASTH (0.5)
P/Op Inc	10.2	THC (5.3), SGRY (6.1), UHS (6.6), AVAH (7.9), HCA (9.2)

	PACS	Better Performance than PACS
Metric	Value	SECTOR: Health Care
Op Mgn LTM	5.6%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	4.5%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	-3.5%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), UNH (4.0%), LLY (-0.1%)
Total Yield	9.0%	PFE (13.5%), MRK (13.0%), BMY (12.0%), SOLV (12.0%), ELV (9.8%)
P/S	0.6	COR (0.2), CVS (0.2), MCK (0.2), CI (0.3), ELV (0.4)
P/Op Inc	10.2	BMY (8.0), CVS (8.9), HCA (9.2), MRK (9.4), PFE (9.4)

	PACS	Better Performance than PACS
Metric	Value	ALL OTHER SECTORS
Op Mgn LTM	5.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	4.5%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-3.5%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	9.0%	VZ (16.8%), T (11.0%), RY (10.3%), XOM (10.3%), WFC (9.9%)
P/S	0.6	F (0.3), GM (0.3), PSX (0.4), VLO (0.4), MPC (0.4)
P/Op Inc	10.2	VZ (5.9), BUD (7.7), BN (8.1), T (8.3), COP (9.4)

		Best Bets In Health Care Sector
	PACS
What You Pay
P/E	19.9
P/EBIT	10.1
What You Get
Rev Chg Q	�
Rev Chg LTM	�
Rev Chg 3Y Avg	�
FCF/Rev 3Y Avg	�

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	PACS Stock Surges 132%, With A 7-Day Winning Spree	Notification
2	PACS Stock Rockets 123% With 6-Day Winning Streak	Notification
3	PACS Stock On Fire: Up 120% With 5-Day Winning Streak	Notification
4	With PACS Stock Surging, Have You Considered The Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to PACS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for PACS

Peers to compare with:

Financials

	PACS	ACHC	SRTA	HCA	THC	UHS	Median
Name	PACS	Acadia H.	Strata C.	HCA Heal.	Tenet He.	Universa.
Mkt Price	31.34	14.69	4.44	486.77	211.34	230.15	121.34
Mkt Cap	4.7	1.3	-	116.4	18.6	14.5	14.5
Rev LTM	3,386	3,266	254	72,698	20,846	16,993	10,189
Op Inc LTM	190	444	-24	11,078	3,347	1,949	1,197
FCF LTM	-118	-347	-20	7,292	1,502	950	465
FCF 3Y Avg	-	-252	-32	5,704	1,678	773	773
CFO LTM	152	335	1	11,935	2,478	1,948	1,142
CFO 3Y Avg	-	308	-18	10,451	2,550	1,641	1,641

Growth & Margins

	PACS	ACHC	SRTA	HCA	THC	UHS	Median
Name	PACS	Acadia H.	Strata C.	HCA Heal.	Tenet He.	Universa.
Rev Chg LTM	-	4.6%	6.7%	6.4%	-0.6%	10.2%	6.4%
Rev Chg 3Y Avg	-	9.0%	36.5%	6.6%	3.1%	8.7%	8.7%
Rev Chg Q	-	4.4%	4.2%	6.4%	3.2%	13.4%	4.4%
QoQ Delta Rev Chg LTM	-	1.1%	1.1%	1.6%	0.8%	3.2%	1.1%
Op Mgn LTM	5.6%	13.6%	-9.6%	15.2%	16.1%	11.5%	12.5%
Op Mgn 3Y Avg	-	16.2%	-22.0%	15.0%	13.8%	9.8%	13.8%
QoQ Delta Op Mgn LTM	-	-1.0%	3.0%	0.1%	0.4%	0.5%	0.4%
CFO/Rev LTM	4.5%	10.3%	0.5%	16.4%	11.9%	11.5%	10.9%
CFO/Rev 3Y Avg	-	10.2%	-8.9%	15.4%	12.3%	10.5%	10.5%
FCF/Rev LTM	-3.5%	-10.6%	-7.7%	10.0%	7.2%	5.6%	1.1%
FCF/Rev 3Y Avg	-	-7.8%	-14.6%	8.4%	8.1%	4.9%	4.9%

Valuation

	PACS	ACHC	SRTA	HCA	THC	UHS	Median
Name	PACS	Acadia H.	Strata C.	HCA Heal.	Tenet He.	Universa.
Mkt Cap	4.7	1.3	-	116.4	18.6	14.5	14.5
P/S	0.6	0.7	-	1.4	0.9	0.8	0.8
P/EBIT	10.1	8.2	-	9.3	5.0	6.5	8.2
P/E	19.9	20.9	-	17.1	13.2	9.4	17.1
P/CFO	12.7	6.7	-	8.5	7.2	6.6	7.2
Total Yield	9.0%	4.8%	-	6.5%	7.6%	11.1%	7.6%
Dividend Yield	4.0%	0.0%	-	0.7%	0.0%	0.4%	0.4%
FCF Yield 3Y Avg	-	-7.6%	-	6.4%	13.5%	6.1%	6.2%
D/E	1.4	1.1	-	0.5	0.7	0.4	0.7
Net D/E	1.3	1.0	-	0.4	0.6	0.4	0.6

Returns

	PACS	ACHC	SRTA	HCA	THC	UHS	Median
Name	PACS	Acadia H.	Strata C.	HCA Heal.	Tenet He.	Universa.
1M Rtn	165.8%	-31.1%	-12.9%	5.5%	4.9%	4.4%	4.7%
3M Rtn	184.9%	-37.0%	7.0%	19.6%	13.1%	26.9%	16.4%
6M Rtn	208.2%	-35.0%	-	28.0%	24.4%	22.2%	24.4%
12M Rtn	108.2%	-65.2%	-	50.0%	49.6%	16.5%	49.6%
3Y Rtn	-	-83.2%	-	108.8%	366.7%	80.5%	94.6%
1M Excs Rtn	165.9%	-31.0%	-12.9%	5.5%	5.0%	4.4%	4.7%
3M Excs Rtn	173.7%	-43.2%	0.9%	13.1%	4.4%	18.7%	8.8%
6M Excs Rtn	193.4%	-49.7%	-	13.3%	9.7%	7.5%	9.7%
12M Excs Rtn	84.7%	-77.4%	-	36.4%	34.6%	-0.7%	34.6%
3Y Excs Rtn	-	-155.4%	-	40.2%	302.5%	8.2%	24.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2023	2022	2021
Period End	6/30/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	8/12/2024	4/12/2024	4/12/2024	4/12/2024
Key Financials
Total Revenue	3,386	3,111	2,422	1,167
EBITDA	221	233	255	94
Operating Income	190	208	229	83
Net Income	97	113	150	48
EPS	0.65	0.75	1.00	0.32
Growth Rates
Total Revenue Growth	-	28.5%	107.6%	-
EBITDA Growth	-	-8.6%	171.6%	-
Operating Income Growth	-	-9.4%	175.1%	-
Net Income Growth	-	-25.0%	213.9%	-
Margins
EBITDA Margin	6.5%	7.5%	10.5%	8.0%
Operating Income Margin	5.6%	6.7%	9.5%	7.1%
Net Income Margin	2.9%	3.6%	6.2%	4.1%
Cash & Debt
Total Cash	73	73	58	�
Total Debt	2,673	2,805	1,926	0
Net Debt / (Cash)	2,599	2,731	1,867	�
Cash Flows
Net Cash from Operations	152	64	93	58
Free Cash from Operations	-118	-109	14	-146
Returns to Shareholders
Dividends	77	80	60	54
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2024Q2	2024Q1	2023Q2	2023Q1
Period End	6/30/2024	3/31/2024	6/30/2023	3/31/2023
Filing Date	8/12/2024	5/13/2024	8/12/2024	5/13/2024
Key Financials Quarterly
Total Revenue	982	935	761	708
Ebitda	6	96	53	66
Operating Income	1	80	50	59
Net Income	-11	49	21	38
EPS	-0.07	0.33	0.14	0.25
Key Financials TTM
Total Revenue TTM	3,386	-	-	-
Ebitda TTM	221	-	-	-
Operating Income TTM	190	-	-	-
Net Income TTM	97	-	-	-
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-
EBITDA Growth	-	-	-	-
Operating Income Growth	-	-	-	-
Net Income Growth	-	-	-	-
Margins Quarterly
EBITDA Margin	0.6%	10.3%	7.0%	9.3%
Operating Income Margin	0.1%	8.6%	6.5%	8.4%
Net Income Margin	-1.1%	5.3%	2.8%	5.3%
Cash & Debt
Total Cash	73	81	-	-
Total Debt	2,673	3,022	0	0
Net Debt / (Cash)	2,599	2,941	-	-
Cash Flows Quarterly
FCF from Operations	35	59	-21	79
Cash Flows TTM
FCF from Operations TTM	152	-	-	-
Returns to Shareholders Quarterly
Dividends	16	17	25	19
Share Repurchases	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.1%	7.3%	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	4.2%	-	-	-

Price Behavior

Price Behavior

Market Price	$31.34
Market Cap ($ Bil)	4.7
First Trading Date	04/11/2024
Distance from 52W High	-6.5%
	50 Days	200 Days
DMA Price	$16.12	$15.19
DMA Trend	up	up
Distance from DMA	94.4%	106.3%
	3M	1YR
Volatility	175.9%	99.7%
Downside Capture	-402.14	14.58
Upside Capture	202.21	85.16
Correlation (SPY)	-9.1%	13.9%

PACS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-4.97	-2.31	-1.37	-0.93	0.70	-0.02
Up Beta	5.03	2.50	5.23	3.26	1.02	0.27
Down Beta	-12.41	-4.79	-4.87	-4.04	0.64	0.21
Up Capture	442%	216%	236%	121%	86%	16%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	19	30	58	113	197
Down Capture	-1438%	-636%	-570%	-469%	27%	66%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	23	33	67	134	208

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	3,357,277
Short Interest: % Change Since 10312025	7.0%
Average Daily Volume	640,162
Days-to-Cover Short Interest	5.24
Basic Shares Quantity	149,463,655
Short % of Basic Shares	2.2%

Returns Analyses

	Title
0	With PACS Stock Surging, Have You Considered The Downside?

SEC Filings

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Report Date	Filing Date	Filing
6302024	8122024	10-Q 6/30/2024
3312024	5132024	10-Q 3/31/2024
12312023	4122024	424B4 12/31/2023

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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PACS (PACS)

Market Price (12/4/2025): $31.26 | Market Cap: $4.7 BilSector: Health Care | Industry: Health Care Facilities

PACS (PACS)

Market Price (12/4/2025): $31.26Market Cap: $4.7 BilSector: Health CareIndustry: Health Care Facilities

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PACS Stock

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Market Price (12/4/2025): $31.26 | Market Cap: $4.7 Bil
Sector: Health Care | Industry: Health Care Facilities

Market Price (12/4/2025): $31.26
Market Cap: $4.7 Bil
Sector: Health Care
Industry: Health Care Facilities