PACS Group, Inc.

PACS Group, Inc. (NYSE: PACS) is a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities. Founded in 2013, the company operates 321 post-acute care facilities across 17 states, serving over 31,700 patients daily. The company's website is www.pacsgroup.com.

The core business centers on acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher-acuity, high value-add short-term transitional care facilities. PACS Group also provides senior care, assisted living, and independent living options in select communities. For the fiscal year ended December 31, 2025, the company generated total revenue of $5.3 billion, with Medicare and Medicaid representing 33.7% and 40.5% of routine revenue respectively. The company generated net income of $191.5 million and Adjusted EBITDA of $505.0 million for the same period.

The company operates through a distinctive locally led, centrally supported model that empowers facility administrators to operate autonomously while providing comprehensive support through PACS Services. This suite includes accounting, finance, human resources, payroll, legal, compliance, risk management services, and proprietary technology tools. As of December 31, 2025, the company had 21 regional vice presidents overseeing an average of 14 facilities per region.

PACS Group's portfolio includes 268 leased facilities, 53 directly owned properties, and partial interests in 49 facilities through third-party partnerships. The company's facilities are strategically located in Alaska, Arizona, California, Colorado, Idaho, Kansas, Kentucky, Missouri, Montana, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Washington. The company classifies facilities into three categories based on acquisition timing: Mature facilities (purchased more than 36 months prior), Ramping facilities (18-36 months), and New facilities (less than 18 months).

The company's competitive strengths include superior clinical quality reflected in above-industry average CMS Quality Measures Star ratings, a transparent and meritocratic leadership culture, an employer-of-choice positioning that attracts entrepreneurial professionals, robust technology-enabled services, and a disciplined acquisition playbook. As of December 31, 2025, Mature facilities achieved an average QM Star rating of 4.4 compared to the industry average of 3.5, with occupancy rates of 95% versus the industry average of 79%.