The Ensign Group, Inc.
ensigngroup.netWhat Do They Do?
Provides healthcare services, including skilled nursing and rehabilitation, to patients and older adults; also leases healthcare properties to operators.
10-K for FY2025, filed Feb 4, 2026As of December 31, 2025, our skilled nursing companies provided skilled nursing care at 357 operations, with 37,911 operational beds, in…View ↗
We engage in the acquisition and leasing of skilled nursing and senior living properties. We generate rental revenue primarily by leasing…View ↗
Senior Living — As of December 31, 2025, we had an aggregate of 3,402 senior living units across 47 operations, of which 31 were located on…View ↗
How Do They Make Money?
The skilled nursing business earns most of its revenue from patient care: patients, government programs and insurers pay for care at daily rates or when added services are provided; healthcare operators also pay rent for leased properties.
10-K for FY2025, filed Feb 4, 2026As of December 31, 2025, our skilled nursing companies provided skilled nursing care at 357 operations, with 37,911 operational beds, in…View ↗
Service Revenue Recognition — The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting…View ↗
Revenue recognized from healthcare services are adjusted for estimates of variable consideration to arrive at the transaction price. The…View ↗
We engage in the acquisition and leasing of skilled nursing and senior living properties. We generate rental revenue primarily by leasing…View ↗
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10-K for FY2025, filed Feb 4, 2026
FY2025 revenue by reportable segment ↗
$5.1B
-
10-K for FY2025, filed Feb 4, 2026
$5.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Skilled Services
Usage-based
10-K for FY2025, filed Feb 4, 2026 |
96%
FY2022: 96%
|
Skilled Services, FY2025
$4.8B Sources
|
Usage-based |
|
Standard Bearer
Recurring
|
2.5%
FY2022: 2.4%
|
Standard Bearer, FY2025
$126.9M Sources
|
Recurring |
Who Are Their Customers?
Patients receive nursing and rehabilitation care at facilities; government programs, insurers and private pay fund healthcare services. Healthcare operators lease properties from Standard Bearer.
10-K for FY2025, filed Feb 4, 2026As of December 31, 2025, our skilled nursing companies provided skilled nursing care at 357 operations, with 37,911 operational beds, in…View ↗
Service Revenue Recognition — The Company recognizes revenue in accordance with Financial Accounting Standards Board (FASB) Accounting…View ↗
We engage in the acquisition and leasing of skilled nursing and senior living properties. We generate rental revenue primarily by leasing…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 4, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 27, 2026
$104.3MView ↗
- ▲ +24%
- vs $83.8M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 27, 2026
Open tableView ↗
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Jul 27, 2026
Raised 2026 annual revenue and earnings guidance
Sources
8-K, filed Jul 27, 2026
Raises 2026 Annual Earnings and Revenue Guidance;View ↗
Growing. Revenue grew 92% in 4 years, from $2.6B in FY2021 to $5.1B in FY2025, about 18% a year.
Broader property tenants
Standard Bearer expanded property leasing to operators outside Ensign; the earlier business description identifies Pennant as its outside tenant.
10-K for FY2022, filed Feb 2, 2023 10-K for FY2025, filed Feb 4, 2026We engage in the acquisition and leasing of skilled nursing and senior living properties. We generate rental revenue primarily by leasing…View ↗
During the year ended December 31, 2025, Standard Bearer added $314.2 million of real estate associated with 25 stand-alone skilled nursing…View ↗
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