Enhabit, the Dallas based home health and hospice operator, has stopped being a stock. Kinderhook Industries closed its acquisition of the company in mid May 2026 at $13.80 per share in cash. The NYSE delisting followed in late May, and Enhabit now reports to no public market at all. The ticker that carried Enhabit from its July 2022 spin off from Encompass Health through three years of Medicare reimbursement pressure and four years of goodwill impairments, has quietly retired from the exchange.
The deal is the right outcome for a business whose operating trajectory finally turned positive just as the public market stopped rewarding it. Enhabit generated $1.06 billion of net service revenue in fiscal 2025. In the first quarter of 2026, net income attributable to Enhabit rose to $19.2 million. The balance sheet carried $314.5 million of term loan debt against a much smaller cash balance, with goodwill of $855.3 million still dwarfing the tangible equity figure. That profile, profitable at the operating line yet structurally capital intensive, debt loaded, and reimbursement dependent, is precisely the profile that middle market private equity underwrites and public shareholders underprice. Kinderhook paid $13.80, roughly 6.7 times trailing adjusted EBITDA, for a business that had traded for years at a fraction of that multiple on a trailing basis. The question that matters now is whether that multiple was cheap, fair, or generous, and whether the business that changed hands was the one the filings describe or something thinner.