Core Thesis - PACS Group, Inc. is viewed positively due to its strong operational metrics, structural demand for post-acute care, and potential for significant stock price appreciation as regulatory uncertainties are resolved [1][5]. Company Overview - PACS Group, Inc. operates a network of 316 skilled nursing and assisted living facilities across the U.S., managing over 32,000 skilled nursing beds and 2,400 assisted living beds, serving nearly 30,000 patients daily [2]. - The company maintains an overall occupancy rate of 88.9%, with mature facilities achieving 95.1%, indicating strong demand and operational efficiency [2]. Quality and Performance - Approximately 65% of PACS facilities hold 4- or 5-star CMS ratings, reflecting high-quality performance [3]. - The company has experienced delays in SEC filings but has secured multiple NYSE extensions through November 19, 2025, indicating regulatory confidence in its progress [3]. Financial Health - PACS has resolved technical defaults with lenders through forbearance, demonstrating lender recognition of the company's long-term viability [4]. - The company has strengthened its leadership team and increased cash balances to $294 million, providing ample liquidity for operations and growth [4]. Market Position - PACS's stock is currently trading near $12, significantly below analyst targets of $30+, suggesting a mispricing due to past short-seller claims and filing delays rather than operational weaknesses [4]. - Compared to peers like $ENSG, which trade at higher valuations, PACS is considered undervalued, presenting a high-upside opportunity for equity investors [5]. Future Outlook - With expected clearance of filings, strong preliminary operating results, and strategic safeguards in place, PACS is positioned for sustained growth and potential re-rating to $20–30 per share or more [5].