Does OPTION CARE HEALTH, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores OPTION CARE HEALTH, INC. (OPCH) 26.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 16, balance-sheet safety 34, capital discipline 24.

Is OPCH stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.83 per share versus a recent price of $21.74 — 19% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has OPCH's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 26.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

OPTION CARE HEALTH, INC.

OPCH · Healthcare · $3.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power33

Median gross margin 22.5% over 10y, stable.

Returns on capital16

Median ROIC 6.2%, above the 9% hurdle in 30% of years.

Balance-sheet safety34

Net debt/EBITDA 2.3x, interest coverage 6x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

19% below value

Owner earnings (normalized): $233.8M
Est. intrinsic value / share: $26.83
Recent price: $21.74
Discount to value: 19% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

OPTION CARE HEALTH, INC. booked $5.6B of revenue in FY2025 in the Healthcare sector and kept 19.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.2B (FY2007) to $5.6B (FY2025) — about 9.0% a year compounded over 18 years.

It earned 11.0% on invested capital in FY2025, with a median of 3.0% across 18 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $1.2B of total debt in FY2025 against $233.8M of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 34/100.

The share count rose 305.4% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (34/100) and Returns on Capital the weakest (16/100), which is how OPCH lands at 26/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$5.6B FY2025

Gross marginRevenue kept after cost of goods19.3% FY2025

Return on invested capitalOperating profit on the capital employed11.0% FY2025

Owner earningsCash an owner could take out$233.8M FY2025

Gaps in a line mean that item isn’t in OPCH’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale26.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — OPCH has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#369 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#367CYAN Cyanotech Corp26.5 out of 100, No moatNo moat
#368QCLS Q/C Technologies, Inc.26.5 out of 100, No moatNo moat
#370TWST Twist Bioscience Corporation25.9 out of 100, No moatNo moat
#371BNGO Bionano Genomics, Inc.25.6 out of 100, No moatNo moat

Compare OPCH with its nearest peers →All Healthcare companies on the Index →

Common questions about OPCH

Does OPTION CARE HEALTH, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores OPTION CARE HEALTH, INC. (OPCH) 26.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 16, balance-sheet safety 34, capital discipline 24.
Is OPCH stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.83 per share versus a recent price of $21.74 — 19% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has OPCH's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 26.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell OPCH. See the disclaimer.