OPCHOption Care Health, Inc.
Services-Home Health Care Services
- Revenue
- $5.6B
- 13% YoY
- Operating margin
- 6.0%
- 7.1% YoY
- EBITDA
- $405M
- 5.9% YoY
- Market cap
- $4.8B
- Employees
- 2,700
- $2M revenue each
- Net debt / EBITDA
- 0.8×
- $326M net debt
- AI in 10-K
- 3.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo124% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes120% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes48% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 97th pctBottom quartile of its SIC industry
- Quiet on AINo3.0 per 10K words · 69th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.4B | $3.9B | $4.3B | $5.0B | $5.6B | 13% |
| Operating income | $191M | $240M | $315M | $322M | $338M | 5.0% |
| Net income | $140M | $151M | $267M | $212M | $208M | 2.0% |
| Operating cash flow | $209M | $268M | $371M | $323M | $258M | 20% |
| Capex | $26M | $35M | $42M | $36M | $41M | 16% |
| Stock-based comp | $10M | $17M | $30M | $36M | $40M | 11% |
| Buybacks | $0 | $0 | $250M | $253M | $310M | 23% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 28, 2026 | PREM14A | Onyx Bidco LLC | $32.05 | 42% |
| Jun 26, 2019 | DEFM14A | HC Group Holdings I, LLC | $64.62 | 49.99% |
| Apr 30, 2019 | PREM14A | HC Group Holdings I, LLC | $44.29 | 44.2927164% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 12, 2023 | Walgreens Boots Alliance, Inc. | SC 13D/A | 0.0% | Passive |
| Mar 3, 2023 | Walgreens Boots Alliance, Inc. | SC 13D/A | 6.0% | Passive |
| Aug 18, 2022 | Walgreens Boots Alliance, Inc. | SC 13D/A | 14.4% | Passive |
| Dec 20, 2021 | Walgreens Boots Alliance, Inc. | SC 13D | 20.7% | Passive |
| Dec 20, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 0.0% | Passive |
| Sep 13, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 21.1% | Passive |
| Aug 6, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 26.2% | Passive |
| Jun 14, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 37.7% | Passive |
| Mar 19, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 47.3% | Passive |
| Feb 12, 2021 | MADISON DEARBORN PARTNERS LLC | SC 13D/A | 54.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $3M · 5
- Open-market sells, 12 mo
- $1M · 2
- Net
- $2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $22M | 204 | 110 |
| FY2024 | $8M | −$2M | 148 | 93 |
| FY2023 | $17M | $22M | 215 | 92 |
| FY2022 | $7M | $10M | 192 | 87 |
| FY2021 | $8M | $13M | 182 | 109 |