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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. As of December 31, 2025, we had operations in 39 states and the District of Columbia.
Operating margin is thin at 6.17%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 5.1%, steady but not accelerating. Free cash flow declined 60% despite revenue growth, conversion is weakening.
Free cash flow declined 60% versus the prior year, cash generation momentum has weakened. Net debt of $2.89B represents 24.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.52B
▲ +5.1% YoY
Net Income (TTM)
$134M
▼ -31.7% YoY
Op. Margin
5.83%
▲ +1.0pp YoY
ROIC
5.82%
▲ +2.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$117M
▼ -60.3% YoY
Op. Cash Flow (TTM)
$388M
▼ -33.1% YoY
Net Debt
$2.95B
Cash & Equiv.
$26M
5Y CAGR: -0.3%
5Y CAGR: -33.2%
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