Aveanna Healthcare Holdings Inc (AVAH)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business carries its own weight: Aveanna is, by its own account, the largest U.S. provider of home-based pediatric intensive nursing, operating income rose to $256.5 million in fiscal 2025, operating cash flow went from $32.6 million to $125.9 million, and equity is positive again at $240.1 million — no threat to the going concern is documented anywhere. Two operational questions remain open. First, the turn is only a year old and the headline earnings power is flattered: $118.1 million of the $225.0 million of net income came from a one-time tax benefit, leaving $0.60 rather than $1.05 per share on an adjusted basis. Second, the company does not set its own prices — 81.5 percent of fiscal 2025 revenue came from Medicaid, and 11.4 of the 22.4 percentage points of growth in the nursing segment came from higher state rates. On top of that sit $1,483.4 million of debt and a balance sheet in which roughly 60 percent of assets are goodwill and intangibles. That is not a threat to substance, but it is not proven quality either — hence yellow. The decision is yours.
symbol.quality_note
Aveanna Healthcare cares for medically fragile children at home and sits at rank 42 in our Big Earnings Surprise ranking (U.S. selection, 81 hits, as of July 25, 2026). Fiscal 2025 closed with $225.0 million of net income — but pre-tax income was only $106.9 million. The gap is a $118.1 million income tax benefit from released valuation allowances; adjusted, the company earned $0.60 rather than $1.05 per share. Underneath sits a genuine turn all the same: adjusted EBITDA of $320.9 million, up 74.8 percent, and $125.9 million of operating cash flow. Next to it stand 81.5 percent of revenue tied to Medicaid, $1,483.4 million of debt as of April 4, 2026, and 6,513,687 new shares issued in a single quarter. Not investment advice — just the question of what is left of a profit nobody wired.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at AVAH since then.
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Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
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. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 9.40 $ — 86% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralKein wesentlicher KI-Bezug: In den sechs ausgewerteten Filings (2 × 10-K, 4 × 10-Q) kommt künstliche Intelligenz ausschließlich als allgemeiner Risikohinweis auf die Nutzung generativer KI durch Beschäftigte und Dienstleister vor — kein KI-Produkt, keine KI-Umsatzquelle, kein belegter operativer KI-Einsatz und keine konkrete Bedrohung des eigenen Geschäftsmodells (häusliche Kranken- und Kinderpflege).
View the full file — quotes, sources, reviewed filings
„As with many technological innovations, artificial intelligence (“AI”) presents opportunities but also risks and challenges that could adversely affect our business."
Wie viele technische Neuerungen bringt künstliche Intelligenz („KI“) Chancen mit sich, aber auch Risiken und Herausforderungen, die unser Geschäft beeinträchtigen könnten.
„These obligations may prevent or limit our ability to use systems that have integrated AI features, lead to regulatory fines or penalties, or require us to change our business practices."
Diese Pflichten können unsere Möglichkeit einschränken oder verhindern, Systeme mit eingebauten KI-Funktionen zu nutzen, zu Bußgeldern oder Strafen der Aufsicht führen oder uns zwingen, unsere Geschäftspraktiken zu ändern.
Filings Reviewed: 10-Q 2026-05-14 · 10-K 2026-03-19 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2025-03-13
Rated on July 25, 2026 · How the Rating Is Built
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.
Analysts & Price Target
The price target sits 11.2% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 8
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 | 0.71 | 0.66 – 0.75 | 2,630 | 17.8% | 11 |
| 12/31/2027 | 0.78 | 0.68 – 0.84 | 2,794 | 9.9% | 11 |
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.
Next Reporting Date
- Expected Earnings per Share
- 0.16 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.01 | 150.00 | 505 | 7.00 | 2.80 | 2 | 1 |
| 2024: Q3 | 0.02 | 166.70 | 509 | 6.50 | -8.40 | 29 | 27 |
| 2024: Q4 | 0.05 | 350.00 | 520 | 8.60 | 5.60 | 13 | 12 |
| 2025: Q1 | 0.10 | 433.30 | 559 | 14.00 | 0.90 | -9 | -11 |
| 2025: Q2 | 0.16 | 1,500.00 | 590 | 16.80 | 4.60 | 52 | 50 |
| 2025: Q3 | 0.15 | 650.00 | 622 | 22.20 | 2.30 | 33 | 31 |
| 2025: Q4 | 0.17 | 240.00 | 663 | 27.40 | 27.00 | 50 | 44 |
| 2026: Q1 | 0.18 | 80.00 | 648 | 15.90 | 6.40 | 4 | 0 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 1,254 | 39 | -47 | -0.26 | 22 | 345 | 1,551 |
| 2019 | 1,384 | 39 | -77 | -0.41 | -9 | 271 | 1,578 |
| 2020 | 1,495 | -3 | -57 | -0.31 | 117 | 267 | 1,844 |
| 2021 | 1,679 | -36 | -117 | -0.63 | -11 | 638 | 2,334 |
| 2022 | 1,788 | -642 | -662 | -3.57 | -48 | -4 | 1,712 |
| 2023 | 1,895 | 8 | -135 | -0.71 | 23 | -127 | 1,613 |
| 2024 | 2,025 | 140 | -11 | -0.06 | 33 | -122 | 1,663 |
| 2025 | 2,433 | 265 | 225 | 1.05 | 122 | 194 | 2,026 |
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.
Assessment: Opportunities & Risks
Of the $225.0 million of fiscal 2025 net income, $118.1 million came from an income tax benefit created by releasing valuation allowances; pre-tax income was $106.9 million. The company itself reports $0.60 adjusted against $1.05 reported per diluted share. In the first quarter of 2026 the effect disappeared — $0.19 reported against $0.18 adjusted.
Adjusted EBITDA rose 74.8 percent in fiscal 2025 to $320.9 million (13.2 percent of revenue, up from 9.1 percent), operating cash flow went from $32.6 million to $125.9 million and the operating margin from 6.9 to 10.5 percent. The first quarter of 2026 continued that with 15.9 percent revenue growth and 25.2 percent EBITDA growth.
81.5 percent of fiscal 2025 revenue came from Medicaid and 91.4 percent from public programs; a year earlier the Medicaid share was 79.9 percent. The annual report cites the Congressional Budget Office projection of $1.15 trillion less federal Medicaid spending over ten years and the 1.3 percent CMS rate cut for 2026.
$1,483.4 million of debt against $240.1 million of equity and $189.3 million of cash as of April 4, 2026; roughly 60 percent of total assets are goodwill and intangibles. Against that stand real improvements: repayment of the $415.0 million second lien loan in September 2025, a 0.50 percentage point repricing on May 26, 2026, and an average rate of 7.3 percent rather than 9.0 percent.
In the first quarter of 2026 the share count rose by 6,513,687 to 217,510,046 for $269,000 of cash received; by May 8, 2026 it stood at 217,755,203. As of January 3, 2026 there were also 12,995,652 options at an average exercise price of $6.41 and 15,617,361 restricted stock units outstanding — a good 13 percent of the count.
The headline price-earnings ratio of 7.5 rests on reported trailing twelve-month earnings of $1.26 per share and therefore on the tax benefit; on the adjusted fiscal 2025 basis it is about 16 and on the analyst estimate about 12. Enterprise value of roughly $3.29 billion equals 9.6 to 9.7 times the 2026 EBITDA guidance (as of July 25, 2026).
Aveanna Healthcare is the gift card trap in pure form: fiscal 2025 net income of $225.0 million looks like a breakthrough, but $118.1 million of it came from a one-time tax benefit on pre-tax income of only $106.9 million — the company itself reports $0.60 rather than $1.05 per share. Underneath sits a documented operating turn all the same: adjusted EBITDA up 74.8 percent to $320.9 million, operating cash flow from $32.6 million to $125.9 million, the average interest rate down from 9.0 to 7.3 percent. Against that stand 81.5 percent of revenue tied to Medicaid, $1,483.4 million of debt against $240.1 million of equity, and 6,513,687 new shares in a single quarter. Not investment advice.
- Aveanna reached our research list at rank 42 of the U.S. selection in our in-house Big Earnings Surprise ranking (81 hits, RS rating 65, as of July 25, 2026). The filter requires reported earnings per share to have exceeded the analyst estimate by at least 20 percent in each of the last four completed quarters. The lists are recalculated daily, so the rank is a dated snapshot.
- An important distinction: the scanner's earnings surprises refer to adjusted earnings per share, while the $118.1 million tax benefit sits only in the reported figure. Metrics from screening tools built on reported trailing twelve-month earnings of $1.26 per share — above all the price-earnings ratio of 7.5 — are distorted as a result.
- Fiscal 2025 covered 53 weeks rather than 52 and ended January 3, 2026; the final quarter had 14 weeks rather than 13. Growth rates from that period (20.2 percent for the year, 27.4 percent for the fourth quarter) are therefore not directly comparable with the 15.9 percent of the normal-length first quarter of 2026.
- Two events have occurred since the last quarterly report and are reflected in this article: the repricing of May 26, 2026 ($1,318.375 million of term loans at Term SOFR plus 3.25 percent) and the completion of the Family First Homecare acquisition on June 1, 2026 for $175.5 million in cash.
About the Company
Aveanna Healthcare Holdings Inc., a diversified home care platform company, provides pediatric and adult healthcare services in the United States. Its patient-centered care delivery platform allows patients to remain in their homes and minimizes the overutilization of high-cost care settings, such as hospitals or skilled nursing facilities. The company operates through three segments: Private Duty Services (PDS), Home Health & Hospice (HHH), and Medical Solutions (MS). The PDS segment offers private duty nursing (PDN) services, which include in-home skilled nursing services to medically complex children and adults; nursing services in school settings in which its caregivers accompany patients to school; services to patients in its pediatric day healthcare centers; and non-clinical care, including support services and personal care services; and in-clinic and home-based therapy services, such as physical, occupational, and speech services. The HHH segment provides home health services, including in-home skilled nursing services; physical, occupational, and speech therapy services; and medical social and aide services, as well as hospice services for patients and their families when a life-limiting illness no longer responds to cure-oriented treatments. The MS segment offers enteral nutrition supplies and other products, including formulas, supplies, and pumps to adults and children delivered on a periodic or as-needed basis. The company was incorporated in 2016 and is headquartered in Atlanta, Georgia.
| Employees | 3,500 |
|---|---|
| Headquarters | Atlanta, GA |
| Address | 400 Interstate North Parkway SE, 30339 Atlanta, United States |
| Phone | 770 441 1580 |
| Website | aveanna.com |
| IPO Date | 28. Apr 2021 |
| ISIN | US05356F1057 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Rodney D. Windley | Executive Chairman | 1948 |
| Jeffrey S. Shaner | President, CEO & Director | 1973 |
| Matthew Buckhalter | CFO & Principal Financial Officer | 1989 |
| Ed Reisz | Chief Administrative Officer | 1959 |
| Kristy Rohwedder | Chief Operating Officer | – |
| Deborah Stewart | Senior VP & Principal Accounting Officer | 1984 |
| Patrick A. Cunningham | Chief Compliance Officer | 1956 |
| Jerry Perchik | Chief Legal Officer & Secretary | 1958 |
| Shane Brinkerhoff | President of Home Health & Hospice | – |
| Rachel Witt | Chief Clinical Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.