Addus HomeCare is a cash-generative, demographically supported home-care consolidator trading at a regulatory-discounted valuation despite resilient earnings, low leverage, and a clear path to long-term compounding.
Overview
Addus HomeCare is a scaled pure-play provider of U.S. home-based care, with 77% of revenue from non-medical Personal Care, supplemented by Hospice and Home Health. It serves roughly 62,750 consumers across 263 locations in 24 states, largely dual-eligible Medicare/Medicaid patients. The model offers a cost-effective alternative to institutional care, supported by government reimbursement, local caregiver density, and compliance infrastructure. Revenue is concentrated in core states including Illinois, New York, Texas, and New Mexico, creating both scale advantages and policy exposure.