Chemed Corporation CHE

Health CareHealthcare Providers & ServicesUnited States of America

Last close 534.72 USD on Nov 1, 2026, +25.5% year to date

Quant rating

Quant rating A Rank 40 of 565 in Health Care

Growth B 223 of 565
Valuation B 92 of 565
Quality A 9 of 565
Revisions B 108 of 565
Momentum C 245 of 565

Wall Street consensus Buy (2.00)Average target 617.00 USD +15.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.0B
Enterprise value: 7.2B
52-week range: 365.51 – 560.56
3-year range: 365.51 – 650.70
Dividend yield: 0.52%
Beta (5 years): 0.51
Shares outstanding: 13.0M
Next earnings: Feb 25, 2027

About the company

Chemed Corporation is engaged in purchasing, operating, and divesting subsidiaries in diverse business activities. The Company's segment includes VITAS and the Roto-Rooter. The VITAS segment provides hospice and palliative care services to its patients through a network of physicians, registered nurses, home health aides, social workers, clergy and volunteers. It provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. The Roto-Rooter segment provides plumbing, drain cleaning, excavation, water restoration and other related services to residential and commercial customers. The Roto-Rooter services are provided through a network of Company-owned branches, independent contractors and franchisees. The Company's water restoration services involve the remediation of water and humidity after a flood and are provided to both commercial and residential customers.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,530	2,431	2,264	2,135	2,139	–
Revenue growth	4.1%	7.4%	6.1%	−0.2%	2.9%	4.0%
EPS (basic, normalized)	21.55	23.13	20.30	19.75	19.33	–
EPS growth	−6.8%	13.9%	2.8%	2.2%	–	–
Gross margin	32.5%	35.1%	35.3%	35.8%	36.0%	35.0%
Net margin	10.5%	12.4%	12.0%	11.7%	12.6%	11.8%
ROE	25.3%	27.1%	28.6%	35.1%	35.2%	30.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	48.4
Current ratio	1.11x
Long-term debt (mil)	236
Net debt (mil)	205
Total equity (mil)	861
Net debt / equity	0.24x
Net debt / EBITDA	0.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,530	+4.1%	2.8x	459	−8.7%	15.6x	21.55	−6.8%	24.8x
2026	2,734	+8.0%	2.6x	518	+12.9%	13.8x	25.75	+19.5%	20.8x
2027	2,915	+6.6%	2.5x	555	+7.1%	12.9x	27.71	+7.6%	19.3x
2028	3,074	+5.5%	2.3x	589	+6.3%	12.2x	30.60	+10.4%	17.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,734	+0.5%	+0.5%	+1.5%	25.75	+1.0%	+0.9%	+5.7%
2027	2,915	+1.0%	+1.1%	+1.9%	27.71	+0.7%	+0.7%	+3.0%
2028	3,074	0.0%	+0.7%	+2.0%	30.60	+1.2%	+4.3%	+6.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	589	596	606	640	647	619	625	639	658	673
Sales mean (mil)	591	599	612	636	642	629	626	659	650	665
Surprise	−0.4%	−0.6%	−1.0%	+0.6%	+0.8%	−1.6%	−0.2%	−3.0%	+1.2%	+1.2%
EPS reported	5.20	5.47	5.64	6.83	5.63	4.27	5.27	6.42	5.65	6.06
EPS mean	5.48	5.59	5.76	6.78	5.55	4.98	5.36	7.07	5.30	5.60
Surprise	−5.1%	−2.2%	−2.1%	+0.7%	+1.5%	−14.3%	−1.6%	−9.2%	+6.6%	+8.2%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CHE Chemed Corporation	7.0B	0.45x	10.5%	8.04x	20.8x	19.3x	13.8x	12.9x
UNH UnitedHealth Group Incorporated	365.3B	–	2.7%	3.51x	19.8x	17.4x	13.3x	12.1x
CVS CVS Health Corporation	115.4B	2.50x	0.4%	1.45x	11.2x	10.6x	8.3x	8.0x
HCA HCA Healthcare, Inc.	98.8B	3.41x	9.0%	−12.35x	15.7x	15.1x	9.6x	9.5x
ELV Elevance Health Inc	90.8B	–	2.8%	2.03x	14.5x	13.9x	10.1x	10.4x
CI The Cigna Group	78.8B	2.49x	2.2%	1.85x	9.8x	8.9x	7.8x	7.3x
Mean		2.21x	4.6%	0.75x	15.3x	14.2x	10.5x	10.0x
Median		2.50x	2.8%	1.94x	15.1x	14.5x	9.8x	9.9x

Technical analysis

1M+4.0%
3M+3.4%
1Y+22.5%
3Y−4.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Chemed Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,530	2,431	2,264	2,135	2,139	2,080
Cost of revenue	1,707	1,577	1,466	1,370	1,369	1,378
Gross profit	823	854	799	765	770	701
Selling, general & administrative expenses	401	384	377	361	349	313
Research & development	–	–	–	–	–	–
Depreciation/amortization	64.8	63.0	60.9	59.2	59.1	56.6
Interest expense (income), operating	5.6	20.1	6.4	−10.0	8.3	7.9
Unusual expense (income)	13.5	20.6	13.9	11.5	10.2	−66.2
Other operating expenses	0	0	0	0	0	0
Operating income	338	366	341	343	343	390
Net interest income (expense)	17.5	33.0	9.6	−14.2	6.8	6.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0.2	0.4	0.5	0
Net income before taxes	356	399	350	330	350	396
Provision for taxes	90.5	97.5	77.9	80.1	81.8	76.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	265	302	273	250	269	319
Extraordinary items	–	–	–	–	–	–
Net income	265	302	273	250	269	319
EBIT, normalized	357	414	361	346	382	371
EBITDA, normalized	422	477	422	406	441	427
Basic EPS, normalized	21.55	23.13	20.30	19.75	19.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Chemed Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	74.5	178	264	74.1	32.9	163
Receivables	183	171	182	139	137	127
Total inventory	7.5	8.2	12.0	10.3	10.1	7.1
Prepaid expenses	38.0	37.0	43.4	48.8	50.1	32.8
Other current assets	0	0	0	0	0	0
Total current assets	303	395	501	273	230	329
Property, plant & equipment	337	328	330	335	319	311
Goodwill	667	667	585	581	579	579
Intangibles	82.8	92.2	90.3	99.7	108	118
Long-term investments	140	131	106	93.2	98.9	88.8
Note receivable	–	1.9	1.7	1.8	–	–
Other long-term assets	8.7	53.9	54.0	58.0	8.1	8.8
Total assets	1,538	1,669	1,668	1,442	1,343	1,435
Liabilities
Accounts payable	53.5	44.1	48.3	41.9	61.1	54.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	161	191	196	189	190	193
Short-term debt	11.0	0	15.7	0	11.9	0
Current portion of long-term debt	–	–	0	5.0	–	–
Other current liabilities	61.4	50.3	52.1	61.0	39.1	52.1
Total current liabilities	287	286	312	297	302	299
Long-term debt	0	0	0	92.5	185	0
Minority interest	–	–	–	–	–	–
Other liabilities	272	264	248	254	232	235
Total liabilities	559	550	560	643	719	534
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	37.6	37.4	37.2	36.8	36.5	36.3
Additional paid-in capital	1,592	1,484	1,341	1,150	1,044	961
Retained earnings (accumulated deficit)	2,955	2,722	2,447	2,198	1,970	1,724
Treasury stock	−3,608	−3,127	−2,720	−2,588	−2,430	−1,823
Other equity	2.4	2.2	2.1	2.2	2.2	2.3
Total equity	979	1,119	1,108	799	623	901
Total liabilities & shareholders' equity	1,538	1,669	1,668	1,442	1,343	1,435

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Chemed Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	265	302	273	250	269	319
Depreciation, depletion & amortization	64.8	63.0	60.9	59.2	59.1	56.6
Deferred taxes	−5.9	−4.1	−8.0	−3.3	−15.8	37.8
Non-cash items	40.4	46.7	43.4	38.0	22.3	29.8
Changes in working capital	23.7	9.9	−38.5	−33.5	−25.5	45.7
Cash from operations	388	417	330	310	309	489
Investing activities
Capital expenditures	−62.8	−49.5	−56.9	−57.3	−58.7	−58.8
Other investing cash flows	3.5	−94.4	−3.8	−2.1	0.9	−2.7
Cash from investing	−59.3	−144	−60.6	−59.4	−57.8	−61.6
Financing activities
Financing cash flow items	−7.7	−11.5	−9.1	−18.3	−15.3	−25.1
Cash dividends paid	−31.7	−27.1	−23.5	−22.0	−22.0	−21.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−393	−321	−47.3	−169	−343	−225
Cash from financing	−433	−359	−79.8	−209	−381	−271
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−104	−85.6	190	41.2	−130	157
Free cash flow	325	368	273	253	250	430

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.