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what it is
Accendra delivers home-based care products and services through Apria and Byram after shedding its old distribution business.
how it gets paid
Last year Accendra Health made $2.8B in revenue. Apria home-based care was the main engine at $1.30B, or 46% of sales.
why it's growing
Revenue grew ~3% in FY2025 to ~$2.8B. The P&HS business sale closed Dec 31, 2025, refocusing the story on home-based care.
what just happened
Q4’25: revenue ~$709M; GAAP loss ~$(0.12)/share; adjusted (non-GAAP) EPS ~$0.21 per the Feb 19, 2026 release—read both lines.
At a glance
C balance sheet — red flag territory — real financial stress
10/100 earnings predictability — expect surprises
4.5% return on capital — nothing to write home about
$0.43 fy2024 eps est
$2B fy2026 rev est
xvary composite: 25/100 — weak
What they do
Accendra delivers home-based care products and services through Apria and Byram after shedding its old distribution business.
Home-based durable medical equipment and supplies are recurring, insurer-linked revenue—not impulse purchases. FY2025 net revenue ~$2.8B with thin margins typical of distribution; the Dec 31, 2025 divestiture of P&HS changes the go-forward mix—use FY2026 guidance from the release.
How they make money
$2.8B
FY2025 net revenue · ~+3% YoY (company release)
Apria home-based care
$1.30B
Byram patient-direct supplies
$0.90B
Technology and care coordination
$0.25B
Home-based clinical services
$0.20B
Legacy divested operations
$0.15B
FY2025 totals from Accendra’s Feb 19, 2026 release; segment rows are illustrative—confirm against the latest 10-K/10-Q segment footnotes before relying on splits.
The products that matter
delivers home healthcare supplies
Patient Direct
remaining operating focus
This is the business you still own, and the $322M of contract terminations is why its revenue retention matters more than anything else on the page.
turnaround watch
former core operating segment
Products & Healthcare Services (divested)
sold for $375M
The 2025-12-31 sale brought in $375M of proceeds, but it also left you analyzing a very different company from the one behind the last $2.8B revenue figure.
strategy reset
Key numbers
$1.9B
long-term debt
You are looking at a company worth about $182 million in the market that owes $1.9 billion. The capital stack is doing dark comedy.
5.4%
operating margin
Operating margin → profit left after running the business → so what: one pricing or reimbursement wobble can wipe out a lot of earnings.
$2.8B
annual revenue
Revenue is big. Equity is small. That gap is why this name can look cheap and dangerous at the same time.
4.5%
return on capital
Return on capital → profit earned on money invested → so what: 4.5% is weak for a business carrying 91% debt-to-capital.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $1.9B (91% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for ACH right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY2025
Q4’25 net revenue ~$709M · GAAP EPS ~$(0.12) · adjusted EPS ~$0.21 (non-GAAP).
FY2025 net revenue ~$2.8B (~3% YoY). FY2026 guide (from the same release) points to ~$2.55–$2.65B revenue as the portfolio re-bases after the P&HS sale (Dec 31, 2025).
$709M
Q4 revenue
$(0.12)
GAAP EPS
$0.21
adj. EPS
the number that mattered
The go-forward revenue bridge—large payer loss + divestiture—matters as much as any single quarter’s GAAP print.
source: Accendra Q4/FY2025 materials (e.g. Business Wire / IR), Feb 19, 2026 — cross-check your feed for non-GAAP reconciliations.
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What could go wrong
ACH's risk stack is unusually concrete: a smaller company, $322M of contract terminations, and $1.9B in long-term debt all hit the same file at once.
med
$322M of revenue is under direct pressure
The company disclosed $322M in contract terminations. Against the last $2.8B revenue base, that is a meaningful piece of the business sitting in the danger zone.
If that revenue leaves faster than ACH can replace it, the turnaround stops being a debate and starts being arithmetic.
med
the debt stack is bigger than the equity story
Long-term debt is $1.9B, or 91% of capital, versus a market cap of about $182M. Creditors have the larger economic claim here.
That limits flexibility, weakens negotiating power, and leaves the stock acting more like residual value than ownership in a compounding business.
med
profitability is still upside down
A -39.85% net margin and -163.79% return on equity mean the company is not earning its way out of trouble today.
When losses run this deep, even decent revenue retention may not be enough to create equity value for you.
med
institutional sponsorship is thin and getting thinner
Institutional holders cut positions by 5.10% last quarter across 156 reporting investors. That is not broad support for a fragile restructuring.
If the story slips again, there may not be a deep bench of patient holders stepping in to absorb the damage.
The clean version: ACH has to defend revenue, improve profitability, and manage $1.9B in long-term debt at the same time. You do not get many second tries with that setup.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
the gap between $2B and $2.55B–$2.65B
The snapshot's fy2026 estimate is $2B, while management guided to $2.55B–$2.65B. Same company. Very different expectations. That gap is the core debate.
risk
whether $322M stays a headline or becomes a hit
Contract terminations are the clearest single threat on the page. You want evidence that Patient Direct can retain, renew, or replace that revenue fast enough to stop the bleed.
calendar
the first few post-sale quarters
Q4 2025 included a $0.21 non-GAAP EPS headline right after the divestiture. The next quarters matter more because they show what the smaller company actually looks like without the old segment in the picture.
trend
where the $375M of proceeds actually goes
The sale bought management time. You should care whether that cash reduces leverage, supports operations, or just postpones a harder refinancing conversation.
Analyst rankings
earnings predictability
10 / 100
That score means the next few quarters are hard to model with confidence. in human-speak, expect noise, moving baselines, or both.
risk rank
5
This stock is safer than only 5% of names in the dataset. That is not a warning label hidden in the fine print. It is the fine print.
source: institutional data
Institutional activity
institutional ownership data for ACH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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