PNTGPennant Group, Inc.

Services-Health Services

Revenue: $948M; 36% YoY
Operating margin: 5.5%; 0.1% YoY
EBITDA: $60M; 37% YoY
Market cap: $1.5B
Employees: 9,700; $98K revenue each
Net debt / EBITDA: 2.9×; $177M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 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
163% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$98K · 10th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$690K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$440M	$473M	$545M	$695M	$948M	36%
Operating income	$5M	$13M	$25M	$38M	$52M	36%
Net income	$3M	$7M	$13M	$23M	$30M	31%
Operating cash flow	−$18M	$9M	$33M	$39M	$48M	23%
Capex	$6M	$14M	$8M	$9M	$12M	34%
Stock-based comp	$10M	$3M	$5M	$8M	$9M	15%
Buybacks	$0	$0	—	—	—
Dividends	$0	—	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $690K · 9
Net: −$690K

Pay vs performance

No pay-versus-performance disclosure yet.