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PACS Group

PACS on NYSE. PACS Group operates skilled nursing facilities and sells care to patients and families. Market value $6.8bn.

Watch this stockFree. We tell you when something changes.

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?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.7%high

For every $100 of what the whole company costs, it produced $6.72 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
17.1×full

You pay 17.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 79 of 100. Our list needs 70 on quality and 60 on price.

$42.81 a share, 315% above its 1-year low

Over the past year the price has ranged from $10.31 to $49.49.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.3
0.3
0.5
2024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $456 million in the past 12 months, $299 million in the year to December 2025.

Revenue
$4.1bn$5.3bn
Operating margin
3.0%5.9%
Debt to equity
0.790.54
Shares outstanding
0.16bn0.16bn

Health checks

  • Free cash flow positive2 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)8 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.54× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.4 billion last quarter, up 9% on a year ago.
  • Profit: $76 million, up 50% on a year ago.
  • It keeps 7 cents of each $1 of sales as operating profit, up from 5 cents a year earlier.
  • Spare cash over the past 12 months: $456 million, up from $400 million.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $235 million more than cash, up from $136 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.0bn
December 2024$1.2bn
March 2025$1.3bn
June 2025$1.3bn
September 2025$1.3bn
December 2025$1.4bn
March 2026$1.4bn
June 2026$1.4bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$16m
December 2024$37m
March 2025$28m
June 2025$51m
September 2025$52m
December 2025$60m
March 2026$81m
June 2026$76m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 239 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Jason Hulse Murray
    Passive investor
    35.2%
    Since 31 December 2024
  • Mark Hancock
    Passive investor
    35.2%
    Since 31 December 2024
  • Cohen & Steers, Inc.
    Passive investor
    at least 4.7%
    (filed with 4 related holders)
    Since 31 July 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $500,048 of shares on the open market. 6 sold $83m, $77m of it under preset trading plans.

  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    5 October 2026
    Shares
    24,224
    Price
    $42.66
    Value
    $1m
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    2 October 2026
    Shares
    26,052
    Price
    $42.51
    Value
    $1m
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    33,032
    Price
    $41.13
    Value
    $1m
  • Jergensen Joshua
    President & COO
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    40,000
    Price
    $43.13
    Value
    $2m
  • Hancock Mark
    Director
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    155,682
    Price
    $42.47
    Value
    $7m
  • Hancock Mark
    Director
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    144,318
    Price
    $44.57
    Value
    $6m
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    317
    Price
    $45.03
    Value
    $14,275
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    11 September 2026
    Shares
    10,529
    Price
    $45.23
    Value
    $476,190
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    10 September 2026
    Shares
    8,771
    Price
    $45.16
    Value
    $396,105
  • Murray Jason Hulse
    Co-Founder, CEO & Chairman, Director
    Sold
    under a preset trading plan
    Date
    9 September 2026
    Shares
    4,758
    Price
    $43.33
    Value
    $206,147

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.

2 serious warning signs in PACS Group’s filings.

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 27 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 6 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026, due to the material weaknesses described below.”
    Show the full paragraph
    Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures, as such term is defined under Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act, as of June 30, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026, due to the material weaknesses described below.

    From the 10-Q filed 4 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 16 Jun 2025: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 16 June 2025: Previously issued accounts should no longer be relied on. Open the filing

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
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What a finished deep dive looks like

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.