Accendra Health Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red light here is not about the share price but about documented substance findings: negative equity of $550.9 million, a cash balance shrunk to $7.7 million, $76.1 million of operating cash outflow in the first half of 2026, and a bond market marking the freshly issued second lien note at roughly 69 percent of carrying value as of June 30, 2026. Set against that are genuine strengths — a grown home-care business, no maturity before 2029, $271 million of available revolving credit and $362 million of usable loss carryforwards. But a substance risk does not become an open operating question because of them: the company must durably generate more cash from operations than its interest costs, and in the first half of 2026 it did not. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Accendra Health changed its name, sold its distribution business for $375 million and, in June 2026, swapped almost all of its unsecured notes for secured paper at 9.000 and 9.750 percent coupons. What remains is a real home-care business with $2.76 billion of annual revenue in 2025 — and a balance sheet that did not join the restructuring: minus $550.9 million of equity, $7.7 million of cash, $1,718.1 million of debt and $76.1 million of operating cash outflow in the first half of 2026. That professional bond investors mark the second lien tranche, issued only days earlier, at roughly 69 percent of carrying value is the most honest verdict on this company currently available. Buying the stock does not buy the fresh start; it buys the junior claim behind it. Not investment advice.
Business model and market position
The home-care operation built on Apria and Byram is a real, large business with demographic tailwinds: continuing-operations revenue rose from $2,552.6 million in 2023 to $2,762.0 million in 2025, and more than 6,500 employees serve patients nationwide. Diabetes, ostomy and urology also grew in the first half of 2026, to $384.6 million, $107.0 million and $61.1 million.
Balance sheet substance
As of June 30, 2026 equity is negative at minus $550.9 million (December 31, 2025: minus $461.0 million), cash has fallen to $7.7 million from $281.99 million, and the accumulated deficit has reached $1,175.3 million. Of $2,107.4 million of assets, $1,228.1 million is pure goodwill — after a $307 million write-off already taken in 2024.
Financing and interest burden
The June 2026 exchange pushed maturities out to 2029 through 2033 but doubled the coupons to 9.000 and 9.750 percent: those two series alone cost roughly $116.6 million a year. The bond market marks the second lien tranche at $475.8 million rather than $690.2 million as of June 30, 2026 — roughly 69 cents on the dollar.
Cash generation
Operating activities consumed $76.1 million in the first half of 2026, after providing $2.5 million a year earlier, and free cash flow as the company defines it was minus $27.1 million against plus $50.7 million. Adjusted EBITDA fell 38.5 percent to $118.5 million, while $79.3 million of interest was paid over the same period.
Customer concentration
Roughly 78 percent of first-half 2026 revenue came from commercial payors ($971.4 million). One of them terminated contracts and took $123 million of half-year revenue plus "nearly all" of capitation revenue with it; the sleep therapy and home respiratory businesses lost roughly $78 million between them.
Leadership and capital measures
Chief executive Edward A. Pesicka announced on August 10, 2026 that he will retire by the end of 2026, with no disagreement stated and a search under way. The shelf registration effective July 24, 2026 permits new securities at any time; the Section 382 rights plan protects $362 million of loss carryforwards but also makes a takeover harder.
Worth Noting
Accendra Health reached our research list through the Reddit hype scanner. The trigger was August 10, 2026: the quarterly report, the Section 382 rights plan and the chief executive's retirement notice all appeared that day, and the closing price fell from $2.80 to $1.40 on roughly 8.07 million shares.
Risk of confusion: the ticker ACH previously belonged to a different company. The authoritative identifier is SEC CIK number 0000075252, under which Owens & Minor, Inc. filed through December 31, 2025. All prior-year figures in this article are continuing operations; the divested Products & Healthcare Services segment is reported separately as discontinued operations.
Data basis and evergreen note: balance sheet and earnings figures as of June 30, 2026 from the quarterly report filed August 10, 2026; multi-year figures from the 2025 annual report; prices, share count and ownership percentages as of August 11, 2026. Prices cited are dated valuation anchors, not price targets. Adjusted EBITDA and free cash flow are non-GAAP measures defined by the company.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ACH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.95 $ to 5.60 $ · Last price: 1.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Distribution
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Accendra Health Inc ACH | 0.1 | – | 7.0 | 44.8 | -1.0 | -74.2 | -80.9 |
| McKesson Corporation MCK | 100.4 | 23.1 | 14.6 | 3.6 | 2.2 | 12.4 | 27.6 |
| Cencora Inc. COR | 58.1 | 24.1 | 13.5 | 4.0 | 1.7 | 9.3 | 10.7 |
| Cardinal Health Inc CAH | 53.1 | 35.6 | 16.9 | 3.8 | 1.4 | -1.9 | 58.4 |
| Henry Schein Inc HSIC | 9.5 | 26.1 | 13.3 | 31.3 | 5.9 | 4.0 | 26.2 |
| Akso Health Group AHG | 0.6 | – | -0.4 | -0.1 | -37.5 | -6.4 | -61.1 |
| Wellgistics Health, Inc. WGRX | 0.2 | – | 0.0 | -49.5 | -385.7 | 28.7 | -93.1 |
| EDAP TMS S.A. FOCL | 0.2 | – | 1,165.8 | 44.5 | -41.4 | 2.0 | 74.7 |
| EDAP TMS SA EDAP | 0.2 | – | 1,165.8 | 43.4 | -41.3 | 10.3 | 248.4 |
| Median of companies shown | 0.6 | 25.1 | 13.5 | 4.0 | -1.0 | 4.0 | 26.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 9,723 | 200 | 109 | 1.78 | 187 | 960 | 2,718 |
| 2017 | 9,318 | 89 | 73 | 1.21 | 57 | 1,015 | 3,376 |
| 2018 | 9,418 | -352 | -437 | -7.28 | 116 | 518 | 3,774 |
| 2019 | 9,211 | 73 | -62 | -1.03 | 166 | 462 | 3,643 |
| 2020 | 8,480 | 204 | 30 | 0.47 | 339 | 712 | 3,336 |
| 2021 | 9,785 | 368 | 222 | 2.94 | 124 | 939 | 3,537 |
| 2022 | 9,955 | 143 | 22 | 0.29 | 325 | 946 | 5,386 |
| 2023 | 10,334 | 105 | -41 | -0.55 | 741 | 924 | 5,093 |
| 2024 | 10,701 | -208 | -363 | -4.73 | 162 | 565 | 4,656 |
| 2025 | 2,762 | 222 | -1,101 | -14.31 | -102 | -461 | 2,452 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.36 | 100.00 | 660 | -74.20 | -4.80 | 116 | 70 |
| 2024: Q3 | 0.42 | -4.50 | 687 | -73.50 | -1.90 | 27 | -34 |
| 2024: Q4 | -3.84 | -1,777.90 | 2,696 | 1.50 | -11.00 | 71 | 8 |
| 2025: Q1 | 0.23 | 21.10 | 674 | -74.20 | -3.70 | -35 | -100 |
| 2025: Q2 | 0.26 | -27.80 | 682 | 3.30 | -127.40 | 38 | -49 |
| 2025: Q3 | 0.25 | -40.50 | 697 | 1.50 | -21.60 | -173 | -230 |
| 2025: Q4 | 0.21 | 105.50 | 709 | -73.70 | -7.90 | 68 | 59 |
| 2026: Q1 | -0.08 | -134.80 | 628 | -6.80 | -1.00 | -50 | -122 |
| 2026: Q2 | -1.16 | 89.70 | 613 | -10.10 | -14.50 | -26 | -74 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.04 | -0.28 – 0.07 | 2,493 | -104.1% | 6 |
| 12/31/2027 | 0.15 | -0.18 – 0.44 | 2,567 | 460.9% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Accendra Health (früher Owens & Minor) verkauft keine KI und beschreibt in keinem der elf ausgewerteten Filings einen eigenen KI-Einsatz im Geschäftsbetrieb — KI kommt ausschließlich zweimal im Risikoteil des Geschäftsberichts 2025 vor, einmal als Werkzeug von Cyberangreifern und einmal als aufkommende Regulierungslast im Gesundheitswesen.
View the full file — quotes, sources, reviewed filings
„we expect threat actors may use more advanced tools and techniques, such as artificial intelligence (AI), that are designed to circumvent security controls"
Wir erwarten, dass Angreifer fortschrittlichere Werkzeuge und Techniken einsetzen könnten, etwa künstliche Intelligenz (KI), die darauf ausgelegt sind, Sicherheitskontrollen zu umgehen.
10-K · 2026-02-20 · View SEC filing
„AI, particularly generative AI, is an emerging technology subject to a complex and evolving regulatory landscape at both the federal and state level. Regulatory considerations surrounding AI in healthcare are still developing"
KI, insbesondere generative KI, ist eine aufkommende Technologie in einem komplexen und sich wandelnden Regulierungsumfeld auf Bundes- und Bundesstaatsebene. Die regulatorischen Rahmenbedingungen für KI im Gesundheitswesen entwickeln sich noch.
10-K · 2026-02-20 · View SEC filing
Filings Reviewed: 10-Q 2026-08-10 · 8-K 2026-08-10 · 8-K 2026-08-10 · S-3 2026-07-15 · 8-K 2026-06-25 · 10-Q 2026-05-11 · 10-K 2026-02-20 · 8-K 2025-12-31
Rated on August 11, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -34.8%
- More than 10% revenue growth is expected for the coming year -76.4%
- Share count grows by less than 3% a year 0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -85.2%
- Gross margin at 40% or higher and without meaningful erosion 46.7%
- Goodwill from acquisitions does not grow faster than revenue 50.1%
- Net debt below twice EBITDA 8.9 x EBITDA
- Operating cash flow covers the profits of the last three years 2,305 m
- Return on capital at 15% or higher, or up versus two years ago 14.7%
- Insiders hold at least 10% or are net buyers 7.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -13.1%
- Exp. sales growth 3Y > 5% -3.6%
- EBIT growth 10Y > 5% 1.2%
- Exp. EBIT growth 3Y > 5% -3.6%
- Net debt < 4x EBIT 8.8x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 14.7%
- Expected return > 10% -393.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Accendra Health, Inc., together with its subsidiaries, operates as a healthcare solutions company in the United States. It offers a range of products and services for in-home care and delivery for diabetes treatment; home respiratory therapy, including home oxygen and non-invasive ventilation services; obstructive sleep apnea treatment, such as continuous positive airway pressure and bi-level positive airway pressure devices, and patient support services. The company also supplies other home medical equipment, patient care product lines including ostomy, wound care and negative pressure wound therapy, urology, incontinence, and other products and services. It serves patients and home health agencies. The company was formerly known as Owens & Minor, Inc. and changed its name to Accendra Health, Inc. in December 2025. Accendra Health, Inc. was founded in 1882 and is based in Glen Allen, Virginia.
- Employees
- 6,500
- Headquarters
- Glen Allen, VA
- Address
- 4435 Waterfront Drive, 23060 Glen Allen, United States
- Phone
- (804) 277-4304
- Website
- accendrahealth.com
- IPO Date
- 12/16/1988
- ISIN
- US6907321029
- Stock Split
- 3:2 on 04/01/2010
- Stock Split
- 3:2 on 06/09/1994
- Stock Split
- 3:2 on 03/23/1993
Management
| Name | Title | Birth Year |
|---|---|---|
| Edward A. Pesicka | President, CEO & Director | 1968 |
| Jonathan A. Leon | Executive VP, CFO & Corporate Treasurer | 1967 |
| Perry A. Bernocchi | Executive VP & COO | 1959 |
| Heath H. Galloway | Executive VP, General Counsel & Corporate Secretary | 1977 |
| Nicholas Piecora | Senior VP & Chief Information Officer | – |
| Will Parrish | Vice President of Strategy of Corporate Development, & Investor Relations | – |
| Dirk Benson | Chief Commercial Officer | – |
| Colin Bain | Chief Products Officer | – |
| Agnes Ansay | VP & Chief Procurement Officer | – |
| Trudi Allcott | Director of Media Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/17/2026 ACCENDRA HEALTH INC/VA/ (ACH): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/17/2026 ACCENDRA HEALTH INC/VA/ (ACH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 ACCENDRA HEALTH INC/VA/ (ACH): Entry into a Material Definitive Agreement; Material Modifications to Rights of Security Holders; Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 ACCENDRA HEALTH INC/VA/ (ACH): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 ACCENDRA HEALTH INC/VA/ (ACH): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.