TakeoverPE & activists

OPCHOption Care Health, Inc.

Services-Home Health Care Services · $4.8B market cap · 2,700 employees

3.2×

More likely than average to be taken private

Top 3% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • TSR below peersNo
    0 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $8M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    124% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 97th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.0 per 10K words · 69th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    0.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $707K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 28, 2026PREM14AClayton, Dubilier & Rice (CD&R), via Onyx Bidco LLC$32.0542%
Oct 6, 20268-KClayton, Dubilier & Rice; McKesson Corporation——
Jun 26, 2019DEFM14AHC Group Holdings I, LLC$64.6249.99%
Apr 30, 2019PREM14AHC Group Holdings I, LLC$44.2944.2927164%

Key numbers

Revenue
$5.6BFY2021: $3.4BFY2022: $3.9BFY2023: $4.3BFY2024: $5.0BFY2025: $5.6B
13% YoY
Operating margin
6.0%FY2021: 5.5%FY2022: 6.2%FY2023: 7.3%FY2024: 6.4%FY2025: 6.0%
7.1% YoY
EBITDA
$405MFY2021: $254MFY2022: $301MFY2023: $374MFY2024: $383MFY2025: $405M
5.9% YoY
Net debt / EBITDA
0.8×
$326M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$3.4B$3.9B$4.3B$5.0B$5.6B 13% FY2021: $3.4BFY2022: $3.9BFY2023: $4.3BFY2024: $5.0BFY2025: $5.6B
Operating income$191M$240M$315M$322M$338M 5.0% FY2021: $191MFY2022: $240MFY2023: $315MFY2024: $322MFY2025: $338M
Net income$140M$151M$267M$212M$208M 2.0% FY2021: $140MFY2022: $151MFY2023: $267MFY2024: $212MFY2025: $208M
Operating cash flow$209M$268M$371M$323M$258M 20% FY2021: $209MFY2022: $268MFY2023: $371MFY2024: $323MFY2025: $258M
Capex$26M$35M$42M$36M$41M 16% FY2021: $26MFY2022: $35MFY2023: $42MFY2024: $36MFY2025: $41M
Stock-based comp$10M$17M$30M$36M$40M 11% FY2021: $10MFY2022: $17MFY2023: $30MFY2024: $36MFY2025: $40M
Buybacks$0$0$250M$253M$310M 23% FY2021: $0FY2022: $0FY2023: $250MFY2024: $253MFY2025: $310M

13D filers

FiledFilerFormStakeIntent
Jun 12, 2023Walgreens Boots Alliance, Inc.SC 13D/A0.0%Passive
Mar 3, 2023Walgreens Boots Alliance, Inc.SC 13D/A6.0%Passive
Aug 18, 2022Walgreens Boots Alliance, Inc.SC 13D/A14.4%Passive
Dec 20, 2021Walgreens Boots Alliance, Inc.SC 13D20.7%Passive
Dec 20, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A0.0%Passive
Sep 13, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A21.1%Passive
Aug 6, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A26.2%Passive
Jun 14, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A37.7%Passive
Mar 19, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A47.3%Passive
Feb 12, 2021MADISON DEARBORN PARTNERS LLCSC 13D/A54.0%Active

Insider trading

+$707Knet buying by insiders, open market, last 12 months
Bought $2M · 4 tradesSold $1M · 2 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$9M$22M204110
FY2024$8M−$2M14893
FY2023$17M$22M21592
FY2022$7M$10M19287
FY2021$8M$13M182109