MeritValue

CROSS COUNTRY HEALTHCARE INC

CCRNdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'

The thesis, from the filings

CROSS COUNTRY HEALTHCARE INC earns about 9% on invested capital, and has bought back 13% of its shares over 5 years. 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$1.68B1$2.8B2$2.02B3$1.34B3$1.05B3
Net income$132M4$188.5M4$72.6M5−$14.6M5−$94.9M5
Operating cash flow−$85.6M6$134.1M7$248.5M8$120.1M8$48.3M8
Capital expenditure$7.17M9$8.79M10$14M11$8.71M11$8.16M11
Free cash flow (derived)−$92.8M6$125.3M7$234.5M8$111.4M8$40.1M8
Total debt$185.9M12$150.7M12———
Cash & equivalents$1.04M13$3.6M14$17.1M14$81.6M15$108.7M15
Diluted shares37.4M37.5M35.5M33.4M32.4M

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
$99.61
your share of equity
Profit it earned you last year
−$29.27
Free cash flow it threw off
$12.37
Debt you’d be carrying
—

10 shares is a claim on $99.61 of net worth that earned you −$29.27 and generated $12.37 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 29%FY22 33%FY23 17%FY24 -4%FY25 -31%

It earned an average 9% 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
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 19% — deleveraging.

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 —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-006454 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-010519 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-015791 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001140361-25-014192 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-26-015791 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001628280-24-006454 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001628280-25-010519 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-015791 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-24-006454 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-25-010519 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-26-015791 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-23-004859 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-004859 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-25-010519 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-015791 (CashAndCashEquivalentsAtCarryingValue)