Encompass Health Corp EHC → Enhabit, Inc. EHAB
| Parent | Encompass Health Corp EHC |
|---|---|
| Spinco | Enhabit, Inc. EHAB |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Enhabit share for every 2 Encompass Health shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The final Form 10 amendment carries only a preliminary information statement; the definitive one arrived four days after the Form 10 went effective, as an exhibit to a separate 8-K. Reading the last amendment and stopping would yield no usable ratio or dates. Note also that this distribution took effect at 12:01 a.m., before the open, so July 1 is itself the first regular-way session rather than a when-issued one.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-01-19Separation announced
- 2022-05-25Form 10 filed
- 2022-06-15Form 10 last amended
- 2022-06-17Form 10 effective
- 2022-06-24Record date
- 2022-06-23When-issued trading opens
- 2022-07-01Distribution
- 2022-08-01First standalone earnings
- —Index inclusion announced
Performance since separation
| Enhabit, Inc. since separation, to delisting 2026-05-15 | -39.31% |
|---|---|
| Encompass Health Corp over the same window | +130.55% |
| S&P 500 (SPY) over the same window | +96.25% |
| Russell 2000 (IWM) over the same window | +65.95% |
| Excess over the S&P 500 | -135.56% |
| Excess over the Russell 2000 | -105.26% |
Measured from the first regular-way close on or after the distribution — 2022-07-01 at 22.74 — to 2026-05-14 at 13.80. Window: 3.9 years. Enhabit, Inc. stopped trading on 2026-05-15 — acquired, taken private or wound up — so this return runs to that date, not to today. It is kept here deliberately: dropping deals that ended in an acquisition would flatter every base rate on this site, because being bought is often the best outcome a spin-off has. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -8.44% |
|---|---|
| Combined (Encompass Health Corp + Enhabit, Inc.), pre-distribution to now | +156.23% |
| Combined excess over the S&P 500 | +57.91% |
| Combined excess over the Russell 2000 | +88.27% |
Combined treats a pre-spin holding as 1 Enhabit share for every 2 Encompass Health shares valued at the parent's last close before regular post-spin trading resumed — 2022-06-30 at 44.57 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12B/Afiled 2022-06-15 · 0001140361-22-022944Final Form 10 amendment; its Ex-99.1 is only a preliminary information statement
- 8-Kfiled 2022-06-21 · 0001140361-22-023677Form 10 declared effective June 17, 2022; attaches the definitive information statement with the 1-for-2 ratio, the June 24 record date and the 49,898,344 share estimate
- 8-Kfiled 2022-07-05 · 0001140361-22-025027Completion: distribution effective 12:01 a.m. Eastern on July 1, 2022; Encompass Health retained no interest
- 10-Qfiled 2022-08-12 · 0001803737-22-000095First standalone periodic report
- 25-NSEfiled 2026-05-15 · 0000876661-26-000435Removal from listing following the merger with an affiliate of Kinderhook Industries at 13.80 dollars cash per share
Notes
Encompass Health's separation of its home health and hospice business. Enhabit was taken private by an affiliate of Kinderhook Industries in May 2026 at 13.80 dollars a share, so its return here runs to the delisting rather than to today. Classified non-focus-increasing: both companies remained healthcare service providers in the same two-digit SIC group, separating care settings rather than industries.