A Business at a Glance
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Surgery Partners, Inc.
SGRY
$2.0B
Mkt Cap
$15.73
+3.35%
Surgery Partners, Inc. (SGRY) has a 5-year average return on invested capital (ROIC) of 6.6%. This is below average and may indicate limited pricing power.
Surgery Partners, Inc. (SGRY) has a market capitalization of $2.1B. It is classified as a mid-cap stock.
Surgery Partners, Inc. (SGRY) does not currently pay a regular dividend.
Surgery Partners, Inc. (SGRY) operates in the Services-General Medical & Surgical Hospitals, Nec industry, within the Healthcare sector.
Surgery Partners, Inc. (SGRY) reported annual revenue of $3.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Surgery Partners, Inc. (SGRY) has a net profit margin of -2.4%. The company is currently unprofitable.
Surgery Partners, Inc. (SGRY) generated $196 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services. Unless the context otherwise indicates, Surgery Partners, Inc. and its subsidiaries are referred to herein as "Surgery Partners," "we," "us," "our" or the "Company." We are a leading healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. We are one of the largest and fastest growing surgical services businesses in the United States ("U.S."), with more than 200 locations in 30 states, including ambulatory surgery centers ("ASCs"), short-stay surgical hospitals ("surgical hospitals"), and multi-specialty physician practices, among others.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.3B | 3.3B | 3.1B | 2.7B | 2.5B | 2.2B |
| Net Income | -76M | -78M | -168M | -12M | -55M | -81M |
| EPS | $-0.59 | $-0.61 | $-1.33 | $-0.09 | $-0.59 | $-1.12 |
| Free Cash Flow | 208M | 196M | 210M | 205M | 78M | 30M |
| ROIC | 6.0% | 6.8% | 4.4% | 7.4% | 6.6% | 8.0% |
| Gross Margin | - | 70.7% | 70.9% | 71.1% | 70.6% | 71.0% |
| Debt/Equity | 2.20 | 2.22 | 1.94 | 1.43 | 1.34 | 2.75 |
| Dividends/Share | $0.00 | - | - | - | $0.00 | $0.07 |
| Operating Income | 393M | 390M | 349M | 328M | 345M | 302M |
| Operating Margin | 11.8% | 11.8% | 11.2% | 12.0% | 13.6% | 13.6% |
| ROE | -4.5% | -4.4% | -9.4% | -0.6% | -2.7% | -7.5% |
| Shares Outstanding | 131M | 128M | 126M | 132M | 93M | 73M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 285M | 403M | 960M | 1.1B | 1.8B | 1.8B | 1.9B | 2.2B | 2.5B | 2.7B | 3.1B | 3.3B | 3.3B |
| Gross Margin | 40.3% | 37.0% | 30.3% | 28.3% | 69.8% | 70.0% | 70.4% | 71.0% | 70.6% | 71.1% | 70.9% | 70.7% | 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 | 26M | 31M | 56M | 60M | 94M | 89M | 97M | 104M | 102M | 121M | 139M | 118M | 122M |
| EBIT | 58M | 51M | 145M | 196M | 78M | 236M | 183M | 302M | 345M | 328M | 349M | 390M | 393M |
| Op. Margin | 20.5% | 12.6% | 15.1% | 17.2% | 4.4% | 12.9% | 9.8% | 13.6% | 13.6% | 12.0% | 11.2% | 11.8% | 11.8% |
| Net Income | -9.1M | -66M | 1.4M | 9.5M | -238M | -111M | -156M | -81M | -55M | -12M | -168M | -78M | -76M |
| Net Margin | -3.2% | -16.3% | 0.1% | 0.8% | -13.4% | -6.0% | -8.4% | -3.6% | -2.2% | -0.4% | -5.4% | -2.4% | -2.3% |
| Non-Recurring | -1.9M | -1.8M | 2.1M | -2.4M | 43M | 12M | 28M | -2.2M | -11M | -14M | -41M | -30M | -30M |
| Returns on Capital | |||||||||||||
| ROIC | 14.7% | 7.0% | 13.1% | 14.1% | 3.2% | 7.1% | 7.6% | 8.0% | 6.6% | 7.4% | 4.4% | 6.8% | 6.0% |
| ROE | -16.5% | 47.3% | -1.1% | 334.7% | -58.8% | -37.2% | -134.6% | -7.5% | -2.7% | -0.6% | -9.4% | -4.4% | -4.5% |
| ROA | N/A | -7.1% | 0.1% | 0.4% | -5.1% | -2.2% | -2.9% | -1.3% | -0.8% | -0.2% | -2.1% | -1.0% | -0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 49M | 22M | 84M | 125M | 145M | 130M | 247M | 87M | 159M | 294M | 300M | 274M | 280M |
| Free Cash Flow | 45M | 14M | 51M | 86M | 105M | 56M | 204M | 30M | 78M | 205M | 210M | 196M | 208M |
| Owner Earnings | 37M | 5.9M | 42M | 84M | 68M | 43M | 139M | -29M | 26M | 158M | 114M | 84M | 89M |
| CapEx | 4.2M | 7.7M | 33M | 39M | 40M | 74M | 43M | 58M | 81M | 89M | 90M | 79M | 72M |
| Maint. CapEx | 12M | 15M | 35M | 40M | 67M | 77M | 95M | 99M | 115M | 118M | 153M | 176M | 178M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 12M | 15M | 35M | 40M | 67M | 77M | 95M | 99M | 115M | 118M | 153M | 176M | 178M |
| CapEx/OCF | N/A | N/A | 39.6% | 31.2% | 27.5% | 56.8% | 17.4% | 66.1% | 50.8% | 30.2% | 30.1% | 28.7% | 25.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 7.8M | 0 | 0 | 5.1M | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | 1.1% | N/A | N/A | 0.1% | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 3.1M | 0 | 0 | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 0.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 455K | 942K | 7.5M | 2.0M | 9.3M | 10M | 13M | 17M | 18M | 18M | 33M | 15M | 13M |
| Debt Repayment | 340M | 1.0B | 328M | 473M | 158M | 491M | 216M | 343M | 862M | 807M | 1.3B | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 450M | 1.3B | 1.2B | 1.4B | 2.0B | 2.5B | 2.3B | 2.2B | 2.1B | 2.5B | 2.9B | 3.3B | 3.5B |
| Cash & Equiv. | 13M | 75M | 58M | 70M | 184M | 93M | 318M | 390M | 283M | 196M | 270M | 240M | 182M |
| Long-Term Debt | 463M | 1.3B | 1.2B | 1.4B | 2.3B | 2.5B | 2.8B | 2.9B | 2.6B | 2.7B | 3.3B | 3.6B | 3.6B |
| Debt/Equity | -32.21 | -5.16 | -311.66 | 149.04 | 5.89 | 8.88 | 25.27 | 2.75 | 1.34 | 1.43 | 1.94 | 2.22 | 2.20 |
| Interest Coverage | 1.9 | 9.0 | 72.2 | 132.0 | N/A | 20.2 | N/A | 33.2 | 23.2 | 21.2 | 68.4 | 299.6 | 6.6 |
| Equity | -14M | -264M | -4.0M | 9.7M | 405M | 297M | 116M | 1.1B | 2.0B | 2.0B | 1.8B | 1.7B | 1.7B |
| Total Assets | N/A | 1.9B | 2.1B | 2.3B | 4.7B | 5.0B | 5.4B | 6.1B | 6.7B | 6.9B | 7.9B | 8.1B | 8.0B |
| Total Liabilities | N/A | 1.8B | 1.8B | 2.0B | 3.6B | 4.0B | 4.5B | 4.1B | 3.7B | 3.8B | 4.7B | 5.0B | 98M |
| Intangibles | N/A | 55M | 54M | 48M | 54M | 47M | 47M | 44M | 42M | 55M | 46M | 41M | 40M |
| Retained Earnings | N/A | -322M | -321M | -311M | -247M | -316M | -432M | -503M | -557M | -569M | -737M | -815M | -851M |
| Working Capital | N/A | 127M | 130M | 175M | 239M | 127M | 245M | 409M | 428M | 372M | 495M | 535M | 501M |
| Current Assets | N/A | 269M | 311M | 362M | 588M | 526M | 802M | 946M | 921M | 895M | 1.1B | 1.2B | 1.1B |
| Current Liabilities | N/A | 141M | 181M | 187M | 349M | 398M | 557M | 537M | 493M | 523M | 624M | 616M | 582M |
| Per Share Data | |||||||||||||
| EPS | -0.28 | -65,897.00 | 0.04 | 0.20 | -4.96 | -2.29 | -3.19 | -1.12 | -0.59 | -0.09 | -1.33 | -0.61 | -0.59 |
| Owner EPS | 1.14 | 5,946.00 | 1.19 | 1.77 | 1.41 | 0.89 | 2.85 | -0.40 | 0.28 | 1.19 | 0.90 | 0.65 | 0.68 |
| Book Value | -0.44 | -264,082.00 | -0.11 | 0.20 | 8.43 | 6.15 | 2.37 | 15.02 | 21.59 | 15.03 | 14.16 | 13.41 | 12.91 |
| Cash Flow/Share | 1.52 | 21,949.00 | 2.36 | 2.65 | 3.01 | 2.68 | 5.06 | 1.20 | 1.72 | 2.22 | 2.37 | 2.15 | 0.78 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | 0.16 | 0.00 | 0.00 | 0.07 | 0.00 | N/A | N/A | N/A | 0.00 |
| Shares Out. | 32.4M | 0.0M | 35.7M | 47.3M | 48.0M | 48.3M | 48.8M | 72.5M | 92.5M | 132.2M | 126.4M | 127.7M | 130.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 518.2 | 79.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -26.8 |
| P/FCF | N/A | N/A | 14.5 | 8.8 | 4.5 | 13.4 | 6.7 | 132.7 | 31.2 | 20.7 | 12.6 | 10.4 | 9.9 |
| EV/EBIT | N/A | N/A | 13.2 | 10.8 | 32.0 | 13.6 | 20.0 | 20.3 | 13.2 | 20.5 | 16.0 | 13.7 | 14.2 |
| Price/Book | N/A | N/A | N/A | 77.9 | 1.2 | 2.5 | 11.8 | 3.6 | 1.2 | 2.1 | 1.5 | 1.2 | 1.2 |
| Price/Sales | N/A | N/A | 0.7 | 0.7 | 0.4 | 0.3 | 0.4 | 1.5 | 1.4 | 1.6 | 1.1 | 0.8 | 0.6 |
| FCF Yield | N/A | N/A | 6.9% | 11.4% | 22.1% | 7.5% | 14.9% | 0.8% | 3.2% | 4.8% | 7.9% | 9.7% | 10.1% |
| Market Cap | 0 | N/A | 741M | 754M | 474M | 749M | 1.4B | 3.9B | 2.4B | 4.3B | 2.6B | 2.0B | 2.1B |
| Avg. Price | 0.00 | N/A | 19.02 | 16.40 | 15.43 | 10.19 | 16.86 | 46.93 | 38.13 | 33.82 | 28.23 | 21.68 | 15.73 |
| Year-End Price | 0.00 | N/A | 20.73 | 15.95 | 9.87 | 15.52 | 28.01 | 54.00 | 26.39 | 32.17 | 20.94 | 15.87 | 15.73 |
Surgery Partners, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 10.4x vs a median of 12.6x. The company's 5-year average ROIC is 6.6% with a gross margin of 70.8%. At current prices, the estimated annualized return to fair value is -10.2%.
Surgery Partners, Inc. (SGRY) has a debt-to-equity ratio of 2.22. This indicates higher leverage, which may increase financial risk.
Surgery Partners, Inc. (SGRY) reported earnings per share (EPS) of $-0.61 in its most recent fiscal year.
Surgery Partners, Inc. (SGRY) has a return on equity (ROE) of -4.4%. A negative ROE may indicate losses or negative equity.
Surgery Partners, Inc. (SGRY) has a 5-year average gross margin of 70.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 12 years of financial data for Surgery Partners, Inc. (SGRY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Surgery Partners, Inc. (SGRY) has a book value per share of $13.41, based on its most recent annual SEC filing.