MEDIUMBuilt-inCustomer
39.3%
Medicaid state programs
“10-K Item 1A: 'we derived approximately 39.3% of our net service revenues from state and local governmental agencies, primarily through Medicaid state programs'”
ADUS · Concentration risk · 10-K extracted
Addus HomeCare (ADUS) concentration risks
Updated
The most significant concentration Addus HomeCare discloses is Medicaid state programs at 39.3%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Addus HomeCare’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 6 disclosed concentrations
HIGH0
MEDIUM2
LOW4
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
37%
Illinois
“10-K Item 1A: 'we derived approximately 37.0% of our net service revenues from services provided in Illinois'”
LOWBuilt-inCustomer
20.5%
Medicare
“10-K Item 1A: 'Medicaid state programs and 20.5% from Medicare'”
LOWOutside partyCustomer
18.1%
Illinois Department on Aging
“10-K Item 1A: 'we derived approximately 18.1% and 21.0%, respectively, of our revenue from the Illinois Department on Aging programs'”
LOWBuilt-inGeographic
15.2%
Texas
“10-K Item 1A: '15.2% from services provided in Texas'”
LOWBuilt-inGeographic
13.1%
New Mexico
“10-K Item 1A: '13.1% from services provided in New Mexico'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24Addus HomeCare's disclosed concentration profile is multi-layered across both payer mix and geography, with several medium- and low-share exposures that compound into a meaningful aggregate dependency on government-funded programs delivered in a handful of states. On the payer side, approximately 39.3% of net service revenues derived from state and local governmental agencies, primarily through Medicaid state programs — a moderate share by disclosed size with a structural character tied to the nature of home care reimbursement. Medicare contributed an additional 20.5% of net service revenues, a low but non-trivial share. Within the Medicaid exposure, the Illinois Department on Aging programs alone accounted for approximately 18.1% of revenue — a low-share dependency, though one that represents a specific contractual relationship subject to state funding decisions and program design changes. Geographically, the company's Illinois operations represented approximately 37% of net service revenues, a moderate share and the largest single-state concentration. Texas and New Mexico each account for smaller but still disclosed shares: approximately 15.2% and 13.1% of net service revenues, respectively — both low-share structural exposures. The profile nets out as a structurally concentrated but geographically distributed government-payer business. The most consequential single exposure is the combination of Illinois revenue share with the Illinois Department on Aging dependency, which together concentrate a meaningful portion of the revenue base in one state program. Medicaid funding changes, state budget pressures, or shifts in Illinois program structure are the variables most worth monitoring.
For the engine’s reasoning on ADUS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Medical Care Facilities
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| DVA | DaVita Inc. | 2 | 1 | 0 | 3 |
| CON | Concentra Group Holdings Parent | 2 | 0 | 0 | 2 |
| BKD | Brookdale Senior Living Inc. | 1 | 2 | 0 | 3 |
| ACHC | Acadia Healthcare Company, Inc. | 1 | 1 | 0 | 2 |
| CHE | Chemed Corp | 1 | 1 | 0 | 2 |
| ADUS● | Addus HomeCare Corporation | 0 | 2 | 4 | 6 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.