Surgery Partners, Inc. SGRY
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. Patient services provided in our ASCs and surgical hospitals (collectively, "surgical facilities" or "facilities") generated approximately $3.2 billion in revenue during 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.31B | $3.11B | $2.74B | $2.54B | $2.23B | $1.86B | $1.83B | $1.77B | — | $1.15B |
| Cost of revenue | — | — | — | — | — | — | $1.41B | $1.36B | — | $821.2M |
| Gross profit | — | — | — | — | — | — | $423.8M | $410.1M | — | $324.2M |
| SG&A | $118.2M | $138.7M | $120.9M | $102.2M | $104.0M | $97.1M | $88.6M | $93.6M | — | $60.2M |
| Total operating expenses | $2.92B | $2.77B | $2.42B | $2.19B | $1.92B | $1.68B | $1.60B | $1.69B | — | $949.0M |
| Operating income | $389.5M | $348.8M | $328.0M | $345.2M | $302.2M | $183.0M | $235.9M | $77.8M | — | $196.5M |
| Pre-tax income | $116.9M | $147.1M | $135.6M | $110.3M | $81.2M | -$96.0M | -$65.3M | -$179.3M | — | $16.5M |
| Income tax | $18.0M | $134.6M | $300.0K | $23.3M | $10.5M | $20.1M | $9.5M | $26.4M | — | $7.1M |
| Net income | $98.9M | $12.5M | $135.3M | $87.0M | $70.7M | -$116.1M | -$74.8M | -$205.7M | — | $9.5M |
| EPS, basic | -0.61 | -1.33 | -0.09 | -0.59 | -1.12 | -3.19 | -2.29 | -4.96 | — | 0.20 |
| EPS, diluted | -0.61 | -1.33 | -0.09 | -0.59 | -1.12 | -3.19 | -2.29 | -4.96 | — | 0.20 |
| Shares, diluted (wtd. avg.) | $127.2M | $126.1M | $125.6M | $92.0M | $72.4M | $48.8M | $48.3M | $48.0M | — | $48.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $239.9M | $269.5M | $195.9M | $282.9M | $389.9M | $318.2M | $93.0M | $184.6M | $175.2M | $70.0M |
| Receivables | $602.2M | $579.1M | $496.4M | $456.3M | $430.2M | $382.2M | $326.9M | $307.6M | $288.0M | $220.6M |
| Inventory | $96.6M | $88.4M | $75.2M | $71.4M | $61.1M | $56.4M | $46.3M | $43.4M | $45.0M | $28.8M |
| Total current assets | $1.15B | $1.12B | $895.0M | $921.0M | $946.1M | $801.5M | $525.5M | $588.3M | $563.2M | $362.0M |
| Property, plant and equipment | — | — | — | — | — | — | — | $426.3M | — | — |
| Goodwill | $5.19B | $5.07B | $4.33B | $4.14B | $3.91B | $3.47B | $3.40B | $3.38B | $3.35B | $1.56B |
| Other intangibles | $41.0M | $45.7M | $54.8M | $42.3M | $43.7M | $46.9M | $47.3M | $54.3M | $58.9M | $48.0M |
| Total assets | $8.12B | $7.89B | $6.88B | $6.68B | $6.12B | $5.41B | $5.02B | $4.68B | $4.62B | $2.30B |
| Accounts payable | $208.7M | $208.7M | $171.8M | $151.6M | $124.9M | $100.2M | $96.7M | $83.3M | $84.7M | $49.8M |
| Total current liabilities | $615.5M | $624.4M | $523.0M | $493.4M | $536.8M | $556.8M | $398.1M | $349.3M | $303.0M | $186.7M |
| Long-term debt | $3.74B | $3.40B | $2.80B | $2.63B | $2.96B | $2.88B | $2.60B | $2.33B | $2.19B | $1.47B |
| Retained earnings | -$815.2M | -$737.3M | -$569.2M | -$557.3M | -$502.7M | -$431.8M | -$315.7M | -$247.0M | -$41.3M | -$311.4M |
| Total equity | $1.71B | $1.79B | $3.03B | $2.94B | $1.97B | $882.1M | $983.4M | $1.10B | $1.34B | $324.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $274.3M | $300.1M | $293.8M | $158.8M | $87.1M | $246.9M | $129.5M | $144.6M | — | $125.2M |
| Depreciation and amortisation | $176.0M | $152.6M | $118.1M | $114.8M | $98.8M | $94.8M | $76.5M | $67.4M | — | $39.6M |
| Stock-based compensation | $14.8M | $33.3M | $17.7M | $18.4M | $17.4M | $13.2M | $10.2M | $9.3M | — | $2.0M |
| Capital expenditure | $78.7M | $90.4M | $88.8M | $80.6M | $57.6M | $42.9M | $73.6M | $39.8M | — | $39.1M |
| Investing cash flow | -$246.6M | -$488.5M | -$225.6M | -$307.9M | -$331.7M | -$88.4M | -$85.2M | -$128.9M | — | -$184.7M |
| Financing cash flow | -$57.3M | $262.0M | -$155.2M | $42.1M | $316.3M | $66.7M | -$135.9M | -$6.3M | — | $71.3M |
| Buybacks | — | — | — | — | — | $0 | $0 | $2.0M | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001638833-26-000039.
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