Introduction

In June 2026, the National Post-Acute and Home-Based Care Index (PAHCI) increased 11.64% month-over-month (MoM) while the S&P 500 decreased 1.06% during the same period. Year-to-date (YTD), the S&P 500 has increased 9.55%.

During the month, the Centers for Medicare & Medicaid Services (CMS) released a nationwide framework to help states implement new Medicaid work requirements before they take effect on January 1, 2027. Under the guidance, certain adult Medicaid beneficiaries will be required to complete at least 80 hours per month of employment, education, job training, or community service to maintain their health coverage, unless they qualify for an exemption. The framework establishes a standardized process for states to verify eligibility and administer the new requirements, providing implementation guidance ahead of the nationwide rollout.

“This rule helps Americans build skills and independence through work, education, job training, or community service, creating new opportunities for themselves and their families,” said CMS Administrator Dr. Mehmet Oz.

Also during the month, Heritage Home Health Care and Legacy Hospice partnered with Advanced Home Health and Hospice to form Heritage Home Health and Hospice. This joint venture aims to expand access to home health and hospice services across Ohio and the Erie, Pennsylvania region. The partnership combines the organizations’ longstanding clinical expertise with expanded operational infrastructure to support future growth while allowing the legacy providers to continue serving their local communities. Stoneridge Partners served as sell-side M&A advisor to HCF Management in connection with the transaction.

Operators within the home health and hospice industry are still adjusting to the Medicare enrollment moratorium, which took effect on May 13, 2026. The temporary six-month moratorium is currently scheduled to expire on November 13, 2026, unless CMS elects to extend it. By limiting providers’ ability to pursue de novo expansion, the moratorium is expected to increase acquisition activity as strategic operators turn to M&A to enter new markets or expand existing footprints, particularly through smaller agency acquisitions.

“While the summer months have historically been a slower period for M&A activity, we haven’t seen any signs of the typical seasonal slowdown this year,” said Joe Lynch, Partner and Managing Director at Stoneridge Partners. “The CMS enrollment moratorium has likely played a role by encouraging strategic providers to pursue acquisitions rather than de novo expansion. As we move further into 2026, we expect both strategic and financial buyers to remain highly active in the home-based care and post-acute sectors as they continue seeking opportunities to deploy capital and expand their market presence.”

The National Post-Acute and Home-Based Care Index (PAHCI)

Addus’ stock price increased 9.59% MoM in June, though it remains down 6.44% for the year. In its Q1 2026 Financial Results, Addus announced net service revenue of $363.6 Million and Net Income of $25.1 Million. Additionally, the company recently acquired the personal care operations of HomeCourt Home Care in Indiana, with plans to complete a similar acquisition in the state later in 2026.

“Acquisitions remain an integral part of our growth strategy, and we are pleased to welcome HomeCourt Home Care to our personal care operations,” said CEO Dirk Allison. “This transaction and our planned additional transaction are aligned with our strategy of expanding our personal care footprint in select markets and creating density in markets where we operate.” Stoneridge Partners provided sell-side advisory services to HomeCourt through the course of the transaction.

BrightSpring’s stock increased 13.07% during the month and is up a substantial 86.22% YTD. The company announced on June 12 that Dr. Nigam H. Shah would join its board of directors in addition to serving as a member of the Board’s Quality and Compliance Committee. Shah has served as the Chief Data Scientist and as the Associate Dean for Health Information and Data Science at Stanford Healthcare.

“I’m honored to join BrightSpring as a new Board member to help them succeed in their mission to better the lives of patients and improve communities,” said Dr. Nigam Shah. “It has long been my focus to make a difference in healthcare through technology. I believe my years of service in business and as a professor and researcher will bring a unique perspective to further the use of technology and AI for BrightSpring, patients, and other key stakeholders in healthcare.”

Aveanna also saw double-digit gains during the month, with a 19.53% increase in June and a 4.90% increase YTD. Like Addus, the company has remained acquisitive and recently announced that it purchased Family First Homecare for $175.5 million in an all-cash transaction. Family First Homecare specializes in pediatric home care and primarily provides skilled Private Duty Nursing Services to 27 locations in Florida, Illinois, Iowa, North Carolina, Pennsylvania, South Dakota, and Texas.

“I am thrilled to officially welcome the entire Family First Homecare team to Aveanna,” said Jeff Shaner, Chief Executive Officer of Aveanna. “Adding to our care in key geographies brings us greater density in important states while reinforcing our strategic mission to deliver high quality care. We’re excited to complete this transaction and continue our story of growth and exceptional care together.”

Conclusion

June reflected continued strength across the home-based care sector, with publicly traded providers posting solid gains and strategic and financial buyers remaining active despite the typical seasonal slowdown. As operators continue to adapt to the CMS enrollment moratorium and pursue growth through acquisitions, M&A activity is expected to remain healthy through the second half of 2026, particularly for high-quality home health, hospice, and post-acute care providers.

Quote of the Month

“Although HHS is fighting fraud 365 days a year, it’s still worth taking the time this week to remind ourselves, the people who depend on our programs, and the taxpayers who fund them, why stopping health care scams is a top priority for this administration and how we can work together to pursue that goal. The answer is simple: protecting Medicare means protecting access to care for today’s beneficiaries and preserving the program for future generations. Fraud destroys the public trust that sustains these programs. It increases the burden on taxpayers. And it harms the most vulnerable Americans by siphoning off scarce resources.”

– The Centers for Medicare and Medicaid Services

Read the Full Article Here: June 1-5 is Medicare Fraud Prevention Week. Here’s How Americans Can Help Protect Themselves and Medicare.

Stoneridge In the News:

Stoneridge Partners, Joe Lynch and Tom Lillis, served as sell-side M&A advisors to HCF Management in connection with their partnership of Heritage Home Health Care and Legacy Hospice with Advanced Home Health and Hospice Read the Full Article Here

The Impact of the CMS Home Health and Hospice Moratorium on M&A Activity and Valuations Read the Full Article Here – Blog written by Partner & Managing Director Ben Bogan.

See It To Believe It!

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

• Addus (ADUS)
• Aveanna (AVAH)
• BrightSpring (BTSG)
• Brookdale Senior Living Inc. (BKD)
• 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. (The National Post-Acute and Home-Based Care Index June 2026 | Stoneridge Partners)

Recent Transactions From Around The Country

• Lucent Health Group acquired Chambers Home Health & Hospice
• Avid Health at Home acquired Tech Medical Home Care Services
• Bristol Hospice acquired Hope Hospice & Palliative Care

SOLD by Stoneridge!!!

View Stoneridge closed transactions on our Website.

The National Post-Acute and Home-Based Care Index June 2026 | Stoneridge Partners

From Joe Lynch, Publisher of “The National Post-Acute and Home-Based Care 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 Market Intelligence Page.