Option Care Health
OPCH on Nasdaq. Option Care Health provides home infusion therapy to patients with long-term illnesses. Market value $3.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.68 of spare cash in the past 12 months. A savings account pays about $4.
You pay 13.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 83 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.
$23.37 a share, 30% above its 1-year low
Over the past year the price has ranged from $18.01 to $36.80.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.4bn | $3.9bn | $4.3bn | $5.0bn | $5.6bn |
| Operating margin | |||||
| Operating margin | 5.5% | 6.1% | 7.3% | 6.4% | 6.0% |
| Debt to equity | |||||
| Debt to equity | 0.91 | 0.77 | 0.75 | 0.79 | 0.88 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.18bn | 0.17bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Watch
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.88× equity
- Revenue growth, five yearsStrong, 13.3% a year
- Buying back its own sharesYes, 14% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.4 billion last quarter, about the same as a year ago.
- Profit: $54 million, up 7% on a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $304 million, up from $241 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $965 million more than cash, up from $911 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.3bn |
| December 2024 | $1.3bn |
| March 2025 | $1.3bn |
| June 2025 | $1.4bn |
| September 2025 | $1.4bn |
| December 2025 | Not reported |
| March 2026 | $1.4bn |
| June 2026 | $1.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $54m |
| December 2024 | $60m |
| March 2025 | $47m |
| June 2025 | $51m |
| September 2025 | $52m |
| December 2025 | $59m |
| March 2026 | $45m |
| June 2026 | $54m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 371 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $41m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $7m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% | New |
| First Manhattan Co.First Manhattan partners | $565,351 | <0.1% | Cut |
Largest holders overall
- BlackRock$464mAdded
- Wellington Management Group LLP$247m
- Vanguard Portfolio Management$174mAdded
- Fuller & Thaler Asset Management$156mAdded
- Vanguard Capital Management$148m
- Durable Capital Partners LP$129mCut
- State Street$129mAdded
- Arrowstreet Capital, Limited Partnership$125mAdded
- Dimensional Fund Advisors LP$114mAdded
- Geode Capital Management$94mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Wellington Management Group LLPPassive investorat least 8.1%(filed with 3 related holders)Since 30 June 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.2%Since 31 March 2026
- FMR LLCPassive investorat least 4.1%−1.2 pts(filed with 1 related holder)Since 31 March 2026
- Durable Capital Partners LPPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Group LLP Passive investor | at least 8.1% (filed with 3 related holders) | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.2% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.1%−1.2 pts (filed with 1 related holder) | 31 March 2026 | |
Durable Capital Partners LP Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $3m of shares on the open market. 2 sold $1m.
- SULLIVAN TIMOTHY PDirectorBought
- Date
- 7 May 2026
- Shares
- 24,154
- Price
- $20.69
- Value
- $499,746
- KRAEMER HARRY M JANSEN JRDirectorBought
- Date
- 4 May 2026
- Shares
- 36,610
- Price
- $21.41
- Value
- $783,820
- Sethna MeenalChief Financial OfficerBought
- Date
- 4 May 2026
- Shares
- 16,225
- Price
- $20.16
- Value
- $327,096
- RADEMACHER JOHN CHARLESChief Executive Officer, DirectorBought
- Date
- 4 May 2026
- Shares
- 12,500
- Price
- $21.18
- Value
- $264,750
- Pate R CarterDirectorSold
- Date
- 27 February 2026
- Shares
- 30,287
- Price
- $32.05
- Value
- $970,698
- Bavaro MichaelChief Human Resources OfficerSold
- Date
- 27 February 2026
- Shares
- 6,000
- Price
- $33.00
- Value
- $198,000
- KRAEMER HARRY M JANSEN JRDirectorBought
- Date
- 3 November 2025
- Shares
- 38,000
- Price
- $25.98
- Value
- $987,240
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 May 2026 | SULLIVAN TIMOTHY P Director | Bought | 24,154 | $20.69 | $499,746 |
| 4 May 2026 | KRAEMER HARRY M JANSEN JR Director | Bought | 36,610 | $21.41 | $783,820 |
| 4 May 2026 | Sethna Meenal Chief Financial Officer | Bought | 16,225 | $20.16 | $327,096 |
| 4 May 2026 | RADEMACHER JOHN CHARLES Chief Executive Officer, Director | Bought | 12,500 | $21.18 | $264,750 |
| 27 February 2026 | Pate R Carter Director | Sold | 30,287 | $32.05 | $970,698 |
| 27 February 2026 | Bavaro Michael Chief Human Resources Officer | Sold | 6,000 | $33.00 | $198,000 |
| 3 November 2025 | KRAEMER HARRY M JANSEN JR Director | Bought | 38,000 | $25.98 | $987,240 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.