What is the 13F Pro Quality Score for PACS?

13F Pro ranks PACS Group, Inc. (PACS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View PACS's current score at https://13fpro.ai/research/PACS (free sign-up required for the full ranking).

Which hedge funds own the most PACS stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of PACS include FMR, BlackRock,, Alyeska Investment Group, L.P.. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/PACS as soon as new 13F filings post.

Where does 13F Pro source PACS data?

All PACS Group, Inc. fundamentals and ownership data come directly from SEC EDGAR. PACS Group, Inc. files with the SEC under CIK 2001184. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is PACS in?

PACS Group, Inc. (PACS) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

What drives PACS's revenue?

Per PACS Group, Inc.'s latest 10-Q filed with the SEC on 2026-05-11, the biggest revenue drivers are: Patient and resident service revenue ($1,420.0M, +11.2% YoY); Medicare ($489.6M, +10.4% YoY); Medicaid ($568.0M, +10.3% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/PACS.

What are PACS's largest expenses?

PACS Group, Inc.'s latest 10-Q reports these as the largest expense items: Cost of services ($1,074.5M, +5.0% YoY); General and administrative expense ($112.3M, +13.8% YoY); Rent - cost of services ($95.5M, +1.9% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (three months ended March 31, 2026).

How often is PACS research updated on 13F Pro?

PACS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

PACS Group, Inc.(PACS)Stock Analysis

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13F Pro Quality Score

70.4/100

Rank #314 of 2,879 stocksTOP 25%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

91.6/100

Profitability

51.1/100

Balance Sheet

63.0/100

Earnings Quality

99.2/100

Free Cash Flow

67.6/100

Institutional Flow

52.1/100

Revenue Scale

78.9/100

Dilution Risk

56.8/100

PACS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for PACS Group, Inc. (PACS), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores PACS at 70.4/100 on a 32-signal composite quality model, placing it at rank #314 of 2,879 stocks — the top 25% of the AI-ranked universe. PACS scores in the top quartile across earnings quality (99.2), revenue growth (91.6), revenue scale (78.9). Based on the latest XBRL financial filings (Q1 2026), PACS Group, Inc. reports quarterly revenue of $1.4B, net income of $80.7M, an operating margin of 8.5%. Top institutional holders of PACS by reported 13-F value include FMR, BlackRock,, Alyeska Investment Group, L.P., based on the most recent SEC filings. PACS trades on the NYSE exchange and files with the SEC under CIK 2001184. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PACS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for PACS Group, Inc. directly from SEC EDGAR. PACS Group, Inc.'s 13F Pro composite quality score has ranged between 8 and 79 since 2025, currently 70.4 — a stable long-term trajectory across 37 quarterly and live scoring snapshots.

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Fun facts about PACS Group, Inc.

Quirks, history, and lore behind PACS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. healthcare services company · post-acute care focused · listed on NYSE · headquartered in Utah.
2
The Numbers
Revenue has grown to roughly $3–4 billion annually, and the company operates hundreds of facilities across more than a dozen states — a rapid expansion for a relatively young public company.
3
The History
Founded in the 2000s and built through aggressive acquisition of skilled nursing and assisted living facilities, it went public on the NYSE in 2024 in one of the sector's notable recent IPOs.
4
The Secret
Its business model centers on acquiring and turning around underperforming skilled nursing facilities — essentially a value-add operator in a corner of healthcare most investors ignore.
5
The Lore
It targets the unglamorous world of skilled nursing facilities and transitional care — the places patients land after a hospital stay — and has quietly become one of the largest operators in that niche.
6
The Giveaway
Its ticker is four letters, its home is Farmington, Utah, and its name is literally an acronym standing for Post-Acute Care Solutions — welcome to the SNF hustle.

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What's Driving PACS's Business? Latest 10-Q Breakdown

✓ 34/34 datapoints verified

AI-extracted from PACS Group, Inc.'s 10-Q filed 2026-05-11 — Q1 2026 (three months ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q1 revenue grew 11.2% YoY to $1.42B as skilled nursing occupancy expanded and Medicaid rates increased, driving net income up 184% to $80.7M despite material control weaknesses.

Biggest Revenue Drivers

Total revenue: $1,420.5M+11.2% YoY

Patient and resident service revenue$1,420.0M+11.2% YoY

Skilled nursing services revenue +9.9%; California Workforce & Quality Incentive Program contributed $23.3M; occupancy improved 160 bps to 90.8%.

Within Patient and resident service revenue

Medicare$489.6M+10.4% YoY

34.5% of patient service revenue; average daily rates increased 1.3%.

Medicaid$568.0M+10.3% YoY

40.0% of patient service revenue; rates increased 4.1% via state reimbursement and supplemental programs.

Managed care$271.1M+13.8% YoY

19.1% of patient service revenue; skilled mix by revenue increased 40 bps.

Largest Expense Items

Cost of services$1,074.5M+5.0% YoY

Salaries and wages +6.2%; new facilities post-March 2025 accounted for $13.4M of increase.

General and administrative expense$112.3M+13.8% YoY

Salaries +$11.4M; stock-based compensation +$8.1M; legal fees decreased $11.0M (lower investigation costs).

Rent - cost of services$95.5M+1.9% YoY

New facilities with operating leases and annual rent escalators.

Depreciation and amortization$18.1M+42.3% YoY

Attributable to new real estate from acquisitions.

Margins: Operating income surged 149% to $120.0M; operating margin expanded to 8.4% from 3.8% YoY despite 5.8% operating expense growth. Net margin improved to 5.7% from 2.2% as revenue leverage and lower legal costs offset higher labor investments. Effective tax rate decreased to 29.1% from 33.6% due to higher pre-tax income and excess stock-based compensation tax benefits.

Watch Items from the Filing

Multiple DOJ investigations ongoing: Paradise Valley/Providence Anti-Kickback Statute; California PDPM billing; COVID-19 1135 waiver practices; HIPAA subpoena on respiratory therapy billing and bad debt. Company cannot estimate loss range; outcome uncertain.
Material weaknesses in internal controls over revenue recognition and control environment remain unmediated. Company acknowledges revenue process lacks effective controls for completeness/accuracy and timely assessment of variable consideration.
Securities class action (Manchin) and shareholder derivative litigations alleging revenue inflation scheme via Medicare waiver abuse, unnecessary therapy billing, and falsified licensure docs. Defendants' motion to dismiss due June 4, 2026; outcomes uncertain.
Geographic concentration: California represents 43% of facilities (140) and 45% of beds (16,132); regulatory or economic disruption in CA would materially impact operations.
Credit facility covenant compliance requires $100M liquidity through June 30, 2026 per Sixth Amendment. Multiple prior technical events of default required forbearances and waivers; ongoing regulatory/accounting scrutiny creates refinancing risk.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.4B

Net Income

Q1 2026

$80.7M

Free Cash Flow

Q1 2026

$236.3M

Operating Margin

Q1 2026

8.5%

ROIC

Q1 2026

9.4%

D/E Ratio

Q1 2026

0.24

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+29.3% YoY

$5.29BFY 2025

FY22 $2.42BFY23 $3.11BFY24 $4.09BFY25 $5.29B

Net Income

+243.5% YoY

$191.5MFY 2025

FY22 $150.5MFY23 $112.9MFY24 $55.8MFY25 $191.5M

Operating Income

+151.6% YoY

$309.6MFY 2025

FY22 $229.4MFY23 $207.8MFY24 $123.1MFY25 $309.6M

EPS (Diluted)

+221.1% YoY

$1.22FY 2025

FY22 $0.00FY23 $0.00FY24 $0.38FY25 $1.22

Total Assets

+6.5% YoY

$5.58BFY 2025

FY22 —FY23 $3.51BFY24 $5.24BFY25 $5.58B

Total Debt

-16.2% YoY

$357.7MFY 2025

FY22 —FY23 $212.5MFY24 $426.8MFY25 $357.7M

Op. Cash Flow

+10.0% YoY

$404.2MFY 2025

FY22 $92.6MFY23 $63.7MFY24 $367.3MFY25 $404.2M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Revenue	$5.29B +29.3%	$4.09B +31.4%	$3.11B +28.5%	$2.42B	—
Net Income	$191.5M +243.5%	$55.8M -50.6%	$112.9M -25.0%	$150.5M	—
Operating Income	$309.6M +151.6%	$123.1M -40.8%	$207.8M -9.4%	$229.4M	—
EPS (Diluted)	$1.22 +221.1%	$0.38 +379900.0%	$0.00	$0.00	—
Total Assets	$5.58B +6.5%	$5.24B +49.3%	$3.51B	—	—
Total Debt	$357.7M -16.2%	$426.8M +100.8%	$212.5M	—	—
Operating Cash Flow	$404.2M +10.0%	$367.3M +476.7%	$63.7M -31.2%	$92.6M	—

AI Insight: PACS Financial Trends

PACS Group's operating income surged from -$52M in Q2 2024 to $120M in Q1 2026, marking a decisive profitability inflection over seven quarters.

• Revenue grew 54% from $921M in Q2 2024 to $1,420M in Q1 2026, with consistent sequential gains every quarter.

• Operating income expanded from -$52M in Q2 2024 to $120M in Q1 2026, reflecting sustained margin improvement across the period.

• Equity nearly doubled from $537M in Q2 2024 to $1,037M in Q1 2026, strengthening the balance sheet materially.

• Total debt declined from a peak of $427M in Q4 2024 to $248M in Q1 2026, reducing leverage significantly.

⚠ Operating cash flow turned negative at -$3M in Q4 2025 despite positive net income — a divergence worth monitoring for sustainability.

⚠ Debt spiked to $427M in Q4 2024 and again to $358M in Q4 2025, suggesting recurring seasonal or acquisition-driven borrowing patterns.

AI Insight: PACS Ratio Trends

PACS Group's Q1 2026 profitability surge — ROE hitting 31.1% and ROIC at 37.4% — marks its strongest quarter since the Q2 2024 loss trough.

• Operating margin expanded from -5.6% in Q2 2024 to 8.5% in Q1 2026, a consistent recovery across seven consecutive quarters.

• ROIC reached 37.4% in Q1 2026, up from -26.6% in Q2 2024 and surpassing every prior quarter in the series.

• D/E ratio declined from 0.60 in Q4 2024 to 0.24 in Q1 2026, signaling meaningful deleveraging over five quarters.

• Net profit margin rose to 5.7% in Q1 2026, up from 4.4% in Q4 2025, continuing steady sequential improvement.

⚠ D/E ticked back up to 0.38 in Q4 2025 before falling to 0.24 — episodic leverage spikes warrant monitoring.

⚠ Q1 2025 saw margins compress sharply (OpMargin 3.8% vs. 6.0% in Q4 2024), flagging potential seasonal or operational volatility.

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Available Research

13F Pro tracks comprehensive data for PACS Group, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of PACS

FMR LLC
$168.6M5,247,892 sh
BlackRock, Inc.
$121.3M3,775,290 sh
Alyeska Investment Group, L.P.
$96.4M3,002,671 sh
Crewe Advisors LLC
$88.5M2,754,179 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$59.8M1,861,206 sh
AMERICAN CENTURY COMPANIES INC
$58.1M1,809,631 sh
VANGUARD CAPITAL MANAGEMENT LLC
$58.0M1,804,590 sh
AMERIPRISE FINANCIAL INC
$36.0M1,121,389 sh
GEODE CAPITAL MANAGEMENT, LLC
$35.8M1,113,743 sh
STATE STREET CORP
$32.9M1,023,016 sh

Fund	Value	Shares
FMR LLC	$168.6M	5,247,892
BlackRock, Inc.	$121.3M	3,775,290
Alyeska Investment Group, L.P.	$96.4M	3,002,671
Crewe Advisors LLC	$88.5M	2,754,179
VANGUARD PORTFOLIO MANAGEMENT LLC	$59.8M	1,861,206
AMERICAN CENTURY COMPANIES INC	$58.1M	1,809,631
VANGUARD CAPITAL MANAGEMENT LLC	$58.0M	1,804,590
AMERIPRISE FINANCIAL INC	$36.0M	1,121,389
GEODE CAPITAL MANAGEMENT, LLC	$35.8M	1,113,743
STATE STREET CORP	$32.9M	1,023,016

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Is PACS a good stock to buy?

13F Pro's AI-powered analysis of PACS Group, Inc. (PACS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for PACS are available on the PACS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own PACS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling PACS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of PACS Group, Inc.'s investment landscape.