Adcare Health Systems Inc
RHEP Healthcare Medical Care Facilities
Adcare Health Systems Inc’s revenue for fiscal 2025 (year ended December 2025) was $53.2 million, up 189.9% from fiscal 2024. In the quarter to June 2026, revenue grew 143.0%, EPS grew 70.6%, free cash flow grew 224.5% and total debt fell 13.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Adcare Health Systems Inc (RHEP) Altman Z-score
Adcare Health Systems Inc's Altman Z-score for fiscal 2025 is −0.93, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.93 | 0.97 |
| FY2024 | −1.90 | (0.54) |
| FY2023 | −1.36 | 0.86 |
| FY2022 | −2.22 | (1.13) |
| FY2021 | −1.09 | 0.05 |
| FY2020 | −1.14 | (0.14) |
| FY2019 | −1.00 | 0.42 |
| FY2018 | −1.43 | (0.28) |
| FY2017 | −1.14 | (0.40) |
| FY2016 | −0.75 | 0.05 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.12) | — | −0.14 | |
| Retained earnings / total assets | (1.21) | — | −1.69 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 0.05 | — | 0.03 | |
| Sales / total assets | 0.78 | — | 0.78 | |
| Altman Z-score | Distress zone | −0.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.52 | ||
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 |
|---|---|
| MODVQ ModivCare Inc. compare | 1.3× |
| AMS American Shared Hospital Services compare | 0.7× |
| NIVF NewGenIvf Group Limited compare | −0.2× |
| RHEP Adcare Health Systems Inc | −0.9× |
| CCM Concord Medical Services Holdings Limited compare | −1.2× |
| SYRA Syra Health Corp. compare | −1.6× |
| CANOQ Cano Health, Inc. compare | −2.8× |
| BMGL Basel Medical Group Ltd compare | — |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR compare | — |
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