Aveanna Healthcare Holdings Inc (NASDAQ: AVAH) is a home-based healthcare services company that delivers private duty services, home health, hospice, and medical solutions primarily to elderly and pediatric populations. Revenue comes from reimbursements by Medicaid, Managed Medicaid, and Medicare payers, with rates set through state programs and managed care contracts. The company operates across three reporting segments: Private Duty Services (PDS), Home Health and Hospice (HHH), and Medical Solutions (MS). Total revenue was $2,433.2 million for the fiscal year ended January 3, 2026, up 20.2% from $2,024.5 million for the fiscal year ended December 28, 2024. PDS was the largest growth driver, contributing a $366.5 million increase, or 22.4%, aided by the Thrive acquisition completed June 2, 2025. Operating income was $256.5 million, or 10.5% of revenue, for the fiscal year ended January 3, 2026. The company carries a debt-heavy capital structure, including $1,325.0 million in term loans refinanced in September 2025, maturing September 17, 2032.

Revenue model

Fee-for-service reimbursement from Medicaid, Managed Medicaid, and Medicare payers for home-based care delivery. PDS revenue grew via both volume increases (11.0%) and rate increases (11.4%) in the fiscal year ended January 3, 2026, driven by state Medicaid reimbursement rate increases and volumes from the Thrive acquisition.

Products and services

Private duty services (non-clinical and skilled care in the home), home health services (post-surgery recovery, chronic disease management, hospital readmission prevention), Medicare-certified hospice services (comfort care for terminal illness including heart disease, pulmonary disease, Alzheimer's, and cancer), and medical solutions.

Customers and end markets

Predominantly elderly patients and their families, as well as pediatric populations, receiving care in the home setting. Payers include state Medicaid programs, Managed Medicaid plans, and Medicare. Referral sources include local hospitals and physician networks.

Value-chain role

Direct provider of home-based healthcare services, sitting between payers (Medicaid, Medicare) and patients. Operates an internal mergers and acquisitions integration team (IMO) to acquire and integrate home health and private duty businesses. Pursues local market density to improve nurse staffing fill rates and referral capture.

Geographic exposure

United States. Specific states not detailed in the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-19

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