PACS (PACS)


Market Price (9/12/2026): $44.72 | Market Cap: $7.1 BilSector: Health Care | Industry: Health Care Facilities

PACS (PACS)


Market Price (9/12/2026): $44.72
Market Cap: $7.1 Bil
Sector: Health Care
Industry: Health Care Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%

Megatrend and thematic drivers
Megatrends include Healthcare Real Estate. Themes include Post-Acute Care Real Estate.

Weak multi-year price returns
2Y Excs Rtn is -21%

Stock price has recently run up significantly
12M Rtn12 month market price return is 366%

Short seller report
Hindenburg Research report on 11/4/2024.

Key risks
PACS key risks include [1] potential NYSE delisting stemming from its failure to timely file financial reports and a necessary accounting restatement, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%
1 Megatrend and thematic drivers
Megatrends include Healthcare Real Estate. Themes include Post-Acute Care Real Estate.
2 Weak multi-year price returns
2Y Excs Rtn is -21%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 366%
4 Short seller report
Hindenburg Research report on 11/4/2024.
5 Key risks
PACS key risks include [1] potential NYSE delisting stemming from its failure to timely file financial reports and a necessary accounting restatement, Show more.

PACS in ETFs

Weight = PACS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.07%
VB0.02%
IHF0.27%
AVUV0.17%
IWO0.13%
DFAS0.09%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/9/2026

PACS (PACS) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance: PACS Group reported robust financial results for its fiscal second quarter ending June 30, 2026. The company announced revenue of $1.43 billion, marking a 9.1% increase year-over-year. Net income surged by 49.8% to $76.3 million, while diluted earnings per share (EPS) rose 51.6% to $0.47. Adjusted EPS reached $0.63, significantly beating analysts' consensus estimates of $0.54 by $0.09. Additionally, Adjusted EBITDA increased by 24.6% year-over-year to $166.8 million.

2. Elevated Full-Year 2026 Guidance: Following the strong fiscal Q2 results, PACS Group raised its full-year 2026 guidance, reflecting management's confidence in continued operational momentum. The company increased its revenue forecast to a range of $5.75 billion to $5.85 billion, up from the prior range of $5.65 billion to $5.75 billion. Simultaneously, the Adjusted EBITDA guidance was lifted to $640 million to $660 million, an increase from the previous range of $605 million to $625 million.

Show more
Updated on 9/9/2026

PACS (PACS) stock has gained about 20% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance: PACS Group reported robust financial results for its fiscal second quarter ending June 30, 2026. The company announced revenue of $1.43 billion, marking a 9.1% increase year-over-year. Net income surged by 49.8% to $76.3 million, while diluted earnings per share (EPS) rose 51.6% to $0.47. Adjusted EPS reached $0.63, significantly beating analysts' consensus estimates of $0.54 by $0.09. Additionally, Adjusted EBITDA increased by 24.6% year-over-year to $166.8 million.

2. Elevated Full-Year 2026 Guidance: Following the strong fiscal Q2 results, PACS Group raised its full-year 2026 guidance, reflecting management's confidence in continued operational momentum. The company increased its revenue forecast to a range of $5.75 billion to $5.85 billion, up from the prior range of $5.65 billion to $5.75 billion. Simultaneously, the Adjusted EBITDA guidance was lifted to $640 million to $660 million, an increase from the previous range of $605 million to $625 million.

3. Significant Strategic Acquisitions and Expansion: PACS Group pursued an aggressive expansion strategy through key acquisitions during the period. On June 29, 2026, the company announced a definitive agreement to acquire the operations of 34 skilled nursing facilities from Eduro Healthcare across six western states, encompassing 3,633 beds. By August 1, 2026, PACS had completed the acquisition of 20 of these Texas facilities. Furthermore, on September 1, 2026, PACS Group disclosed agreements to acquire the operations of 32 additional skilled nursing facilities in Florida, adding 4,049 skilled nursing beds and marking the company's entry into its 21st state.

4. Favorable Analyst Sentiment and Increased Price Targets: The positive financial results and strategic growth initiatives led to a wave of positive analyst revisions. Several research firms reiterated "Buy" or "Outperform" ratings for PACS stock and increased their price targets. For example, Oppenheimer raised its price target to $57 from $48, UBS to $60 from $57, RBC Capital to $57 from $52, and Truist Financial to $62 from $52. The company currently holds a consensus "Strong Buy" rating with an average price target between $58.80 and $59.00, suggesting considerable upside potential.

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Stock Movement Drivers

Fundamental Drivers

The 22.1% change in PACS stock from 5/31/2026 to 9/11/2026 was primarily driven by a 11.3% change in the company's P/E Multiple.
(LTM values as of)53120269112026Change
Stock Price ($)36.6544.7622.1%
Change Contribution By: 
Total Revenues ($ Mil)5,4325,5512.2%
Net Income Margin (%)4.5%4.8%8.1%
P/E Multiple23.626.311.3%
Shares Outstanding (Mil)157158-0.7%
Cumulative Contribution22.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/11/2026
ReturnCorrelation
PACS22.1% 
Market (SPY)1.0%15.3%
Sector (XLV)10.6%10.5%

Fundamental Drivers

The 22.6% change in PACS stock from 2/28/2026 to 9/11/2026 was primarily driven by a 33.9% change in the company's Net Income Margin (%).
(LTM values as of)22820269112026Change
Stock Price ($)36.5144.7622.6%
Change Contribution By: 
Total Revenues ($ Mil)5,2895,5515.0%
Net Income Margin (%)3.6%4.8%33.9%
P/E Multiple29.926.3-11.9%
Shares Outstanding (Mil)157158-0.9%
Cumulative Contribution22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/11/2026
ReturnCorrelation
PACS22.6% 
Market (SPY)11.7%23.8%
Sector (XLV)3.6%27.1%

Fundamental Drivers

The 284.5% change in PACS stock from 8/31/2025 to 9/11/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)83120259112026Change
Stock Price ($)11.6444.76284.5%
Change Contribution By: 
Total Revenues ($ Mil)5,5510.0%
Net Income Margin (%)4.8%0.0%
P/E Multiple26.30.0%
Shares Outstanding (Mil)21415835.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/11/2026
ReturnCorrelation
PACS284.5% 
Market (SPY)19.5%5.4%
Sector (XLV)21.9%9.5%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/11/2026
ReturnCorrelation
PACS  
Market (SPY)75.7%13.9%
Sector (XLV)30.0%18.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PACS Return----43%193%17%95%
Peers Return12%-15%64%8%59%26%241%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
PACS Win Rate---67%58%67% 
Peers Win Rate50%47%64%53%67%56% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
PACS Max Drawdown-----47%-28% 
Peers Max Drawdown-31%-36%-20%-25%-18%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ENSG, BKD, NHC.
[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] 2026 data is for the year up to 9/11/2026 (YTD)

How Low Can It Go

EventPACSS&P 500
2025 US Tariff Shock
  % Loss-34.8%-18.8%
  % Gain to Breakeven53.4%23.1%
  Time to Breakeven58 days79 days

Compare to ENSG, BKD, NHC

In The Past

PACS's stock fell -34.8% during the 2025 US Tariff Shock. Such a loss loss requires a 53.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPACSS&P 500
2025 US Tariff Shock
  % Loss-34.8%-18.8%
  % Gain to Breakeven53.4%23.1%
  Time to Breakeven58 days79 days

Compare to ENSG, BKD, NHC

In The Past

PACS's stock fell -34.8% during the 2025 US Tariff Shock. Such a loss loss requires a 53.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About PACS (PACS)

PACS is a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of over 200 independently operated facilities across nine U.S. states. The company specializes in short-term transitional care for patients recuperating from acute conditions, illnesses, or serious medical procedures after hospital discharge, though it also provides long-term custodial care, senior care, assisted living, and independent living options. PACS's significant growth is driven by its expertise in acquiring underperforming long-term custodial care facilities and transforming them into higher acuity, high value-add transitional care centers by investing in clinical teams, technology, and operational enhancements.

The company operates through a decentralized model, empowering local leaders at each facility to make clinical and operational decisions autonomously. These local teams receive comprehensive central support from "PACS Services," which provides a robust suite of technology, administrative, financial, human resources, legal, and risk management services, enabling facilities to focus on patient care and regulatory compliance. PACS's primary customers are individuals aged 65 and older, with a substantial portion of its revenue generated from payments by third-party payors, particularly Medicare and Medicaid. This model has led to strong performance, with an average 4.1 CMS Quality Measures Star rating and 93% occupancy rate for mature facilities, exceeding industry averages.

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PACS is like a Marriott or Hilton for skilled nursing facilities, operating a large network of decentralized care centers with central support.

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  • Skilled Nursing Care: Providing specialized medical and rehabilitative services for patients requiring 24-hour in-patient services, including short-term transitional care after hospital discharge and long-term custodial care.
  • Assisted Living: Offering residential care and support for seniors who need assistance with daily activities.
  • Independent Living: Providing housing and a community environment for self-sufficient seniors.

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PACS primarily sells its services to individuals (patients and residents) in need of post-acute and senior care. The company serves the following categories of customers:

  1. Individuals requiring Short-Term Transitional Skilled Nursing Care: These are patients who have been discharged from hospitals but still require 24-hour in-patient services to recuperate from acute conditions, illnesses, or serious medical procedures. This is the company's primary focus and a growing segment of their business.
  2. Individuals requiring Long-Term Custodial Skilled Nursing Care: While PACS's strategy is to transform facilities into higher acuity short-term care, they also serve individuals who need extended skilled nursing services for chronic conditions or ongoing care.
  3. Seniors and Individuals seeking Assisted Living and Independent Living: In some of its communities, PACS provides senior care, assisted living, and independent living options for individuals who need varying levels of support, from minimal assistance to more comprehensive daily living aid, but typically not requiring the same intensity of medical care as skilled nursing patients.

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Jason Murray, Co-Founder, CEO and Chairman

Jason Murray is the Co-Founder, CEO, and Chairman of PACS Group, Inc., which he co-founded with Mark Hancock in 2013. He has over 20 years of experience as an executive in acute and post-acute healthcare settings and is a licensed nursing home administrator. Before co-founding PACS, he worked as a healthcare executive and licensed nursing home administrator. Murray holds a master's degree in healthcare administration and was named 2023 Mountain West Entrepreneur of the Year by Ernst & Young.

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

Mark Hancock is a Co-Founder, Executive Vice Chairman, and Interim Chief Financial Officer of PACS Group, Inc. He co-founded the company with Jason Murray in 2013 and previously served as CFO from January 2013 until January 2024, when he was appointed Executive Vice Chairman. He was re-appointed interim CFO on September 3, 2025, following the resignation of the previous CFO. Hancock has over 20 years of experience as a finance professional. Prior to co-founding PACS, he worked as Vice President of Finance and Treasurer of Farm Credit Mid-America, a nursing home administrator at a facility affiliated with Plum Healthcare Group, Director of Corporate Finance for Steel Technologies Inc., and a Finance Manager for Ford Motor Company. He was also named a 2023 Mountain West Entrepreneur of the Year by Ernst & Young.

Josh Jergensen, President and Chief Operating Officer

Josh Jergensen is the President and Chief Operating Officer at PACS Group, Inc. He has been providing operational support to all facilities within the PACS portfolio since 2014. Jergensen is a licensed nursing home administrator and an approved preceptor in California, with more than 10 years of experience operating complex multi-story skilled nursing facilities.

John Mitchell, Chief Legal Officer and Secretary

John Mitchell serves as the Chief Legal Officer and Secretary for PACS Group, Inc., managing the company's legal department. He joined PACS in 2017. Previously, he held positions 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 with a focus on corporate, finance, and mergers and acquisitions.

Michelle Lewis, Executive Vice President, Chief Accounting Officer

Michelle Lewis has served as PACS Group, Inc.'s Executive Vice President, Chief Accounting Officer since January 2023. She joined the company in July 2018 and held various roles of increasing responsibility, including Controller. Before joining PACS, Ms. Lewis owned and operated her own certified public accounting firm and provided controller functions at a privately held healthcare organization.

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The key risks to PACS's business are:

  1. High Dependence on Government Reimbursement Programs and Regulatory Compliance: A substantial portion of PACS's revenue is generated from payments from third-party payors, particularly Medicare and Medicaid, which together accounted for 76.2% of their routine revenue in 2023 and 77.8% of total revenue in 2022. The company operates in a highly regulated industry with stringent compliance obligations, and any changes to these government reimbursement programs or failure to comply with applicable laws and regulations could result in significant expenditures, regulatory penalties, and a material adverse effect on their financial performance and operations.

  2. Acquisition and Integration Strategy Risks: PACS's significant historical growth has been primarily driven by its strategy of acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care facilities. The success of this strategy relies on their expertise in identifying suitable acquisition targets, investing in clinical teams and processes, and upgrading various aspects of the business, often involving an up to three-year post-acquisition transition period. Failure to successfully execute this acquisition and integration strategy, or to effectively convert facilities to higher-value care models, could impede their growth, operational improvements, and profitability.

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The primary addressable market for PACS is the Skilled Nursing Facility (SNF) industry in the U.S. The Centers for Medicare & Medicaid Services (CMS) expects total industry expenditures for SNFs to increase from $193.6 billion in 2022 to $283.3 billion in 2031.

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Expected Drivers of Future Revenue Growth for PACS

  • Strategic Acquisitions and Facility Transformation: PACS's historical growth has been primarily driven by its strategy of acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care facilities. This involves investing in clinical teams and processes, upgrading technology, and improving overall operations, which is expected to continue driving revenue growth as new facilities are integrated and optimized.
  • Improved Occupancy Rates and Skilled Mix: The company's operational model focuses on implementing best practices in acquired facilities, leading to significant improvements in clinical quality, occupancy rates, and skilled mix by nursing patient days (the percentage of Medicare and managed care patients). As new facilities mature and existing ones continue to optimize, these enhanced metrics are expected to contribute to increased revenue per patient day and overall revenue growth.
  • Overall Expansion of the Skilled Nursing Facility (SNF) Industry: PACS operates within a growing market, with the Centers for Medicare & Medicaid Services (CMS) projecting total SNF industry expenditures to increase at a compound annual growth rate (CAGR) of 4.3% from $193.6 billion in 2022 to $283.3 billion in 2031. As one of the largest SNF operators in the United States, PACS is well-positioned to benefit from this broader industry expansion.
  • Geographic Expansion: PACS anticipates further penetrating its reach into its current nine states and entering new states in the future through available acquisition opportunities. This geographic expansion will increase its total number of facilities and patient base, contributing to sustained revenue growth.

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Outbound Investments

  • PACS has historically grown primarily through a disciplined acquisition strategy, identifying and acquiring underperforming long-term custodial care skilled nursing facilities.
  • The company focuses on converting acquired facilities into higher-value short-term transitional care facilities by investing in clinical teams, processes, technology, equipment, training, staffing, and aesthetics.
  • PACS intends 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.

Capital Expenditures

  • The primary focus of capital expenditures is on implementing best practices in acquired facilities, including investments in clinical teams and processes, and upgrading technology, equipment, training, staffing, and aesthetics.
  • These expenditures aim to realize and sustain the full potential of facilities during an up to three-year post-acquisition transition period.

Peer Outperformance in Health Care Facilities

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Share of Health Care Facilities constituents that PACS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 30 industry peers · 366.2% return
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Facilities is PACS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 7.0%84.7%123.6% CAH 395% · MCK 346% · COR 176%
Managed Health Care 8 42.4%-1.0%9.2% OSCR 87% · HQY 51% · ELV 26%
Health Care Services 20 16.0%45.9%-1.3% HIMS 216% · RDNT 157% · DGX 67%
Health Care Facilities ← 24 3.1%8.2%-16.6% NHC 266% · THC 263% · ENSG 120%
Health Care Equipment 50 -2.4%-4.2%-26.5% POCI 10800% · UFPT 318% · GKOS 219%
Health Care Supplies 12 17.1%-13.8%-38.3% LNTH 286% · HAE 52% · MMSI 20%
Pharmaceuticals 62 -8.5%6.5%-41.6% LQDA 2354% · INDV 1136% · ETON 1039%
Life Sciences Tools & Services 109 -2.0%-30.3%-71.4% SNWV 1573% · MEDP 206% · NTRA 174%
Health Care Technology 20 -30.9%-51.5%-78.9% SPOK 77% · HSTM -1% · VEEV -13%
Biotechnology 361 -0.6%-26.3%-79.5% DNTH 1562% · CELZ 1272% · ELVN 1135%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PACSENSGBKDNHCMedian
NamePACS Ensign Brookdal.National. 
Mkt Price44.76173.9812.14224.47109.37
Mkt Cap7.110.12.93.55.3
Rev LTM5,5515,4873,0511,5594,269
Op Inc LTM410467137145278
FCF LTM12122924147134
FCF 3Y Avg69208-1611894
CFO LTM573608224189399
CFO 3Y Avg383464191152287

Growth & Margins

PACSENSGBKDNHCMedian
NamePACS Ensign Brookdal.National. 
Rev Chg LTM15.2%18.9%-4.4%6.9%11.0%
Rev Chg 3Y Avg-17.4%2.0%13.0%13.0%
Rev Chg Q9.1%17.3%-11.6%8.8%9.0%
QoQ Delta Rev Chg LTM2.2%4.0%-3.0%2.2%2.2%
Op Inc Chg LTM83.5%18.2%122.5%24.1%53.8%
Op Inc Chg 3Y Avg-17.9%767.1%66.2%66.2%
Op Mgn LTM7.4%8.5%4.5%9.3%8.0%
Op Mgn 3Y Avg5.2%8.0%2.7%7.8%6.5%
QoQ Delta Op Mgn LTM0.4%0.0%1.0%0.8%0.6%
CFO/Rev LTM10.3%11.1%7.3%12.1%10.7%
CFO/Rev 3Y Avg7.7%9.7%6.1%10.8%8.7%
FCF/Rev LTM2.2%4.2%0.8%9.4%3.2%
FCF/Rev 3Y Avg0.8%4.5%-0.5%8.4%2.6%

Valuation

PACSENSGBKDNHCMedian
NamePACS Ensign Brookdal.National. 
Mkt Cap7.110.12.93.55.3
P/S1.31.81.02.21.6
P/Op Inc17.221.621.124.221.3
P/EBIT17.219.929.118.719.3
P/E26.326.6-21.025.025.6
P/CFO12.316.613.018.614.8
Total Yield3.8%3.9%-4.8%5.1%3.9%
Dividend Yield0.0%0.1%0.0%1.1%0.1%
FCF Yield 3Y Avg3.8%2.5%-1.4%5.7%3.2%
D/E0.50.21.90.00.3
Net D/E0.40.21.8-0.10.3

Returns

PACSENSGBKDNHCMedian
NamePACS Ensign Brookdal.National. 
1M Rtn-1.6%-4.2%-6.5%1.3%-2.9%
3M Rtn23.4%16.5%-9.6%13.9%15.2%
6M Rtn28.5%-17.0%-12.9%40.0%7.8%
12M Rtn366.2%3.1%63.0%98.0%80.5%
3Y Rtn94.6%86.7%197.5%255.8%146.1%
1M Excs Rtn-0.4%-3.0%-5.3%2.5%-1.7%
3M Excs Rtn25.2%14.7%-9.7%11.4%13.1%
6M Excs Rtn18.1%-31.2%-27.4%30.3%-4.7%
12M Excs Rtn463.3%-12.4%41.7%84.1%62.9%
3Y Excs Rtn23.1%11.9%133.6%195.7%78.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Single Segment5,2894,0903,111
Total5,2894,0903,111


Net Income by Segment
$ Mil202520242023
Single Segment19155113
Total19155113


Price Behavior

Price Behavior
Market Price$44.76 
Market Cap ($ Bil)7.1 
First Trading Date04/11/2024 
Distance from 52W High-7.6% 
   50 Days200 Days
DMA Price$44.11$38.06
DMA Trendupup
Distance from DMA1.5%17.6%
 3M1YR
Volatility38.4%94.6%
Downside Capture20.35-50.32
Upside Capture121.15140.03
Correlation (SPY)10.3%6.7%
PACS Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.590.490.501.050.450.92
Up Beta-1.27-1.03-1.100.981.73-0.51
Down Beta2.04-0.220.862.06-0.25-1.60
Up Capture58%97%126%81%124%36%
Bmk +ve Days10213268138427
Stock +ve Days9213361123290
Down Capture312%165%61%75%-71%79%
Bmk -ve Days11213259113324
Stock -ve Days11203065126301

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PACS
PACS484.6%97.4%2.17-
Sector ETF (XLV)22.1%16.2%1.0410.3%
Equity (SPY)18.3%12.8%1.036.3%
Gold (GLD)19.0%29.2%0.591.5%
Commodities (DBC)50.4%20.6%1.88-11.6%
Real Estate (VNQ)7.6%13.6%0.2911.6%
Bitcoin (BTCUSD)-32.6%43.8%-0.78-6.8%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PACS
PACS15.3%81.8%0.70-
Sector ETF (XLV)5.5%15.2%0.1818.2%
Equity (SPY)12.5%17.2%0.5513.8%
Gold (GLD)18.7%18.8%0.812.2%
Commodities (DBC)11.7%19.5%0.47-3.0%
Real Estate (VNQ)0.7%18.9%-0.0721.6%
Bitcoin (BTCUSD)9.3%52.6%0.36-0.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PACS
PACS7.4%81.8%0.70-
Sector ETF (XLV)10.4%16.7%0.5018.2%
Equity (SPY)15.2%17.9%0.7213.8%
Gold (GLD)12.3%16.3%0.622.2%
Commodities (DBC)8.9%18.1%0.40-3.0%
Real Estate (VNQ)4.7%20.7%0.1921.6%
Bitcoin (BTCUSD)63.2%66.2%1.03-0.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity3.3 Mil
Short Interest: % Change Since 8152026-7.1%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity158.1 Mil
Short % of Basic Shares2.1%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20261.9%0.3%-3.8%
5/11/202628.6%15.4%7.6%
2/26/2026-12.4%-14.6%-26.6%
11/19/202555.3%91.1%119.1%
9/11/202524.5%45.5%69.9%
11/6/2024-38.8%-30.5%-50.5%
8/12/202418.8%23.1%22.2%
5/13/20247.3%13.8%17.8%
SUMMARY STATS   
# Positive665
# Negative223
Median Positive21.7%19.2%22.2%
Median Negative-25.6%-22.6%-26.6%
Max Positive55.3%91.1%119.1%
Max Negative-38.8%-30.5%-50.5%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20261.9%0.3%-3.8%
5/11/202628.6%15.4%7.6%
2/26/2026-12.4%-14.6%-26.6%
11/19/202555.3%91.1%119.1%
9/11/202524.5%45.5%69.9%
11/6/2024-38.8%-30.5%-50.5%
8/12/202418.8%23.1%22.2%
5/13/20247.3%13.8%17.8%
SUMMARY STATS   
# Positive665
# Negative223
Median Positive21.7%19.2%22.2%
Median Negative-25.6%-22.6%-26.6%
Max Positive55.3%91.1%119.1%
Max Negative-38.8%-30.5%-50.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202502/27/202610-K
09/30/202511/19/202510-Q
06/30/202511/19/202510-Q
03/31/202511/19/202510-Q
12/31/202411/19/202510-K
09/30/202411/19/202510-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202304/12/2024424B4
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Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202502/27/202610-K
09/30/202511/19/202510-Q
06/30/202511/19/202510-Q
03/31/202511/19/202510-Q
12/31/202411/19/202510-K
09/30/202411/19/202510-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202304/12/2024424B4

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported5.75 Bil5.80 Bil5.85 Bil  RaisedGuidance: 5.70 Bil for 2026
2026 Adjusted EBITDAReported640.00 Mil650.00 Mil660.00 Mil  RaisedGuidance: 615.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported5.65 Bil5.70 Bil5.75 Bil0 AffirmedGuidance: 5.70 Bil for 2026
2026 Adjusted EBITDAReported605.00 Mil615.00 Mil625.00 Mil8.8% RaisedGuidance: 565.00 Mil for 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported5.65 Bil5.70 Bil5.75 Bil7.5% Higher NewGuidance: 5.30 Bil for 2025
2026 Adjusted EBITDAReported555.00 Mil565.00 Mil575.00 Mil16.5% Higher NewGuidance: 485.00 Mil for 2025

Insider Activity

Updated 9/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202643.334,758206,1472,364,532,474Form
2Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202643.4924,0571,046,3272,373,868,339Form
3Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202642.6923,072984,8992,330,925,130Form
4Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell903202642.5620,173858,4832,324,699,038Form
5Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell903202642.9423,7831,021,2222,346,492,530Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202643.334,758206,1472,364,532,474Form
2Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202643.4924,0571,046,3272,373,868,339Form
3Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell909202642.6923,072984,8992,330,925,130Form
4Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell903202642.5620,173858,4832,324,699,038Form
5Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell903202642.9423,7831,021,2222,346,492,530Form
6Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell903202642.3924,1571,024,0482,317,564,749Form
7Conway, Patrick Hugh DirectSell827202644.413,497155,302397,336Form
8Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell824202643.9059,2442,601,0862,401,357,754Form
9Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell824202643.9291,3064,010,3472,404,912,894Form
10Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell819202644.2684,7173,749,9952,427,730,191Form
11Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell819202644.1866,7972,951,1382,426,851,727Form
12Murray, Jason HulseCo-Founder, CEO & ChairmanDirectSell819202644.1684,6023,736,3012,428,844,387Form
13Jergensen, JoshuaPresident & COODirectSell814202645.5940,0001,823,689115,636,490Form
14Hancock, Mark DirectSell716202645.053,332150,1152,428,639,891Form
15Jergensen, JoshuaPresident & COODirectSell716202645.0240,0001,800,718115,980,626Form
16Hancock, Mark DirectSell716202645.0310,296463,6802,427,846,578Form
17Hancock, Mark DirectSell710202645.064,966223,7812,429,803,856Form
18Hancock, Mark DirectSell710202645.0720,338916,6112,430,361,975Form
19Lewis, Michelle ReneeChief Accounting OfficerDirectSell706202645.044,137186,33316,004,637Form
20Hancock, Mark DirectSell706202645.33142,1636,444,8602,445,595,806Form
21Lewis, Michelle ReneeChief Accounting OfficerDirectSell706202645.036,663300,03216,187,015Form
22Hancock, Mark DirectSell706202645.0112,825577,2902,434,656,790Form
23Lewis, Michelle ReneeChief Accounting OfficerDirectSell706202645.014,200189,05916,481,373Form
24Hancock, Mark DirectSell706202645.026,080273,7162,435,569,505Form
25Hancock, MarkCo Fndr; Exec V ChairDirectSell626202640.5061,9312,508,0852,191,050,145Form
26Hancock, MarkCo Fndr; Exec V ChairDirectSell626202640.33138,0695,567,7012,184,211,674Form
27Lewis, Michelle ReneeChief Accounting OfficerDirectSell626202640.0115,000600,17814,817,927Form
28Hancock, MarkCo Fndr; Exec V ChairDirectSell622202635.3163,6802,248,4151,917,317,697Form
29Hancock, MarkCo Fndr; Exec V ChairDirectSell617202635.9083,0662,982,3851,951,955,936Form
30Hancock, MarkCo Fndr; Exec V ChairDirectSell617202636.34153,2545,568,7561,978,513,308Form
31Mitchell, John ToddChief Legal Officer & Sec.DirectSell519202637.1627,3891,017,69229,858,080Form
32Mitchell, John ToddChief Legal Officer & Sec.DirectSell519202638.0252,7632,006,01431,592,353Form
33Jergensen, JoshuaPresident & COODirectSell317202634.2836,3351,245,64791,442,790Form
34Dilsaver, Evelyn S DirectBuy1126202529.9016,724499,997679,828Form
35Mitchell, John ToddChief Legal Officer & Sec.DirectSell1126202529.89159,5564,768,37922,588,386Form

Investor Activity (13F)

Updated Sep 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Defilade Capital Management, L.P.$25.6 Mil3.6%31TRIM -47.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
8 Knots Management, LLC$23.4 Mil2.7%12ExitedDec 31, 202513F
Defilade Capital Management, L.P.$25.6 Mil3.6%31TRIM -47.3%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Defilade Capital Management, L.P.$25.6 Mil3.6%31TRIM -47.3%13F
Core Cache Last Updated: 9/11/2026