Chemed Corporation (CHE) 10-Year Financial Performance & Capital Metrics

CHE • • Industrial / General

HealthcareHealthcare FacilitiesHome Health & Hospice CareComprehensive Home Health Providers

AboutChemed Corporation provides hospice and palliative care services to patients through a network of physicians, registered nurses, home health aides, social workers, clergy, and volunteers primarily in the United States. The company operates in two segments, VITAS and Roto-Rooter. It offers plumbing, drain cleaning, excavation, water restoration, and other related services to residential and commercial customers through company-owned branches, independent contractors, and franchisees. The company was incorporated in 1970 and is headquartered in Cincinnati, Ohio.Show more

Revenue $2.43B +7.4%
EBITDA $430M +7.0%
Net Income $302M +10.8%
EPS (Diluted) 19.89 +10.9%
Gross Margin 35.14% -0.4%
EBITDA Margin 17.67% -0.3%
Operating Margin 15.07% +0.2%
Net Margin 12.42% +3.2%
ROE 27.12% -5.1%
ROIC 26.42% +1.9%
Debt/Equity 0.13 -10.1%
Interest Coverage 205.89 +87.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.3%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 15.1% free cash flow margin
✓17 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 12.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.26%

5Y4.63%

3Y4.36%

TTM6.45%

Profit (Net Income) CAGR

10Y11.76%

5Y6.55%

3Y3.99%

TTM-7.6%

EPS CAGR

10Y13.57%

5Y8.37%

3Y5.68%

TTM-4.54%

ROCE

10Y Avg28.29%

5Y Avg30.67%

3Y Avg28.48%

Latest26.76%

Peer Comparison

Comprehensive Home Health Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PNTGThe Pennant Group, Inc.	1.03B	29.90	42.11	27.59%	3.15%	7.78%	2.93%	0.88
CHEChemed Corporation	6.48B	458.93	23.07	7.37%	11.02%	25.89%	5.68%	0.13
EHABEnhabit, Inc.	551.11M	10.89	-3.50	-1.1%	-1.14%	-1.99%	8.6%	1.03
AVAHAveanna Healthcare Holdings Inc.	2.04B	9.76	-172.13	6.82%	0.85%		1.29%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.54B	1.58B	1.67B	1.78B	1.94B	2.08B	2.14B	2.13B	2.26B	2.43B
Revenue Growth %	0.06%	0.02%	0.06%	0.07%	0.09%	0.07%	0.03%	-0%	0.06%	0.07%
Cost of Goods Sold+	1.09B	1.12B	1.15B	1.23B	1.32B	1.38B	1.37B	1.37B	1.47B	1.58B
COGS % of Revenue	0.7%	0.71%	0.69%	0.69%	0.68%	0.66%	0.64%	0.64%	0.65%	0.65%
Gross Profit+	455.78M	461.45M	516.19M	555M	617.43M	701.39M	769.8M	765.09M	798.82M	854.35M
Gross Margin %	0.3%	0.29%	0.31%	0.31%	0.32%	0.34%	0.36%	0.36%	0.35%	0.35%
Gross Profit Growth %	0.08%	0.01%	0.12%	0.08%	0.11%	0.14%	0.1%	-0.01%	0.04%	0.07%
Operating Expenses+	271.32M	282.7M	403.16M	311.37M	360.05M	311.71M	426.76M	421.59M	458.25M	487.86M
OpEx % of Revenue	0.18%	0.18%	0.24%	0.17%	0.19%	0.15%	0.2%	0.2%	0.2%	0.2%
Selling, General & Admin	237.82M	248.06M	276.65M	271.21M	305.71M	330.22M	366.73M	358.73M	395.12M	424.36M
SG&A % of Revenue	0.15%	0.16%	0.17%	0.15%	0.16%	0.16%	0.17%	0.17%	0.17%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	33.5M	34.64M	126.5M	40.16M	54.34M	-18.51M	60.04M	62.86M	63.13M	63.49M
Operating Income+	184.46M	178.75M	113.03M	243.63M	257.38M	389.68M	343.04M	343.5M	340.57M	366.49M
Operating Margin %	0.12%	0.11%	0.07%	0.14%	0.13%	0.19%	0.16%	0.16%	0.15%	0.15%
Operating Income Growth %	0.1%	-0.03%	-0.37%	1.16%	0.06%	0.51%	-0.12%	0%	-0.01%	0.08%
EBITDA+	217.96M	213.39M	148.66M	282.5M	302.58M	446.26M	402.09M	402.67M	401.43M	429.54M
EBITDA Margin %	0.14%	0.14%	0.09%	0.16%	0.16%	0.21%	0.19%	0.19%	0.18%	0.18%
EBITDA Growth %	0.1%	-0.02%	-0.3%	0.9%	0.07%	0.47%	-0.1%	0%	-0%	0.07%
D&A (Non-Cash Add-back)	33.5M	34.64M	35.63M	38.86M	45.2M	56.58M	59.05M	59.17M	60.87M	63.05M
EBIT	183.77M	180.77M	121.19M	244.59M	266.14M	398.35M	352.18M	334.26M	353.48M	401.25M
Net Interest Income+	-3.36M	-3.33M	-3.85M	-4.32M	-4.02M	-1.6M	-1.49M	-4.23M	3.16M	12.83M
Interest Income	281K	383K	427K	671K	513K	757K	377K	355K	6.27M	14.61M
Interest Expense	3.65M	3.71M	4.27M	4.99M	4.54M	2.35M	1.87M	4.58M	3.11M	1.78M
Other Income/Expense	-4.33M	-1.7M	3.88M	-4.03M	4.23M	6.31M	7.28M	-13.82M	9.8M	32.97M
Pretax Income+	180.13M	177.05M	116.92M	239.6M	261.61M	395.99M	350.31M	329.68M	350.37M	399.46M
Pretax Margin %	0.12%	0.11%	0.07%	0.13%	0.13%	0.19%	0.16%	0.15%	0.15%	0.16%
Income Tax+	69.85M	68.31M	18.74M	34.06M	41.69M	76.52M	81.76M	80.06M	77.86M	97.47M
Effective Tax Rate %	0.61%	0.61%	0.84%	0.86%	0.84%	0.81%	0.77%	0.76%	0.78%	0.76%
Net Income+	110.27M	108.74M	98.18M	205.54M	219.92M	319.47M	268.55M	249.62M	272.51M	302M
Net Margin %	0.07%	0.07%	0.06%	0.12%	0.11%	0.15%	0.13%	0.12%	0.12%	0.12%
Net Income Growth %	0.11%	-0.01%	-0.1%	1.09%	0.07%	0.45%	-0.16%	-0.07%	0.09%	0.11%
Net Income (Continuing)	110.27M	108.74M	98.18M	205.54M	219.92M	319.47M	268.55M	249.62M	272.51M	302M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	6.33	6.48	5.86	12.23	13.31	19.48	16.85	16.53	17.93	19.89
EPS Growth %	0.14%	0.02%	-0.1%	1.09%	0.09%	0.46%	-0.14%	-0.02%	0.08%	0.11%
EPS (Basic)	6.54	6.64	6.11	12.80	13.77	20.02	17.14	16.72	18.11	20.10
Diluted Shares Outstanding	17.42M	16.79M	16.74M	16.8M	16.53M	16.4M	15.94M	15.1M	15.2M	15.19M
Basic Shares Outstanding	16.87M	16.38M	16.06M	16.06M	15.97M	15.96M	15.67M	14.93M	15.05M	15.02M
Dividend Payout Ratio	0.14%	0.15%	0.18%	0.09%	0.09%	0.07%	0.08%	0.09%	0.09%	0.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	150.81M	169.9M	176.05M	159.84M	190.67M	329.4M	230.29M	272.61M	500.84M	394.75M
Cash & Short-Term Investments	14.73M	15.31M	11.12M	4.83M	6.16M	162.68M	32.9M	74.13M	263.96M	178.35M
Cash Only	14.73M	15.31M	11.12M	4.83M	6.16M	162.68M	32.9M	74.13M	263.96M	178.35M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	106.26M	132.02M	113.65M	119.5M	143.83M	126.85M	137.22M	139.41M	181.51M	171.16M
Days Sales Outstanding	25.13	30.56	24.89	24.47	27.08	22.26	23.41	23.83	29.26	25.7
Inventory	6.31M	5.75M	5.33M	5.71M	7.46M	7.09M	10.11M	10.27M	12M	8.19M
Days Inventory Outstanding	2.12	1.88	1.69	1.7	2.06	1.88	2.69	2.74	2.99	1.9
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	701.52M	710.16M	743.98M	815.69M	1.08B	1.11B	1.11B	1.17B	1.17B	1.27B
Property, Plant & Equipment	117.37M	121.3M	143.03M	162.03M	287.42M	311.27M	318.73M	335.38M	330.23M	328.16M
Fixed Asset Turnover	13.15x	13.00x	11.65x	11.00x	6.74x	6.68x	6.71x	6.37x	6.86x	7.41x
Goodwill	472.32M	472.37M	476.89M	510.57M	577.37M	578.59M	578.59M	581.29M	585.02M	666.74M
Intangible Assets	55.11M	55.06M	54.87M	68.25M	126.37M	118.08M	108.1M	99.73M	90.26M	92.21M
Long-Term Investments	49.48M	54.39M	62.07M	65.62M	77.45M	88.81M	98.88M	0	0	0
Other Non-Current Assets	7.23M	7.04M	7.13M	9.21M	9.05M	8.76M	8.14M	153M	161.74M	186.72M
Total Assets+	852.33M	880.06M	920.03M	975.53M	1.27B	1.43B	1.34B	1.44B	1.67B	1.67B
Asset Turnover	1.81x	1.79x	1.81x	1.83x	1.53x	1.45x	1.59x	1.48x	1.36x	1.46x
Asset Growth %	-0.01%	0.03%	0.05%	0.06%	0.3%	0.13%	-0.06%	0.07%	0.16%	0%
Total Current Liabilities+	171.34M	171.83M	193.52M	191.67M	262.22M	299.11M	302.4M	297.2M	312.05M	285.69M
Accounts Payable	43.7M	39.59M	48.37M	50.15M	51.1M	54.23M	73.02M	41.88M	64.03M	44.15M
Days Payables Outstanding	14.66	12.95	15.35	14.91	14.12	14.36	19.46	11.16	15.95	10.22
Short-Term Debt	7.5M	8.75M	10M	0	0	0	0	5M	15.7M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	74.94M	73.73M	86.4M	93.57M	114.44M	133.88M	134.63M	145.84M	121.87M	134.75M
Current Ratio	0.88x	0.99x	0.91x	0.83x	0.73x	1.10x	0.76x	0.92x	1.61x	1.38x
Quick Ratio	0.84x	0.96x	0.88x	0.80x	0.70x	1.08x	0.73x	0.88x	1.57x	1.35x
Cash Conversion Cycle	12.59	19.49	11.24	11.25	15.02	9.78	6.64	15.41	16.3	17.37
Total Non-Current Liabilities+	167.74M	184.13M	186.15M	192.53M	279.49M	234.6M	417.05M	346.09M	248.17M	263.89M
Long-Term Debt	83.75M	100M	91.2M	89.2M	90M	0	185M	92.5M	0	0
Capital Lease Obligations	0	-54.29M	-61.8M	0	86.66M	99.21M	100.63M	110.51M	100.78M	98.54M
Deferred Tax Liabilities	21.04M	14.29M	16.64M	21.6M	18.5M	20.66M	23.18M	38.61M	30.32M	25.95M
Other Non-Current Liabilities	62.95M	69.84M	78.31M	81.73M	84.33M	114.73M	108.24M	104.47M	117.07M	139.4M
Total Liabilities	339.07M	355.96M	379.67M	384.19M	541.71M	533.71M	719.45M	643.3M	560.22M	549.58M
Total Debt+	91.25M	108.75M	101.2M	89.2M	215.94M	135.41M	323.54M	247.01M	155.11M	140.84M
Net Debt	76.52M	93.44M	90.08M	84.37M	209.78M	-27.27M	290.65M	172.88M	-108.85M	-37.51M
Debt / Equity	0.18x	0.21x	0.19x	0.15x	0.30x	0.15x	0.52x	0.31x	0.14x	0.13x
Debt / EBITDA	0.42x	0.51x	0.68x	0.32x	0.71x	0.30x	0.80x	0.61x	0.39x	0.33x
Net Debt / EBITDA	0.35x	0.44x	0.61x	0.30x	0.69x	-0.06x	0.72x	0.43x	-0.27x	-0.09x
Interest Coverage	50.61x	48.12x	26.46x	48.82x	56.75x	165.47x	183.64x	74.93x	109.58x	205.89x
Total Equity+	513.25M	524.1M	540.35M	591.33M	726.61M	901.2M	623.27M	798.72M	1.11B	1.12B
Equity Growth %	0.14%	0.02%	0.03%	0.09%	0.23%	0.24%	-0.31%	0.28%	0.39%	0.01%
Book Value per Share	29.46	31.22	32.28	35.19	43.96	54.96	39.11	52.90	72.89	73.69
Total Shareholders' Equity	513.25M	524.1M	540.35M	591.33M	726.61M	901.2M	623.27M	798.72M	1.11B	1.12B
Common Stock	33.98M	34.27M	34.73M	35.31M	35.81M	36.26M	36.51M	36.8M	37.18M	37.42M
Retained Earnings	865.85M	958.15M	1.04B	1.23B	1.43B	1.72B	1.97B	2.2B	2.45B	2.72B
Treasury Stock	-991.98M	-1.11B	-1.23B	-1.45B	-1.6B	-1.82B	-2.43B	-2.59B	-2.72B	-3.13B
Accumulated OCI	2.4M	2.51M	2.2M	2.34M	2.31M	2.34M	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	171.5M	135.39M	162.5M	287.14M	301.25M	489.29M	308.6M	309.89M	330.3M	417.5M
Operating CF Margin %	0.11%	0.09%	0.1%	0.16%	0.16%	0.24%	0.14%	0.15%	0.15%	0.17%
Operating CF Growth %	0.56%	-0.21%	0.2%	0.77%	0.05%	0.62%	-0.37%	0%	0.07%	0.26%
Net Income	110.27M	108.74M	98.18M	205.54M	219.92M	319.47M	268.55M	249.62M	272.51M	302M
Depreciation & Amortization	33.5M	34.64M	35.63M	38.86M	45.2M	56.58M	59.05M	59.17M	60.87M	63.05M
Stock-Based Compensation	2.65M	1.85M	1.23M	446K	14.83M	18.42M	22.5M	26.25M	30.08M	32.03M
Deferred Taxes	6.33M	-6.71M	2.41M	5.19M	-2.77M	37.78M	-15.78M	-3.35M	-8.03M	-4.14M
Other Non-Cash Items	9.06M	13.71M	29.05M	7.33M	16.48M	12.61M	1.07M	11.67M	14.18M	16.42M
Working Capital Changes	4.79M	-25.18M	-14.48M	17.15M	7.58M	44.43M	-26.8M	-33.49M	-39.31M	8.13M
Change in Receivables	4.13M	-42.14M	1.07M	-5.57M	-19.25M	12.77M	-8.43M	-2.41M	-41.49M	10.68M
Change in Inventory	-142K	559K	421K	-351K	-1.76M	367K	-3.01M	-162K	-1.73M	3.83M
Change in Payables	476K	891K	12.89M	8.94M	28.42M	19.1M	9.83M	15.34M	-9.35M	-9.28M
Cash from Investing+	-50.32M	-39.86M	-67.61M	-105.22M	-190.76M	-61.56M	-57.76M	-59.4M	-60.64M	-143.91M
Capital Expenditures	-44.13M	-39.77M	-64.3M	-52.87M	-53.02M	-58.83M	-58.67M	-57.33M	-56.85M	-49.53M
CapEx % of Revenue	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	432K	-90K	1.42M	824K	272K	871K	918K	1.45M	206K	3.02M
Cash from Financing+	-120.59M	-94.95M	-99.08M	-188.2M	-109.16M	-271.21M	-380.62M	-209.25M	-79.83M	-359.19M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.61M	-16.44M	-17.37M	-18.66M	-19.79M	-21.08M	-22.02M	-22.02M	-23.5M	-27.09M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	11.77M	7.04M	13.79M	2.87M	2.46M	15.46M	20.55M	26.66M	93.13M	45.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	127.36M	95.62M	98.19M	234.27M	248.23M	430.46M	249.92M	252.56M	273.44M	367.97M
FCF Margin %	0.08%	0.06%	0.06%	0.13%	0.13%	0.21%	0.12%	0.12%	0.12%	0.15%
FCF Growth %	0.91%	-0.25%	0.03%	1.39%	0.06%	0.73%	-0.42%	0.01%	0.08%	0.35%
FCF per Share	7.31	5.70	5.87	13.94	15.02	26.25	15.68	16.73	17.99	24.23
FCF Conversion (FCF/Net Income)	1.56x	1.25x	1.66x	1.40x	1.37x	1.53x	1.15x	1.24x	1.21x	1.38x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.86%	20.97%	18.45%	36.33%	33.37%	39.25%	35.23%	35.11%	28.59%	27.12%
Return on Invested Capital (ROIC)	23.56%	22.21%	13.59%	27.98%	23.95%	32.29%	28.78%	27.33%	25.92%	26.42%
Gross Margin	29.53%	29.26%	30.97%	31.13%	31.85%	33.73%	35.98%	35.84%	35.28%	35.14%
Net Margin	7.14%	6.9%	5.89%	11.53%	11.34%	15.36%	12.55%	11.69%	12.03%	12.42%
Debt / Equity	0.18x	0.21x	0.19x	0.15x	0.30x	0.15x	0.52x	0.31x	0.14x	0.13x
Interest Coverage	50.61x	48.12x	26.46x	48.82x	56.75x	165.47x	183.64x	74.93x	109.58x	205.89x
FCF Conversion	1.56x	1.25x	1.66x	1.40x	1.37x	1.53x	1.15x	1.24x	1.21x	1.38x
Revenue Growth	5.98%	2.17%	5.7%	6.96%	8.75%	7.27%	2.87%	-0.2%	6.06%	7.37%

Revenue by Segment

	2012	2018	2019	2020	2021	2022	2023	2024
Care Services Total	-	-	-	-	-	-	1.33B	1.55B
Care Services Total Growth	-	-	-	-	-	-	-	15.91%
Routine Home Care	-	-	-	-	-	-	1.14B	1.33B
Routine Home Care Growth	-	-	-	-	-	-	-	16.72%
Inpatient Care	-	-	-	-	-	-	112.42M	120.6M
Inpatient Care Growth	-	-	-	-	-	-	-	7.28%
Continuous Care	-	-	-	-	-	-	85.67M	99.75M
Continuous Care Growth	-	-	-	-	-	-	-	16.43%
All Other Revenue Self Pay Respite Care Ect.	-	7.83M	10.43M	11.16M	12.14M	12.44M	13.58M	19.45M
All Other Revenue Self Pay Respite Care Ect. Growth	-	-	33.23%	7.01%	8.76%	2.44%	9.20%	43.24%
Vitas	457K	-	-	-	-	-	-	-
Vitas Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Chemed Corporation (CHE) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

Chemed Corporation (CHE) reported $2.53B in revenue for fiscal year 2024. This represents a 87% increase from $1.36B in 2011.

Chemed Corporation (CHE) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Chemed Corporation (CHE) is profitable, generating $278.8M in net income for fiscal year 2024 (12.4% net margin).

Dividend & Returns

Yes, Chemed Corporation (CHE) pays a dividend with a yield of 0.39%. This makes it attractive for income-focused investors.

Chemed Corporation (CHE) has a return on equity (ROE) of 27.1%. This is excellent, indicating efficient use of shareholder capital.

Chemed Corporation (CHE) generated $360.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...