Enhabit Inc (NYSE: EHAB) is a home-based healthcare company that provides home health and hospice services to patients recovering from acute illness, surgery, or managing chronic conditions. Revenue comes from fee-for-service reimbursements billed to Medicare, Medicaid, Medicare Advantage plans, and other third-party payers at contractually negotiated or federally regulated rates. In FY2025, approximately 57% of non-Medicare revenue was in Payer Innovation contracts, reflecting an ongoing effort to negotiate value-based incentive terms with commercial and Medicare Advantage payers. Patient referrals split between physician offices and community sources (approximately 38% of home health admissions in 2025) and facility-based sources such as acute care hospitals and skilled nursing facilities (approximately 62% in 2025). The company carried $43.6 million in cash and cash equivalents as of December 31, 2025, and entered a $315.0 million senior secured term loan A facility plus a $160.0 million revolving credit facility in February 2026, maturing February 2031.

Revenue model

Transactional fee-for-service reimbursement from Medicare, Medicaid, Medicare Advantage, and commercial payers. Rates for Medicare and Medicaid are set by federal and state law with no ability to pass through cost increases. Commercial and Medicare Advantage rates are contractually negotiated, with 57% of non-Medicare revenue under Payer Innovation contracts as of December 31, 2025.

Products and services

Home health services: skilled nursing, wound care, cardiac rehabilitation, infusion therapy, pharmaceutical administration, pain management, patient education, and disease management programs for chronic conditions including diabetes, hypertension, Alzheimer's disease, and Parkinson's disease. Hospice services at provider locations subject to CMS quality reporting and the Hospice Special Focus Program launched December 2024.

Customers and end markets

Homebound patients recovering from acute illness, injury, or surgery, and patients managing chronic disorders. Referral sources include physician offices and community providers (approximately 38% of home health admissions in 2025) and facility-based sources such as acute care hospitals, skilled nursing facilities, rehabilitation hospitals, assisted living, and long-term care facilities (approximately 62% in 2025). Primary payers are Medicare fee-for-service, Medicare Advantage plans, and Medicaid.

Value-chain role

Direct provider of home-based clinical care. Operates home health agencies and hospice provider locations staffed by nurses and clinicians. Contracts directly with payers and conveners. Subject to CMS certification, annual quality reporting requirements, and Value-Based Purchasing payment adjustments of up to plus or minus 5% under the Home Health Value-Based Purchasing model.

Geographic exposure

United States. Specific state or regional breakdowns are not disclosed in the excerpts provided.

Source: SEC 10-K, filed 2026-03-05

Industry: Services-Home Health Care Services Peers: Accolade, Inc. AirSculpt Technologies Inc CareMax, Inc. Castle Biosciences Inc CVS Health Corp DocGo Inc InnovAge Holding Corp Invitae Corp National Research Corp RadNet Inc