Multi-engine home-care platform (FCF doubled, 5x EBITDA, regulatory tailwind emerging)
New Stock Thesis
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The company I'm sharing today is a rare case that checks the following boxes:
High-quality, recurring revenue from medical equipment rentals to chronically ill patients
21% revenue growth in 2025, with record Adjusted EBITDA and free cash flow that more than doubled
Near-zero net debt, active board-authorized buyback - just renewed for 2026
The 2025 buyback was executed at an average price 38% below where the stock trades today
The biggest regulatory overhang of the last two years just shifted from active threat to improving setup
Multiple growth engines layered on top of the core: sleep/resupply compounding, maternal health scaling, tuck-in M&A optionality
~$357M market cap, limited sell-side coverage (the sweet spot of investable and under-followed)
Trades at ~5.3x 2026 EBITDA while healthcare services peers fetch 8-10x, with management guiding another year of strong growth
I like each of these properties a lot, but rarely find them all in one stock.
After watching it trade sideways under a regulatory cloud for two years, the Q4 print and 2026 guidance confirmed the story is finally moving in the other direction - and the market is only starting to reprice.