olivLaw · US equity research
Option Care Health, Inc. OPCH
Services-Home Health Care Services · SIC 8082 · Vertical: Services-Home Health Care Services (SIC 8082)
Option Care Health is the largest independent provider of home and alternate site infusion services in the US, operating a national network of 196 locations. As care shifts toward the home and cost pressure persists, the company reported revenue growth of 1.9% in the second quarter of 2026, while gross margin came under pressure from a higher-cost therapy mix.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Option Care Health, Inc. (OPCH) stock was 31.50 USD (−0.47% on the day), with market capitalisation 4.7 bn USD, P/E 22.7 on diluted EPS of 1.39 USD over the last 12 months, beta 0.30, 52-week range 19.52–36.59 USD. Latest reported quarter (Q3 2026): revenue of 1.5 bn USD (+4.1% YoY), net income of 57.4 m USD (+10.8% YoY), diluted EPS 0.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 30.87 – 31.86
- in the upper half of the band · %B 0.64 · band width 3.2%
- SMA 50 / 200
- 27.14 / 26.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.29 / 1.54
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.6% | −1.1% | +2.7 pp | — |
| 3 months | +33.3% | −0.5% | +33.8 pp | — |
| 6 months | +51.8% | +4.4% | +47.4 pp | — |
| Year to date | −1.1% | +12.3% | −13.4 pp | — |
| 1 year | +16.3% | +13.5% | +2.8 pp | +21.5% |
| 3 years | +9.8% | +76.4% | −66.7 pp | +19.8% |
| 5 years | +12.8% | +63.7% | −50.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.5 bn |
| Cost of revenue | 539.6 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn |
| Gross profit | 268.4 m | 263.1 m | 269.0 m | 272.9 m | 282.9 m | 262.0 m | 267.3 m | 285.0 m |
| SG&A | 164.7 m | 168.1 m | 170.1 m | 172.1 m | 172.1 m | 174.6 m | 164.7 m | 177.6 m |
| Operating income | 87.0 m | 79.2 m | 82.7 m | 84.5 m | 91.5 m | 72.5 m | 85.1 m | 89.2 m |
| Depreciation & amortisation | 16.6 m | 15.7 m | 16.2 m | 16.3 m | 19.3 m | 14.9 m | 17.5 m | 18.1 m |
| Interest expense | 10.9 m | 13.2 m | 14.4 m | 14.1 m | 12.7 m | 13.3 m | 14.0 m | 12.9 m |
| Pre-tax income | 81.0 m | 63.6 m | 68.9 m | 69.0 m | 81.5 m | 61.0 m | 74.0 m | 78.9 m |
| Income tax | 20.9 m | 16.8 m | 18.3 m | 17.2 m | 23.0 m | 15.7 m | 20.1 m | 21.5 m |
| Net income | 60.1 m | 46.7 m | 50.5 m | 51.8 m | 58.5 m | 45.3 m | 53.9 m | 57.4 m |
| Diluted EPS | 0.35 ≈ | 0.28 | 0.31 | 0.32 | 0.37 ≈ | 0.29 | 0.35 | 0.38 |
| Operating cash flow | 36.1 m | -7.2 m | 90.3 m ≈ | 139.4 m ≈ | 35.9 m | -12.1 m | 183.6 m ≈ | 114.7 m ≈ |
| Capex | 10.3 m | 9.4 m | 9.1 m ≈ | 9.2 m ≈ | 13.6 m | 9.0 m | 11.1 m ≈ | 6.7 m ≈ |
| Share repurchases | 92.6 m | — | — | 62.5 m ≈ | 95.1 m | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 26 percentile of its own 23-quarter history (min 15.8, median 25.9, max 354.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.3 bn | 3.0 bn | 3.4 bn | 3.9 bn | 4.3 bn | 5.0 bn | 5.6 bn |
| Revenue YoY | +6.1% | +19.1% | +31.3% | +13.4% | +14.7% | +9.1% | +16.2% | +13.0% |
| Net income | -6.1 m | -75.9 m | -8.1 m | 139.9 m | 150.6 m | 267.1 m | 211.8 m | 207.6 m |
| Net income YoY | −257.7% | unavailable | unavailable | unavailable | +7.6% | +77.4% | −20.7% | −2.0% |
| Diluted EPS | unavailable | -0.49 | -0.04 | 0.77 | 0.83 | 1.48 | 1.23 | 1.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +7.8% | +78.3% | −16.9% | +3.3% |
| net % | -0.3% | -3.3% | -0.3% | 4.1% | 3.8% | 6.2% | 4.2% | 3.7% |
| Free cash flow | -1.8 m | 11.2 m | 100.5 m | 182.9 m | 232.2 m | 329.4 m | 287.8 m | 217.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 232.6 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 928.2 m USD
- Equity
- 1.3 bn USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 0.88x
- Current ratio
- 1.53x
- ROE
- 15.2%
- ROA
- 6.0%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.4 bn | 3.9 bn | 4.3 bn | 5.0 bn | 5.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 2.4 bn | 2.7 bn | 2.6 bn | 2.8 bn | 3.4 bn | 4.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 682.3 m | 779.6 m | 866.9 m | 981.2 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 500.2 m | 525.7 m | 566.1 m | 607.4 m | 630.3 m | 682.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 110.8 m | 190.8 m | 240.2 m | 314.6 m | 321.8 m | 337.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 71.3 m | 63.1 m | 60.6 m | 59.2 m | 60.9 m | 67.5 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 182.1 m ≈ | 253.9 m ≈ | 300.8 m ≈ | 373.8 m ≈ | 382.7 m ≈ | 405.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 107.8 m | 67.0 m | 53.8 m | 51.2 m | 49.0 m | 54.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -5.2 m | 116.5 m | 205.8 m | 358.7 m | 283.6 m | 282.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 2.8 m | -23.4 m | 55.2 m | 91.7 m | 71.8 m | 75.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -8.1 m | 139.9 m | 150.6 m | 267.1 m | 211.8 m | 207.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -0.04 | 0.77 | 0.83 | 1.48 | 1.23 | 1.27 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 181.0 m | 181.2 m | 182.1 m | 180.4 m | 172.8 m | 163.4 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 99.3 m | 119.4 m | 294.2 m | 343.8 m | 412.6 m | 232.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 328.3 m | 338.2 m | 377.5 m | 377.7 m | 409.7 m | 473.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 158.6 m | 183.1 m | 224.3 m | 274.0 m | 388.1 m | 471.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 657.0 m | 710.3 m | 994.3 m | 1.1 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 121.1 m | 111.5 m | 108.3 m | 120.6 m | 127.4 m | 139.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 1.4 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 351.1 m | 366.0 m | 364.1 m | 335.4 m | 301.0 m | 309.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 2.6 bn | 2.8 bn | 3.1 bn | 3.2 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 282.9 m | 279.2 m | 378.8 m | 426.5 m | 610.8 m | 639.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 9.3 m | 6.0 m | 6.0 m | 6.0 m | 6.5 m | 6.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 434.0 m | 459.7 m | 565.4 m | 618.3 m | 780.1 m | 829.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 1.6 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.0 bn † | 1.2 bn † | 1.4 bn † | 1.4 bn † | 1.4 bn † | 1.3 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 127.4 m | 208.6 m | 267.5 m | 371.3 m | 323.4 m | 258.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 26.9 m | 25.6 m | 35.4 m | 41.9 m | 35.6 m | 41.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 100.5 m ≈ | 182.9 m ≈ | 232.2 m ≈ | 329.4 m ≈ | 287.8 m ≈ | 217.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -26.3 m | -111.5 m | -108.1 m | -56.5 m | -36.5 m | -161.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -68.8 m | -76.9 m | 15.3 m | -265.1 m | -218.2 m | -277.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 250.3 m | 252.7 m | 310.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality70
- Growth100
- Balance sheet62
- Returns80
- Valuation37
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.82 – 56.93 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)32.35 – 56.93 (Mid 41.50)WACC 8.3% · starting FCFF 320.2 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 2.1%
- Peers: EV/EBITDA36.42 – 45.67 (Mid 38.60)3 companies used · median multiple 16.3x · quartiles 15.5x – 18.9xAVAH, BTSG, CHE
- Peers: P/E25.82 – 38.92 (Mid 32.34)4 companies used · median multiple 23.3x · quartiles 18.6x – 28.1xADUS, AVAH, BTSG, CHE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 71 (on a fixed band) | 11% |
| Net margin · Quality | 3.7% | 40 (vs peers) | 7% |
| FCF conversion · Quality | 130.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 12.7% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 15.2% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.1x | 54 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 6.4x | 75 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 22.7x | 33 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 13.7x | 12 (on a fixed band) | 11% |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet62/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality70/100 · 3/3 factors with a value
- Returns· partial80/100 · 1/2 factors with a value
- Valuation37/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OPTION CARE HEALTH, INC. (OPCH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.6 bn USD in 2025; YoY growth 13.0%; net margin 3.7%; ROE 16.0%; net debt/EBITDA 2.1x.
The estimated value range is 32.35–45.67 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 38.60 USD, the price of 31.50 USD leaves a potential of 22.5% (value / price − 1) and a margin of safety of 18.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.2%
- FCF conversion: 130.9%
- Revenue CAGR 3Y: 12.7%
- EPS CAGR 3Y: 15.2%
- Interest coverage: 6.4x
- FCF yield: 6.0%
- Shareholder yield (distributions): 5.6%
- The price is below the estimated value range
What contradicts it
- EV/EBITDA: 13.7x
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Home Health Care Services (SIC 8082) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BTSGBrightSpring Health Services, Inc. | 13.1 bn | 35.7 | 20.5% | 2.7% | +28.2% | +82% / unavailable |
| CHEChemed Corporation | 6.9 bn | 25.5 | 29.1% | 10.6% | +4.1% | +22% / −6% |
| OPCHOption Care Health, Inc. | 4.7 bn | 22.7 | 16.0% | 3.7% | +13.0% | +16% / +10% |
| AVAHAveanna Healthcare Holdings Inc. | 3.0 bn | 11.1 | 199.6% | 10.6% | unavailable | +46% / +401% |
| ADUSAddus HomeCare Corp | 2.4 bn | 21.1 | 10.0% | 7.4% | +23.2% | +5% / +45% |
| AHCOAdaptHealth Corp. | 1.0 bn | — | -28.6% | -11.4% | −0.5% | −23% / −13% |
1- and 3-year price returns: for OPCH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.89 Total return -34% · Per year -34% | 36.79 Total return 17% · Per year 17% | 55.23 Total return 75% · Per year 75% |
| 3 years | 23.76 Total return -25% · Per year -9% | 46.75 Total return 48% · Per year 14% | 76.54 Total return 143% · Per year 34% |
| 5 years | 27.02 Total return -14% · Per year -3% | 59.39 Total return 89% · Per year 14% | 106.07 Total return 237% · Per year 27% |
- Exit P/E± 11.69
- Net margin± 8.18
- Annual revenue growth± 6.22
- Annual dilution± 0.69
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Option Care Health is the largest independent provider of home and alternate site infusion services in the US, operating a national network of 196 locations 1. As care shifts toward the home and cost pressure persists, the company reported revenue growth of 1.9% in the second quarter of 2026 3, while gross margin came under pressure from a higher-cost therapy mix 2.
SWOT
Strengths
- The company is the largest independent infusion provider in the US, with a broad national network and a large clinical workforce 1.
- Operating margin remained stable, and operating cash flow supported share repurchases in the second quarter of 2026 3.
- Relationships with health systems and insurers give access to patients and steady referral flows 1.
Weaknesses
- Dependence on a few drug vendors exposes the company to supply interruptions 1.
- Revenue is concentrated among a small number of payers, and the largest one accounts for a significant share of receipts 1.
- The chronic segment declined in the second quarter of 2026, showing vulnerability to therapy mix shifts 2.
Opportunities
- If rare, orphan and immunoglobulin therapies keep growing, the mix could again support margins 2.
- The move of treatment from hospitals to homes could expand volume for the national network 1.
- Integrating digital tools and artificial intelligence could improve operational efficiency if implementation succeeds 1.
Risks
- Dependence on managed care payershigh
Most revenue comes from managed care and other non-governmental payers; losing a major relationship could significantly reduce the number of patients served 1.
- Concentration of drug vendorshigh
A small number of vendors supply most drug purchases; a supply disruption could affect services and revenue 1.
- Changes to drug pricing benchmarksmedium
Changing the benchmarks used for reimbursement could reduce revenue and negotiating leverage with manufacturers 1.
- Shortage of medical staffmedium
A lack of nurses and pharmacists could raise hiring costs and affect service quality 1.
- Goodwill impairmentlow
Significant goodwill from acquisitions could be impaired if business performance declines, with a negative effect on results 1.
Investment thesis
What would need to be true (bull case)
- If the shift to home care continues and acute therapies stay strong, the company could sustain revenue growth, with 2026 guidance pointing to moderate growth 3.
- Its national leadership and health system relationships could support new contracts and volume expansion 1.
- Operating cash flow and the share repurchase program could support shareholder value if results hold 3.
What would break the thesis
- If pressure in the chronic segment and mix effects persist, gross margin could remain below its earlier level 2.
- Concentration on a few payers and vendors could leave the company exposed to contract changes or supply interruptions 1.
- Slower revenue growth in the second quarter could signal a slowdown and complicate reaching guidance targets 3.
What to watch
- Development of gross margin and the effect of therapy mixQ3 2026
- Dynamics of the chronic inflammatory segment and patient attritionQ3 2026
- Achievement of full-year guidance for revenue and adjusted EPS2026
- Status of relationships with major payers in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Option Care Health, Inc. provides infusion therapies for patients with acute and chronic conditions, administered mainly at home or in ambulatory infusion suites in coordination with the patient's physician 1. The company operates in one segment, infusion services, and works with insurers, health systems and pharmaceutical manufacturers 1. Its model aims to lower costs for payers, spare providers from carrying high-cost medications, and support patients through monitoring and education 1.
Services include anti-infective treatment, nutrition support, immunoglobulin therapy, treatment of chronic inflammatory and neurological disorders, and therapies for bleeding disorders and heart failure 1. As of the 2025 annual report the company operated 87 full-service pharmacies and had more than 5,000 clinicians 1. Amortization rose in 2025 mainly because of the Intramed Plus acquisition 1.
Most revenue comes from contracts with third-party payers, and the company is reimbursed both for medications and for services, typically by reference to published price benchmarks 1. The company relies on a small number of vendors for drug purchases, so its relationships with manufacturers remain critical to supply continuity 1.
Segments
Market context
The home and alternate site infusion market is described by the company as large and highly fragmented, with many regional and local providers 1. Regulation is extensive at federal, state and local levels, and changes to reimbursement rules can affect profitability 1.
The market is also shaped by pharmaceutical industry changes, new drugs that replace costlier therapies, and how manufacturers set prices 1. If these trends intensify, margin pressure could increase 1.
Trends
- Shift of treatment to the home and alternate sitestailwind
The company emphasizes home care as a lower-cost alternative to hospital settings, which could support long-term demand 1.
- Growth in acute therapiestailwind
Acute growth was partly driven by shifts in the competitive landscape that increased patient volume 1. In the second quarter of 2026 this category grew at a high single-digit rate 2.
- Gross margin pressure from therapy mixheadwind
Higher-cost chronic therapies, including rare and orphan drugs, and biosimilar adoption reduced gross margin in 2025 1. Management expects these effects to continue into 2026 1.
- Decline in chronic inflammatory therapiesmixed
The chronic inflammatory disease portfolio declined in the first half of 2026 because of patient attrition and unfavorable mix 2. If this persists, chronic revenue could remain flat 2.
Competitive position
The company competes with units of large groups such as UnitedHealth Group and CVS Health, with specialty infusion divisions of other providers, and with many regional and local infusion companies 1. Competition is based on quality of care, clinical outcomes, price and reliability 1.
Some competitors are vertically integrated with insurers or drug distributors and may have more favorable terms for drug acquisition 1. The company states that its reputation and national presence place it in a strong position 1.
- Optum Infusion Pharmacy
A unit of UnitedHealth Group, named in the filing as a direct competitor in home infusion
- Coram, CVS Health division
Specialty infusion services of a vertically integrated group, cited as a competitor
- Amerita Specialty Pharmacy
A division of BrightSpring Health active in specialty infusion
- Accredo
A specialty pharmacy named among competitors in complex medication delivery
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Acțiunile Option Care Health sunt în creștere după raportul privind achiziția de peste 5 miliarde de dolari - goldring.roSurge — Google News · 05 Oct 2026 · RO
The latest news item in our archive is from 05 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Current report12 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Departure or appointment of officers
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Option Care Health, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Option Care Health, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Option Care Health, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.