Introduction

In February 2026, the PAI rose 5.16% month-over-month (MoM), bringing its year-to-date (YTD) gain to 6.84%. Meanwhile, the S&P 500 saw a 0.87% MoM decrease and a 0.49% gain YTD.

Early in the month, the National Alliance for Care at Home (The Alliance) announced that Dr. Steve Landers had stepped down from his role as CEO of the organization effective February 9. Landers served as the inaugural CEO of The Alliance, which was formed on July 1, 2024, through the merger of the National Association for Home Care and Hospice (NAHC) and the National Hospice and Palliative Care Organization (NHPCO).

The Alliance announced that Jennifer Sheets would succeed landers as CEO of the Alliance effective February 17. Sheet’s experience includes executive roles at BAYADA Home Health Care, Gentiva Healthcare, Highland Capital/Cornerstone Healthcare Group, Caring Brands International, and Interim Healthcare. She is also the founder and CEO of Carezzi, an AI-enabled healthcare technology platform.

“The creation of the Alliance marked a defining moment for our industry uniting longstanding leaders in home health and hospice under one voice. As the Alliance’s first CEO, Steve led that launch with vision and purpose, and I’m grateful for the groundwork he established,” said Sheets.

In late February, New Day Healthcare announced that its founder and CEO, G. Scott Herman, passed away at the age of 61. Before founding New Day in 2020, Herman had previously served as CEO of Elara Caring and held executive positions at a number of other healthcare organizations. New Day provides home health, hospice, and personal care services to nearly 150,000 patients annually across Texas, Missouri, Kansas, Illinois, New Mexico, and Indiana.

“The passing of Scott Herman is a blow to many in post-acute healthcare, and beyond. He was a good man who was widely respected, and he will be missed. All of us at Stoneridge extend our deepest condolences to his family, and to his coworkers at New Day,” said Joe Lynch, Partner and Managing Director at Stoneridge Partners.

Post Acute Care Index (PAI)

Enhabit’s stock price rose 28.03% MoM in February and 47.61% YTD. On February 23, the company announced that it had entered a definitive agreement to be acquired by Kinderhook Industries, Inc. for roughly $1.1 billion. Kinderhook Industries is a New York–based private equity firm that invests in and acquires middle-market companies, including healthcare services businesses. Though Enhabit will maintain its name and brand post-transaction, the company will become a private entity and be delisted from the New York Stock Exchange upon the deal’s closing.

“Under Kinderhook’s ownership, Enhabit will benefit from additional resources and expertise that will support long-term investments in our people, clinical excellence and innovation without the short-term pressures of the public markets,” said Barb Jacobsmeyer, President and CEO of Enhabit. The acquisition is expected to be completed in Q2 2026.

Addus Homecare’s stock saw a 0.05% MoM increase and was down 3.59% at the end of the month. In the company’s Q4 2025 financial results, it announced quarterly net service revenues of $373.1 million, a 25.6% increase over the same period in 2024. The company’s Q4 Adjusted EBITDA was $50.3 million, representing a 33.3% increase over Q4 2024. According to Chairman and CEO Dirk Allison, “Our fourth quarter results marked a strong finish to a successful year of growth and progress for Addus… Continued strong demand has supported this impressive growth as an increasing number of consumers and payers benefit from the value and cost efficiency offered by our home-based care services.”

In February, BrightSpring’s stock rose 5.50% for the month and 10.63% YTD. During the month, the company announced net revenue of $3.551 billion and Adjusted EBITDA of $184 million for Q4 2025, representing year-over-year gains of 29.3% and 40.7% respectively. “In 2025, BrightSpring’s financial performance was driven by ongoing demand for our high-quality and differentiated services and operational capabilities,” said Jon Rousseau, Chairman, President, and Chief Executive Officer of the Company. “In 2026, we remain focused on delivering superior, timely, and lower-cost coordinated patient care that provides significant value to the healthcare system, the individuals we serve, and our organization.”

Conclusion

February highlights continued investor interest and strong operating performance across the home-based care sector. The announced acquisition of Enhabit underscores ongoing private equity interest in home health and hospice platforms, while solid financial results from companies such as Addus and BrightSpring reflect sustained demand for care delivered in the home. As 2026 progresses, buyers are expected to remain active as they evaluate new opportunities and advance transactions already in motion.

Quote of the Month

“Workforce restraints are one of the largest barriers to access for care at home, especially in rural areas, and the Alliance is committed to advancing policies and regulation that support providers looking to grow and expand their workforce to accommodate the communities they serve.”
– Jennifer Sheets, CEO of the Alliance for Care at Home

Read the Full Article Here: In first month on job, CEO Sheets lays out plans for Alliance: ‘It’s rates and workforce’m

Stoneridge In the News:

2026 Home Health and Hospice M&A Outlook: Multiples, Trends, and Payer Risk Read the Full Article Here – Blog written by Partner & Managing Director Ben Bogan.

See It To Believe It!

The Stoneridge Partners Post-Acute Care Index is updated monthly and measures the performance of these six publicly traded post-acute care companies, all listed on the NASDAQ:

• Addus (ADUS)
• Aveanna (AVAH)
• BrightSpring (BTSG)
• Brookdale Senior Living Inc. (BKD)
• Enhabit (EHAB)
• The Pennant Group, Inc. (PNTG)

Here are the results of the Post-Acute stock prices for the past two years:

Enterprise Value (EV)

Enterprise Value (EV), aka Selling Price, as Percent of Revenue

The above calculations are based on the selling price being defined as Enterprise Value (EV), with data provided by Yahoo Finance. Enterprise value is defined as market cap plus debt, minority interest, and preferred shares, minus total cash and cash equivalents. EBITDA is calculated using a methodology that may differ from that used by a company for its reporting. (Home Health Index February 2026 | Stoneridge Partners)

Recent Transactions From Around The Country

• Choice Health at Home acquired Alliant Home Health and Alliant Palliative Care and Hospice
• Dovida acquired A Place At Home
• Superior Health Holdings acquired Pulse Home Health and Hospice
• Uplift Hospice acquired Autumn View Hospice

SOLD by Stoneridge!!!

• Stoneridge Partners, Ben Bogan and Ted Cohen, is pleased to announce that they provided sell-side M&A advisory services in the Residential Home Health and Covenant Home Health transaction. Read the Full Press Release here.

View Stoneridge closed transactions on our Website.

Home Health Index February 2026 | Stoneridge Partners

From Joe Lynch, Publisher of “Home Health Index.” Joe can be reached at [email protected] or (239) 561-0826, and toll-free at 800-218-3944. Previous editions of this monthly newsletter can be searched for at the bottom of the home page of the Home Health Index.