公司概述
Chemed Corporation operates primarily within the United States, delivering hospice and palliative care services to patients through a comprehensive network that includes physicians, doctors, registered nurses, home health aides, social workers, clergy, and volunteers. The company functions within the Healthcare sector, specifically classified under the Medical Care Facilities industry, where it manages the end-of-life care needs of a significant patient population. Its operational scale is substantial, with a market capitalization of $5.71B and an annual revenue (TTM) of $2.53B, supported by a workforce of 15811 employees. These valuation and revenue figures indicate that Chemed Corporation maintains a significant position as a mid-to-large-cap entity within the specialized medical care landscape, possessing the resources to maintain extensive service networks across its operating regions.
财务健康
The company reported a revenue (TTM) of $2.53B, net income (TTM) of $265.24M, and EBITDA of $404.40M, revealing a cost structure where non-operating expenses, taxes, and interest deduct from the EBITDA to generate a net income that is approximately 65% of the pre-tax operating earnings. The free cash flow stands at $246.01M, which reflects a robust ability to generate cash after capital expenditures, providing the company with considerable financial flexibility for operational needs or strategic investments. Profitability analysis shows a gross margin of 32.5%, an operating margin of 16.6%, and a profit margin of 10.5%, indicating that while the company retains a healthy portion of revenue after direct costs, significant operating expenses and other deductions reduce the final bottom-line profitability to roughly one-tenth of total sales. On the balance sheet, total cash of $74.52M is substantially lower than total debt of $143.76M, a dynamic further highlighted by a debt-to-equity ratio of 14.68, suggesting the company utilizes leverage to finance its operations rather than maintaining a cash-heavy, conservative stance. Liquidity is assessed via a current ratio of 1.05, which indicates that the company holds just enough current assets to cover its short-term liabilities, presenting a tight but manageable liquidity position. Management effectiveness is demonstrated by a return on equity of 25.3% and a return on assets of 13.4%, metrics that reveal the company generates significant returns for shareholders relative to the equity invested and utilizes its asset base efficiently to produce earnings.
估值评估
Valuation metrics indicate a trailing P/E ratio of 21.32 compared to a forward P/E of 14.68, implying that the market currently prices in a significant decline in future earnings growth relative to recent historical performance. The price-to-book ratio stands at 5.47, suggesting that the market values the company's equity at more than five times its book value, reflecting a premium assigned to its intangible assets and service network. Alternative valuation measures include a price-to-sales ratio of 2.26 and an EV/EBITDA of 13.47, which provide context that the company trades at a premium multiple relative to its revenue and adjusted earnings power. Price action over the last year shows a 52-week high of $604.91 and a 52-week low of $365.21, placing the current trading range within a wide band that reflects recent volatility. With a beta of 0.48, the stock exhibits low price volatility relative to the broader market, moving less than half as much as the overall market index during periods of standard market fluctuations.
Growth & Income
Recent performance data shows a revenue growth (YoY) of -0.1% and an earnings growth (YoY) of -9.1%, indicating that earnings are contracting at a significantly faster rate than revenue, which points to potential margin compression or one-time headwinds affecting profitability. As a dividend payer, the company offers a dividend yield of 0.6% with a payout ratio of 12.0%, a low payout level that is highly sustainable given the company's earnings and cash flow generation capabilities. The low payout ratio allows the company to retain a majority of its earnings for reinvestment in its care network and operations rather than distributing them to shareholders. Overall, the growth and income profile is characterized by stable but slightly declining earnings relative to revenue, supported by a highly conservative dividend policy that prioritizes financial stability over high current income distribution.