A Business at a Glance
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Option Care Health, Inc.
OPCH
$3.5B
Mkt Cap
$21.66
+2.75%
Option Care Health, Inc. (OPCH) has a current P/E ratio of 17.1, compared to its historical median P/E of 25.7. The stock is currently considered Cheap based on its historical valuation range.
Option Care Health, Inc. (OPCH) has a 5-year average return on invested capital (ROIC) of 10.0%. This is below average and may indicate limited pricing power.
Option Care Health, Inc. (OPCH) has a market capitalization of $3.4B. It is classified as a mid-cap stock.
Option Care Health, Inc. (OPCH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 9.12%.
Based on historical P/E analysis, Option Care Health, Inc. (OPCH) appears cheap. The current P/E of 17.1 is 34% below its historical median of 25.7. The estimated fair value CAGR (P/E method) is 52.6%.
Option Care Health, Inc. (OPCH) operates in the Services-Home Health Care Services industry, within the Healthcare sector.
Option Care Health, Inc. (OPCH) reported annual revenue of $5.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Option Care Health is the largest independent provider of home and alternate site infusion services, operating a national network of 196 locations across 43 states with over 5,000 clinicians including pharmacists, pharmacy technicians, nurses, and dietitians. The company delivers infusion therapy—including anti-infectives, nutrition support, chronic inflammatory disorder treatments, neurological therapies, immunoglobulin therapy, and other chronic and acute condition treatments—directly to patients' homes or ambulatory infusion suites, coordinated under physician direction. Option Care Health's business model generates revenue through contracts with managed care organizations, third-party payers, hospitals, physicians, and other referral sources, providing a cost-effective alternative to hospital-based infusion delivery while offering payers utilization and outcome data, providers with care management and clinical support, pharmaceutical manufacturers with distribution channels and compliance monitoring, and health systems with transitional care coordination across the post-acute care continuum. The company's competitive advantages include its national scale, diverse therapeutic portfolio spanning acute and chronic therapies, multidisciplinary clinical team, local pharmacy resources, and demonstrated ability to improve patient adherence and reduce hospital readmissions through comprehensive quality accreditations and clinical oversight. Over 34% of nursing visits occur in company-operated infusion suites or clinics, and the company served over 315,000 unique patients in 2025, with strong referral relationships across health systems and specialty prescribers.
【Strategic initiatives gaining traction】 Management expects site-of-care programs with major national payers to continue expanding in 2026 and beyond, with existing initiatives performing better than expected and delivering real cost savings to plans while increasing member satisfaction. Pharma partnership development is progressing as planned, with the company preparing for new product launches later in 2026 and actively pursuing additional opportunities to support commercialization of new-to-market products, leveraging its unique pharmacy network, nursing excellence, and clinical competencies. The company anticipates continued momentum in its acute therapy portfolio and expects mid-single-digit growth in acute services, while chronic therapies are expected to grow in the high single-digit to low double-digit range despite headwinds from Stelara biosimilar conversions. Management is committed to expanding its infusion clinic infrastructure and advanced practitioner model capabilities, with continued investments in commercial resources and cost reduction initiatives expected to drive sequential growth through the remainder of 2026.
| Metric | Target | Period |
|---|---|---|
| Net Revenue | $5.675 billion–$5.775 billion | FY2026 |
| Adjusted EBITDA | $480 million–$505 million | FY2026 |
| Adjusted EPS | $1.82–$1.92 | FY2026 |
| Operating Cash Flow | at least $320 million | FY2026 |
| Q2 FY2026 Sequential Revenue Growth | mid-single digits | Q2 FY2026 |
| Q2 FY2026 Sequential EBITDA Growth | high single digits | Q2 FY2026 |
Net Revenue (FY2026): “we are adjusting our full year net revenue guidance to a range of $5.675 billion-$5.775 billion”
Adjusted EBITDA (FY2026): “with projected EBITDA of $480 million-$505 million”
Adjusted EPS (FY2026): “adjusted EPS range of $1.82-$1.92”
Operating Cash Flow (FY2026): “We are adjusting our operating cash flow target to at least $320 million”
Q2 FY2026 Sequential Revenue Growth (Q2 FY2026): “We expect Q2 sequential revenue growth in the mid-single digits”
Q2 FY2026 Sequential EBITDA Growth (Q2 FY2026): “with EBITDA sequential growth in the high single digits”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.7B | 5.6B | 5.0B | 4.3B | 3.9B | 3.4B |
| Net Income | 206M | 208M | 212M | 267M | 151M | 140M |
| EPS | $1.30 | $1.27 | $1.23 | $1.48 | $0.83 | $0.77 |
| Free Cash Flow | 213M | 217M | 288M | 329M | 232M | 183M |
| ROIC | 10.4% | 11.1% | 11.1% | 10.6% | 8.0% | 9.0% |
| Gross Margin | 19.2% | 19.3% | 20.3% | 22.8% | 22.0% | 22.7% |
| Debt/Equity | 0.86 | 0.96 | 0.87 | 0.82 | 0.83 | 0.99 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 331M | 338M | 322M | 315M | 240M | 191M |
| Operating Margin | 5.8% | 6.0% | 6.4% | 7.3% | 6.1% | 5.5% |
| ROE | 15.3% | 15.2% | 15.0% | 19.0% | 11.8% | 12.8% |
| Shares Outstanding | 157M | 163M | 172M | 180M | 181M | 182M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 923M | 982M | 936M | 1.8B | 1.9B | 2.3B | 3.0B | 3.4B | 3.9B | 4.3B | 5.0B | 5.6B | 5.7B |
| Gross Margin | 27.2% | 26.5% | 28.0% | 24.4% | 21.8% | 22.2% | 22.5% | 22.7% | 22.0% | 22.8% | 20.3% | 19.3% | 19.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 49M | 42M | 39M | 338M | 346M | 460M | 500M | 526M | 566M | 607M | 630M | 682M | 689M |
| EBIT | -98M | -288M | -11M | 27M | 38M | N/A | 111M | 191M | 240M | 315M | 322M | 338M | 331M |
| Op. Margin | -10.6% | -29.3% | -1.2% | 1.5% | 2.0% | N/A | 3.7% | 5.5% | 6.1% | 7.3% | 6.4% | 6.0% | 5.8% |
| Net Income | -147M | -310M | -52M | -74M | -63M | -76M | -8.1M | 140M | 151M | 267M | 212M | 208M | 206M |
| Net Margin | -16.0% | -31.6% | -5.5% | -4.1% | -3.2% | -3.3% | -0.3% | 4.1% | 3.8% | 6.2% | 4.2% | 3.7% | 3.6% |
| Non-Recurring | 18M | 254M | 4.0M | -999K | -1.1M | -3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -21.6% | -65.4% | -2.7% | 4.5% | 3.6% | N/A | 5.2% | 9.0% | 8.0% | 10.6% | 11.1% | 11.1% | 10.4% |
| ROE | -51.6% | -458.9% | 240.4% | N/A | -10.4% | -10.1% | -0.8% | 12.8% | 11.8% | 19.0% | 15.0% | 15.2% | 15.3% |
| ROA | -16.7% | -45.7% | -9.1% | -12.3% | -6.2% | -3.8% | -0.3% | 5.1% | 5.1% | 8.4% | 6.4% | 6.0% | 6.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -31M | -64M | -43M | 38M | 24M | 39M | 127M | 209M | 268M | 371M | 323M | 258M | 254M |
| Free Cash Flow | -45M | -76M | -52M | 13M | -1.8M | 11M | 101M | 183M | 232M | 329M | 288M | 217M | 213M |
| Owner Earnings | -91M | -131M | -66M | 1.8M | -16M | -18M | 53M | 136M | 190M | 282M | 226M | 151M | 145M |
| CapEx | 14M | 12M | 9.9M | 25M | 26M | 28M | 27M | 26M | 35M | 42M | 36M | 41M | 41M |
| Maint. CapEx | 51M | 62M | 22M | 35M | 38M | 54M | 71M | 63M | 61M | 59M | 61M | 68M | 67M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 51M | 62M | 22M | 35M | 38M | 54M | 71M | 63M | 61M | 59M | 61M | 68M | 67M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 107.6% | 71.7% | 21.1% | 12.3% | 13.2% | 11.3% | 11.0% | 16.0% | 16.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250M | 253M | 310M | 310M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.1% | 6.4% | 5.8% | 9.1% |
| Stock-Based Comp | 8.6M | 4.5M | 1.8M | 1.5M | 2.1M | 4.2M | 2.9M | 9.6M | 17M | 30M | 36M | 40M | 41M |
| Debt Repayment | 0 | 0 | 0 | 4.2M | 5.2M | 2.1M | 9.3M | 8.8M | 6.0M | 6.0M | 6.4M | 5.0M | 5.0M |
| Balance Sheet | |||||||||||||
| Net Debt | 423M | 403M | 442M | 441M | 503M | 1.3B | 1.1B | 1.0B | 861M | 823M | 805M | 1.0B | 982M |
| Cash & Equiv. | 740K | 16M | 9.6M | 39M | 36M | 67M | 99M | 119M | 294M | 344M | 413M | 233M | 177M |
| Long-Term Debt | 418M | 394M | 433M | 479M | 535M | 1.3B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| Debt/Equity | 1.96 | -5.13 | 11.77 | N/A | 0.89 | 1.51 | 1.20 | 0.99 | 0.83 | 0.82 | 0.87 | 0.96 | 0.86 |
| Interest Coverage | -2.4 | -7.7 | -0.3 | 0.5 | 0.8 | N/A | 1.0 | 2.8 | 4.5 | 6.1 | 6.6 | 6.2 | 6.1 |
| Equity | 217M | -82M | 38M | N/A | 603M | 907M | 1.0B | 1.2B | 1.4B | 1.4B | 1.4B | 1.3B | 1.4B |
| Total Assets | 825M | 531M | 605M | 603M | 1.4B | 2.6B | 2.6B | 2.8B | 3.1B | 3.2B | 3.4B | 3.5B | 3.4B |
| Total Liabilities | 608M | 612M | 567M | N/A | 825M | 1.7B | 1.6B | 1.6B | 1.7B | 1.8B | 2.0B | 2.1B | 2.0B |
| Intangibles | 10M | 5.1M | 31M | 19M | 10M | 386M | 351M | 366M | 364M | 335M | 301M | 309M | 300M |
| Retained Earnings | -302M | -602M | -645M | -710M | -16M | -92M | -100M | 40M | 190M | 458M | 669M | 877M | 922M |
| Working Capital | 25M | 31M | 43M | 81M | 227M | 229M | 223M | 251M | 429M | 476M | 542M | 436M | 465M |
| Current Assets | 188M | 184M | 173M | 187M | 467M | 559M | 657M | 710M | 994M | 1.1B | 1.3B | 1.3B | 1.2B |
| Current Liabilities | 163M | 153M | 130M | 105M | 240M | 330M | 434M | 460M | 565M | 618M | 780M | 829M | 730M |
| Per Share Data | |||||||||||||
| EPS | -1.72 | -3.61 | -0.44 | -0.47 | -0.35 | -1.96 | -0.04 | 0.77 | 0.83 | 1.48 | 1.23 | 1.27 | 1.30 |
| Owner EPS | -1.06 | -1.52 | -0.56 | 0.01 | -0.09 | -0.47 | 0.26 | 0.75 | 1.05 | 1.56 | 1.31 | 0.92 | 0.93 |
| Book Value | 2.53 | -0.95 | 0.33 | N/A | 3.38 | 23.41 | 5.03 | 6.47 | 7.64 | 7.88 | 8.15 | 8.11 | 8.61 |
| Cash Flow/Share | -0.37 | -0.75 | -0.36 | 0.24 | 0.14 | 1.02 | 0.63 | 1.15 | 1.47 | 2.06 | 1.88 | 1.58 | 1.74 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 85.7M | 85.9M | 117.8M | 159.5M | 178.3M | 38.7M | 201.9M | 181.7M | 181.4M | 180.5M | 172.2M | 163.5M | 157.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 36.7 | 36.2 | 23.0 | 18.6 | 25.7 | 16.7 |
| P/FCF | N/A | N/A | N/A | 143.3 | N/A | 51.3 | 31.0 | 28.0 | 23.5 | 18.6 | 13.7 | 24.5 | 16.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | 67.1 | N/A | 36.6 | 31.2 | 24.7 | 20.7 | 13.1 | 17.8 | 13.2 |
| Price/Book | 2.1 | N/A | N/A | N/A | 3.5 | 2.5 | 3.1 | 4.4 | 3.9 | 4.3 | 2.8 | 4.0 | 2.5 |
| Price/Sales | 0.5 | 0.3 | 0.2 | 0.3 | 0.9 | 0.8 | 0.9 | 1.1 | 1.3 | 1.3 | 1.0 | 0.9 | 0.6 |
| FCF Yield | -10.1% | -64.3% | -54.0% | 3.6% | -0.1% | 0.5% | 3.2% | 3.6% | 4.3% | 5.4% | 7.3% | 4.1% | 6.3% |
| Market Cap | 447M | 119M | 97M | 359M | 2.1B | 2.3B | 3.1B | 5.1B | 5.4B | 6.1B | 3.9B | 5.3B | 3.4B |
| Avg. Price | 29.19 | 14.34 | 9.08 | 8.84 | 11.72 | 11.78 | 13.71 | 21.74 | 29.16 | 31.13 | 29.57 | 30.39 | 21.66 |
| Year-End Price | 26.08 | 6.92 | 4.12 | 11.60 | 13.72 | 14.80 | 15.44 | 28.23 | 30.03 | 34.02 | 22.85 | 32.58 | 21.66 |
Option Care Health, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Option Care Health, Inc. trades at 17.1x trailing earnings, compared to its 15-year median P/E of 25.7x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 15.6x vs a median of 24.5x. The company's 5-year average ROIC is 10.0% with a gross margin of 21.4%. Total shareholder yield (buybacks) is 9.1%. At current prices, the estimated annualized return to fair value is +60.1%.
Option Care Health, Inc. (OPCH) has a net profit margin of 3.7%. This is a modest margin.
Option Care Health, Inc. (OPCH) generated $217 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Option Care Health, Inc. (OPCH) has a debt-to-equity ratio of 0.96. This indicates moderate leverage.
Option Care Health, Inc. (OPCH) reported earnings per share (EPS) of $1.27 in its most recent fiscal year.
Option Care Health, Inc. (OPCH) has a return on equity (ROE) of 15.2%. This indicates the company generates strong returns for shareholders.
Option Care Health, Inc. (OPCH) has a 5-year average gross margin of 21.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Option Care Health, Inc. (OPCH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Option Care Health, Inc. (OPCH) has a book value per share of $8.11, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects site-of-care programs with major national payers to continue expanding in 2026 and beyond, with existing initiatives performing better than expected and delivering real cost savings to plans while increasing member satisfaction. Pharma partnership development is progressing as planned, with the company preparing for new product launches later in 2026 and actively pursuing additional opportunities to support commercialization of new-to-market products, leveraging its unique pharmacy network, nursing excellence, and clinical competencies. The company anticipates continued momentum in its acute therapy portfolio and expects mid-single-digit growth in acute services, while chronic therapies are expected to grow in the high single-digit to low double-digit range despite headwinds from Stelara biosimilar conversions. Management is committed to expanding its infusion clinic infrastructure and advanced practitioner model capabilities, with continued investments in commercial resources and cost reduction initiatives expected to drive sequential growth through the remainder of 2026.
Based on recent SEC filings and earnings calls, Option Care Health, Inc. (OPCH) has provided the following forward guidance: Net Revenue: $5.675 billion–$5.775 billion (FY2026); Adjusted EBITDA: $480 million–$505 million (FY2026); Adjusted EPS: $1.82–$1.92 (FY2026); Operating Cash Flow: at least $320 million (FY2026); Q2 FY2026 Sequential Revenue Growth: mid-single digits (Q2 FY2026), plus 1 additional metric.