I notice Emergency Medical Services Corp (NYSE) stock symbol EMS is trading at or near historic high price values. I interpret yahoo.com quarterly reports as total assets, total liabilities about stable. About 25 % of assets is represented by goodwill and intangibles. I notice total stockholder equity is increasing, but net tangible assets - that's total equity less goodwill and intangibles - increasing from about USA $ 103 million as of September 2008 to USA $ 192 million as of June 2009. I interpret quarterly total revenue and net income as approximately stable since September 2008. I notice the business is accumulating cash and cash equivalents, and the cash accumulation is more than sufficient to account for the growth of net tangible assets. http://biz.yahoo.com/e/090223/ems10-k.html "We are a leading provider of emergency medical services in the United States. We operate our business and market our services under the AMR and EmCare brands. AMR is the leading provider of medical transport services in the United States. EmCare is the leading provider of outsourced emergency department staffing and management services in the United States." "Over its more than 50 years of operating history, AMR has developed the largest network of ambulance transport services in the United States based on net revenue and number of transports. AMR has an 8% share of the total ambulance services market and a 21% share of the private provider ambulance market." "EmCare primarily provides hospital-based physician services and related management services to healthcare facilities. EmCare recruits and hires or subcontracts with physicians and other healthcare professionals, who then provide professional services within the healthcare facilities with which we contract." I am attracted to the growth of net tangible assets. The stock price is trading at historic high price values and the business might be experiencing a high growth rate. I do not own the stock, nor do I plan to purchase the stock. I notice this company is growing rapidly in some ways. I do not find an explanation for goodwill and intangibles costs. I consider 25 % goodwill and intangibles costs to be high but if an asset with special qualities is purchased then the valuation might be acceptable to me. It might be related to the Abbott Ambulance and Access2Care in St. Louis and MedicWest in Las Vegas acquisitions about year 2006 as described in the 2007 annual report. I am contacting the company, perhaps someone there can provide a brief explanation of goodwill and intangibles costs.