Free cash flow margins exhibit extreme variance, ranging from 2.9% to 16.1%, largely driven by working capital outflows such as the $37.8 million swing observed in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 144.92M | 111.51M | 116.43M | 112.25M | 105.11M | 39.49M | 109.41M | 12.02M | 33.2M | 52.77M | -743K | 4.11M | 7.03M | 27.39M | 15.4M | 15.95M | 10.7M | -8.93M | 4.61M | 3.49M |
| Operating CF Margin % | - | 7.84% | 10.08% | 10.6% | 11.05% | 4.57% | 14.31% | 1.85% | 6.41% | 12.4% | -0.19% | 1.22% | 2.25% | 10.3% | 6.31% | 5.84% | 3.94% | -3.44% | 1.95% | 1.79% |
| Operating CF Growth % | 281.85% | -4.23% | 3.73% | 6.79% | 166.18% | -63.91% | 810.32% | -63.8% | -37.08% | 7202.42% | -118.1% | -41.58% | -74.34% | 77.82% | -3.4% | 49% | 219.92% | -293.77% | 32.09% | - |
| Net Income | 99.75M | 95.91M | 73.6M | 62.52M | 46.02M | 45.13M | 33.13M | 25.24M | 16.43M | 11.95M | 12.16M | 11.62M | 12.24M | 19.14M | 7.63M | -1.98M | 6.03M | 3.6M | 4.02M | 197K |
| Depreciation & Amortization | 12.47M | 16.41M | 13.53M | 14.13M | 14.06M | 14.49M | 12.05M | 10.57M | 8.64M | 6.66M | 6.65M | 4.72M | 3.83M | 2.16M | 2.54M | 3.55M | 4.05M | 4.91M | 6.09M | 6.03M |
| Stock-Based Compensation | 13.25M | 16.42M | 11.16M | 10.32M | 10.63M | 9.43M | 6M | 5.77M | 4.11M | 2.55M | 1.07M | 1.57M | 827K | 515K | 341K | 331K | 255K | 297K | 272K | 944K |
| Deferred Taxes | 17.7M | 17.87M | 13.19M | 2.82M | 3.91M | 7.28M | -4.65M | -1.06M | -375K | 2.47M | -1.33M | 838K | 2.22M | 4.7M | 839K | -4.66M | 447K | -735K | -815K | -2.56M |
| Other Non-Cash Items | 54.57M | 2.88M | 3.44M | 1.58M | 2.71M | 1.77M | 2.91M | 1.06M | 69K | 9.31M | 10.28M | 4.54M | 2.97M | -12.1M | 2.6M | 20.06M | 4.42M | 7.11M | 3.7M | 1.69M |
| Working Capital Changes | -27.75M | -37.98M | 1.51M | 20.89M | 27.78M | -38.61M | 59.96M | -29.55M | 4.33M | 19.83M | -29.57M | -19.18M | -15.06M | 12.97M | 1.45M | -1.36M | -4.49M | -24.12M | -8.67M | -2.81M |
| Change in Receivables | -17.19M | -26.65M | 22.14M | 15.67M | 20.59M | -3.92M | 23.86M | -37.48M | -697K | 19.41M | -33.6M | -19.51M | -9.28M | 7.82M | -1.81M | -5.69M | -4.89M | -25.77M | -8.31M | -8.19M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -12.07M | -12.66M | -1.91M | 2.02M | 2.51M | -4.81M | 2.16M | 4.64M | 4.24M | 1.1M | -776K | 570K | -850K | 435K | -1.15M | 1.96M | -459K | -116K | 502K | -368K |
| Cash from Investing | -32.81M | -32.5M | -354.61M | -119.24M | -106.59M | -42.02M | -214.24M | -188.7M | -67.79M | -24.27M | -21.74M | -10.72M | -13.63M | 2.87M | -619K | -1.05M | -6.2M | -14.61M | -5.42M | -12.13M |
| Capital Expenditures | -5.84M | -7.72M | -6.05M | -9.45M | -8.3M | -4.64M | -6.83M | -4.62M | -5.35M | -3.62M | -1.71M | -2.21M | -5.27M | -887K | -1.11M | -551K | -612K | -671K | -406K | -787K |
| CapEx % of Revenue | 0.4% | 0.54% | 0.52% | 0.89% | 0.87% | 0.54% | 0.89% | 0.71% | 1.03% | 0.85% | 0.43% | 0.66% | 1.69% | 0.33% | 0.46% | 0.2% | 0.23% | 0.26% | 0.17% | 0.4% |
| Acquisitions | -25.29M | -24.8M | -348.59M | -109.8M | -98.29M | -37.37M | -207.41M | -184.08M | -62.44M | -24.35M | -20.03M | -8.37M | -7.17M | 3.78M | 495K | -500K | -5.59M | -14.18M | -5.03M | -11.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.68M | 15K | 29K | 15K | 0 | 0 | 0 | 0 | 0 | 3.7M | 0 | -146K | -50K | 0 | 0 | 0 | 0 | 0 | 17K | 57K |
| Cash from Financing | -106M | -96.3M | 272.3M | -8.18M | -87.45M | 26.34M | 138.19M | 217.99M | 51.24M | 17.24M | 26.39M | -2.64M | 3.27M | -16.46M | -15.07M | -13.69M | -4.21M | 18.18M | 6.9M | 8.66M |
| Debt Issued (Net) | -78.67M | -98.67M | 96.65M | -8.5M | -90M | 28.27M | 134.24M | 42.26M | -25.45M | 18.94M | 22.89M | -1.05M | 2.53M | -16.46M | -11M | -11.16M | -2.8M | -66.13M | 7.17M | 8.66M |
| Equity Issued (Net) | 1.98M | 2.48M | 179.03M | 319K | 2.55M | 1.11M | 0 | 172.94M | 76.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.48M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.07M | -2.5M | -1.67M | -14.61M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45.81M | 0 | 0 | 0 |
| Other Financing | -29.32M | -113K | -3.39M | 0 | 0 | -3.03M | 3.95M | 2.78M | 71K | -1.7M | 3.5M | -1.59M | 740K | 0 | 0 | -34K | -151K | 38.5M | -272K | 0 |
| Net Change in Cash | 6.11M | -17.29M | 34.12M | -15.17M | -88.93M | 23.82M | 33.36M | 41.31M | 16.65M | 45.74M | 3.91M | -9.26M | -2.2M | 13.83M | -283K | 1.2M | 298K | -5.59M | 6.09M | 18K |
| Free Cash Flow | 137.38M | 103.79M | 110.38M | 102.79M | 96.81M | 34.84M | 102.58M | 7.4M | 27.85M | 49.16M | -2.46M | 1.75M | 1.7M | 26.51M | 14.29M | 15.4M | 10.09M | -9.6M | 4.2M | 2.7M |
| FCF Margin % | 9.48% | 7.3% | 9.56% | 9.71% | 10.18% | 4.03% | 13.41% | 1.14% | 5.38% | 11.55% | -0.61% | 0.52% | 0.54% | 9.97% | 5.85% | 5.64% | 3.71% | -3.7% | 1.78% | 1.39% |
| FCF Growth % | 52.43% | -5.98% | 7.38% | 6.18% | 177.85% | -66.03% | 1286.59% | -73.44% | -43.33% | 2102.24% | -240.53% | 2.52% | -93.57% | 85.47% | -7.18% | 52.57% | 205.16% | -328.48% | 55.56% | - |
| FCF per Share | 7.43 | 5.63 | 6.35 | 6.30 | 5.98 | 2.17 | 6.43 | 0.52 | 2.12 | 4.23 | -0.21 | 0.16 | 0.15 | 2.39 | 1.33 | 1.43 | 0.95 | -3.54 | 4.12 | 2.65 |
| FCF Conversion (FCF/Net Income) | 1.38x | 1.16x | 1.58x | 1.80x | 2.28x | 0.88x | 3.30x | 0.48x | 1.90x | 3.88x | -0.06x | 0.35x | 0.57x | 1.43x | 2.02x | -8.05x | 1.78x | -2.48x | 1.14x | 17.70x |
| Interest Paid | 8.72M | 12.46M | 6.52M | 10.25M | 7.99M | 5.09M | 2.37M | 2.32M | 4.34M | 2.26M | 2.32M | 786K | 698K | 725K | 1.56M | 2.34M | 3.56M | 5.87M | 4.61M | 5.1M |
| Taxes Paid | 7.76M | 12.62M | 26.25M | 14.98M | 1.48M | 17.82M | 10.59M | 7.3M | 4.1M | 6.72M | 5.09M | 911K | 4.46M | 5.69M | 1.76M | 2M | 1.46M | 2.4M | 3.08M | 3.28M |
Medicaid payment cycle volatility
As reported in quarterly financial statements, the OCF/NI ratio for ADUS has fluctuated wildly between 0.53 and 2.44, indicating that reported net income is a poor proxy for the company's actual ability to generate cash from its core Medicaid-reimbursed personal care operations.
The significant divergence between net income and operating cash flow suggests that earnings are heavily influenced by non-cash items and timing differences in collections. Investors should monitor whether this volatility stems from persistent delays in state-level reimbursement cycles, which frequently decouple accounting profit from realized liquidity.
Based on the provided cash flow data, free cash flow margins have demonstrated extreme variance, ranging from a low of 2.9% in 2024Q4 to a high of 16.1% in 2024Q3, largely driven by the cyclical nature of working capital requirements in the home care sector.
The inconsistency in FCF generation suggests that the company's cash trajectory is highly sensitive to the timing of state payments rather than operational efficiency alone. This pattern warrants further investigation into whether the company's cash flow profile can stabilize as it integrates larger acquisitions like Gentiva.
According to recent SEC filings, working capital changes have been a major source of cash flow instability, with a significant $37.8 million outflow in 2025Q4 following a $30.2 million outflow in 2024Q4, highlighting the company's vulnerability to state-level payment delays.
These recurring, large-scale working capital outflows suggest that the company is effectively acting as a bank for state payors during budget impasses. Such reliance on state payment schedules creates a structural risk where cash availability may not align with the company's ongoing operational and acquisition-related funding needs.
As evidenced by the $352.8 million net acquisition outflow in 2024Q4, Addus HomeCare prioritizes inorganic growth over shareholder returns, utilizing its balance sheet to consolidate fragmented regional markets rather than initiating dividends or share repurchases at this stage of its lifecycle.
Management's focus on tuck-in acquisitions appears to be the primary driver of capital deployment, which may limit short-term cash reserves but supports the long-term strategy of capturing the full continuum of care. Investors should monitor whether these acquisitions provide the expected accretion to cash flow or if they merely increase the company's exposure to regulatory and integration risks.
Quick answers to the most common questions about buying ADUS stock.
Addus HomeCare Corporation (ADUS) generated $111.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Addus HomeCare Corporation (ADUS) generated $103.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Addus HomeCare Corporation (ADUS) spent $7.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.