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Side-by-side financial comparison of PACS Group, Inc. (PACS) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $1.4B, roughly 1.0× PACS Group, Inc.). PACS Group, Inc. runs the higher net margin — 4.4% vs 1.4%, a 3.0% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 6.4%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs 2.8%).
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
PACS vs SEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.4B |
| Net Profit | $59.7M | $20.2M |
| Gross Margin | — | — |
| Operating Margin | 7.0% | 4.6% |
| Net Margin | 4.4% | 1.4% |
| Revenue YoY | 18.4% | 6.4% |
| Net Profit YoY | 3022.5% | 225.7% |
| EPS (diluted) | $0.42 | $0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $981.4M | $1.3B | ||
| Q1 24 | $934.3M | $1.3B |
| Q4 25 | $59.7M | $20.2M | ||
| Q3 25 | $52.4M | $28.8M | ||
| Q2 25 | $51.0M | $40.6M | ||
| Q1 25 | $28.5M | $56.7M | ||
| Q4 24 | $1.9M | $-16.1M | ||
| Q3 24 | $15.6M | $55.6M | ||
| Q2 24 | $-10.9M | $77.6M | ||
| Q1 24 | $49.1M | $96.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.1% | — | ||
| Q2 24 | 22.3% | — | ||
| Q1 24 | 21.2% | — |
| Q4 25 | 7.0% | 4.6% | ||
| Q3 25 | 6.4% | 5.4% | ||
| Q2 25 | 6.2% | 6.5% | ||
| Q1 25 | 3.8% | 8.3% | ||
| Q4 24 | 1.7% | 1.6% | ||
| Q3 24 | 2.2% | 4.3% | ||
| Q2 24 | 0.1% | 5.8% | ||
| Q1 24 | 8.6% | 9.0% |
| Q4 25 | 4.4% | 1.4% | ||
| Q3 25 | 3.9% | 2.1% | ||
| Q2 25 | 3.9% | 3.0% | ||
| Q1 25 | 2.2% | 4.2% | ||
| Q4 24 | 0.2% | -1.2% | ||
| Q3 24 | 1.5% | 4.4% | ||
| Q2 24 | -1.1% | 6.1% | ||
| Q1 24 | 5.3% | 7.3% |
| Q4 25 | $0.42 | $0.17 | ||
| Q3 25 | $0.32 | $0.23 | ||
| Q2 25 | $0.31 | $0.32 | ||
| Q1 25 | $0.17 | $0.44 | ||
| Q4 24 | $-0.03 | $-0.12 | ||
| Q3 24 | $0.10 | $0.43 | ||
| Q2 24 | $-0.07 | $0.60 | ||
| Q1 24 | $0.38 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $197.0M | $26.5M |
| Total DebtLower is stronger | $353.2M | $1.8B |
| Stockholders' EquityBook value | $946.8M | $1.7B |
| Total Assets | $5.6B | $5.9B |
| Debt / EquityLower = less leverage | 0.37× | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $197.0M | $26.5M | ||
| Q3 25 | $355.7M | $60.1M | ||
| Q2 25 | $294.2M | $52.3M | ||
| Q1 25 | $287.5M | $53.2M | ||
| Q4 24 | $157.7M | $59.7M | ||
| Q3 24 | $49.5M | $191.5M | ||
| Q2 24 | $73.4M | $111.2M | ||
| Q1 24 | $81.2M | $92.6M |
| Q4 25 | $353.2M | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $411.9M | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | $946.8M | $1.7B | ||
| Q3 25 | $871.3M | $1.7B | ||
| Q2 25 | $806.8M | $1.7B | ||
| Q1 25 | $750.2M | $1.7B | ||
| Q4 24 | $709.6M | $1.7B | ||
| Q3 24 | $660.0M | $1.9B | ||
| Q2 24 | $572.1M | $1.4B | ||
| Q1 24 | $128.0M | $1.4B |
| Q4 25 | $5.6B | $5.9B | ||
| Q3 25 | $5.6B | $5.7B | ||
| Q2 25 | $5.5B | $5.7B | ||
| Q1 25 | $5.5B | $5.7B | ||
| Q4 24 | $5.2B | $5.6B | ||
| Q3 24 | $4.5B | $8.0B | ||
| Q2 24 | $3.9B | $7.9B | ||
| Q1 24 | $3.9B | $7.9B |
| Q4 25 | 0.37× | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | 0.58× | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.75× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-3.4M | $64.3M |
| Free Cash FlowOCF − Capex | — | $5.2M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | -0.06× | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.4M | $64.3M | ||
| Q3 25 | $204.8M | $175.3M | ||
| Q2 25 | $52.6M | $110.3M | ||
| Q1 25 | $150.2M | $-3.5M | ||
| Q4 24 | $64.6M | $125.4M | ||
| Q3 24 | $209.2M | $181.0M | ||
| Q2 24 | $34.8M | $278.2M | ||
| Q1 24 | $58.8M | $-66.7M |
| Q4 25 | — | $5.2M | ||
| Q3 25 | — | $122.2M | ||
| Q2 25 | — | $45.6M | ||
| Q1 25 | — | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $130.3M | ||
| Q2 24 | — | $222.6M | ||
| Q1 24 | — | $-119.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | -9.0% |
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | -0.06× | 3.19× | ||
| Q3 25 | 3.91× | 6.09× | ||
| Q2 25 | 1.03× | 2.72× | ||
| Q1 25 | 5.28× | -0.06× | ||
| Q4 24 | 33.78× | — | ||
| Q3 24 | 13.39× | 3.25× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | 1.20× | -0.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PACS
Segment breakdown not available.
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
