Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 8, 2026
Addus Homecare Corp (ADUS)
A forensic read on Addus Homecare Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
8.9
Distress distance
Clean
Earnings quality
4
Forensic signals
21.3
P / E (ttm)
8.8%
ROE
$2.2B
Market cap
23.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Addus Homecare Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+4.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +14% over the last 3 years to FY2025 (+4.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.
1.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.2% of revenue and 16% of free cash flow in FY2025 — about $0.89 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+10.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 38% against +23% in cost of sales and receivables up +23% against revenue +23%. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 1% of net operating assets, diverging from the balance-sheet accrual read.
8.1%
FY2025
Return on invested capital.Return on invested capital is 8.1% in the latest fiscal year and steady — around its ~10% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$1.42B
Revenue Growth YoY+23.2%
Revenue CAGR (3yr)+14.4%
Net Margin6.7%
Free Cash Flow$103.8M
Return on Equity8.8%
Debt / Equity0.11x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Addus Homecare Corp's actual 10-K/10-Q/8-K filings?