ENSIGN GROUP, INC

Listed Company

ENSGCIK 0001125376NasdaqLarge AcceleratedServices-Skilled Nursing Care FacilitiesFY ends Dec 31

Period

FY 2025

Revenue

$5.06B

Net Income

$343.97M

Total Assets

$5.46B

Equity

$2.23B

Shares Out

58.45M

Op. Cash Flow

$564.27M

Business

ENSIGN GROUP, INC is a holding company that operates independent subsidiaries delivering skilled nursing, senior living and rehabilitative care as well as complementary ancillary services. It offers skilled nursing care, rehabilitation therapy, senior living accommodations, mobile diagnostics, medical transportation and other ancillary services to patients and residents. The company reports two principal segments—Skilled Services (operation of skilled nursing facilities and rehabilitation therapy) and Standard Bearer (a captive REIT owning and leasing post-acute care properties)—with other ancillary operations reported separately. Ensign distributes services through its network of operated and leased facilities across multiple states, leasing real estate to its subsidiaries and third-party operators under long-term agreements.

Summary from filing dated 2025-02-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Service revenue	5,032	4,238	3,708	3,025	2,627
Rental revenue	26	23	21	17	16
TOTAL REVENUE	5,058	4,260	3,729	3,025	2,627
Cost of services	4,019	3,377	2,941	2,354	2,020
Rentcost of services	239	216	197	153	139
General and administrative expense	270	225	263	159	152
Depreciation and amortization	104	84	72	62	56
TOTAL EXPENSES	4,633	3,902	3,474	2,729	2,367
Income from operations	425	358	255	297	260
Interest expense	−8	−8	−8	−9	—
Interest income	25	29	19	5	—
Other income	14	7	6	−4	4
OTHER INCOME, NET	30	28	17	−8	−2
Income before provision for income taxes	456	386	273	289	258
Provision for income taxes	111	88	63	64	60
NET INCOME	344	298	210	225	198
Net income attributable to noncontrolling interests	293,000	485,000	451,000	−29,000	3
NET INCOME ATTRIBUTABLE TO THE ENSIGN GROUP, INC.	344	298	209	225	195
Basic (in dollars per share)	6	5.26	3.76	4.09	3.57
Diluted (in dollars per share)	5.84	5.12	3.65	3.95	3.42
Basic (in shares)	57	57	56	55	54
Diluted (in shares)	59	58	57	57	57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	504	465	510	316	262
Accounts receivableless allowance for doubtful accounts of $7,805 and $8,435 at December 31, 2025 and 2024, respectively	637	570	485	408	329
Investmentscurrent	69	62	17	15	14
Prepaid expenses and other current assets	63	61	35	41	30
Total current assets	1,272	1,158	1,047	781	640
Property and equipment, net	1,697	1,291	1,091	992	888
Right-of-use assets	2,098	1,861	1,756	1,451	1,139
Insurance subsidiary deposits and investments	167	141	93	68	54
Deferred tax assets	83	66	67	40	33
Restricted and other assets	42	46	40	37	30
Intangible assets, net	6	7	7	6	—
Goodwill	98	98	77	77	60
TOTAL ASSETS	5,463	4,669	4,178	3,452	2,851
Accounts payable	97	99	93	77	58
Accrued wages and related liabilities	422	348	333	290	279
Lease liabilitiescurrent	115	93	83	66	52
Accrued self-insurance liabilitiescurrent	82	67	55	48	41
Other accrued liabilities	174	132	168	97	89
Current maturities of long-term debt	4	4	4	4	4
Total current liabilities	894	743	735	582	523
Long-term lease liabilitiesless current portion	1,949	1,735	1,639	1,355	1,057
Accrued self-insurance liabilitiesless current portion	165	144	111	83	69
Other long-term liabilities	82	64	49	33	27
Long-term debtless current maturities	138	142	145	149	153
TOTAL LIABILITIES	3,228	2,829	2,680	2,203	1,829
Commitments and contingencies (Notes 13 and 18)	—	—	—	—	—
Common stock: $0.001 par value; 150,000 shares authorized; 61,652 and 58,085 shares issued and shares outstanding at December 31, 2025, respectively, and 60,838 and 57,438 shares issued and shares outstanding at December 31, 2024, respectively	62,000	61,000	60,000	59,000	58,000
Additional paid-in capital	615	528	466	416	370
Retained earnings	1,756	1,427	1,143	946	734
Common stock in treasury, at cost, 3,567 and 3,400 shares at December 31, 2025 and 2024, respectively	−139	−118	−117	−115	−83
Total Ensign Group, Inc. stockholders' equity	2,232	1,837	1,492	1,247	1,021
Non-controlling interest	3	3	5	1	946,000
Total equity	2,235	1,840	1,497	1,249	1,022
TOTAL LIABILITIES AND EQUITY	5,463	4,669	4,178	3,452	2,851

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing fees	1	1	1	1	859,000
Deferred income taxes	−17	635,000	−27	−6	−724,000
Stock-based compensation	48	36	31	23	19
Insurance proceeds and (gain) loss on long-lived assets, net	885,000	3	723,000	—	—
Other operating activities, net	4	3	4	—	—
Accounts receivable	−70	−84	−80	−82	−31
Prepaid income taxes	11	−9	814,000	809,000	−4
Prepaid expenses and other assets	−16	−19	7	−9	−5
Cash surrender value of life insurance policy premiums	−18	−15	−16	−8	−11
Deferred compensation liability	18	15	16	8	11
Operating lease obligations	−3	287,000	−7	345,000	−6
Accounts payable	−3	3	16	18	7
Accrued wages and related liabilities	83	20	48	39	48
Other accrued liabilities	42	−34	71	3	1
Accrued self-insurance liabilities	35	44	29	18	14
NET CASH PROVIDED BY OPERATING ACTIVITIES	564	347	377	273	276
Purchase of property and equipment	−194	−158	−106	−88	−70
Cash payments for acquisitions	−323	−157	−69	−101	—
Cash proceeds from insurance recoveries and sale of assets	14	6	2	—	—
Purchases of investments	−111	−105	−30	−22	−32
Maturities of investments	100	26	19	14	27
Other investing activities, net	465,000	−3	970,000	149,000	−2
NET CASH USED IN INVESTING ACTIVITIES	−513	−390	−183	−186	−174
Proceeds from debt (Note 13)	0	400,000	150,000	411,000	45
Payments on debt	−4	−4	−4	−4	−3
Issuance of common stock upon exercise of options	29	22	18	13	9
Repurchase of shares of common stock to satisfy tax withholding obligations	−1	−1	−2	−2	−2
Repurchase of shares of common stock (Note 19)	−20	0	0	−30	−10
Dividends paid	−14	−14	−13	−12	−12
Other financing activities	−924,000	−6	−279,000	—	—
NET CASH USED IN FINANCING ACTIVITIES	−12	−2	−612,000	−32	−76
Net increase (decrease) in cash and cash equivalents	39	−45	193	54	26
Interest	7	7	7	8	6
Income taxes	116	96	90	70	66
Lease liabilities	242	216	197	152	139
Accrued capital expenditures	9	8	5	5	4
Right-of-use assets obtained in exchange for new and modified operating lease obligations	336	233	377	371	199

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