Option Care Health Inc

Option Care Health calls itself the largest independent provider of home and alternate site infusion services. Infusion means giving medicine or nutrition through a needle or tube, usually into a vein. Instead of staying in a hospital, patients get these treatments at home or in one of the company's ambulatory infusion suites, which are outpatient treatment centers. Its national network covers 196 locations in 43 states, including 87 full-service pharmacies. More than 5,000 clinicians work there, including pharmacists, nurses and dietitians.

The company works under the direction of each patient's doctor. Its pharmacists prepare the drugs, and its nurses and other clinicians manage the therapy. Treatments include anti-infectives for serious infections, nutrition given by vein or feeding tube, and immunoglobulin (antibodies purified from donated blood) for immune disorders. It also provides therapies for Crohn's disease, rheumatoid arthritis, multiple sclerosis, hemophilia, high-risk pregnancies and heart failure.

The company earns money by billing health insurers, known as managed care organizations, and other payers for the drugs, supplies, nursing and care coordination it provides. It presents home care as a lower-cost alternative to the hospital. Referrals come from doctors, hospitals and health systems. In fiscal 2025, revenue was $5.65 billion. Of that, 88% came from managed care organizations and other non-government payers, such as Medicare Advantage plans and pharmacy benefit managers. It reports a single segment, infusion services.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.44B, up 1.9% from a year earlier, and net income was $53.9M (+6.7%).
• For fiscal 2025, revenue was $5.65B (+13.0% year over year; +13.3% a year from FY2020 to FY2025) with a 3.7% net margin.

• Over FY2021–FY2025: $812.9M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -16.7% from Jul 30, 2021 to Jul 27, 2026.

Rank among 1514 US companies

Market value at each year end

Option Care Health’s market value went from $2.63B at the end of 2019 to $4.69B on Oct 28, 2026, up 78%; since the end of 2025 it is down 7%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($1.9M) and 2 sales ($1.2M).

Large shareholders (13G filings)

ETFs with the most weight in OPCH

1. Heavy reliance on insurers and other payers. In fiscal 2025, 88% of revenue came from managed care plans and other non-government payers. Payers sometimes make providers bid to keep their business, so losing one or accepting lower prices could hurt results.
2. Rivals owned by insurers and pharmacy giants. Competitors include Optum Infusion Pharmacy (UnitedHealth Group) and Coram (CVS Health). Rivals tied to insurers, pharmacy benefit managers or wholesalers may get better drug prices or exclusive payer deals, leaving Option Care less price-competitive.
3. Dependence on drugmakers and drug supply. The business needs drugmakers to keep developing drugs given by infusion. Some drugs come only through limited distribution. Shortages, recalls, lower-margin drugs or new drugs that need no infusion could cut revenue or profit.
4. Payment cuts and pricing benchmark changes. Insurers, Medicare and Medicaid keep pressing rates down. Changes to drug price benchmarks used to set payments, slow reimbursement or adverse billing audits could squeeze thin margins. Operating margin was 6% in fiscal 2025.
5. Shortage of nurses and pharmacists. Home infusion depends on registered nurses, pharmacists and other clinicians. The nursing team alone has about 2,700 employees. A shortage could make hiring and keeping staff harder and push up operating costs.
6. A sizable debt load. As of June 30, 2026, total debt was about $1.16 billion, against $194 million in cash and investments. The company may borrow more, and debt payments could limit money for growth or other needs.

• Oct 6, 2026 Major agreement signed; Investor presentation or announcement
• Jul 29, 2026 Quarterly results released
• May 22, 2026 Shareholder vote results
• May 12, 2026 Investor presentation or announcement
• May 5, 2026 Executive or board change
• Apr 30, 2026 Quarterly results released; Investor presentation or announcement
• Apr 2, 2026 Major agreement signed; New debt or financial obligation
• Feb 24, 2026 Quarterly results released
• Jan 12, 2026 Quarterly results released; Investor presentation or announcement; Other company announcement
• Oct 30, 2025 Quarterly results released

Option Care Health pays no dividend, so it offers no regular income. Anyone drawing cash from it would have to sell shares. Instead, the company returns cash by buying back its own stock. It spent $812.9 million on buybacks from fiscal 2021 to fiscal 2025, including $310.0 million in fiscal 2025. The share count fell 16.7% between July 30, 2021 and July 27, 2026. The company says it cannot guarantee that buybacks will add long-term value.

The stock has been volatile. In the 2008 financial crisis, when the company traded as BioScrip, the shares fell 85.8%. They took about 17 months from the low to regain their peak. In the 2020 COVID crash they fell 65.7% and recovered by January 19, 2021. In 2022 they dropped 22.5% in January and recovered by late March. Over the market's slide from January to October that year, they ended 19.6% higher. As of October 28, 2026, the largest decline over the prior year was 46.6%. A single stock carries more risk than a diversified fund.