Aveanna Healthcare Holdings, Inc. (AVAH)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.6B

Revenue growth

19.5%

Net income, last twelve months

$274.8M

Earnings per share

$1.23

Gross margin

32.3%

Operating margin

10.5%

Net margin

10.6%

Return on equity

95.6%

Market value

$2.9B

Price to earnings

10.6x

Cash

$97.2M

Debt

$1.3B

Debt to equity

4.52

Shares outstanding

218.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of fiscal 2026 results, filed 13 August 2026.

• Revenue grew 13.7% year over year. Quarter revenue was $670.5 million, up $80.9 million from $589.6 million. Six-month revenue was $1,318.4 million, up 14.8%, or $169.6 million.
• Net income and diluted EPS rose. Net income was $40.3 million, or 6.0% of revenue, against $27.0 million a year earlier. Diluted EPS was $0.18 against $0.13. Adjusted diluted EPS was $0.22 against $0.18.
• Adjusted EBITDA grew 8.0%. Adjusted EBITDA was $95.4 million, or 14.2% of revenue, against $88.4 million, or 15.0%, an increase of $7.1 million. Six-month Adjusted EBITDA was $179.8 million, up 15.4%.
• PDS supplied most of the growth. PDS revenue rose $67.9 million, or 14.0%, to $553.9 million. HHH revenue rose $8.9 million and MS revenue rose $4.1 million compared with the prior year.
• PDS gross margin fell 3.6 points. PDS gross margin was $159.9 million, or 28.9% of PDS revenue, against 32.5%; gross margin dollars rose 1.2%. Six-month PDS revenue rose 15.2% to $1,089.6 million.
• HHH revenue up 14.8%. HHH revenue was $69.0 million, up 14.8%, with gross margin of 53.9% against 55.0%. Six-month HHH revenue rose 16.1% to $135.6 million.
• MS revenue up 9.4%. MS revenue was $47.5 million, up 9.4%, with gross margin of 45.1% against 45.6%.
• PDS hours rose 12.3%. PDS hours were 12,413 thousand, up 12.3%. The PDS revenue rate rose 1.7% to $44.62 and the cost of revenue rate rose 7.8% to $31.74.
• PDS spread rate declined 11.1%. PDS spread rate was $12.88 against $14.29, a decline of $1.41 or 11.1%.
• Home health episodic admissions up 16.4%. Episodic admissions were 8.5 thousand, up 16.4%; total admissions were 10.5 thousand, up 7.1%. Episodic mix was 81.0%, up 6.5 points.
• Episodes rose, revenue per episode eased. Total episodes were 14.7 thousand, up 18.5%. Medicare revenue per completed episode was $3,202, down 0.9% from $3,231.
• MS patients served rose 4.4%. MS unique patients served were 95 thousand, up 4.4%. The MS revenue rate rose 5.0% to $500.33.
• Gross margin fell to 32.6%. Gross margin was $218.5 million, or 32.6% of revenue, against $210.8 million, or 35.8%.
• Field contribution margin fell. Field contribution was $121.4 million, up 0.6%, while field contribution margin was 18.1% against 20.5%. Branch and regional administrative expenses rose 7.8% to $97.1 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2026

Company events

The newest 8-K filings of 78 held.

Every filing

The newest filings with the SEC of 155 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

251 funds held it at 30 Jun 2026: 149 added and 50 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• BrightSpring Health Services, Inc. (BTSG): revenue –, market value $11.7B
• Chemed Corp. (CHE): revenue $2.6B, market value $7.0B
• Option Care Health, Inc. (OPCH): revenue $5.7B, market value $4.7B
• Addus HomeCare Corp. (ADUS): revenue $1.5B, market value $2.3B
• AdaptHealth Corp. (AHCO): revenue $3.2B, market value $823.3M

What the company does

Aveanna Healthcare Holdings is a home care company that provides nursing, therapy, hospice and medical supplies to medically complex patients, from newborns to seniors. It is a Delaware corporation with its principal executive offices in Atlanta, Georgia, and its shares trade on the Nasdaq Stock Market. It reports through three segments: Private Duty Services, Home Health & Hospice, and Medical Solutions. It employs 32,000 people and receives payment from more than 1,500 distinct payers across 38 states.

How the business is organised

The company says the segments reflect how it manages the business, including separate branding for each division.

Aveanna began operating in March 2017 through the merger of Epic Health Services and Pediatric Services of America. It says it has completed and integrated eighteen acquisitions since 2017. A team of eight people sources and executes acquisitions. An Integration Management Office plans each integration while due diligence is still under way. On 12 March 2026 the company announced an agreement to acquire Family First Holding, LLC, a pediatric home care provider with 27 locations in seven states.

What it sells

PDS is mainly private duty nursing for medically complex children and young adults, plus pediatric therapy. Nursing visits typically last four to 24 hours a day. They are delivered by registered nurses, licensed practical nurses, home health aides and other caregivers, in the home, at school or in Pediatric Day Healthcare Centers. Conditions treated include tracheostomy, ventilator dependence, cerebral palsy and cystic fibrosis. PDS also administers payer-authorised respite and personal care, where the family recruits and supervises the care provider. Therapy covers physical, occupational and speech services, at home or in a clinic.

HHH serves mostly elderly patients. Home health covers skilled nursing, therapy, medical social services and aide services, often after a hospital stay or surgery. Hospice is for patients with a life expectancy of six months or less. It is provided mainly at home, and also in skilled nursing facilities and inpatient hospice units. Hospitals, physicians and long-term care facilities are the main referral sources.

MS supplies enteral nutrition (tube feeding) and respiratory products. These include feeding pumps, feeding bags, syringes, ventilators, oxygen and pulse oximeters. More than 300 nutritional formulas are available. Registered nurses, registered dietitians and customer service technicians support patients 24 hours a day, 365 days a year.

Who pays

PDS and MS are paid mainly by state Medicaid programs and Medicaid managed care organizations. The company notes that a federal benefit called EPSDT requires state Medicaid programs to cover medically necessary services for children under 21. In states using fee-for-service Medicaid, providers must accept the rate the state sets. Managed care contracts generally set rates as a percentage of the state rate.

HHH is paid mainly by Medicare and Medicare Advantage plans. Home health is paid per 30-day episode of care. Medicare pays hospice a daily rate in one of four care levels: routine home care, continuous home care, inpatient respite care and general inpatient care. Commercial insurance is a small part of PDS and MS reimbursement.

How it competes

The filing describes all three markets as fragmented. It cites the Medicare Payment Advisory Commission as counting over 12,000 Medicare-certified home health agencies in the United States in 2025. Competitors include hospital-based agencies, local agencies, visiting nurse associations, nurse registries and not-for-profit providers. Aveanna says it competes on caregiver availability, quality and expertise of services, and in some cases price.

The company says it is the largest provider of private duty nursing in the United States. It also says its local market density, one stop shop service range and payer partnerships give it an advantage. It adds that most of its private duty nursing patients also receive enteral therapy, mostly from other providers.

Rules it works under

Aveanna's home health and hospice agencies operate under state licences. In six states it also needs certificates of need or permits of approval: Alabama, Georgia, North Carolina, South Carolina, Tennessee and Washington. To take part in Medicare, its agencies must meet federal Conditions of Participation. The company says all locations are accredited by the Community Health Accreditation Program or the Accreditation Commission for Health Care.

The business is also subject to the federal Anti-Kickback Statute, the Stark Law, the False Claims Act and HIPAA. The company says it is routinely the subject of government audits and reviews. It runs a compliance program with annual training, a confidential hotline and monthly checks that staff are not excluded from federal healthcare programs.

Its people

About 3,500 of the 32,000 employees are full-time support staff. The rest work part-time, on a temporary or per-diem basis, or full-time. None are union members or covered by collective bargaining agreements. Clinical associates are paid per visit, per hour, per diem, or on a full-time salary. The company reports a shortage of licensed clinicians, which it says affects the industry generally. It recruits through iCIMS and uses CellTrak electronic visit verification, its own Aveanna Hope Devices in patient homes, and Workday for payroll and HR.

*From Aveanna's annual report on Form 10-K for the year ended 3 January 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1832332/000119312526115851/avah-20260103.htm)*

From the company's 10-K.