PACS Group, Inc.
- Open
- 42.28
- Day high
- 44.38
- Day low
- 41.34
- Prev close
- 42.64
- Volume
- 371K
- Mkt cap
- $7.0B
- P/E (TTM)
- 28.6
- EPS (TTM)
- $1.55
- P/B
- 6.8
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$22.5M over the last 3 months (0 open-market buys, 14 sales)
- 🏛Institutions accumulating (13F)
PACS Group, Inc. (PACS) is a Financial Services company listed on NYSE. The stock is up 229% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 14 sales (SEC Form 4).
PACS Group, Inc. (PACS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PACS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $0.42 | $0.50 | +19.0% | $1.4B | +4.1% |
| Feb 26, 2026 | $0.43 | $0.38 | -11.4% | $1.4B | -1.8% |
| Nov 19, 2025 | $0.45 | $0.32 | -28.9% | $1.3B | +21.0% |
PACS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Lewis Michelle Reneeofficer: Chief Accounting Officer | Sell | 15,000 | $40.01 |
| Jun 26, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 200 | $41.01 |
| Jun 26, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 61,731 | $40.50 |
| Jun 26, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 138,069 | $40.33 |
| Jun 22, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 60,364 | $35.28 |
| Jun 22, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 3,316 | $35.75 |
| Jun 17, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 19,138 | $37.05 |
| Jun 17, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 83,066 | $35.90 |
| Jun 17, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 23 | $37.88 |
| Jun 17, 2026 | Hancock Markdirector, 10 percent owner, officer: Co Fndr; Exec V Chair | Sell | 134,093 | $36.23 |
| Jun 12, 2026 | LEAVITT TAYLOR S.director | Grant | 4,660 | — |
| Jun 12, 2026 | Dilsaver Evelyn Sdirector | Grant | 4,660 | — |
| Jun 12, 2026 | Millard Jacquelinedirector | Grant | 4,660 | — |
| Jun 12, 2026 | Conway Patrick Hughdirector | Grant | 4,660 | — |
| May 19, 2026 | MITCHELL JOHN TODDofficer: Chief Legal Officer & Sec. | Sell | 45,949 | $37.91 |
Source: PACS SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full PACS insider & 13F page →PACS Group, Inc. company profile
Overview
PACS Group, Inc. (NASDAQ:PACS) is a healthcare services holding company founded in 2013 by Jason Murray and Mark Hancock and headquartered in Farmington, Utah. The company went public in April 2024, making it one of the newer entrants to the public markets. PACS operates as a consolidator in the fragmented post-acute healthcare sector, providing a comprehensive platform of healthcare facilities, professional services, and ancillary care solutions primarily focused on senior care, assisted living, and independent living communities.
Business
PACS Group operates in the post-acute healthcare services industry, which encompasses the continuum of care that patients receive after leaving acute care hospitals but before returning home or transitioning to long-term care. This sector includes skilled nursing facilities, rehabilitation centers, assisted living communities, and home health services. The company's core business revolves around providing senior care services through multiple channels. Their primary offerings include skilled nursing facilities that provide medical care and rehabilitation services for patients recovering from hospital stays, surgeries, or managing chronic conditions. These facilities are staffed with licensed nurses, therapists, and other healthcare professionals who deliver 24-hour medical supervision and specialized treatments. PACS also operates assisted living communities, which serve seniors who need help with daily activities like bathing, dressing, and medication management but don't require the intensive medical care of a nursing home. These communities provide a residential setting with personal care services, meals, housekeeping, and social activities while allowing residents to maintain some independence. Additionally, the company offers independent living options in some communities, targeting active seniors who want to live in age-appropriate housing with access to social activities, dining services, and optional support services as needed. The company also provides various ancillary healthcare services that support the primary care delivery, including therapy services, pharmacy services, and specialized medical equipment. As a holding company structure, PACS consolidates multiple healthcare facilities and service providers under one operational umbrella, allowing for economies of scale, standardized care protocols, and centralized management systems across their portfolio of properties and services.
Revenue model
PACS Group generates revenue primarily through service fees paid by residents, patients, and third-party payers including Medicare, Medicaid, and private insurance companies. The company operates on a fee-for-service model where revenue is generated based on the level of care provided and the length of stay for each resident or patient. In skilled nursing facilities, the company receives payments from Medicare for short-term rehabilitation stays (typically 20-100 days) and from Medicaid for long-term care residents. Medicare generally provides higher reimbursement rates but for shorter durations, while Medicaid offers lower rates but more predictable long-term revenue streams. Private pay residents, who cover costs out-of-pocket or through long-term care insurance, typically generate the highest per-day rates. For assisted living and independent living communities, revenue comes primarily from monthly fees paid by residents, which cover housing, meals, personal care services, and amenities. These communities typically have lower medical staffing requirements than skilled nursing facilities but offer more predictable occupancy-based revenue. Several factors significantly impact the company's margins. Labor costs represent the largest expense category, with nursing and healthcare staff wages being particularly sensitive to local market conditions and regulatory requirements. The ongoing healthcare worker shortage has created upward pressure on wages across the industry. Regulatory compliance costs are substantial, as facilities must meet strict federal and state licensing requirements, undergo regular inspections, and maintain detailed documentation. Occupancy rates directly impact profitability since fixed costs like facility maintenance, utilities, and administrative overhead remain constant regardless of occupancy levels. The company's margins improve with higher occupancy rates and worsen during periods of low demand or when new facilities are ramping up to full capacity. Reimbursement rate changes from government payers can significantly impact margins, as Medicare and Medicaid rate adjustments directly affect a substantial portion of revenue. Insurance and liability costs are also material expenses in this industry due to the medical nature of services provided and the vulnerable patient population served.
Competitive moat
PACS Group operates in a highly fragmented industry where scale advantages provide some competitive protection, though the overall moat appears relatively narrow. The company's primary competitive advantages stem from its ability to achieve operational efficiencies across multiple facilities, including centralized purchasing, standardized care protocols, shared administrative functions, and better access to capital for facility improvements and expansion. The post-acute healthcare sector benefits from regulatory barriers to entry, as new facilities require extensive licensing, certification, and compliance with complex federal and state regulations. This creates some protection against new competitors, though it doesn't prevent existing operators from expanding or new well-capitalized entrants from entering the market. Local market positioning provides some defensive characteristics, as healthcare services are inherently local and families prefer facilities close to their loved ones. Established relationships with local hospitals, physicians, and discharge planners can create referral advantages that are difficult for new entrants to replicate quickly. However, the company faces significant competitive pressures. The industry includes numerous regional and national competitors, including publicly traded companies like Ensign Group, Genesis Healthcare, and Skilled Healthcare Group, as well as many smaller regional operators. Home-based care alternatives are increasingly popular and cost-effective, potentially reducing demand for facility-based care. Additionally, labor market competition is intense, with healthcare workers having multiple employment options, which can drive up costs and impact service quality. The company's moat is further limited by its dependence on government reimbursement rates, which are subject to political and budgetary pressures. Unlike businesses with strong pricing power, PACS has limited ability to raise prices unilaterally, making it vulnerable to margin compression from cost inflation that exceeds reimbursement rate increases.
Risks & safety
PACS Group presents moderate financial risk with some concerning leverage metrics but adequate liquidity for near-term operations. • Liquidity position: $73.4 million in cash and short-term investments as of Q2 2024, with positive free cash flow of $19.5 million in the quarter, providing reasonable working capital buffer • Debt burden: Extremely high debt-to-equity ratio of 4.74x as of Q2 2024, indicating heavy leverage that could constrain financial flexibility and increase vulnerability to economic downturns or operational challenges • Profitability concerns: Net loss of $10.9 million in Q2 2024 despite positive EBITDA of $5.6 million, showing operational challenges in converting earnings to bottom-line profits • Valuation metrics: EV/EBITDA ratio of 317.97x in Q2 2024 appears extremely elevated, suggesting significant valuation risk; price-to-book ratio of 7.79x indicates premium valuation relative to tangible assets • Cash flow generation: Positive operating cash flow of $34.8 million in Q2 2024 demonstrates the business can generate cash from operations, though free cash flow conversion is modest at $19.5 million • Current ratio: Healthy current ratio of 1.71x indicates adequate short-term liquidity to meet immediate obligations • Other considerations: Recent IPO status means limited public trading history; highly regulated industry subject to reimbursement rate pressures; labor-intensive business model vulnerable to wage inflation
Recent development
As a company that recently went public in April 2024, PACS Group's strategic development has focused on consolidation and integration within the fragmented post-acute healthcare market. The company has been actively pursuing an acquisition-driven growth strategy, leveraging its platform to integrate smaller healthcare facilities and service providers under its operational umbrella. The company has demonstrated significant revenue growth over the past two years, with revenue increasing from $2.42 billion in 2022 to $3.11 billion in 2023, representing approximately 28% growth. This growth trajectory continued into 2024, with quarterly revenues of $934.7 million in Q1 2024 and $981.8 million in Q2 2024, indicating continued expansion of the business. However, the company has faced profitability challenges in recent quarters. While 2023 showed strong net income of $112.9 million and healthy EBITDA margins, the company reported a net loss of $10.9 million in Q2 2024 despite maintaining positive EBITDA. This suggests operational integration challenges or one-time costs associated with recent acquisitions and the public offering process. The company's cash flow generation has shown variability, with strong free cash flow of $73.4 million in Q1 2023 but negative free cash flow in Q2 2023 of $32.0 million, before recovering to positive territory in recent quarters. This volatility likely reflects the timing of acquisitions, capital expenditures for facility improvements, and working capital changes associated with rapid growth. PACS appears to be investing in operational infrastructure to support its scaled platform, including centralized management systems, standardized care protocols, and shared services capabilities that can drive efficiency gains across its portfolio of facilities. The company's strategy focuses on creating value through operational improvements at acquired facilities rather than just financial engineering.
PACS company profile · for informational purposes only — not investment advice.
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