# Option Care Health, Inc. (OPCH)

> Source: Nexqual · https://nexqual.com/OPCH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Option Care Health, Inc. (OPCH), nexqual.com/OPCH" · informational, not investment advice.

**Price:** USD 31.29 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.29 · day 31.29–31.36 · 52w 18.01–36.8 · market cap $4.69B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.69B, net income $210M (3.7% margin), free cash flow $304M (SEC filings).
- Valuation: P/E 22.4x (avg 22.3x at the last 3 fiscal year-ends), EV/EBITDA 14.1x, net debt $965M.
- 1 of 80 tracked superinvestors hold OPCH (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $1.9M; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (11 analysts), mean target USD 30.03 (range 23–33).
- Total return with dividends: 1Y +11.6% vs S&P 500 +14.9%; 5Y +18.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.49, revenue estimate $1.48B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.44B | $3.94B | $4.30B | $5.00B | $5.65B | $5.69B |
| Gross profit | $780M | $867M | $981M | $1.01B | $1.09B | — |
| Operating income | $191M | $240M | $315M | $322M | $338M | $334M |
| Net income | $140M | $151M | $267M | $212M | $208M | $210M |
| EPS (diluted) | $0.77 | $0.83 | $1.48 | $1.23 | $1.27 | — |
| Free cash flow | $183M | $232M | $329M | $288M | $217M | $304M |
| Gross margin | 22.7% | 22.0% | 22.8% | 20.3% | 19.3% | — |
| Operating margin | 5.5% | 6.1% | 7.3% | 6.4% | 6.0% | 5.9% |
| Net margin | 4.1% | 3.8% | 6.2% | 4.2% | 3.7% | 3.7% |
| Revenue growth | +13.4% | +14.7% | +9.1% | +16.2% | +13.0% | — |
| Cash + short-term investments | $119M | $294M | $344M | $413M | $233M | — |
| Total debt | $1.07B | $1.06B | $1.06B | $1.11B | $1.16B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.4x · P/S 0.8x · EV/EBITDA 14.1x · EV/Sales 1.0x · P/FCF 15.4x · P/B 3.7x · FCF yield 6.48% · Earnings yield 4.47% · Net debt $965M · EV $5.65B
P/E at fiscal year-ends: Dec 2025 25.1x, Dec 2024 18.9x, Dec 2023 22.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OPCH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 1.26% | $129M | Reduced -31.4% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $1.9M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-07 | Sullivan Timothy P | Director | 24,154 | $500K | 20.69 | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Kraemer Harry M Jansen Jr | Director | 36,610 | $784K | 21.41 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04 | Sethna Meenal | Chief Financial Officer | 16,225 | $327K | 20.16 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Rademacher John Charles | Chief Executive Officer | 12,500 | $265K | 21.18 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 11 analysts; mean target USD 30.03 (low 23, high 33).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | UBS | Downgrade | Buy → Neutral | $39 → $32.05 |
| 2026-10-07 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-10-07 | JP Morgan | Downgrade | Overweight → Neutral | $33 |
| 2026-10-07 | Citizens | Downgrade | Market Outperform → Market Perform |  |
| 2026-10-07 | Jefferies | Downgrade | Buy → Hold | $28 → $32.05 |
| 2026-10-07 | Barrington Research | Downgrade | Outperform → Market Perform |  |
| 2026-07-30 | Deutsche Bank | Downgrade | Buy → Hold | $26 → $24 |
| 2026-07-17 | Stephens & Co. | Downgrade | Overweight → Equal-Weight | $30 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.6% | +18.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.6% | +3.4% |
| Volatility (annualized) | 52.0% | 38.8% |
| Max drawdown | -46.6% (Jan 2026→May 2026) | -46.2% (Jan 2026→May 2026) |

## Peers (Medical Care Facilities)
LFST (LifeStance Health Group, Inc.) USD 12.56 +1.87% · CON (Concentra Group Holdings Parent) USD 39.97 +2.25% · NHC (National HealthCare Corporation) USD 243.07 +3.17% · CHE (Chemed Corp) USD 520.15 +1.72% · ACHC (Acadia Healthcare Company, Inc.) USD 31.88 +1.43% · PACS (PACS Group, Inc.) USD 47.5 +1.58%

## More
Full page: https://nexqual.com/OPCH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OPCH's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1014739/000101473926000008/bios-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | UnitedHealth (UNH) | "The Company's competitors within the home infusion market include Optum Infusion Pharmacy (a unit of UnitedHealth Group), Coram CVS/specialty infusion services (a division of CVS Health), Amerita Specialty Pharmacy (a di…" |
| Competitor | CVS Health (CVS) | "The Company's competitors within the home infusion market include Optum Infusion Pharmacy (a unit of UnitedHealth Group), Coram CVS/specialty infusion services (a division of CVS Health), Amerita Specialty Pharmacy (a di…" |

## Customer concentration

Period ended 2026-06-30: 14% of revenue from unnamed direct customers (10-Q, filed 2026-07-29).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.49 | $0.48 | +1.1% | $1.48B | 11 |
| Next quarter (ends 2026-12-31) | $0.54 | $0.54 | +1.5% | $1.49B | 10 |
| Current fiscal year (ends 2026-12-31) | $1.88 | $1.84 | +2.2% | $5.76B | 11 |
| Next fiscal year (ends 2027-12-31) | $2.08 | $2.05 | +1.6% | $6.13B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±3.4%; last 8 reports averaged ±7.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 11.2% | ±3.4% |
| 2027-01-15 | 84 | 13.0% | ±5.5% |
| 2027-04-16 | 175 | 12.7% | ±8.0% |