MeritValue

ACCENDRA HEALTH INC/VA/

ACHdata completeness 100%18 fiscal years on file
The thesis, from the filings

ACCENDRA HEALTH INC/VA/ earns about 6% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9.79B1$9.96B2$2.55B3$2.68B3$2.76B3
Net income$221.6M4$22.4M5−$41.3M6−$362.7M6−$1.1B6
Operating cash flow$124.2M7$325M8$740.7M8$161.5M8−$101.8M9
Capital expenditure$41M10$158.1M11$172.4M12$170.3M12$191M12
Free cash flow (derived)$83.2M7$166.9M8$568.3M8−$8.79M8−$292.7M9
Total debt—$17.9M13$206.9M14$42.9M15$250M15
Cash & equivalents$55.7M16$69.5M17$243M18$27.6M19$282M19
Diluted shares75.5M76.2M77.4M76.7M76.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$59.95
your share of equity
Profit it earned you last year
−$143.13
Free cash flow it threw off
−$38.07
Debt you’d be carrying
$32.51

10 shares is a claim on −$59.95 of net worth that earned you −$143.13 and generated −$38.07 of cash last year, against $32.51 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 29%FY22 15%FY23 8%FY24 -29%FY25 —

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 1296% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001369 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001940 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-018169 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001369 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001940 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-018169 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001369 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001940 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-12-31 · accession 0001104659-26-018169 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001369 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001940 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-018169 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-001369 (LongTermDebtCurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-001940 (LongTermDebtCurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-018169 (LongTermDebtCurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000075252-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-001369 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-001940 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-018169 (CashAndCashEquivalentsAtCarryingValue)