Surgery Partners SGRY

Nasdaq · Services-General Medical & Surgical Hospitals, Nec · $3.0B

Every report since 2023 →

No closes on file for SGRY yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$3.0B

EV / True FCF36.1x

Revenue$3.3B +6.2%

True FCF (ex-SBC)$180.8M −6.7%

Rule of 4012.1%

ROIC5.0%

True FCF Yield6.0%

EPS, diluted$-0.61 +54.1%

Modern Valuation (EOD)

Market Cap$3.0B

Enterprise Value$6.5B

EV / True FCF36.10

EV / FCF33.37

EV / Gross Profit—

EV / EBIT16.76

EV / Sales1.97

P / E (GAAP)—

P / FCF15.50

P / Oper. CF11.05

P / Book0.97

Owner & Cash Yields

True FCF Yield6.0%

FCF Yield6.5%

Owner Earn. Yield0.2%

Earnings Yield-2.6%

Shareholder Yield−0.5%

Buyback Yield0.0%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$1.49

EPS (diluted)$-0.61

Compounder & Returns

Rule of 4012.1%

ROIC5.0%

Cash ROIC (CROIC)3.0%

GP / Assets—

ROE-2.5%

ROA-1.0%

Gross Margin—

Oper. Margin11.8%

Net Margin-2.4%

FCF Margin5.9%

True FCF Margin5.5%

Quality & Dilution

Cash Conversion—

Accrual Ratio−4.3%

SBC % of FCF7.6%

SBC % of Rev0.4%

Reinvest. Rate29%

Sales Growth Y/Y+6.2%

Sales 3Y CAGR+9.2%

EPS Growth Y/Y+54.1%

FCF Growth Y/Y−6.7%

FCF 3Y CAGR+35.7%

Share Change Y/Y+0.9%

Balance Sheet & Scale

Revenue (FY)$3.3B

Gross Profit (FY)—

Oper. Income (FY)$389.5M

GAAP Net Income$-77.9M

True FCF (ex-SBC)$180.8M

Cash & Equiv$239.9M

Total Debt$3.7B

Net Cash (Debt)$-3.5B

Net Cash % MCap−115.3%

Debt / FCF (yrs)19.1y

Current Ratio1.87130.92M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of SGRY revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.4B ($42.5 / $100)

Operating Expenses$2.9B ($88.2 / $100)

Tax & Non-Operating$467.4M ($14.1 / $100)

Net Profit Kept$-77.9M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-77.9M (-2.4% margin)

Operating Cash Flow (OCF)$274.3M(8.3% of rev)

Less: Capital Expenditures−$78.7M(2.4% of rev)

Standard Free Cash Flow (FCF)$195.6M(5.9% margin)

Less: Stock-Based Comp (SBC)−$14.8M(7.6% of FCF)

True FCF (Owner Cash ex-SBC)$180.8M(5.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.2B	$2.5B	$2.7B	$3.1B	$3.3B	+6.2%	+10.4%
Cost of Revenue (COGS)	—	—	—	—	$1.4B	—	—
Total Operating Expenses	$1.9B	$2.2B	$2.4B	$2.8B	$2.9B	+5.6%	+11.0%
Operating Income (EBIT)	$302.2M	$345.2M	$328.0M	$348.8M	$389.5M	+11.7%	+6.5%
Income Tax Expense	$10.5M	$23.3M	$-300,000	$134.6M	$18.0M	−86.6%	+14.4%
GAAP Net Income	$-70.9M	$-54.6M	$-11.9M	$-168.1M	$-77.9M	+53.7%	—
Diluted EPS	$-1.12	$-0.59	$-0.09	$-1.33	$-0.61	+54.1%	—
Diluted Shares	72.4M	92.0M	125.6M	126.1M	127.2M	+0.9%	+15.1%
Balance Sheet
Cash & Equivalents	$389.9M	$282.9M	$195.9M	$269.5M	$239.9M	−11.0%	−11.4%
Inventory	$61.1M	$71.4M	$75.2M	$88.4M	$96.6M	+9.3%	+12.1%
Total Current Assets	$946.1M	$921.0M	$895.0M	$1.1B	$1.2B	+2.8%	+5.0%
Total Assets	$6.1B	$6.7B	$6.9B	$7.9B	$8.1B	+2.9%	+7.3%
Total Current Liabilities	$536.8M	$493.4M	$523.0M	$624.4M	$615.5M	−1.4%	+3.5%
Total Debt (Short + Long Term)	$3.0B	$2.6B	$2.8B	$3.4B	$3.7B	+9.7%	+6.0%
Stockholders' Equity	$2.0B	$2.9B	$3.0B	$3.2B	$3.1B	−2.0%	+12.3%
Net Cash / (Net Debt)	$-2.6B	$-2.4B	$-2.6B	$-3.1B	$-3.5B	−11.5%	—
Invested Capital	$4.5B	$5.3B	$5.6B	$6.3B	$6.6B	+4.7%	+9.9%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$87.1M	$158.8M	$293.8M	$300.1M	$274.3M	−8.6%	+33.2%
Depreciation & Amortization (D&A)	$98.8M	$114.8M	$118.1M	$152.6M	$176.0M	+15.3%	+15.5%
Stock-Based Compensation (SBC)	$17.4M	$18.4M	$17.7M	$33.3M	$14.8M	−55.6%	−4.0%
Capital Expenditures (CapEx)	$57.6M	$80.6M	$88.8M	$90.4M	$78.7M	−12.9%	+8.1%
Free Cash Flow (FCF)	$29.5M	$78.2M	$205.0M	$209.7M	$195.6M	−6.7%	+60.5%
True FCF (ex-SBC Owner Cash)	$12.1M	$59.8M	$187.3M	$176.4M	$180.8M	+2.5%	+96.6%
Share Repurchases (Buybacks)	—	—	—	—	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what SGRY did at the next close after each story

No Wire story has named SGRY yet.

What happened · big days

19 big days in a year, and what we hold on each

A big day is a close more than 5.03% from the one before, three times SGRY’s median day (1.68%). On 3 of the 19, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.03%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DaySGRYWhat we hold that dayGroup (median of 4) · each

1 Nov 10, 2025−25.42%
Resultsgroup −4.4%, did not move with it
1Nov 10, 2025−25.42%
ResultsFirst close after the Nov 10 results filing
−4.4% did not move with itTHC −5.2 · ARDT −5.1 · HCA −3.6 · UHS −2.9
2 Dec 10, 2025−5.05%
Before our storiesgroup −1.7%, did not move with it
2Dec 10, 2025−5.05%
Before our stories
−1.7% did not move with itHCA −4.0 · THC −2.2 · UHS −1.1 · ARDT −0.6
3 Jan 27, 2026−5.56%
Before our storiesgroup −1.0%, did not move with it
3Jan 27, 2026−5.56%
Before our stories
−1.0% did not move with itARDT −1.8 · UHS −1.7 · THC −0.4 · HCA +7.1
4 Feb 11, 2026+7.68%
Before our storiesgroup +7.3%, moved with SGRY
4Feb 11, 2026+7.68%
Before our stories
+7.3% moved with SGRYTHC +17.3 · UHS +8.7 · HCA +5.9 · ARDT +4.1
5 Mar 3, 2026−12.34%
Resultsgroup +0.5%, did not move with it
5Mar 3, 2026−12.34%
ResultsFirst close after the Mar 2 results filing
+0.5% did not move with itUHS −0.8 · ARDT −0.7 · HCA +1.7 · THC +3.3
6 Mar 6, 2026−5.32%
Before our storiesgroup −2.0%, did not move with it
6Mar 6, 2026−5.32%
Before our stories
−2.0% did not move with itARDT −5.7 · UHS −2.2 · THC −1.8 · HCA −0.3
7 Mar 12, 2026−5.49%
Before our storiesgroup +0.7%, did not move with it
7Mar 12, 2026−5.49%
Before our stories
+0.7% did not move with itTHC −4.2 · HCA −0.9 · UHS +2.3 · ARDT +2.4
8 Jun 11, 2026+5.21%
Nothing on SGRYgroup +2.6%, did not move with it
8Jun 11, 2026+5.21%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
+2.6% did not move with itTHC +5.1 · ARDT +3.8 · HCA +1.4 · UHS +0.8
9 Jun 17, 2026−6.01%
Nothing on SGRYgroup −2.5%, did not move with it
9Jun 17, 2026−6.01%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−2.5% did not move with itUHS −3.8 · THC −2.8 · HCA −2.2 · ARDT −1.9
10 Jul 14, 2026−5.38%
Nothing on SGRYgroup −5.7%, moved with SGRY
10Jul 14, 2026−5.38%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−5.7% moved with SGRYHCA −7.0 · THC −5.7 · UHS −5.6 · ARDT −2.7
11 Jul 15, 2026+5.09%
Nothing on SGRYgroup +3.4%, moved with SGRY
11Jul 15, 2026+5.09%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
+3.4% moved with SGRYTHC +4.7 · HCA +4.2 · UHS +2.6 · ARDT 0.0
12 Jul 22, 2026−7.06%
Nothing on SGRYgroup −0.5%, did not move with it
12Jul 22, 2026−7.06%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−0.5% did not move with itARDT −0.8 · THC −0.6 · UHS −0.4 · HCA −0.3
13 Jul 29, 2026+5.33%
Nothing on SGRYgroup −2.1%, did not move with it
13Jul 29, 2026+5.33%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−2.1% did not move with itUHS +1.2 · THC −1.9 · HCA −2.4 · ARDT −4.7
14 Aug 11, 2026−5.96%
Nothing on SGRYgroup −0.7%, did not move with it
14Aug 11, 2026−5.96%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−0.7% did not move with itUHS −2.3 · ARDT −0.8 · HCA −0.6 · THC −0.2
15 Sep 1, 2026+5.11%
Nothing on SGRYgroup +0.1%, did not move with it
15Sep 1, 2026+5.11%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
+0.1% did not move with itARDT +1.1 · UHS +0.3 · THC −0.0 · HCA −0.2
16 Sep 22, 2026+15.67%
Nothing on SGRYgroup +2.7%, did not move with it
16Sep 22, 2026+15.67%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
+2.7% did not move with itARDT +3.2 · HCA +2.9 · UHS +2.6 · THC +0.4
17 Sep 23, 2026−7.85%
Nothing on SGRYgroup −1.3%, did not move with it
17Sep 23, 2026−7.85%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−1.3% did not move with itARDT −2.8 · THC −2.1 · HCA −0.4 · UHS +1.2
18 Oct 20, 2026+5.30%
Nothing on SGRYgroup +2.3%, did not move with it
18Oct 20, 2026+5.30%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
+2.3% did not move with itARDT +3.7 · HCA +2.4 · THC +2.2 · UHS +1.8
19 Oct 26, 2026+47.62%
Nothing on SGRYgroup −0.7%, did not move with it
19Oct 26, 2026+47.62%
Nothing on SGRYNo SGRY story, brief or results filing in our record that day
−0.7% did not move with itTHC +0.2 · UHS −0.6 · ARDT −0.7 · HCA −0.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of HCA, THC, UHS and ARDT that day, the largest companies in SGRY’s SEC industry; “moved with SGRY” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 10, 2025

day 1−25.42%day 6−29.95%

Reported Mar 2, 2026

day 1−12.34%day 6−18.45%

Reported May 5, 2026

day 1+0.42%day 6−1.62%

Reported Aug 10, 2026

day 1+2.70%day 6−7.53%

Next report: expected early NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 10 report: +49.20%. Four reports is a small sample.

Every report since 2023 →

Each line is SGRY’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

SGRY against four same-industry peers, a year at 100

SGRY is up 7.8% in a year. Tenet Healthcare is up 39.6% and Ardent Health 10.4%. Of these four, HCA Healthcare (+7.2%) and Universal Health Services (−13.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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SGRY +7.8%. Tenet Healthcare +39.6%, Ardent Health +10.4%, HCA Healthcare +7.2%, Universal Health Services −13.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in SGRY’s SEC industry (Services-General Medical & Surgical Hospitals, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

HCA	HCA Healthcare	$110.6B	−0.63%
THC	Tenet Healthcare	$23.5B	−1.98%
UHS	Universal Health Services	$12.7B	+1.08%
ARDT	Ardent Health	$1.8B	+22.40%
CYH	Community Health Systems	$336M	−4.20%