ACH
ACCENDRA HEALTH INC/VA/
Next earnings Aug 10, 2026 (before open) · consensus $-0.09 EPS, $634M rev
Last earnings +8.7% on 2026-05-11
$3.59
▲ +4.06%$3.59▼ -59.53%
over 1Y
L $1.91H $9.42
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.1%
1W+13.2%
1M+26.9%
3M+36.5%
YTD+54.7%
1Y-59.5%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 12 analysts
Sell
Book-insolvent and cash-burning post-divestiture, staring at a 12%-of-revenue payor cliff — Accendra is cheap for a reason.
Stockholders' equity -$461M · FY2025
Accendra (f/k/a Owens & Minor) is a post-breakup shell of its former self. The December 31, 2025 sale of the Products & Healthcare Services business for $375M left a single-segment Patient Direct home-healthcare company that carries high gross margins (80.3%) but essentially no bottom line — operating margin of just 1.0% ($27.5M operating income on $2.76B revenue) and a net margin of -39.8%. The headline -$14.31 diluted EPS is dominated by the loss on the divested business; continuing-ops loss per share of $(1.34) (improved from $(4.57)) is the cleaner number, but it is still a loss. This is a company that does not yet earn its cost of capital.
The balance sheet is the disqualifier. Stockholders' equity is negative -$461M against $2.91B of liabilities (liabilities/equity of -6.32x), retained earnings are -$1.08B, and the company is technically book-insolvent. The $375M sale proceeds flattered cash to $282M (+922%), but that cushion is already leaking: FY2025 operating cash flow was -$102M and capex was a heavy $191M, implying roughly -$290M of free cash burn. Meanwhile the current portion of debt jumped 483% to $250M and current liabilities ($947M) exceed current assets ($548M) — negative working capital with a near-term maturity wall and no equity buffer beneath it.
Is ACH a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 3.5 @ ~0.39 est
- Short put 3 @ ~0.17 est
debit $22max +$28max −$22BE 3.28
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $9.79B | $9.96B | $2.55B | $2.68B | $2.76B |
| Gross profit | $1.51B | $1.83B | $2.13B | $2.22B | — |
| Operating income | $368M | $143M | $133M | -$218M | $27.5M |
| Net income | $222M | $22.4M | -$41.3M | -$363M | -$1.10B |
| Diluted EPS | $2.94 | $0.29 | -$0.53 | -$4.73 | -$14.31 |
| Net margin | 2.3% | 0.2% | -1.6% | -13.5% | -39.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.23B
EV / EBITDA5.1
EV / Sales0.4
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-400.3%
FCF yield-106.5%
Quality & risk
ROIC (est.)—
Free cash flow-$293M
Total debt$1.24B
Net cash-$954M
Altman Z-Score0.41 distress
Piotroski F-Score4/9
Capital returns
Buyback yield3.7%
Dividend yield (est.)0.0%
Shareholder yield3.7%
Shares Δ YoY-1.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Other event2026-06-25
Item 8.01 other-events disclosure; routine corporate update, no financial results
- 8-K Material agreement2026-06-15
Entered new material agreement and took on a direct debt obligation (new financing)
- 8-K Reg FD disclosure2026-05-22
Reg FD disclosure (investor presentation/update); no new financials
- 8-K Officer / director change2026-05-15
Officer/board change plus annual-meeting vote results disclosed
- 8-K Material agreement2026-05-11
Q1 FY26 10-Q: post-divestiture continuing ops, single reporting segment
- 8-K Earnings results2026-05-11
Q1 FY26 10-Q: post-divestiture continuing ops, single reporting segment
- 10-Q Quarterly report2026-05-11
Q1 FY26 10-Q: post-divestiture continuing ops, single reporting segment
- DEF 14A Proxy statement2026-04-02
Annual proxy: director elections, say-on-pay, auditor ratification
- 10-K Annual report2026-02-20
FY25 net loss $1.10B, equity -$461M; sold P&HS for $375M, ended Rotech deal
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-232026-06-25open ↗8-KPeriod ending 2026-06-092026-06-15open ↗SDFiling2026-05-29open ↗8-KPeriod ending 2026-05-222026-05-22open ↗4Period ending 2026-05-182026-05-20open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-142026-05-18open ↗4Period ending 2026-05-142026-05-18open ↗4Period ending 2026-05-142026-05-18open ↗
Frequently asked
- Is ACCENDRA HEALTH INC/VA/ (ACH) a buy?
- ACH currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Book-insolvent and cash-burning post-divestiture, staring at a 12%-of-revenue payor cliff — Accendra is cheap for a reason.
- What is ACCENDRA HEALTH INC/VA/'s quality score?
- ACH scores 44.550221075902726/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000075252, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 7/3/2026, 10:32:20 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 6:32 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.