PACS Group, Inc.
PACS Healthcare Medical Care Facilities
PACS Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 29.3% from fiscal 2024. In the quarter to June 2026, revenue grew 9.07%, EPS grew 45.5%, free cash flow grew 220.5% and total debt fell 4.30%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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PACS Group, Inc. (PACS) Altman Z-score
PACS Group, Inc.'s Altman Z-score for fiscal 2025 is 2.00, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.00 | 0.86 |
| FY2024 | 1.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | 0.06 | — | 0.08 | |
| EBIT / total assets | 0.06 | — | 0.18 | |
| Market value of equity / total liabilities | 1.29 | — | 0.78 | |
| Sales / total assets | 0.95 | — | 0.95 | |
| Altman Z-score | Grey zone | 2.00 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.85 | ||
Z and Z″ put PACS Group, Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CHE Chemed Corporation compare | 11.7× |
| OPCH Option Care Health, Inc. compare | 3.9× |
| ENSG The Ensign Group, Inc. compare | 3.6× |
| UHS Universal Health Services, Inc. compare | 3.3× |
| LFST LifeStance Health Group, Inc. compare | 2.6× |
| PACS PACS Group, Inc. | 2.0× |
| FMS Fresenius Medical Care AG & Co. KGaA compare | 1.9× |
| CON Concentra Group Holdings Parent, Inc. compare | 1.8× |
| DVA DaVita Inc. compare | 1.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets