Health Care Providers & Services

ACHC Acadia Healthcare Company Inc.

We are the leading publicly traded pure-play provider of behavioral healthcare services in the U.S.

Owner earnings 2016–2025 $226M$257M$334M$245M$564M$268M$263M$330M($20M)($57M)

Retained capital Paid out $988M more than it earned over 2016–2025; annual owner earnings fell $188M.

Balance sheet Heavy net debt, $2.4B

ADUS Addus HomeCare

Addus has been providing home care services since 1979.

Owner earnings 2016–2025 ($2M)$49M$28M$7M$103M$35M$97M$103M$110M$104M

Retained capital Retained $422M of earnings over 2016–2025; annual owner earnings grew $81M, $0.19 per $1 retained.

Balance sheet Modest net debt, $23M

AGL agilon health inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 ($107M)($55M)($155M)($146M)($172M)($71M)($119M)

Retained capital not read

Balance sheet Net cash, +$551M

AHCO AdaptHealth Corp.

AdaptHealth Corp. and subsidiaries is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services.

Owner earnings 2018–2025 $58M$39M$156M$72M($18M)$143M$236M$219M

Retained capital Paid out $657M more than it earned over 2018–2025; annual owner earnings grew $115M.

Balance sheet Heavy net debt, $1.6B

AIRS AirSculpt Technologies Inc.

Our treatment results—highlighted by a vast gallery of "before and after" photos across gender, body shape and treatment areas—are a powerful tool to build our brand through digital marketing on our website and social media accounts.

Owner earnings 2019–2025 $499K$10M$20M$16M$14M($3M)$692K

Retained capital Paid out $46M more than it earned over 2019–2025; annual owner earnings fell $6M.

Balance sheet Net debt against an operating loss, $48M · dividend paid 3 of 7 yrs, cut at least once

AMED Amedisys

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2022–2024 $127M$132M$215M

Retained capital not read

Balance sheet Modest net debt, $74M

ARDT Ardent Health Inc.

Ardent is a provider of healthcare services in the United States, operating in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $390M

ASTH Astrana Health Inc.

Astrana Health, Inc. is a leading physician-centric, technology-powered, risk-bearing healthcare management company.

Owner earnings 2016–2025 $19M$50M$24M$13M$45M$51M$65M$50M$44M$104M

Retained capital Paid out $15M more than it earned over 2016–2025; annual owner earnings grew $35M.

Balance sheet Heavy net debt, $607M · buybacks at an average near $8.27 · dividend paid 10 of 10 yrs, cut at least once

AUNA Auna SA

Auna Way Our mission is to lead the transformation of healthcare throughout SSLA by expanding access to millions of Latin Americans and delivering high-quality, value-based, high-complexity, and affordable care, providing lifelong engagement for our population through both digital and physical channels.

Owner earnings 2022–2024 PEN 60MPEN 466MPEN 578M

Retained capital not read

Balance sheet Heavy net debt, PEN 3.3B

AVAH Aveanna Healthcare Holdings Inc.

Revenue is PDS (82%), HHH (10%) and MS (8%).

Owner earnings 2019–2022 ($25M)$101M($64M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

BKD Brookdale Senior Living Inc.

We are the nation's premier operator of senior living communities, operating and managing 584 communities in 41 states as of December 31, 2025, with the ability to serve approximately 51,000 residents.

Owner earnings 2016–2025 $40M$164M($22M)($88M)$20M($271M)($194M)($70M)($35M)$17M

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings fell $91M.

Balance sheet Heavy net debt, $4.0B · buybacks at an average near $6.88

BTSG BrightSpring Health Services Inc.

We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients.

Owner earnings 2022–2025 ($75M)$137M($57M)$395M

Retained capital Paid out $80M more than it earned over 2022–2025; annual owner earnings grew $156M.

Balance sheet Heavy net debt, $2.4B

BTSGU Brightspring Health Services, Inc.

We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients.

Owner earnings 2022–2025 ($75M)$137M($57M)$395M

Retained capital Paid out $80M more than it earned over 2022–2025; annual owner earnings grew $156M.

Balance sheet Heavy net debt, $2.4B

CCM Concord Medical Services Holdings Ltd

Revenue is Hospital (82%) and Network (19%).

Owner earnings 2016–2025 (CN¥157M)(CN¥65M)(CN¥79M)(CN¥240M)(CN¥285M)(CN¥424M)(CN¥305M)(CN¥359M)(CN¥483M)(CN¥258M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥2.7B

CHE Chemed

Chemed purchases, operates and divests subsidiaries engaged in diverse business activities for the purposes of maximizing shareholder value.

Owner earnings 2016–2025 $96M$127M$248M$248M$430M$250M$253M$273M$368M$325M

Retained capital Paid out $85M more than it earned over 2016–2025; annual owner earnings grew $165M.

Balance sheet Modest net debt, $23M · buybacks at an average near $387 · dividend paid 10 of 10 yrs, never cut

CON Concentra Group Holdings Parent Inc.

Revenue is Occupational Health Center (93%), Onsite health clinics (5%) and Other Businesses (2%).

Owner earnings 2022–2025 $228M$169M$210M$197M

Retained capital Retained $602M of earnings over 2022–2025; annual owner earnings fell $10M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $20.38 · dividend paid 2 of 4 yrs, never cut

CYH Community Health Systems Inc.

Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states.

Owner earnings 2016–2025 $393M$209M($253M)($53M)$1.7B($600M)($115M)($257M)$120M$208M

Retained capital Paid out $5.0B more than it earned over 2016–2025; annual owner earnings fell $93M.

Balance sheet Heavy net debt, $13.1B

DVA DaVita

DaVita is a leading healthcare provider focused on transforming care delivery to improve quality of life for patients globally.

Owner earnings 2016–2025 $1.5B$1.4B$1.2B$1.5B$1.3B$1.3B$961M$1.5B$1.5B$1.3B

Retained capital Paid out $5.0B more than it earned over 2016–2025; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $9.6B · buybacks at an average near $80.69 · no dividend paid

EHC Encompass Health

We are the nation's largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals.

Owner earnings 2016–2025 $463M$433M$563M$417M$502M$496M$462M$577M$703M$848M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $223M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $2.4B · dividend paid 10 of 10 yrs, cut at least once

ENSG Ensign Group

Ensign Group is a holding company with independent subsidiaries that provide skilled nursing, senior living and rehabilitative services, as well as other ancillary businesses, in 17 states.

Owner earnings 2016–2019 $35M$37M$159M$141M

Retained capital Retained $213M of earnings over 2016–2019; annual owner earnings grew $35M, $0.17 per $1 retained.

Balance sheet Net cash, +$431M · dividend paid 4 of 4 yrs, never cut

EUDA EUDA Health Holdings Limited

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2021–2025 $443K($2M)($2M)($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$376K

FMS Fresenius Medical Care AG

Not all healthcare systems provide payment for dialysis treatment.

Owner earnings 2016–2019 €1.0B€1.5B€1.3B€1.4B

Retained capital Retained €3.7B of earnings over 2016–2019; annual owner earnings grew €147M, €0.04 per €1 retained.

Balance sheet Modest net debt, €3.6B · dividend paid 4 of 4 yrs, never cut

HCA HCA Healthcare Inc.

HCA Healthcare runs a large network of general, acute-care hospitals across the United States, together with surgery centers and related facilities. Its hospitals provide a broad range of services across medical specialties — internal medicine, general surgery, cardiology, emergency and related care. It earns its money by billing for the care it delivers, with payment coming from government programs such as Medicare and Medicaid and from private insurers, and a significant share of revenue tied to those government programs rather than to patients paying out of pocket.

Owner earnings 2016–2025 $3.7B$3.3B$4.5B$5.0B$6.4B$6.1B$5.6B$6.4B$7.2B$9.1B

Retained capital Paid out $899M more than it earned over 2016–2025; annual owner earnings grew $3.7B.

Balance sheet Heavy net debt, $45.3B · buybacks at an average near $200 · dividend paid 8 of 10 yrs, cut at least once

HCSG Healthcare Services Group

We are the largest provider of housekeeping, laundry and dietary management services to the long-term care industry in the United States.

Owner earnings 2016–2025 $36M$2M$75M$89M$213M$31M($13M)$38M$24M$139M

Retained capital Retained $122M of earnings over 2016–2025; annual owner earnings grew $29M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$168M · buybacks at an average near $15.53 · dividend paid 7 of 10 yrs, cut at least once

HIMS Hims & Hers Health

Hims & Hers platform offers a streamlined, personalized patient and clinician experience that includes access to consistent follow-up care, facilitated by proprietary algorithms and a customizable and integrated technology stack.

Owner earnings 2022–2025 ($34M)$64M$234M$246M

Retained capital Paid out $10M more than it earned over 2022–2025; annual owner earnings grew $93M.

Balance sheet Heavy net debt, $744M

INNV InnovAge Holding Corp.

We Are InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible.

Owner earnings 2020–2025 $32M($20M)$13M$5M($45M)$27M

Retained capital Paid out $204M more than it earned over 2020–2025; annual owner earnings fell $13M.

Balance sheet Net cash, +$46M · dividend paid 1 of 6 yrs, never cut

LFMDP Lifemd, Inc.

LifeMD is a patient-centric, direct-to-patient healthcare company providing a high-quality, cost-effective, and convenient way for patients to access virtual medical care and pharmacy services.

Owner earnings 2021–2025 ($33M)($23M)$9M$17M$7M

Retained capital not read

Balance sheet Net cash, +$27M

LFST LifeStance Health Group Inc.

The mental healthcare market remains under-reimbursed by commercial and government insurers, resulting in many clinicians only accepting cash pay for mental health services.

Owner earnings 2019–2025 $14M($6M)$24M($57M)$86M$110M

Retained capital Paid out $751M more than it earned over 2019–2025; annual owner earnings grew $35M.

Balance sheet Modest net debt, $32M

MD Pediatrix Medical Group Inc.

Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care.

Owner earnings 2016–2025 $405M$485M$297M$338M$176M$44M$137M$104M$185M$253M

Retained capital Paid out $1.9B more than it earned over 2016–2025; annual owner earnings fell $215M.

Balance sheet Modest net debt, $256M

NHC National HealthCare Corporation

We provide include a comprehensive range of health care services.

Owner earnings 2016–2025 $52M$62M$69M$74M$181M$23M($21M)$83M$80M$149M

Retained capital Retained $349M of earnings over 2016–2025; annual owner earnings grew $43M, $0.12 per $1 retained.

Balance sheet Net cash, +$205M · dividend paid 10 of 10 yrs, never cut

OMDA Omada Health Inc.

We differentiate through our human-led, technology-enabled care model, which combines proactive Care Teams with data-driven tools to deliver personalized support at scale.

Owner earnings 2023–2025 ($50M)($35M)$17M

Retained capital not read

Balance sheet Net cash, debt-free, +$222M

OPCH Option Care Health Inc.

Option Care Health Inc. is the largest independent provider of home and alternate site infusion services through its national network of 196 locations in 43 states.

Owner earnings 2017–2025 $13M($2M)$11M$101M$183M$232M$329M$288M$217M

Retained capital Retained $78M of earnings over 2017–2025; annual owner earnings grew $271M.

Balance sheet Meaningful net debt, $928M · buybacks at an average near $29.80

PACS PACS Group Inc.

PACS Services also provides teams of regional professionals available as resources to each facility, including a regional vice president for each operational region, and regional clinical and non-clinical directors and consultants.

Owner earnings 2022–2025 $70M$38M$327M$349M

Retained capital Retained $336M of earnings over 2022–2025; annual owner earnings grew $93M, $0.28 per $1 retained.

Balance sheet Modest net debt, $52M · dividend paid 3 of 4 yrs, cut at least once

PGNY Progyny

Progyny is a global leader in women's health and family building solutions.

Owner earnings 2017–2025 ($10M)$2M($4M)$35M$25M$79M$187M$176M$205M

Retained capital Paid out $86M more than it earned over 2017–2025; annual owner earnings grew $193M.

Balance sheet Net cash, debt-free, +$151M

PNTG The Pennant Group Inc. Common Stock

Pennant Group, Inc. is a leading provider of high-quality healthcare services to patients, residents, and clients of all ages, including the growing senior population, in the United States.

Owner earnings 2017–2025 $14M$20M$6M$46M($23M)$4M$28M$33M$40M

Retained capital Retained $107M of earnings over 2017–2025; annual owner earnings grew $20M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $157M · dividend paid 1 of 9 yrs, cut at least once

PRVA Privia Health Group

Privia Health Group is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers.

Owner earnings 2019–2023 $23M$39M$55M$47M$81M

Retained capital Paid out $134M more than it earned over 2019–2023; annual owner earnings grew $22M.

Balance sheet Net cash, debt-free, +$480M

SEM Select Medical Holdings

We began operations in 1997 and, based on the number of facilities, are one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States.

Owner earnings 2016–2025 $185M$78M$327M$288M$882M$221M$94M$353M$296M$206M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $88M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $3.4B · dividend paid 5 of 10 yrs, cut at least once

SGRY Surgery Partners Inc.

Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services.

Owner earnings 2015–2025 $51M$86M$105M$56M$204M$30M$78M$205M$210M$196M

Retained capital Paid out $771M more than it earned over 2015–2025; annual owner earnings grew $123M.

Balance sheet Heavy net debt, $3.5B · buybacks at an average near $8.50

SHC Sotera Health

We provide end-to-end sterilization as well as microbiological and analytical lab testing and advisory services to help ensure that medical, pharmaceutical and food products are safe for healthcare practitioners, patients and consumers in the United States and around the world.

Owner earnings 2019–2025 $92M$67M$217M$214M($224M)$140M$192M

Retained capital Paid out $728M more than it earned over 2019–2025; annual owner earnings fell $89M.

Balance sheet Heavy net debt, $1.8B · dividend paid 1 of 7 yrs, cut at least once

SNDA Sonida Senior Living Inc.

Sonida Senior Living, Inc. is a leading owner, operator and investor in senior housing communities in the United States in terms of resident capacity.

Owner earnings 2016–2025 ($10M)$16M$15M($15M)($22M)($39M)($27M)($7M)($27M)($9M)

Retained capital Paid out $482M more than it earned over 2016–2025; annual owner earnings fell $21M.

Balance sheet Heavy net debt, $899M · buybacks at an average near $1,946

SRTA Strata Critical Medical Inc.

Strata Critical Medical, Inc. is a time-critical logistics and medical services provider to the United States healthcare industry.

Owner earnings 2019–2025 ($11M)($11M)($16M)($38M)($34M)($8M)($59M)

Retained capital not read

Balance sheet Net cash, debt-free, +$31M

TALK Talkspace Inc.

Talkspace, Inc. together with its consolidated subsidiaries is a leading virtual behavioral healthcare company offering its members convenient and affordable access to a fully-credentialed network of highly qualified providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry.

Owner earnings 2019–2023 ($21M)($15M)($66M)($61M)($17M)

Retained capital not read

Balance sheet Net cash, +$37M

TDOC Teladoc Health Inc.

Teladoc Health is the global leader in virtual care.

Owner earnings 2016–2025 ($54M)($37M)($9M)$26M($58M)$185M$173M$339M$283M$285M

Retained capital Paid out $16.4B more than it earned over 2016–2025; annual owner earnings grew $336M.

Balance sheet Net debt against an operating loss, $159M

THC Tenet Healthcare

Tenet Healthcare Corporation is a diversified healthcare services company with its headquarters in Dallas, Texas, and a Global Business Center in the Philippines that supports various enterprise-wide administrative functions.

Owner earnings 2016–2025 ($317M)$493M$432M$563M$2.9B$910M$321M$1.6B$1.1B$2.5B

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings grew $1.6B, $0.45 per $1 retained.

Balance sheet Meaningful net debt, $10.4B

TOI The Oncology Institute Inc.

Oncology episode, our patients develop a relationship to providers in the TOI clinics, as well as a cadence of regular visits.

Owner earnings 2020–2025 ($686K)($36M)($66M)($41M)($30M)($28M)

Retained capital not read

Balance sheet Net debt against an operating loss, $44M

UHS Universal Health

We provide capital resources as well as a variety of management services to our facilities, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing and public relations.

Owner earnings 2016–2025 $814M$690M$822M$948M$1.8B$350M$414M$700M$1.5B$1.2B

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $367M, $0.17 per $1 retained.

Balance sheet Meaningful net debt, $4.6B · dividend paid 10 of 10 yrs, cut at least once

USPH U.S. Physical Therapy

Revenue is Net Patient Revenue (83%), Other Revenue (17%) and Management Contract Revenue (1%).

Owner earnings 2016–2025 $43M$49M$66M$52M$92M$68M$50M$73M$66M$61M

Retained capital Retained $153M of earnings over 2016–2025; annual owner earnings grew $14M, $0.09 per $1 retained.

Balance sheet Modest net debt, $127M · buybacks at an average near $68.44 · dividend paid 10 of 10 yrs, cut at least once

VMD Viemed Healthcare Inc.

Viemed's services include respiratory disease management, neuromuscular care, in-home sleep testing and sleep apnea treatment, oxygen therapy, the sale of associated supplies, women's health products and services, and healthcare staffing services.

Owner earnings 2018–2025 $19M$13M$26M$11M$12M$19M$14M$23M

Retained capital Retained $75M of earnings over 2018–2025; annual owner earnings fell $219K, $-0.00 per $1 retained.

Balance sheet Net cash, +$1M · buybacks at an average near $6.04

WGS GeneDx Holdings Corp.

GeneDx combines clinical expertise, advanced technology, and the proprietary GeneDx Infinity dataset to power the ExomeDx and GenomeDx tests ranked #1 by expert geneticists and granted FDA Breakthrough Device Designation enabling clinicians to deliver precise, fast, and actionable diagnoses.

Owner earnings 2019–2025 ($25M)($105M)($200M)($326M)($185M)($34M)$24M

Retained capital not read

Balance sheet Net cash, +$119M