Tearsheet

Concentra Parent (CON)

Market Price (12/23/2025): $19.68 | Market Cap: $2.5 Bil
Sector: Health Care | Industry: Health Care Services

Concentra Parent (CON)

Market Price (12/23/2025): $19.68
Market Cap: $2.5 Bil
Sector: Health Care
Industry: Health Care Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.0%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%	Key risks CON key risks include [1] elevated financial leverage following its recent IPO and acquisitions, Show more.
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine. Themes include Telehealth Platforms, Health Data Analytics, and AI in Healthcare Management.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.0%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine. Themes include Telehealth Platforms, Health Data Analytics, and AI in Healthcare Management.
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83%
5	Key risks CON key risks include [1] elevated financial leverage following its recent IPO and acquisitions, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$19.68	$19.55
Market Cap CYE ($ Bil)	2.5	2.5	-	-	-
Total Debt ($ Bil)	2.1	2.0	0.9	1.0	0.0
Total Cash ($ Bil)	0.0	0.2	0.0	0.0	0.0
Enterprise Value ($ Bil)	4.6	4.5
Valuation Ratios
P/S TTM	1.2	1.2	-	-	-
P/EBIT TTM	7.8	7.5	-	-	-
P/E TTM	16.5	13.5	-	-	-
P/FCF TTM	14.4	10.7	-	-	-
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/23/25	2024	2023
Share Price CYE	$19.68	$19.55
Market Cap CYE ($ Bil)	2.5	2.5	-
Total Debt ($ Bil)	2.1	2.0	0.9
Total Cash ($ Bil)	0.0	0.2	0.0
Enterprise Value ($ Bil)	4.6	4.5
Valuation Ratios
P/S TTM	1.2	1.2	-
P/EBIT TTM	7.8	7.5	-
P/E TTM	16.5	13.5	-
P/FCF TTM	14.4	10.7	-
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	CON	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.1
Rev Chg Q	17.0%	7.3%
Rev Chg LTM	11.4%	6.0%
Rev Chg 3Y Avg	11.4%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	15.5%	18.8%
CFO/Rev LTM	12.2%	20.4%
Net Inc Mgn	7.3%	13.1%
VALUATION	LOW
P/S	1.2	3.2
P/CFO	9.9	15.5
P/FCF	14.4	20.7
P/E	16.5	23.5
STABILITY	POOR
Debt/Equity	0.85	0.21
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Patient Visits	3,520,320	6302025	Link
Visits per Day	55,005	6302025	Link
Number of Occupational Health Centers	628	6302025	Link
Number of Onsite Health Clinics	406	6302025	Link
Number of Colleagues and Affiliated Physicians	approximately 13,000	6302025	Link
Number of States with Occupational Health Centers	47	6302025	Link
Average Daily Patient Volume	approximately 50,000	6302025	Link

Upcoming
3/02/2026	Earnings Release	Rev: - EPS: -

CON Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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From approximately August 31, 2025, to December 23, 2025, Concentra Parent (CON) experienced a stock price decline of about 17.1%. For instance, the stock was trading around $23.40 in mid-August 2025 and had fallen to approximately $19.43 by December 19, 2025.

1. Negative Forecast for Next Year's Earnings: Analysts projected an 11.56% decrease in Concentra's earnings per share for the upcoming year, with expectations falling from $1.47 to $1.30 per share. This outlook likely contributed to investor caution and a negative re-evaluation of the stock.

2. Bearish Technical Indicators and Negative Stock Sentiment: Technical analysis conducted in mid-December 2025 revealed a bearish sentiment for CON, with various indicators signaling a "Strong Sell" and predicting continued weak performance in the near term.

Show more From approximately August 31, 2025, to December 23, 2025, Concentra Parent (CON) experienced a stock price decline of about 17.1%. For instance, the stock was trading around $23.40 in mid-August 2025 and had fallen to approximately $19.43 by December 19, 2025.

1. Negative Forecast for Next Year's Earnings: Analysts projected an 11.56% decrease in Concentra's earnings per share for the upcoming year, with expectations falling from $1.47 to $1.30 per share. This outlook likely contributed to investor caution and a negative re-evaluation of the stock.

2. Bearish Technical Indicators and Negative Stock Sentiment: Technical analysis conducted in mid-December 2025 revealed a bearish sentiment for CON, with various indicators signaling a "Strong Sell" and predicting continued weak performance in the near term.

3. High Debt-to-Equity Ratio and Impact of Interest Expense: Concentra maintained a significant debt-to-equity ratio of 4.10. Furthermore, its Q2 2025 earnings report indicated that net income was lower than the prior year, primarily due to increased interest expense stemming from its IPO recapitalization, raising concerns about financial leverage and profitability.

4. Inability of Positive Quarterly Results to Sustain Stock Price: Despite reporting strong financial results for both Q2 and Q3 2025, which surpassed analyst estimates for revenue and earnings per share, and raising its full-year guidance, these positive operational outcomes were insufficient to prevent the stock's decline during the period. This suggests that other underlying market pressures or existing investor concerns outweighed the positive news.

5. Persistent Trading Below Moving Averages and Analyst Targets: While some analysts maintained a "Moderate Buy" rating with an average 12-month price target of $27.75, Concentra's stock consistently traded below its 50-day and 200-day moving averages (approximately $19.93 and $20.81, respectively, as of December 22, 2025). This persistent trading at a discount to both its technical averages and analyst price targets suggested a market re-evaluation or perceived overvaluation. Show less

Stock Movement Drivers

Fundamental Drivers

The -5.4% change in CON stock from 9/22/2025 to 12/22/2025 was primarily driven by a -6.1% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	20.81	19.68	-5.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2006.22	2089.38	4.15%
Net Income Margin (%)	7.44%	7.33%	-1.46%
P/E Multiple	17.53	16.46	-6.10%
Shares Outstanding (Mil)	125.80	128.17	-1.88%
Cumulative Contribution			-5.45%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
CON	-5.4%
Market (SPY)	2.7%	29.1%
Sector (XLV)	13.7%	45.9%

Fundamental Drivers

The -5.7% change in CON stock from 6/23/2025 to 12/22/2025 was primarily driven by a -9.4% change in the company's Net Income Margin (%).

	6232025	12222025	Change
Stock Price ($)	20.86	19.68	-5.66%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1933.35	2089.38	8.07%
Net Income Margin (%)	8.09%	7.33%	-9.39%
P/E Multiple	16.88	16.46	-2.49%
Shares Outstanding (Mil)	126.65	128.17	-1.20%
Cumulative Contribution			-5.67%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
CON	-5.7%
Market (SPY)	14.4%	32.6%
Sector (XLV)	18.0%	36.5%

Fundamental Drivers

The -0.6% change in CON stock from 12/22/2024 to 12/22/2025 was primarily driven by a -1.2% change in the company's Shares Outstanding (Mil).

	12222024	12222025	Change
Stock Price ($)	19.80	19.68	-0.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	2089.38	�
Net Income Margin (%)	�	7.33%	�
P/E Multiple	�	16.46	�
Shares Outstanding (Mil)	126.59	128.17	-1.25%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
CON	-0.6%
Market (SPY)	16.9%	49.0%
Sector (XLV)	14.5%	51.7%

Fundamental Drivers

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Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
CON
Market (SPY)	47.7%	44.0%
Sector (XLV)	18.4%	44.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CON Return	�	�	�	�	�	-1%	�
Peers Return	10%	30%	3%	-8%	0%	20%	63%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
CON Win Rate	�	�	�	�	40%	33%
Peers Win Rate	53%	60%	52%	40%	52%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CON Max Drawdown	�	�	�	�	�	-5%
Peers Max Drawdown	-37%	-9%	-21%	-23%	-17%	-9%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADUS, CVS, CI, LH, DGX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

CON has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique Key	Event	XLV	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-16.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	19.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	599 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-28.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	40.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	116 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-15.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	18.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	68.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,100 days	1,480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

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About Concentra Parent (CON)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of March 31, 2024, we operated 547 stand-alone occupational health centers in 41 states and 151 onsite health clinics at employer worksites in 37 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 45 states and the District of Columbia. We had approximately 11,000 colleagues and affiliated physicians and clinicians as of December 31, 2023 who supported the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care, to more than 50,000 patients each business day on average during 2023. Our patients are generally employed by our main customers — employers across the United States. Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: • Occupational Health Centers: Our Occupational Health Centers segment encompasses the occupational health services we deliver at our 547 health center facilities across the United States. In this segment, we serve all types of employers, from Fortune 500 to small businesses. • Onsite Health Clinics: Our Onsite Health Clinics segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 151 on-site locations. In this segment, we serve medium to large-sized employers. • Other Businesses: Our Other Businesses segment is comprised of several complementary services to our core occupational health services offering and includes Concentra Telemed, Concentra Pharmacy and Concentra Medical Compliance Administration. In this segment, we serve all types of employers. As a percentage of revenue for each of the three months ended March 31, 2024 and the year ended December 31, 2023, our Occupational Health Centers, Onsite Health Clinics and Other Businesses segments represent approximately 95%, 3% and 2%, respectively. Together, all operating segments are aggregated into a single reportable segment in our consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. Across our operating segments, we offer a diverse and comprehensive array of occupational health services, including workers’ compensation, employer and consumer health services: • Workers’ compensation services includes the support of workers’ compensation injury and physical rehabilitation care. • Employer Services consist of drug and alcohol screenings, physical examinations and evaluations, clinical testing, and preventive care, as well as direct-to-employer services that include the services described above and advanced primary care at our onsite health clinics. • Consumer Health Services consist of the support of patient-directed urgent care treatment of injuries and illnesses. For the three months ended March 31, 2024, our workers’ compensation services, employer services, and consumer health services represented approximately 45%, 53%, and 2%, respectively, of our visit per day (“VPD”) volume. For the three months ended March 31, 2024, our workers’ compensation services, employer services, and consumer health services represented approximately 64%, 34%, and 2%, respectively, of visit-related revenue in our Occupational Health Centers segment. For the year ended December 31, 2023, our workers’ compensation services, employer services, and consumer health services represented approximately 44%, 54%, and 2%, respectively, of our VPD volume. For the year ended December 31, 2023, our workers’ compensation services, employer services, and consumer health services represented approximately 64%, 34%, and 2%, respectively, of visit-related revenue in our Occupational Health Centers segment. For the year ended December 31, 2023, less than approximately 1% of our visit-related revenue in our Occupational Health Centers segment was attributable to government payor reimbursement. We partner with approximately 200,000 employers, including 100% of Fortune 100 companies and approximately 95% of the Fortune 500, as of December 31, 2023. Since 2015, we have supported the treatment of approximately 6 million occupational injuries. We currently estimate that we supported the treatment of one in every five workplace injuries in the United States for the year ended December 31, 2022 (based on the latest data from the U.S. Bureau of Labor Statistics) (1). In the United States, 65% of employer locations are within approximately 12 miles of one of our occupational health centers (2) and we have occupational health centers in over 80 of the 100 largest Metropolitan Statistical Areas (3), as of December 31, 2023. Our services are used by employers across industries, including transportation, distribution and warehousing, manufacturing, construction, healthcare, and municipal government services, among many others. Utilization is driven by occupations that have historically posed a higher-than-average risk of workplace injury and illness. We retain and expand existing relationships and attract new employers through demonstrated performance of clinical outcomes and patient satisfaction. We believe our success is substantially due to the structures and processes that we have developed with the aim of delivering consistent and high-quality care, which we believe creates a key competitive advantage for us. Guided by our mission to improve the health of America’s workforce, we provide care that supports the delivery of improved health outcomes, reduced employees’ days away from work, and lower workers’ compensation costs. We ascribe to the philosophy that injured employees recover better through early intervention and a quick return to normal activities. Our methodology focuses on increasing function to expedite the employee’s safe and sustainable return to work, helping lower medical and indemnity claims costs incurred by employers. In 2023, about 95% of injured employees seen by us after their initial visit were recommended for return to work in some capacity on the same day according to our internal data. Additionally, results from workers’ compensation claim studies we conducted show a 25% lower average in total claims costs and 61 fewer days per claim when using our occupational health centers instead of non-Concentra health centers. These claim studies conducted by Concentra during a limited period of time are based on approximately 500,000 closed claims evaluated between 2020 to 2023 for a select number of Concentra customers, including employers and a workers’ compensation insurance carrier, and may not be representative of all industry claims. Of the approximately 500,000 closed claims evaluated between 2020 and 2023, non-Concentra health centers accounted for approximately 412,000 claims. The sample of claims includes workers’ compensation injuries from all states and jurisdictions in which the customers do business and was obtained via the customer’s claims/risk management information system. However, the analysis excludes approximately 7% of claims from the initial survey of approximately 536,000 claims as part of a data validation and quality control process that ensures a comparable claims universe for the analysis. With this data, we compared the total claims cost and case duration of injuries that were treated through Concentra’s network versus all other non-Concentra health centers and the results demonstrate our performance in reducing claims costs and lowering case duration. Our clinical and operational expertise is the foundation for continued growth. We intend to pursue continued organic growth within our existing occupational health centers and onsite health clinics at employer worksites and to take advantage of opportunities to continue to grow our footprint and base of customers via strategic acquisitions and the opening of new centers in key markets. We are currently building adjacent service offerings including employer-focused advanced primary care solutions and behavioral health workers’ compensation capabilities, in addition to growing our specialist program, and expanding our mobile health and episodic specialty testing services. We are leveraging our position to innovate and implement new solutions and programs that enable better health outcomes and support our sustainable long-term growth and performance. We believe our track record of strong financial performance demonstrates our ability to access and deploy capital to expand services and infrastructure, as well as deliver differentiated business outcomes. We have a track record of revenue growth and strong Adjusted EBITDA and net income margins. We believe our ability to leverage our proprietary systems, processes, models, and tools has allowed us to generate consistent business growth while maintaining favorable margins. (1) U.S. Bureau of Labor Statistics, Occupational injuries and illnesses industry data (2022) (finding approximately 3.5 million occupational injuries in the U.S. in the 2022). Company’s internal data tracking for 2022 indicated approximately 750,000 total customer visits in the U.S. in connection with occupational injuries. (2) Company’s internal data (Company leveraged data analytics and searched all U.S. zip codes within and outside a 12 mile radius of its centers). (3) U.S. Census Bureau, Metropolitan Statistical Areas Population Totals (indicating Company has centers in 80 of the top 100 MSAs). Concentra Group Holdings Parent, LLC was first formed as a Delaware limited liability company on October 11, 2017 and converted to a Delaware corporation on March 4, 2024 in connection with the Separation. Prior to the completion of this offering, we are a wholly owned subsidiary of SMC. Our principal executive offices are currently located at 4714 Gettysburg Road, P.O. Box 2034, Mechanicsburg, PA.

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ADP for workplace health and injury management.
Cintas for essential business health services.
CVS MinuteClinic for businesses.

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Occupational Health Services: Provides a comprehensive range of healthcare services to employers and their employees, including injury treatment, physical exams, drug testing, and wellness programs.
Urgent Care Services: Offers immediate medical attention for non-life-threatening illnesses and injuries to the general public.
Physical Therapy: Delivers rehabilitation services to help patients recover from injuries, manage pain, and improve physical function, often integrated with occupational health.
Onsite Health Services: Supplies dedicated healthcare professionals and clinics directly at client workplaces to manage employee health and safety needs.

AI Analysis | Feedback

Concentra, often referred to as Concentra Parent, is a national healthcare company that provides occupational health services, urgent care, physical therapy, and on-site health and wellness centers. Its services are primarily directed towards employers and their employees.

Concentra sells primarily to other companies, specifically employers across various industries throughout the United States. However, the company's customer base is highly diversified. According to the public filings of its parent company, Select Medical Holdings Corporation (NYSE: SEM), no single employer customer accounts for a significant portion (typically defined as 10% or more) of Concentra's revenue.

While no individual employer company is identified as a major customer, a significant portion of Concentra's consolidated revenue (between 10% and 15%) comes from **certain workers' compensation payors**. These are typically large insurance companies, state funds, or third-party administrators responsible for managing workers' compensation claims. However, specific names of these individual payor companies are not disclosed by Select Medical Holdings Corporation as constituting major customers individually.

Therefore, Concentra's customer base consists of thousands of employers, none of whom individually meet the threshold of a major customer, along with a category of workers' compensation payors who collectively represent a significant portion of the business.

Note: Concentra Parent is a wholly-owned subsidiary of Select Medical Holdings Corporation (NYSE: SEM) and does not trade publicly under the symbol CON.

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Keith Newton, Chief Executive Officer

Keith Newton rejoined Concentra in 2015 as Chief Executive Officer and served as President until 2023. He also held the position of Chairman of the Board of Directors for the Company from 2018 to 2022, during a period when Concentra was a joint venture involving Select Medical, Welsh Carson, and other investors. Prior to 2015, he served in various management and operational roles at Concentra and its predecessor, OccuSystems, from 1995 to 2011, ultimately being promoted to President and Chief Operating Officer from 2007 to 2011. In 2011, Mr. Newton transitioned to DentalOne Partners as President and Chief Executive Officer before returning to Concentra in 2015. His earlier experience includes directing the operations of one of the companies that merged to form Concentra in 1997, and leading Concentra's former Health Services division from 1999 to 2007. Before joining Concentra in 1995, he worked for Columbia HCA's Ambulatory Surgery Division and Medical Care International. He holds a BBA in accounting from Texas A&M University.

Matthew DiCanio, President and Chief Financial Officer

Matthew DiCanio has served as President since 2023 and Chief Financial Officer since 2024. He is responsible for overseeing Concentra's clinical, operational, sales, marketing, and product organizations, as well as the company's growth and business improvement strategies, mergers and acquisitions, real estate activities, employer onsite group, and Concentra Ventures, which is the company's investment arm. Previously, he was responsible for the Valor Healthcare outpatient division (since divested). Before joining Concentra, Mr. DiCanio held various positions in finance, mergers and acquisitions, and management. His experience includes serving as a principal and co-head of the healthcare vertical at a middle-market investment bank in Dallas, an investment banker with Bank of America Merrill Lynch in New York City, and a CPA with KPMG, LLP, also in New York City. He earned a B.S. in Business Administration from the University of Richmond and an MBA in Finance.

Daniel Thomas, Lead Director of Concentra Group Holdings Parent, Inc.

Daniel Thomas is an innovative business leader recognized for accelerating corporate growth, generating cost efficiencies, and increasing shareholder value, with expertise focused on Provider, Payer, and Supply Chain-based healthcare services companies. He currently serves on the Board of Directors for Concentra Group Holdings Parent, LLC, as well as National Partners in Healthcare (NPH), Select Medical Corporation, Healthcare Highways, Inc., and Equalis Group, LLC. From 1993 through 2007, Mr. Thomas spent 14 years with Concentra, Inc., where he held the positions of President, Chief Executive Officer, Chief Operating Officer, and Board Member, during which time he grew the company from $15 million to $620 million in revenues. He served as President, CEO, and Board Member for National Partners in Healthcare from June 2018 through January 2019. Prior to NPH, he was President, CEO, and Board Member for Provista, Inc. from 2011 until his retirement in 2017. Before Provista, Mr. Thomas served as Chief Executive Officer and a board member for Viant, Inc. from 2007 through 2010, a company that was later sold for $900 million.

Robert A. Ortenzio, Executive Chairman and Co-Founder of Select Medical Holdings Corporation

Robert A. Ortenzio co-founded Select Medical and has served as a director since February 1997. He was Select Medical's President and Chief Operating Officer from February 1997 to September 2001, and then President and Chief Executive Officer from September 2001 to January 2005. On January 1, 2014, Mr. Ortenzio was appointed as Select Medical's Executive Chairman and Co-Founder. Prior to co-founding Select Medical, he was an Executive Vice President and a director of Horizon/CMS Healthcare Corporation from July 1995 until July 1996. In 1986, Mr. Ortenzio co-founded Continental Medical Systems, Inc., where he served in various capacities, including Senior Vice President from 1986 to 1988, Chief Operating Officer from 1988 to 1995, President from 1989 to 1996, and Chief Executive Officer from 1995 to 1996. Before co-founding Continental Medical Systems, Inc., he was a Vice President of Rehab Hospital Services Corporation. Select Medical owns over 80% of Concentra.

Su Zan Nelson, Executive VP, Chief Accounting Officer

Su Zan Nelson is the Executive VP, Chief Accounting Officer at Concentra. In 2014, she served as interim CFO for DentalOne Partners, a dental management service organization that supported 160 dental practices. In 2015, she became the CFO for MedPost Urgent Care, a division of Tenet Health with 45 urgent care centers. Her professional background also includes healthcare-related financial consultation with several leading corporations. Ms. Nelson earned her bachelor's degree in finance from the University of Texas at Arlington and is a certified public accountant (CPA).

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Concentra Parent (CON) faces several key risks to its business operations: *

Dependence on U.S. Labor Force Trends and Economic Health

Concentra's revenue generation is heavily reliant on the expansion and overall health of the U.S. labor force, including employment levels, hiring rates, and the frequency of workplace injuries and illnesses. A sustained period of economic weakness, leading to reduced employment and hiring, or a decline in workplace injury rates (potentially due to automation and AI over the longer term), could materially pressure the company's business. While Concentra has demonstrated resilience in past economic downturns, a prolonged recession would significantly impact its volumes. *

Elevated Leverage and Financial Management

The company operates with elevated leverage, and its ability to maintain a healthy financial profile is a key risk. More aggressive spending on mergers and acquisitions (M&A) or a deterioration in business prospects could result in the company sustaining leverage above acceptable thresholds, potentially leading to a ratings downgrade. Concentra recently undertook significant debt in conjunction with its IPO and recent acquisitions, temporarily increasing its leverage. *

Intensifying Competition

Despite its position as a leading provider of occupational health services, Concentra operates in a market with limited barriers to entry. The company faces the risk of intensifying competition from various players, including the occupational health divisions of large hospital systems (such as Kaiser Permanente) and large urgent care center chains (like VillageMD) that may expand their focus into occupational health. This increased competition could pressure Concentra's market share and pricing power.

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The emergence and increasing adoption of virtual-first and hybrid occupational health models, facilitated by advanced telehealth platforms and digital care coordination tools. These models allow employers to manage workplace injuries, conduct pre-employment screenings, and provide general occupational health services with reduced reliance on traditional brick-and-mortar clinics. This shift offers convenience, potentially lower costs, and broader access, directly challenging Concentra's core business model which is heavily dependent on its extensive network of physical medical centers.

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Concentra Parent (CON) operates in the U.S. healthcare sector, primarily offering occupational health, urgent care, and physical therapy services. The addressable markets for these main products and services in the U.S. are as follows:

Occupational Health Services: The U.S. occupational health market was valued at approximately USD 1.04 billion in 2024. Other estimates place the market size at USD 1.187 billion in 2024, projected to grow to USD 2.146 billion by 2033 with a CAGR of 6.80% from 2025-2033. Another source indicates a market size of USD 5.45 billion in 2025, expected to reach USD 8.47 billion by 2032 with a CAGR of 6.5%.
Urgent Care Services: The U.S. urgent care centers market was estimated at USD 34.34 billion in 2024 and is projected to reach USD 36.41 billion in 2025. This market is expected to grow to USD 55.07 billion by 2030, with a CAGR of 8.6% from 2025 to 2030. Other estimates for the U.S. urgent care centers market include USD 46.7 billion in 2024 and USD 75.1 billion in 2023, growing at a 7.5% CAGR between 2024 and 2032.
Physical Therapy Services: The U.S. physical therapy services market size was estimated at USD 47.59 billion in 2024 and is expected to reach USD 49.48 billion in 2025. Other figures show the market size of physical therapists in the U.S. as USD 52.0 billion in 2024 and USD 53.2 billion in 2025. The U.S. physical therapy market is projected to reach USD 70.1 billion by 2033, growing at a CAGR of 3.1% from 2024 to 2033.

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Concentra Parent (CON) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Growth in Patient Visits: The company has demonstrated consistent growth in patient volumes across its services. In the third quarter of 2025, total patient visits increased by 9.2% year-over-year, with workers' compensation visits rising by 9.8% and employer services visits by 8.9%. Excluding recent acquisitions, total visits per day still increased by 3.0%, indicating organic demand for Concentra's services.
Increase in Revenue Per Visit: Concentra has successfully implemented price increases, leading to a 4.2% increase in overall revenue per visit in Q3 2025. This was specifically driven by a 4.7% increase in workers' compensation revenue per visit and a 2.7% increase in employer services revenue per visit.
Strategic Mergers and Acquisitions (M&A): A significant driver of Concentra's growth comes from its inorganic strategy, including the acquisition and integration of other companies. For example, the acquisition of Pivot Onsite Innovations in Q2 2025 substantially contributed to a 123.8% increase in the onsite health clinics segment's revenue in Q3 2025. The company also benefited from the acquisition of Nova Medical Centers in Q1 2025. Concentra's management has highlighted its continued focus on M&A as a core strategy for growth.
De Novo Center Expansion and Network Growth: Concentra is expanding its physical footprint through a de novo strategy, which involves establishing new occupational health centers and onsite health clinics. The company has expanded its network to include 628 occupational health centers and 413 onsite health clinics, contributing to increased daily patient visits and broader market reach.
Rising Demand for Occupational Health Services: The broader market trend of an increasing focus on workplace health and safety, partly influenced by the COVID-19 pandemic, presents a significant opportunity for Concentra. This growing demand allows the company to further solidify its market leadership and leverage its comprehensive service offerings.

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Share Issuance

Concentra Parent completed its Initial Public Offering (IPO) in July 2024, issuing 22,500,000 shares at $23.50 per share, raising $528,750,000 in gross proceeds.
Following the IPO, Select Medical Holdings Corporation retained an ownership stake of 82.23% of Concentra's total outstanding shares.
As of October 31, 2025, the company had 128,170,202 shares of common stock outstanding.

Share Repurchases

In November 2025, Concentra Parent's Board of Directors authorized a share repurchase program of up to $100 million of its common stock, set to expire on December 31, 2027.
The share repurchases can be executed in the open market or through privately negotiated transactions and will be funded with cash on hand.
The company does not expect the share repurchase program to impact its net leverage targets for 2025 and 2026.

Inbound Investments

The Initial Public Offering in July 2024 represented a significant inbound investment, with the company raising $529 million in gross proceeds.
Concentra Group Holdings Parent, Inc. was spun out as an independent company from Select Medical Holdings Corporation.

Outbound Investments

In the first quarter of 2025, Concentra's investing activities included $279.0 million in acquisition-related spending.
The company successfully completed the acquisition of Nova Medical Centers in Q1 2025 and signed a definitive agreement in April 2025 to acquire Pivot Onsite Innovations.
The acquisition of Pivot Onsite Innovations is expected to expand Concentra's onsite health clinics to more than 350 locations.

Capital Expenditures

Capital expenditures for the first, second, and third quarters of 2025 were $15.7 million, $25.2 million, and $21.2 million, respectively.
For the full year 2025, expected capital expenditures are projected to be in the range of $80 million to $90 million, with a trend towards the lower end of this range.
The primary focus of capital expenditures includes the expansion of the national footprint through new occupational health centers and onsite health clinics, and accelerating technology investments.

	Best Bets In Health Care Sector
What You Pay
P/E	16.5	21.9	13.4	33.4	13.7	12.0	79.8	75.3	28.4	11.5	59.3
P/EBIT	7.8	10.6	10.5	34.2	11.5	9.1	58.0	73.4	27.7	7.7	69.0
What You Get
Rev Chg Q	17.0%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	11.4%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	�	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	�	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Concentra Parent Stock Really Go?	Return
2	Concentra Parent (CON) Valuation Ratios Comparison	Financials
3	Concentra Parent (CON) Operating Cash Flow Comparison	Financials
4	Concentra Parent (CON) Net Income Comparison	Financials
5	Concentra Parent (CON) Operating Income Comparison	Financials
6	Concentra Parent (CON) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CON. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.0%	21.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-8.8%	-8.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.7%	2.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Concentra Parent

Peers to compare with:

Financials

	CON	ADUS	CVS	CI	LH	DGX	Median
Name	Concentr.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Mkt Price	19.68	112.01	78.36	275.60	255.06	176.34	144.18
Mkt Cap	2.5	2.0	99.4	73.4	21.2	19.8	20.5
Rev LTM	2,089	1,347	394,084	261,220	13,765	10,850	12,308
Op Inc LTM	323	123	10,751	-	1,365	1,531	1,365
FCF LTM	176	96	6,293	3,944	1,381	1,393	1,387
FCF 3Y Avg	-	107	6,427	7,773	1,080	1,004	1,080
CFO LTM	254	103	9,109	5,292	1,804	1,885	1,844
CFO 3Y Avg	-	115	9,277	9,197	1,531	1,454	1,531

Growth & Margins

	CON	ADUS	CVS	CI	LH	DGX	Median
Name	Concentr.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Rev Chg LTM	11.4%	18.8%	6.8%	20.9%	8.3%	13.7%	12.6%
Rev Chg 3Y Avg	-	13.3%	7.7%	13.6%	8.6%	2.2%	8.6%
Rev Chg Q	17.0%	25.0%	7.8%	11.2%	8.6%	13.2%	12.2%
QoQ Delta Rev Chg LTM	4.1%	5.7%	1.9%	2.7%	2.1%	3.1%	2.9%
Op Mgn LTM	15.5%	9.2%	2.7%	-	9.9%	14.1%	9.9%
Op Mgn 3Y Avg	-	8.8%	3.3%	-	9.6%	13.1%	9.2%
QoQ Delta Op Mgn LTM	-0.2%	0.0%	0.1%	-	0.8%	0.1%	0.1%
CFO/Rev LTM	12.2%	7.7%	2.3%	2.0%	13.1%	17.4%	9.9%
CFO/Rev 3Y Avg	-	10.0%	2.5%	4.4%	11.9%	14.5%	10.0%
FCF/Rev LTM	8.4%	7.2%	1.6%	1.5%	10.0%	12.8%	7.8%
FCF/Rev 3Y Avg	-	9.2%	1.8%	3.8%	8.4%	10.0%	8.4%

Valuation

	CON	ADUS	CVS	CI	LH	DGX	Median
Name	Concentr.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
Mkt Cap	2.5	2.0	99.4	73.4	21.2	19.8	20.5
P/S	1.2	1.5	0.3	0.3	1.5	1.8	1.4
P/EBIT	7.8	16.0	16.6	8.8	15.9	12.6	14.2
P/E	16.5	23.6	212.0	14.6	24.8	20.4	22.0
P/CFO	9.9	19.6	10.9	13.9	11.8	10.5	11.3
Total Yield	6.7%	4.2%	3.9%	9.0%	5.2%	6.7%	5.9%
Dividend Yield	0.6%	0.0%	3.4%	2.2%	1.1%	1.8%	1.4%
FCF Yield 3Y Avg	-	5.6%	7.1%	9.0%	5.4%	5.6%	5.6%
D/E	0.8	0.1	0.8	0.4	0.3	0.3	0.4
Net D/E	0.8	0.0	0.7	0.3	0.3	0.3	0.3

Returns

	CON	ADUS	CVS	CI	LH	DGX	Median
Name	Concentr.	Addus Ho.	CVS Heal.	Cigna	Labcorp	Quest Di.
1M Rtn	-2.4%	-0.6%	0.4%	-0.3%	-3.7%	-7.8%	-1.5%
3M Rtn	-5.4%	-1.9%	5.2%	-4.0%	-8.3%	-4.1%	-4.0%
6M Rtn	-5.7%	-0.9%	19.5%	-12.1%	-1.8%	-1.0%	-1.4%
12M Rtn	-0.6%	-14.8%	84.2%	1.6%	12.8%	17.4%	7.2%
3Y Rtn	-	10.9%	-6.1%	-12.9%	12.4%	19.8%	10.9%
1M Excs Rtn	-3.8%	-3.4%	-2.1%	-2.4%	-7.4%	-11.2%	-3.6%
3M Excs Rtn	-8.2%	-5.6%	-0.1%	-7.8%	-12.0%	-8.6%	-8.0%
6M Excs Rtn	-19.5%	-14.7%	5.3%	-25.0%	-15.2%	-14.0%	-15.0%
12M Excs Rtn	-14.9%	-30.8%	63.3%	-17.5%	-3.2%	1.7%	-9.1%
3Y Excs Rtn	-	-68.5%	-86.5%	-88.7%	-63.0%	-51.0%	-68.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	11/6/2025	3/3/2025	7/26/2024	3/3/2025	7/26/2024
Key Financials
Total Revenue	2,089	1,900	1,838	1,724	1,732
EBITDA	394	368	360	330	390
Operating Income	323	305	288	259	305
Net Income	153	167	180	167	209
EPS	1.20	1.46	1.42	1.32	1.65
Growth Rates
Total Revenue Growth	11.4%	3.4%	6.6%	-0.4%	-
EBITDA Growth	8.9%	2.3%	9.1%	-15.3%	-
Operating Income Growth	9.6%	6.0%	11.3%	-15.3%	-
Net Income Growth	-11.4%	-7.4%	7.9%	-20.2%	-
Margins
EBITDA Margin	18.8%	19.4%	19.6%	19.1%	22.5%
Operating Income Margin	15.5%	16.0%	15.6%	15.0%	17.6%
Net Income Margin	7.3%	8.8%	9.8%	9.7%	12.1%
Cash & Debt
Total Cash	50	183	31	38	�
Total Debt	2,138	1,951	905	1,040	0
Net Debt / (Cash)	2,088	1,768	874	1,002	�
Cash Flows
Net Cash from Operations	254	275	234	274	291
Free Cash from Operations	176	210	165	228	244
Returns to Shareholders
Dividends	16	1,544	-0	-0	-0
Share Repurchases	15	15	5	29	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	11/6/2025	8/7/2025	5/7/2025	3/3/2025	11/6/2024	8/27/2024	7/26/2024	7/26/2024	11/6/2024	8/27/2024	7/26/2024
Key Financials Quarterly
Total Revenue	573	551	501	465	490	478	468	441	474	467	456
Ebitda	114	109	96	75	101	98	94	68	99	100	93
Operating Income	94	90	80	59	86	84	75	49	81	82	75
Net Income	48	45	39	22	44	52	49	28	53	53	46
EPS	0.38	0.35	0.30	0.17	0.37	0.41	0.39	0.22	0.42	0.42	0.37
Key Financials TTM
Total Revenue TTM	2,089	2,006	1,933	1,900	1,876	1,860	1,849	1,838	-	-	-
Ebitda TTM	394	381	371	368	362	359	361	360	-	-	-
Operating Income TTM	323	315	310	305	295	290	288	288	-	-	-
Net Income TTM	153	149	156	167	173	182	183	180	-	-	-
Growth Rates Quarterly
Total Revenue Growth	17.0%	15.2%	7.1%	5.5%	3.3%	2.3%	2.5%	-	-	-	-
EBITDA Growth	12.7%	10.4%	2.2%	10.2%	2.6%	-2.1%	1.0%	-	-	-	-
Operating Income Growth	9.6%	6.7%	6.4%	19.8%	6.5%	2.2%	0.3%	-	-	-	-
Net Income Growth	8.8%	-13.9%	-20.5%	-22.7%	-16.5%	-1.9%	5.8%	-	-	-	-
Margins Quarterly
EBITDA Margin	20.0%	19.7%	19.2%	16.1%	20.7%	20.6%	20.1%	15.4%	20.9%	21.5%	20.4%
Operating Income Margin	16.5%	16.3%	16.0%	12.7%	17.6%	17.6%	16.1%	11.2%	17.1%	17.6%	16.5%
Net Income Margin	8.4%	8.1%	7.8%	4.6%	9.1%	10.8%	10.5%	6.3%	11.2%	11.3%	10.1%
Cash & Debt
Total Cash	50	74	52	183	137	51	100	31	-	-	-
Total Debt	2,138	2,180	2,136	1,951	1,948	861	1,915	905	0	0	0
Net Debt / (Cash)	2,088	2,106	2,084	1,768	1,811	810	1,816	874	-	-	-
Cash Flows Quarterly
FCF from Operations	61	88	12	94	66	70	45	76	59	82	18
Cash Flows TTM
FCF from Operations TTM	254	260	242	275	257	250	261	234	-	-	-
Returns to Shareholders Quarterly
Dividends	8	0	0	8	1,528	0	0	0	-1	0	0
Share Repurchases	-0	-0	-0	15	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.2%	11.4%	10.3%	9.3%	14.0%	30.9%	9.2%	16.8%	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.3%	9.8%	9.7%	12.8%	12.2%	27.2%	8.7%	25.1%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022
Occupational health centers	1,736	1,630	1,550
Onsite health clinics	60	56	145
Other	42	38	38
Total	1,838	1,724	1,732

Price Behavior

Price Behavior

Market Price	$19.68
Market Cap ($ Bil)	2.5
First Trading Date	07/25/2024
Distance from 52W High	-17.1%
	50 Days	200 Days
DMA Price	$19.86	$21.16
DMA Trend	down	down
Distance from DMA	-0.9%	-7.0%
	3M	1YR
Volatility	23.5%	29.6%
Downside Capture	56.11	74.47
Upside Capture	21.65	62.35
Correlation (SPY)	28.7%	49.2%

CON Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.74	0.58	0.57	0.88	0.78	-0.13
Up Beta	0.30	0.60	1.06	1.47	0.75	-0.00
Down Beta	-0.79	0.91	0.64	0.83	0.84	-0.10
Up Capture	141%	37%	-5%	45%	58%	8%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	17	23	57	115	158
Down Capture	88%	50%	79%	92%	89%	67%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	23	38	67	132	178

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,366,084
Short Interest: % Change Since 11152025	3.5%
Average Daily Volume	796,727
Days-to-Cover Short Interest	4.22
Basic Shares Quantity	128,170,000
Short % of Basic Shares	2.6%

Returns Analyses

	Title
0	How Low Can Concentra Parent Stock Really Go?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	3.4%	5.6%	4.0%
8/7/2025	7.0%	15.8%	12.9%
5/7/2025	-3.5%	-2.3%	1.0%
1/23/2025	-0.3%	-0.6%	-1.8%
10/31/2024	-0.9%	-1.1%	6.5%
8/1/2024	-0.0%	1.9%	7.9%
SUMMARY STATS
# Positive	2	3	5
# Negative	4	3	1
Median Positive	5.2%	5.6%	6.5%
Median Negative	-0.6%	-1.1%	-1.8%
Max Positive	7.0%	15.8%	12.9%
Max Negative	-3.5%	-2.3%	-1.8%

	Forward Returns
11/6/2025	3.4%	5.6%	4.0%
8/7/2025	7.0%	15.8%	12.9%
5/7/2025	-3.5%	-2.3%	1.0%
1/23/2025	-0.3%	-0.6%	-1.8%
10/31/2024	-0.9%	-1.1%	6.5%
8/1/2024	-0.0%	1.9%	7.9%
SUMMARY STATS
# Positive	2	3	5
# Negative	4	3	1
Median Positive	5.2%	5.6%	6.5%
Median Negative	-0.6%	-1.1%	-1.8%
Max Positive	7.0%	15.8%	12.9%
Max Negative	-3.5%	-2.3%	-1.8%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	3032025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8272024	10-Q 6/30/2024
12312023	7262024	424B4 12/31/2023

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Concentra Parent (CON)

Market Price (12/23/2025): $19.68 | Market Cap: $2.5 BilSector: Health Care | Industry: Health Care Services

Concentra Parent (CON)

Market Price (12/23/2025): $19.68Market Cap: $2.5 BilSector: Health CareIndustry: Health Care Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

CON Stock

Why The Stock Moved

Qualitative Assessment

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Fundamental Drivers

Market Drivers

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Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Concentra Parent (CON)

Dependence on U.S. Labor Force Trends and Economic Health

Elevated Leverage and Financial Management

Intensifying Competition

Interactive Breakdown

Better Bets than Concentra Parent (CON)

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Based On 1-Year Data

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Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

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External Quote Links

Market Price (12/23/2025): $19.68 | Market Cap: $2.5 Bil
Sector: Health Care | Industry: Health Care Services

Market Price (12/23/2025): $19.68
Market Cap: $2.5 Bil
Sector: Health Care
Industry: Health Care Services