SphinxRisk
Create account
EN

Aveanna Healthcare Holdings, Inc.

AVAH · Health care (services-home health care services) · 8 years of annual accounts filed with the SEC · latest fiscal year ended 2026-01-03

Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›

Aveanna Healthcare Holdings, Inc. reported revenue of $2.4 billion in fiscal 2026. Of the $229.3 million its operations generated over 8 years, 376.4% went to acquisitions and 20.9% back into the business. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of -0.46 is in the distress zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.

Revenue, fiscal 2026 2.4B  
Operating margin 10.5% gross margin —
Return on invested capital -1.8% -15.8% on average over 5 years
Free cash flow —  
Net debt ÷ EBITDA 4.1× net debt 1.1B
Piotroski F-score 5/8 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs7 yrs
Revenue+10.8%+10.2%—
Shares+5.0%+8.7%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
115.7%
Return on assets
11.2%
Asset turnover
1.21×
Overheads (SG&A)
15.4% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 8 years of operating cash went, 2018–2026

229.3M generated by the business. Each band is its share of that total.

  • Reinvested in the business 21% 47.8M
  • Acquisitions 376% 863.0M
  • Dividends 0% 0
  • Share buybacks 0% 0
  • More than it generated: funded with cash or new debt -297% -681.6M

Over the same years it paid 91.2M in stock.

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
4.1×
Interest coverage
2× operating income ÷ interest
Current ratio
1.32 current assets ÷ current liabilities
Cash conversion cycle
— collects in 47d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

5of 8 tests passed
  • ProfitableReturn on assets above zero passed
  • Cash from operationsOperating cash flow above zero passed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) failed
  • Less long-term debtLong-term debt as a share of assets fell passed
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-0.46distress zone
  • Working capital ÷ assets 0.07 × 6.56+0.44
  • Retained earnings ÷ assets -0.58 × 3.26-1.87
  • Operating income ÷ assets 0.13 × 6.72+0.86
  • Equity ÷ liabilities 0.11 × 1.05+0.11

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

-2.04below the -1.78 line
  • Receivables vs sales 0.98+0.90
  • Gross margin slipping 1.00 (not reported, set to 1)+0.53
  • Soft assets 0.95+0.38
  • Sales growth 1.20+1.07
  • Slower depreciation 0.99+0.11
  • Overheads vs sales 0.88-0.15
  • Profit not in cash 0.05+0.23
  • Leverage rising 0.84-0.28

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Reported profit comfortably exceeds the cash generated (225M against 126M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

Net debt is 4.1 times EBITDA.

Benign

A stable sector with predictable cash flows and comfortable maturities.

Worrying

Little room if earnings fall; the maturity schedule is what to check.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2026

%

revenue grew +10.2% a year over the last 5 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

interest expense ÷ debt = 10.8%, kept between the risk-free rate and +8 points

%

effective rate in the last fiscal year, 110.4%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-08-24
Published other information
Quarterly 2026-08-13
Quarterly report
Event 2026-08-13
Published information for investors
Results 2026-08-13
Reported results; published information for investors
Event 2026-08-07
Changed a director or officer
Event 2026-06-02
Published other information
Event 2026-05-29
Published the results of a shareholder vote
Event 2026-05-28
Published other information
Estimatein 45d
Results for the period ending 2026-10-03

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$558.5M19 sale(s) by 6 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
Other lines00 awards · 0 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
21 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 2.2M $11.50 $25.9M 12.3M
21 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 2.2M $11.50 $25.9M 12.3M
21 Aug 2026 J.h. Whitney Equity Partners Vii, LlcHolder of more than 10% Sold on the open market · indirect 2.2M $11.50 $25.9M 12.3M
20 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 10.1M $11.50 $116.3M 0
20 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 957,918 $11.50 $11.0M 14.6M
20 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 1.8M $11.50 $20.9M 0
20 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 1.4M $11.50 $16.4M 0
20 Aug 2026 Vigano Paul RHolder of more than 10% Sold on the open market · indirect 190,130 $11.50 $2.2M 0
20 Aug 2026 Reisz Edwin C.Chief Administrative Officer Sold on the open market 50,000 $11.50 $575,000 1.4M
20 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 957,918 $11.50 $11.0M 14.6M
20 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 1.8M $11.50 $20.9M 0
20 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 1.4M $11.50 $16.4M 0
20 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 190,130 $11.50 $2.2M 0
20 Aug 2026 J.h. Whitney Equity Partners Vii, LlcHolder of more than 10% Sold on the open market · indirect 10.1M $11.50 $116.3M 0
20 Aug 2026 J.h. Whitney Equity Partners Vii, LlcHolder of more than 10% Sold on the open market · indirect 957,918 $11.50 $11.0M 14.6M
20 Aug 2026 J.h. Whitney Equity Partners Vii, LlcHolder of more than 10% Sold on the open market · indirect 1.4M $11.50 $16.4M 0
20 Aug 2026 Williams Robert M JrHolder of more than 10% Sold on the open market · indirect 10.1M $11.50 $116.3M 0
20 Aug 2026 Shaner JeffChief Executive Officer Sold on the open market 90,000 $11.50 $1.0M 2.6M
20 Aug 2026 Windley Rodney DDirector Sold on the open market 180,000 $11.50 $2.1M 2.1M

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Companies like this one

Same SEC industry (services-home health care services) first, then the rest of health care.

LLY ELI Lilly & CoJNJ Johnson & JohnsonABBV AbbVie Inc.MRK Merck & Co., Inc.AMGN Amgen IncGILD Gilead Sciences, Inc.ABT Abbott LaboratoriesPFE Pfizer Inc

Every figure, year by year

8 fiscal years · 30 measures
20182019202120222022202320242026
Size
Revenue—1.4B1.5B1.7B1.8B1.9B2.0B2.4B
Revenue growth——+8.0%+12.3%+6.5%+6.0%+6.8%+20.2%
Operating income—39.0M-3.5M-36.1M-642.3M8.1M139.8M256.5M
Net income—-76.5M-57.0M-117.0M-662.0M-134.5M-10.9M225.0M
Margins
Gross margin————————
Operating margin—2.8%-0.2%-2.2%-35.9%0.4%6.9%10.5%
Net margin—-5.5%-3.8%-7.0%-37.0%-7.1%-0.5%9.2%
Free cash flow margin—-1.8%6.8%-1.6%————
R&D ÷ revenue————————
SG&A ÷ revenue—16.5%16.1%17.7%20.0%19.0%17.4%15.4%
Cash
Free cash flow—-25.4M101.4M-27.3M————
Stock-based pay—1.9M3.3M14.4M15.9M13.2M17.5M25.1M
Free cash flow after stock pay—-27.3M98.1M-41.7M————
Free cash flow to the firm—37.4M-2.1M-78.6M————
Free cash flow ÷ net income—0.3×-1.8×0.2×————
Capex ÷ revenue—1.2%1.0%1.0%————
Returns
Return on invested capital——-0.3%-2.0%-50.2%0.7%-26.0%-1.8%
Return on equity—-28.3%-21.5%-18.4%———115.7%
Return on assets——-3.1%-5.0%-38.7%-8.3%-0.7%11.2%
Asset turnover——0.8×0.7×1.0×1.2×1.2×1.2×
Economic profit————————
Per share
Earnings per share——$-0.40$-685.97$-3.57$-0.71$-0.06$1.05
Free cash flow per share——$0.71$-160.00————
Dividend per share————————
Payout ratio————————
Book value per share——$1.87$3.44$-0.03$-0.68$-0.64$0.92
Diluted shares——141.9M170,625185.6M190.0M192.9M215.0M
Balance sheet
Net debt——1.0B1.2B1.3B1.2B1.2B1.1B
Net debt ÷ EBITDA——76.5×-77.4×-2.0×56.8×7.9×4.1×
Interest coverage—0.4×-0.0×-0.5×-6.0×0.1×0.9×1.8×
Current ratio——1.3×0.8×0.8×0.9×1.0×1.3×
Cash conversion cycle (days)————————
Scores
Piotroski F-score—0233565
Altman Z''——-0.36-0.70-5.10-2.98-2.25-0.46
Beneish M———-2.42-4.34-2.89-2.49-2.04

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.