企業概要
Chemed Corporation is a prominent entity within the healthcare sector, specifically operating in the medical care facilities industry by providing hospice and palliative care services to patients through a nationwide network of physicians, registered nurses, home health aides, social workers, clergy, and volunteers. The company's operational scope is primarily concentrated in the United States, reflecting the domestic nature of its service delivery model and regulatory environment. Chemed holds a market capitalization of $5.71B and generates annual revenue of $2.53B, employing a workforce of 15,811 individuals to execute its business strategy. These financial figures indicate that the company maintains a substantial mid-to-large-cap presence in the specialized healthcare services market, suggesting a significant scale of operations that allows for diversified service offerings across various geographic regions. The substantial market cap relative to its revenue stream implies a high valuation multiple, which often reflects market confidence in the stability of its recurring revenue model derived from long-term care contracts.
財務健全性
Chemed Corporation reported a revenue of $2.53B and a net income of $265.24M for the trailing twelve months, while its EBITDA stands at $404.40M. The significant gap between the $2.53B revenue and the $265.24M net income reveals a cost structure where operating expenses, including labor and overhead, consume approximately 89.5% of total revenue, which is typical for labor-intensive service industries. The company generated $246.01M in free cash flow, a figure that underscores its financial flexibility to fund capital expenditures, service expansions, or debt repayment without relying on external financing. Analyzing the margins, the gross margin is 32.5%, indicating the efficiency of core service delivery before overhead; the operating margin is 16.6%, reflecting the effectiveness of cost control and administrative efficiency; and the profit margin is 10.5%, showing the final profitability after all expenses and taxes. Regarding liquidity and leverage, Chemed holds $74.52M in cash against $143.76M in debt, with a debt-to-equity ratio of 14.68, indicating a balance sheet that is leveraged relative to equity but supported by consistent cash generation. The current ratio of 1.05 suggests that the company's short-term assets are just slightly greater than its short-term liabilities, pointing to a tight but manageable short-term liquidity position. Furthermore, the return on equity of 25.3% and return on assets of 13.4% demonstrate that management is generating substantial returns on shareholder capital and utilizing assets efficiently to produce earnings.
バリュエーション評価
Chemed Corporation currently trades with a trailing P/E ratio of 21.32 and a forward P/E of 14.68. The substantial difference between the trailing and forward P/E ratios implies that the market expects a significant expansion in earnings per share over the coming year, potentially driven by anticipated cost synergies or volume growth in its hospice network. The price-to-book ratio is 5.47, which indicates that the market is pricing the company at a significant premium over its net asset value, reflecting the intangible value of its physician networks and service contracts that are not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 2.26 and an EV/EBITDA of 13.47 provide context for the company's valuation relative to its sales scale and operational cash generation capabilities. In terms of trading range, the 52-week high is $604.91 and the 52-week low is $365.21; without the specific current price provided in the data, the relative standing cannot be calculated, but the range itself defines the volatility envelope over the past year. The stock exhibits a beta of 0.48, meaning its price volatility is significantly lower than the broader market, suggesting it may serve as a defensive holding during periods of equity market turbulence.
Growth & Income
Regarding growth metrics, the revenue growth year-over-year is -0.1% and the earnings growth year-over-year is -9.1%. The fact that earnings are declining at a much faster rate than revenue indicates that the company is facing margin compression or one-time charges that are disproportionately impacting net income compared to top-line performance. As a dividend payer, Chemed offers a dividend yield of 0.6% with a payout ratio of 12.0%. This low payout ratio relative to the reported net income suggests that the dividend is highly sustainable, as the company retains the vast majority of its earnings for reinvestment or debt reduction. The company's overall growth and income profile is currently characterized by a contraction in profitability alongside flat revenue, supported by a highly conservative dividend policy that prioritizes capital preservation over income distribution.