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what it is
Addus sends caregivers, hospice teams, and home-health staff into patients’ homes instead of sending patients into institutions.
how it gets paid
FY2025 net service revenue was $1.42B (+23.2% vs. FY2024). Personal care is the largest line on a full-year basis (~74% using the rounded segment totals in the revenue strip).
why it's growing
Revenue grew 23.2% last year. The quarter was driven by acquisition-heavy growth and a still-solid care demand backdrop.
what just happened
Q4 2025 net service revenue was $373.1M (+25.6% vs. Q4 2024). Adjusted diluted EPS was $1.77; GAAP diluted EPS was $1.61.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
22.2x trailing p/e — priced about right
6.5% return on capital — nothing to write home about
FY2025 adj. diluted EPS $6.23 (GAAP $5.22)
xvary composite: 51/100 — below average
What they do
Addus sends caregivers, hospice teams, and home-health staff into patients’ homes instead of sending patients into institutions.
Most of Addus' care is sold through state and local agency contracts across 23 states. Plain English: your parent gets care through programs that are already embedded in local systems. So what: once a provider is handling daily care for about 105,000 consumers through 258 offices, replacing it is messy, slow, and politically annoying.
How they make money
$1.42B
FY2025 net service revenue · +23.2% vs. FY2024
Personal care
$1.05B
+23.2%
Hospice
$0.29B
+23.2%
Home health
$0.06B
+23.2%
Adult day care
$0.00B
flat
The products that matter
non-medical home assistance
Personal Care
~$1.05B · ~74% of FY2025 revenue
Management cited 6.3% organic revenue growth in personal care for Q4 2025 — the headline FY growth rate is acquisition-heavy, so split organic vs. M&A when you read the tape.
center of gravity
end-of-life care
Hospice
~$290M · ~20% of FY2025 revenue
Hospice was 18.8% of Q4 2025 revenue; management cited 16.0% organic hospice revenue growth for the quarter.
faster growth
skilled care at home
Home Health
~$65M · ~5% of FY2025 revenue
Home health was 4.6% of Q4 2025 revenue — smallest segment, but management still positions it as a clinical complement to personal care + hospice in select markets.
smallest segment
Key numbers
22.2x
trailing p/e
You are paying 22.2 times past earnings for a company with a 10.1% operating margin, so the stock already assumes steady execution.
10.1%
operating margin
Operating margin → profit after running the business → so what: Addus keeps about 10 cents from each revenue dollar before interest and taxes.
6.5%
return capital
Return on capital → profit from money invested → so what: this is a decent care business, not a cash-printing machine.
$124M
bank debt (Dec. 2025)
Feb. 23, 2026 release: bank debt $124.3M; revolver availability $517.7M — liquidity matters more than a single leverage headline.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- bank debt $124.3M (Dec. 31, 2025)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ADUS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 2025: $373.1M net service revenue · adj. diluted EPS $1.77 · GAAP diluted EPS $1.61.
FY2025 revenue was $1.42B (+23.2%). FY2025 adjusted diluted EPS was $6.23 vs. $5.26 in FY2024; GAAP diluted EPS was $5.22 vs. $4.23. Q4 gross margin was 32.5% on reported totals.
$373.1M
Q4 2025 revenue
$1.77
adj. diluted EPS
32.5%
Q4 gross margin
the number that mattered
Organic personal care growth (6.3% in Q4) helps separate execution from acquisition stacking.
snap-source: Addus HomeCare Q4/FY2025 results (Feb. 23, 2026) — Business Wire via Morningstar
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What could go wrong
the #1 risk is medicaid reimbursement pressure on the ~$1.05B personal care segment.
med
reimbursement pressure hits the core business
Personal Care is about 79% of revenue. If state Medicaid budgets get tighter or reimbursement rates change, the biggest segment takes the hit first.
impact: pressure on the part of the business that funds the rest of the portfolio
med
growth depends on buying and digesting providers
Revenue grew 23.2%, but organic personal care growth was 6.3%. That gap is the story. If deal flow slows or acquired branches do not integrate cleanly, the growth rate can fall back to something much less exciting.
impact: the multiple stops looking reasonable if the company becomes just a slower grower with roll-up baggage
med
leadership transition arrives mid-integration
Brad Bickham retires in March 2026, and Heather Dixon steps into the operating lead role after being appointed President in September 2025. That is a real test for a business running 262 offices across 23 states.
impact: even a steady operator can look messier when processes, referrals, and integration discipline meet a management handoff
med
the adjusted numbers look better than the reported ones
GAAP EPS was $5.22. Adjusted EPS was $6.23. That does not mean the adjusted view is wrong. It does mean acquisition costs and integration noise are material enough that you need to watch how much cleanup the story requires.
impact: if the gap stays wide, the market may treat growth as lower quality
Personal Care is roughly 79% of revenue, so reimbursement pressure there matters more than almost anything else. Add the fact that total growth of 23.2% ran far ahead of 6.3% organic growth, and you get the real setup: this stock needs both policy stability and disciplined acquisitions.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
organic personal care growth
Q4 organic growth in Personal Care was 6.3%. If you keep seeing numbers around that level, the base business is healthy. If it slips toward 3%, the roll-up critique gets louder.
trend
ebitda growth versus revenue growth
Adjusted EBITDA rose 28.3% while revenue rose 23.2%. That spread is the efficiency proof. If revenue keeps rising faster than EBITDA, the acquisition story gets more expensive and less impressive.
risk
reimbursement pressure in personal care
Personal Care is about 79% of revenue. You do not need a company-wide shock for the stock to wobble — pressure on the main segment is enough.
calendar
Q1 2026 earnings and leadership handoff
The next report lands after management signaled more selective acquisitions and near the March 2026 COO retirement. You want clean execution and no softening in the organic number.
Analyst rankings
earnings predictability
90 / 100
management's results have been unusually consistent for an acquisitive small cap. in human-speak, this is not usually a surprise-party stock.
risk profile
3
safer than roughly 50% of stocks. the government-funded revenue base helps, but acquisition execution keeps this from looking defensive.
price stability
55 / 100
moderate volatility. you are not buying a bunker stock, but this is calmer than most small caps with a serial-acquisition strategy.
growth trajectory
+23.2%
headline growth looks strong. strip out the acquisition help and the core business is slower, which is exactly why the 6.3% organic personal care number matters more than the headline.
source: institutional data
Institutional activity
institutional ownership data for ADUS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$114
current price
n/a
target midpoint · n/a from current
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