PACS Group is one of the fastest-growing public care platforms in the U.S. They operate skilled nursing facilities and assisted living facilities. Its facilities care for patients after they leave the hospital but still need nursing support, rehab, therapy, wound care, medication management, or longer clinical monitoring.

The key to its growth is a better operating model for a very difficult asset class.. PACS buys or leases skilled nursing facilities, improves how they are run, raises occupancy, improves care quality, manages staffing better, and tries to earn more profit from the same building. High occupancy is critical. A facility that is 95% full can be much more profitable than a facility that is 80% full because the extra patients use the same building and much of the same infrastructure. PACS reported 90.8% overall occupancy, compared with an industry average of around 79%.

Skilled nursing is hard to run. Many facilities are owned by smaller operators that may struggle with staffing, compliance, purchasing, reimbursement, training, technology, and quality reporting. PACS can bring stronger systems, better reimbursement knowledge, local operating discipline, and scale benefits.

They now operate 323 healthcare facilities across 17 U.S. states, with 32,757 skilled nursing beds and 2,759 assisted living beds.

PACS makes money mainly from Medicare, Medicaid, managed care insurers, and private-pay patients. These payers have different margin profiles. Medicare and higher-acuity short-stay patients are usually more attractive than long-stay Medicaid patients, while managed care depends heavily on contract terms, authorization rules, denial behavior, and length of stay.

The company has been growing quickly. In FY 2025, PACS reported $5.29B of revenue, up 29.3% year over year, with $191.5M of net income and $505M of adjusted EBITDA. In Q1 2026, revenue was $1.42B, net income was $80.7M, adjusted EBITDA was $170.4M.

After a huge move in November, it spent 7 months building a base. And is starting breakout to new all-time highs as the market continues to rotate into new sectors.