A Business at a Glance
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SELECT MEDICAL HOLDINGS CORP
SEM
$2.1B
Mkt Cap
SELECT MEDICAL HOLDINGS CORP (SEM) has a current P/E ratio of 12.9, compared to its historical median P/E of 12.9. The stock is currently considered Fair based on its historical valuation range.
SELECT MEDICAL HOLDINGS CORP (SEM) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
SELECT MEDICAL HOLDINGS CORP (SEM) has a market capitalization of $1.9B. It is classified as a small-cap stock.
Yes, SELECT MEDICAL HOLDINGS CORP (SEM) pays a dividend with a trailing twelve-month yield of 1.67%. The company also returns capital through share buybacks, with a buyback yield of 4.77%.
Based on historical P/E analysis, SELECT MEDICAL HOLDINGS CORP (SEM) appears fair. The current P/E of 12.9 is 1% above its historical median of 12.9. The estimated fair value CAGR (P/E method) is 12.4%.
SELECT MEDICAL HOLDINGS CORP (SEM) operates in the Services-Hospitals industry, within the Healthcare sector.
Table of Contents We began operations in 1997 and, based on the number of facilities, are one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States. As of December 31, 2025, we had operations in 39 states and the District of Columbia. As of December 31, 2025, we operated 104 critical illness recovery hospitals in 28 states, 38 rehabilitation hospitals in 15 states, and 1,917 outpatient rehabilitation clinics in 39 states and the District of Columbia. Our reportable segments include the (i) critical illness recovery hospital segment, (ii) rehabilitation hospital segment, and (iii) outpatient rehabilitation segment. We had revenue of $5,452.8 million for the year ended December 31, 2025.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.5B | 5.5B | 5.2B | 4.8B | 4.6B | 6.2B |
| Net Income | 134M | 146M | 214M | 235M | 153M | 389M |
| EPS | $1.08 | $1.16 | $1.66 | $1.91 | $1.23 | $2.98 |
| Free Cash Flow | 152M | 117M | 296M | 353M | 94M | 221M |
| ROIC | 6.3% | 6.7% | 4.3% | 4.0% | 1.6% | 11.8% |
| Gross Margin | - | 11.5% | 12.2% | 11.8% | 8.7% | 14.8% |
| Debt/Equity | 1.06 | 1.67 | 1.59 | 3.49 | 4.57 | 4.25 |
| Dividends/Share | $0.25 | $0.25 | $0.50 | $0.50 | $0.50 | $0.38 |
| Operating Income | 322M | 336M | 268M | 267M | 145M | 714M |
| Operating Margin | 5.8% | 6.2% | 5.2% | 5.5% | 3.1% | 11.5% |
| ROE | 7.6% | 8.6% | 14.4% | 19.5% | 13.7% | 35.8% |
| Shares Outstanding | 124M | 126M | 129M | 123M | 125M | 130M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 3.7B | 4.3B | 4.4B | 5.1B | 5.5B | 5.5B | 6.2B | 4.6B | 4.8B | 5.2B | 5.5B | 5.5B |
| Gross Margin | 15.7% | 14.2% | 14.5% | 16.0% | 14.6% | 14.9% | 14.8% | 14.8% | 8.7% | 11.8% | 12.2% | 11.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 85M | 92M | 107M | 114M | 121M | 128M | 138M | 147M | 153M | 170M | 226M | 154M | 161M |
| EBIT | 284M | 275M | 300M | 356M | 417M | 472M | 568M | 714M | 145M | 267M | 268M | 336M | 322M |
| Op. Margin | 9.3% | 7.3% | 7.0% | 8.0% | 8.2% | 8.7% | 10.3% | 11.5% | 3.1% | 5.5% | 5.2% | 6.2% | 5.8% |
| Net Income | 117M | 127M | 112M | 171M | 133M | 143M | 250M | 389M | 153M | 235M | 214M | 146M | 134M |
| Net Margin | 3.8% | 3.4% | 2.6% | 3.9% | 2.6% | 2.6% | 4.5% | 6.3% | 3.3% | 4.9% | 4.1% | 2.7% | 2.4% |
| Non-Recurring | 1.4M | 1.1M | 0 | 10M | 9.2M | 6.3M | 23M | 2.4M | 2.7M | 57K | 1.1M | -8K | -8K |
| Returns on Capital | |||||||||||||
| ROIC | 7.9% | 6.5% | 6.2% | 10.3% | 8.5% | 8.1% | 9.7% | 11.8% | 1.6% | 4.0% | 4.3% | 6.7% | 6.3% |
| ROE | 15.4% | 15.9% | 13.4% | 20.9% | 16.4% | 18.2% | 27.3% | 35.8% | 13.7% | 19.5% | 14.4% | 8.6% | 7.6% |
| ROA | 4.1% | 3.5% | 2.4% | 3.4% | 2.4% | 2.2% | 3.3% | 5.2% | 2.0% | 3.1% | 3.2% | 2.6% | 2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 171M | 208M | 347M | 238M | 494M | 445M | 1.0B | 401M | 285M | 582M | 518M | 346M | 388M |
| Free Cash Flow | 75M | 26M | 185M | 4.9M | 327M | 288M | 882M | 221M | 94M | 353M | 296M | 117M | 152M |
| Owner Earnings | 91M | 88M | 184M | 59M | 269M | 206M | 795M | 168M | 41M | 330M | 213M | 189M | -4.5B |
| CapEx | 95M | 183M | 162M | 233M | 167M | 157M | 146M | 181M | 190M | 229M | 222M | 229M | 236M |
| Maint. CapEx | 68M | 105M | 145M | 160M | 202M | 213M | 206M | 203M | 206M | 209M | 204M | 140M | 4.9B |
| Growth CapEx | 27M | 78M | 16M | 73M | 0 | 0 | 0 | 0 | 0 | 20M | 18M | 89M | 0 |
| D&A | 68M | 105M | 145M | 160M | 202M | 213M | 206M | 203M | 206M | 209M | 204M | 140M | 4.9B |
| CapEx/OCF | 55.8% | 87.6% | 46.6% | 97.9% | 33.8% | 35.3% | 14.2% | 45.0% | 66.8% | 39.4% | 42.9% | 66.2% | 60.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 53M | 13M | 0 | 0 | 0 | 0 | 0 | 51M | 65M | 64M | 65M | 31M | 31M |
| Dividend Yield | 6.4% | 1.5% | N/A | N/A | N/A | N/A | N/A | 2.3% | 4.2% | 3.7% | 2.9% | 1.6% | 1.7% |
| Share Buybacks | 131M | 16M | 2.9M | 4.8M | 6.8M | 39M | 16M | 79M | 196M | 13M | 38M | 100M | 89M |
| Buyback Yield | 7.3% | 1.1% | 0.2% | 0.2% | 0.4% | 1.3% | 0.5% | 2.2% | 6.6% | 0.8% | 1.6% | 5.4% | 4.8% |
| Stock-Based Comp | 11M | 15M | 17M | 19M | 23M | 26M | 27M | 31M | 38M | 44M | 101M | 17M | 17M |
| Debt Repayment | 870M | 895M | 655M | 960M | 805M | 720M | 470M | 40M | 835M | 1.1B | 1.4B | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 2.4B | 2.6B | 2.6B | 3.1B | 4.2B | 3.9B | 4.6B | 5.0B | 4.4B | 2.6B | 2.8B | 1.8B |
| Cash & Equiv. | 3.4M | 14M | 99M | 123M | 175M | 336M | 577M | 74M | 98M | 53M | 60M | 27M | 26M |
| Long-Term Debt | 1.5B | 2.2B | 2.7B | 2.7B | 3.2B | 3.4B | 3.4B | 3.6B | 3.8B | 3.6B | 1.7B | 1.8B | 1.8B |
| Debt/Equity | 2.11 | 2.79 | 3.34 | 3.34 | 4.10 | 5.84 | 4.24 | 4.25 | 4.57 | 3.49 | 1.59 | 1.67 | 1.06 |
| Interest Coverage | 3.3 | 2.4 | 1.8 | 2.3 | 2.1 | 2.4 | 3.7 | 5.2 | 0.9 | 1.3 | 2.1 | 2.9 | 143.8 |
| Equity | 740M | 859M | 816M | 823M | 803M | 771M | 1.1B | 1.1B | 1.1B | 1.3B | 1.7B | 1.7B | 1.8B |
| Total Assets | 2.9B | 4.4B | 4.9B | 5.1B | 6.0B | 7.3B | 7.7B | 7.4B | 7.7B | 7.7B | 5.6B | 5.9B | 6.0B |
| Total Liabilities | 2.1B | 3.2B | 3.6B | 3.6B | 4.3B | 5.4B | 6.0B | 6.0B | 6.3B | 6.1B | 3.6B | 3.8B | 3.9B |
| Intangibles | 73M | 319M | 341M | 327M | 438M | 409M | 388M | 375M | 352M | 105M | 103M | 101M | 100M |
| Retained Earnings | 326M | 435M | 372M | 360M | 320M | 280M | 553M | 593M | 581M | 752M | 770M | 837M | 872M |
| Working Capital | 133M | 20M | 191M | 315M | 287M | 299M | 156M | -134M | 116M | 9.2M | 42M | 41M | 142M |
| Current Assets | 528M | 749M | 763M | 921M | 993M | 1.2B | 1.6B | 1.1B | 1.3B | 1.3B | 1.0B | 1.0B | 1.1B |
| Current Liabilities | 394M | 729M | 572M | 605M | 705M | 914M | 1.4B | 1.3B | 1.2B | 1.2B | 978M | 984M | 970M |
| Per Share Data | |||||||||||||
| EPS | 0.91 | 0.99 | 0.87 | 1.33 | 1.02 | 1.10 | 1.93 | 2.98 | 1.23 | 1.91 | 1.66 | 1.16 | 1.08 |
| Owner EPS | 0.71 | 0.69 | 1.43 | 0.46 | 2.06 | 1.58 | 6.14 | 1.28 | 0.33 | 2.68 | 1.65 | 1.50 | -36.50 |
| Book Value | 5.74 | 6.70 | 6.34 | 6.39 | 6.15 | 5.91 | 8.18 | 8.51 | 9.00 | 10.48 | 13.04 | 13.53 | 14.16 |
| Cash Flow/Share | 1.32 | 1.63 | 2.70 | 1.85 | 3.78 | 3.41 | 7.93 | 3.08 | 2.28 | 4.74 | 4.02 | 2.75 | 40.56 |
| Dividends/Share | 0.40 | 0.10 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | 0.38 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 |
| Shares Out. | 128.9M | 128.2M | 128.6M | 128.9M | 130.7M | 130.4M | 129.6M | 130.5M | 124.7M | 122.9M | 128.9M | 126.1M | 124.0M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 11.4 | 14.2 | 12.2 | 13.9 | 19.3 | 13.0 | 9.0 | 18.5 | 6.5 | 11.2 | 12.7 | 13.9 |
| P/FCF | 12.5 | 30.2 | 4.6 | 230.6 | 3.1 | 5.2 | 2.0 | 8.6 | 16.2 | 4.3 | 8.1 | 15.8 | 12.2 |
| EV/EBIT | 11.8 | 14.1 | 13.8 | 13.0 | 11.8 | 12.0 | 9.9 | 9.9 | 16.5 | 19.4 | 14.9 | 10.9 | 11.5 |
| Price/Book | 2.4 | 1.7 | 2.0 | 2.6 | 2.4 | 3.7 | 3.2 | 3.3 | 2.6 | 1.2 | 1.4 | 1.1 | 1.1 |
| Price/Sales | 0.5 | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.7 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 |
| FCF Yield | 4.2% | 1.7% | 11.3% | 0.2% | 17.0% | 10.1% | 26.1% | 6.1% | 3.2% | 22.3% | 12.3% | 6.3% | 8.2% |
| Market Cap | 1.8B | 1.5B | 1.6B | 2.2B | 1.9B | 2.9B | 3.4B | 3.6B | 2.9B | 1.6B | 2.4B | 1.9B | 1.9B |
| Avg. Price | 6.46 | 6.77 | 5.81 | 7.68 | 9.01 | 8.11 | 9.84 | 17.04 | 12.48 | 13.88 | 17.05 | 15.13 | 15.00 |
| Year-End Price | 7.32 | 6.07 | 6.65 | 8.75 | 7.65 | 11.42 | 13.54 | 14.49 | 12.28 | 12.40 | 18.58 | 14.71 | 15.00 |
SELECT MEDICAL HOLDINGS CORP passes 2 of 9 quality checks, indicating weak fundamentals.
SELECT MEDICAL HOLDINGS CORP trades at 12.9x trailing earnings, compared to its 15-year median P/E of 12.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.9x vs a median of 5.2x. The company's 5-year average ROIC is 5.7% with a gross margin of 11.8%. Total shareholder yield (dividends + buybacks) is 6.4%. At current prices, the estimated annualized return to fair value is -2.3%.
SELECT MEDICAL HOLDINGS CORP (SEM) reported annual revenue of $5.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
SELECT MEDICAL HOLDINGS CORP (SEM) has a net profit margin of 2.7%. This is a modest margin.
SELECT MEDICAL HOLDINGS CORP (SEM) generated $117 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SELECT MEDICAL HOLDINGS CORP (SEM) has a debt-to-equity ratio of 1.67. This indicates higher leverage, which may increase financial risk.
SELECT MEDICAL HOLDINGS CORP (SEM) reported earnings per share (EPS) of $1.16 in its most recent fiscal year.
SELECT MEDICAL HOLDINGS CORP (SEM) has a return on equity (ROE) of 8.6%. This indicates moderate shareholder returns.
SELECT MEDICAL HOLDINGS CORP (SEM) has a 5-year average gross margin of 11.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for SELECT MEDICAL HOLDINGS CORP (SEM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SELECT MEDICAL HOLDINGS CORP (SEM) has a book value per share of $13.53, based on its most recent annual SEC filing.