RE:The Moat/Dilution
With regard to moat, not many companies are interested in aquiring small home based healthcare companies like PHM. Most companies are interested in acquiring larger companies with much larger revenues and EBIDTA. Its all about relative size. PHM is still small so acquiring a company with 10 million in sales still results in a significant increase in EPS for PHM. The same cannot be said for a company with 300 million in sales. It essentially not worth time and energy for larger companies to acquire these small companies. On top of this, there are tons of these small home based healthcare companies through out North America, reducing competition even more. PHM seems to be one of the first companies to consolidate this space...for now.
With regards to dilution, the rate of growth with each aquisition is always greater than the rate of dilution so dilution is negligible.
Hope that helps.