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Surgery Partners, Inc.

SGRY Healthcare Medical Care Facilities

Surgery Partners, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 6.24% from fiscal 2024.

Revenue
+2.75%
EPS
−500.0%
Free cash flow
−60.6%
Total debt
+4.92%

Quarter to June 2026, against a year earlier

23.20 0.03 +0.13%
Market cap
$3.0B
P/E
0.0×
Fwd P/E
−35.3×
Dividend yield
—
F-score
4/9
Altman Z
0.75
Beneish M
−2.52
Dividend safety
4/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.30
Sold, $m 1.28
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 2 — — —
Sell — — — 11 — — — — — — — —
Insider Ownership 40.40%

Capital & Financial Ratios $m

Size
Market Cap 2,990.00
Revenue ttm 3,366.30
Net income ttm 81.90
Free cash flow ttm 191.50
Net debt Q 3,534.50
Valuation
P/E 0.00
Forward P/E (35.30) (negative: loss-making)
Price / sales 0.89
Forward P/S Powerpack
Price / FCF 15.59
Price / book 0.96
Financial health
Current ratio Q 1.95 (at or above 1.5: strong)
Debt / equity Q 1.21
Interest coverage Q 1.55
Growth
Revenue growth Q +2.75% (above 0%: growing)
Operating income growth Q −8.59% (below 0%: shrinking)
EPS, this year −24.47% (below 0%: weak)
EPS, next year A +1.05%
Revenue, next year A −4.55% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +4.94%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.0×; over the ten years it ranged from 1.5× in 2018 to 3.3× in 2021.
P/S against its own 10 years 58.31%
10-year low 10-year high
P/B against its own 10 years 44.11%
10-year low 10-year high
EV/Sales against its own 10 years 43.71%
10-year low 10-year high
EV/FCF against its own 10 years 64.69%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 196 270 240 217
Receivables 496 579 602 617
Inventory 75 88 97 99
Other 97 146 171 146
895 1,119 1,151 1,126
2023 2024 2025 Q'26
Payables 172 209 209 175
ST’ Debt 73 101 99 103
Other 204 254 243 227
523 624 616 579

Compound Annual Growth %

10y 5y 3y
Sales 13.17% 12.21% 9.22%
Cash Flow 12.50% 2.13% 19.98%
Earnings 0.00% 0.00% 0.00%
Book Value 26.52% 18.92% 2.11%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.02 Actual 0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.19 0.13 Miss by 0.06
Q4 FY25 0.31 0.12 Miss by 0.19
Q1 FY26 −0.15 −0.03 Beat by 0.12
Q2 FY26 0.02 0.10 Beat by 0.08
Q3 FY26 0.09 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.28) (0.12) — — —
’25 (0.30) (0.02) (0.18) (0.12) (0.61)
’24 (0.10) (0.12) (0.25) (0.86) (1.33)
’23 (0.20) 0.15 (0.04) (0.01) (0.09)
’22 0.14 (0.21) (0.28) (0.23) (0.59)
’21 (0.57) (0.39) (0.28) 0.00 (1.12)
’20 (0.76) (0.86) (1.46) (0.10) (3.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 811 849 — — —
’25 776 826 822 885 3,309
’24 717 762 770 864 3,114
’23 666 668 674 735 2,743
’22 596 615 621 707 2,539
’21 512 543 559 610 2,225
’20 441 375 496 548 1,860
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 12 59 — — —
’25 6 81 84 103 274
’24 41 83 65 111 300
’23 75 52 105 63 294
’22 80 42 30 7 159
’21 50 2 15 20 87
’20 29 182 27 9 247
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) 38 — — —
’25 (12) 96 64 94 242
’24 21 56 45 90 212
’23 58 44 85 43 231
’22 62 20 12 (3) 91
’21 38 (11) (1) 9 36
’20 27 174 58 4 263
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,145 1,341 1,772 1,831 1,860 2,225 2,539 2,743 3,114 3,309 3,366 +12.5% 3,158 2,803 3,034 (2.8%)
Gross margin, % 28.31 24.41 23.15 23.14 20.42 22.08 22.64 23.60 23.94 23.12 22.51 (5.2) pt
EBT 92 82 (69) 55 (19) 81 110 135 147 117 102 +2.7%
EBT margin, % 8.05 6.14 (3.91) 2.98 (1.01) 3.65 4.34 4.92 4.72 3.53 3.04 (4.5) pt
Net income 85 29 (96) 45 1 71 87 135 13 99 82 +1.7%
Per share, $
Per share, $ Revenue 23.85 27.76 36.88 37.93 38.14 30.72 27.62 21.84 24.69 26.01 26.13 +1.0%
Earnings 0.20 (1.64) (4.96) (2.27) (3.19) (1.12) (0.59) (0.09) (1.33) (0.61) (0.70) n/m
Cash flow 2.61 2.50 3.01 2.68 5.06 1.20 1.73 2.34 2.38 2.16 2.00 (2.1%)
Capex (0.81) (0.61) (0.43) (1.16) 0.32 (0.71) (0.74) (0.50) (0.70) (0.25) (0.52) (12.2%)
Free cash flow 1.79 1.89 2.58 1.52 5.38 0.49 0.99 1.84 1.68 1.90 1.49 +0.7%
Book value 6.76 34.51 30.36 28.55 26.99 27.19 31.98 24.16 25.34 24.62 24.08 +15.4%
Shares, m 48 48 48 48 49 72 92 126 126 127 128 +11.4%
Valuation, ×
Valuation, × P/E 81.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.2
P/S 0.65 0.48 0.27 0.41 0.76 1.74 0.95 1.45 0.86 0.59 0.89 0.8
P/B 2.29 0.48 0.43 0.77 1.60 1.96 0.82 1.31 0.84 0.63 0.96 1.1
EV/Sales 1.85 1.98 1.47 1.77 2.13 2.88 1.87 2.39 1.85 1.64 1.94 2.0
EV/FCF 24.58 29.13 21.07 44.14 15.06 180.77 52.22 28.39 27.18 22.42 34.05 44.5
Cash, $m
Cash, $m Operating cash flow 125 121 145 130 247 87 159 294 300 274 258 +9.1%
Capex (39) (30) (21) (56) 16 (52) (68) (63) (88) (32) (66) (2.1%)
Free cash flow 86 91 124 74 263 36 91 231 212 242 192 +12.2%
Balance, $m
Balance, $m Working capital 175 260 239 127 245 409 428 372 495 535 548 +13.2%
Net debt 1,373 2,014 2,142 2,488 2,539 2,549 2,339 2,579 3,101 3,462 3,535 +10.8%
Shareholders’ equity 325 1,667 1,458 1,378 1,317 1,970 2,941 3,035 3,196 3,131 3,102 +28.6%
Returns, %
Returns, % ROA 0.43 (2.28) (5.12) (2.28) (2.98) (1.41) (0.85) (0.18) (2.28) (0.97) (1.11) (1.4) pt
ROIC 7.24 2.69 1.35 3.81 2.97 4.18 4.09 3.65 3.46 3.69 3.61 (3.6) pt
ROE 3.04 (9.52) (19.55) (10.61) (16.68) (5.69) (2.22) (0.40) (5.40) (2.46) (2.83) (5.5) pt
People
People Employees 6,000 10,600 11,000 9,600 10,800 10,900 12,200 13,500 15,000 16,000 — +11.5%
Revenue/emp, $m 0.19 0.13 0.16 0.19 0.17 0.20 0.21 0.20 0.21 0.21 — +0.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Surgery Partners, Inc. vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NHC National HealthCare Corporation $3.3B 28.2× 8.4× +6.61% (above 0%: growing) −65.61% (below 0%: shrinking) +75.52% (above 0%: growing) 100.00% 0.00% Compare
ACHC Acadia Healthcare Company, Inc. $3.2B — (loss-making) 34.4× +5.14% (above 0%: growing) −5.00% (below 0%: shrinking) +196.54% (above 0%: growing) 100.00% 0.00% Compare
SGRY Surgery Partners, Inc. $3.0B — (loss-making) — (loss-making) +2.75% (above 0%: growing) n/m −60.63% (below 0%: shrinking) 22.41% 12.78%
AVAH Aveanna Healthcare Holdings Inc. $3.0B 10.5× 18.3× +13.73% (above 0%: growing) +46.15% (above 0%: growing) +57.89% (above 0%: growing) 32.59% 11.93% Compare
BKD Brookdale Senior Living Inc. $2.6B — (loss-making) 341× −11.61% (below 0%: shrinking) n/m +533.14% (above 0%: growing) 29.94% 11.86% Compare
GRDN Guardian Pharmacy Services, Inc. $2.5B 37.8× 33.3× −1.68% (below 0%: shrinking) +133.33% (above 0%: growing) +88.88% (above 0%: growing) 22.97% 6.75% Compare
MD Pediatrix Medical Group, Inc. $2.5B 17.1× 15.3× +1.72% (above 0%: growing) −27.61% (below 0%: shrinking) −14.41% (below 0%: shrinking) 27.98% 13.01% Compare
ADUS Addus HomeCare Corporation $2.4B 21.1× 20.3× +7.02% (above 0%: growing) +24.19% (above 0%: growing) −17.07% (below 0%: shrinking) 32.08% 10.27% Compare
ASTH Astrana Health, Inc. $1.9B 46.8× 25.9× +48.52% (above 0%: growing) +110.53% (above 0%: growing) −67.74% (below 0%: shrinking) 10.70% 3.53% Compare
Median of peers $2.6B 24.6× 23.1× +5.88% +24.19% +66.70% 31.01% 8.51%

All 51 Medical Care Facilities stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.08m 1.20m 53.26
2024 6.46m 3.27m 72.97
2023 6.46m 7.26m 110.27
2022 6.09m (3.34m) 96.04
2021 4.31m 14.22m 184.11

Ownership

Directors and executive officers, together 2.00%
Bain Capital Investors, LLC 38.20%
Janus Henderson Group PLC 10.00%
Pentwater Capital Management LP 7.60%
King Street Capital Management, L.P. 7.10%
The Vanguard Group 5.70%
FMR LLC 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Surgery Partners, Inc. (SGRY) Latest News

27 Oct

Impact 4 · · healthcaredive.com
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

26 Oct

Impact 4 · · Insider Monkey
Impact 4 · · StockStory
Impact 4 · · The Motley Fool
Impact 4 · · Barchart
Impact 4 · · MT Newswires
Impact 4 · · Proactive Investors
Impact 4 · · Stocktwits
Impact 4 · · TIKR
Impact 4 · · Business Wire
Impact 4 · · Investing.com
Impact 4 · · InvestorsHub
Impact 4 · · Proactive Investors
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool

25 Oct

Impact 4 · · Bloomberg
Impact 4 · · Financial Times

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · StockStory

10 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

23 Sep

Impact 4 ·
Impact 3 · · StockStory

19 Aug

Impact 3 ·

17 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·

16 Aug

Impact 3 ·

SGRY metrics, ten years each

stockrow.com/SGRY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com