ENSGENSIGN GROUP, INC

Services-Skilled Nursing Care Facilities

Revenue: $5.0B; 19% YoY
Operating margin: 8.5%; 0.0% YoY
EBITDA: $530M; 20% YoY
Market cap: $10.6B
Employees: 46,000; $109K revenue each
Net debt / EBITDA: -0.4×; −$193M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$109K · 15th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 12th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.6B	$3.0B	$3.7B	$4.2B	$5.0B	19%
Operating income	$260M	$297M	$255M	$358M	$425M	19%
Net income	$195M	$225M	$209M	$298M	$344M	15%
Operating cash flow	$276M	$273M	$377M	$347M	$564M	63%
Stock-based comp	$19M	$23M	$31M	$36M	$48M	33%
Buybacks	$10M	$30M	$0	$0	$20M
Dividends	$12M	$12M	$13M	$14M	$14M	5.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 49
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.