Enhabit, Inc. (NYSE: EHAB)

Enhabit, Inc. is a leading provider of home health and hospice services in the United States. The company delivers skilled medical care to patients in their homes, focusing on clinical excellence and cost-effective solutions. It operates across 34 states with a network of 249 home health and 117 hospice locations as of December 31, 2025.

Enhabit generates revenue primarily through Medicare and Medicare Advantage programs, which together accounted for 89.7% of its total net service revenue in 2025. Additional revenue comes from managed care plans, private insurers, Medicaid, and direct patient payments. The company’s services are reimbursed based on government-established rates and negotiated contracts with various payers.

Enhabit operates through the following segments: Home Health and Hospice.

• Home Health: This segment provides skilled nursing, physical, occupational and speech therapy, medical social work, and home health aide services. For the year ended December 31, 2025, it served an average daily census of 41,786 patients and generated $813.8 million in net service revenue, representing 76.8% of Enhabit’s total. The segment focuses on reducing hospital readmissions and supporting recovery after acute illness or surgery.

• Hospice: This segment offers nursing care, pain and symptom management, palliative and dietary counseling, social worker visits, spiritual counseling, and bereavement support to terminally ill patients and their families. In 2025, it maintained an average daily census of 3,985 patients and generated $246.2 million in net service revenue, or 23.2% of Enhabit’s total. The program emphasizes quality of life during end-of-life care.

Enhabit positions itself as a leading provider in the fragmented home health and hospice industries, leveraging scale, clinical quality, and technology to compete effectively. It differentiates itself through high patient satisfaction scores, lower-than-average hospital readmission rates, and strong performance in government quality ratings. The company benefits from its integrated service model and disciplined operational approach in a market undergoing shifts toward value-based care.

Enhabit serves elderly patients requiring skilled medical care at home, particularly those recovering from hospitalization or managing chronic conditions. Its hospice patients are individuals with terminal illnesses seeking comfort-focused care. The company also works closely with physicians, hospitals, and long-term care facilities that refer patients for its services.