Tearsheet

Pediatrix Medical (MD)

Market Price (4/22/2026): $22.87 | Market Cap: $1.9 Bil
Sector: Health Care | Industry: Health Care Services

Pediatrix Medical (MD)

Market Price (4/22/2026): $22.87
Market Cap: $1.9 Bil
Sector: Health Care
Industry: Health Care Services

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 13%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

Low stock price volatility
Vol 12M is 45%

Megatrend and thematic drivers
Megatrends include Specialized Healthcare Delivery. Themes include Neonatal & Pediatric Intensive Care, Maternal-Fetal Medicine, and Pediatric Subspecialty Services.

Weak multi-year price returns
3Y Excs Rtn is -14%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -1.7%

Key risks
MD key risks include [1] margin pressure from rising clinical compensation costs and [2] a shrinking top-line revenue resulting from its strategic divestiture of lower-margin practices.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 13%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 45%
3	Megatrend and thematic drivers Megatrends include Specialized Healthcare Delivery. Themes include Neonatal & Pediatric Intensive Care, Maternal-Fetal Medicine, and Pediatric Subspecialty Services.
4	Weak multi-year price returns 3Y Excs Rtn is -14%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -1.7%
6	Key risks MD key risks include [1] margin pressure from rising clinical compensation costs and [2] a shrinking top-line revenue resulting from its strategic divestiture of lower-margin practices.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$22.87	$21.39	$13.12	$9.30	$14.86
Market Cap CYE ($ Bil)	1.9	1.8	1.1	0.8	1.2
Total Debt ($ Bil)	0.6	0.6	0.7	0.7	0.7
Total Cash ($ Bil)	0.5	0.5	0.3	0.2	0.1
Enterprise Value ($ Bil)	2.0	2.4	1.8	1.5	1.9
Valuation Ratios
P/S TTM	1.0	0.9	0.5	0.4	0.6
P/EBIT TTM	7.5	7.0	-18.1	-122.0	10.0
P/E TTM	11.4	10.7	-11.1	-12.7	18.3
P/FCF TTM	7.5	7.0	5.9	7.4	8.8
Sector Ratios
P/S TTM (Sector)	3.8	4.2	3.8	4.2	4.6
P/EBIT TTM (Sector)	-1.9	-1.8	-1.4	-1.5	-1.3
P/E TTM (Sector)	-2.0	-1.8	-1.6	-1.6	-1.3
P/FCF TTM (Sector)	-1.9	-1.7	-1.4	-1.5	-1.7

	4/22/26	2025	2024
Share Price CYE	$22.87	$21.39	$13.12
Market Cap CYE ($ Bil)	1.9	1.8	1.1
Total Debt ($ Bil)	0.6	0.6	0.7
Total Cash ($ Bil)	0.5	0.5	0.3
Enterprise Value ($ Bil)	2.0	2.4	1.8
Valuation Ratios
P/S TTM	1.0	0.9	0.5
P/EBIT TTM	7.5	7.0	-18.1
P/E TTM	11.4	10.7	-11.1
P/FCF TTM	7.5	7.0	5.9
Sector Ratios
P/S TTM (Sector)	3.8	4.2	3.8
P/EBIT TTM (Sector)	-1.9	-1.8	-1.4
P/E TTM (Sector)	-2.0	-1.8	-1.6
P/FCF TTM (Sector)	-1.9	-1.7	-1.4

	MD	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.9
Rev Chg Q	-1.7%	7.5%
Rev Chg LTM	-4.9%	6.9%
Rev Chg 3Y Avg	-1.0%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	12.1%	18.6%
CFO/Rev LTM	14.2%	20.6%
Net Inc Mgn	8.6%	12.8%
VALUATION	LOW
P/S	1.0	3.3
P/CFO	6.9	15.7
P/FCF	7.5	20.4
P/E	11.4	24.4
STABILITY	GOOD
Debt/Equity	0.34	0.20
Cash/Assets	0.22	0.07

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Metric	Value	Date	Source
Affiliated Physicians	approximately 2,620	11032025	Link
States of Operation	37	11032025	Link
Hospital Partners	nearly 400	1012024	Link
Number of Practices	300+	1012023	Link
Same-Unit Neonatal Intensive Care Unit (NICU) Patient Days Growth	2.2%	9302025	Link

Upcoming
5/05/2026	Earnings Release	Rev: $465 Mil (E) EPS: $0.37 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Pediatrix Medical (MD) stock has gained about 5% since 12/31/2025 because of the following key factors:

1. Stronger-than-Expected Operational Performance and Outlook. Pediatrix Medical Group reported Q4 2025 revenue of $493.77 million, surpassing analyst consensus by $5 million, despite an EPS miss of $0.03. Management highlighted robust adjusted EBITDA of $66 million and provided 2026 adjusted EBITDA guidance ranging from $280 million to $300 million, reflecting a 5% growth at the midpoint, even with flat full-year revenue projections. This positive operational commentary and future outlook contributed to the stock's significant 17.2% rebound following an initial post-earnings decline.

2. Strategic Expansion Through Earnings-Accretive Acquisition. In late March 2026, Pediatrix Medical Group expanded its footprint by acquiring Tennessee Maternal-Fetal Medicine. This cash deal integrated five new locations and a ten-provider team, strengthening Pediatrix's focus on high-acuity maternal-fetal care and broadening its regional coverage. The acquisition is anticipated to be immediately accretive to earnings.

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Stock Movement Drivers

Fundamental Drivers

The 7.0% change in MD stock from 12/31/2025 to 4/21/2026 was primarily driven by a 2.7% change in the company's Shares Outstanding (Mil).

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	21.39	22.88	7.0%
Change Contribution By:
Total Revenues ($ Mil)	1,922	1,914	-0.4%
Net Income Margin (%)	8.4%	8.6%	2.4%
P/E Multiple	11.2	11.4	2.1%
Shares Outstanding (Mil)	85	82	2.7%
Cumulative Contribution			7.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
MD	7.0%
Market (SPY)	-5.4%	17.1%
Sector (XLV)	-5.7%	28.1%

Fundamental Drivers

The 36.6% change in MD stock from 9/30/2025 to 4/21/2026 was primarily driven by a 52.6% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	16.75	22.88	36.6%
Change Contribution By:
Total Revenues ($ Mil)	1,941	1,914	-1.4%
Net Income Margin (%)	5.7%	8.6%	52.6%
P/E Multiple	12.9	11.4	-11.8%
Shares Outstanding (Mil)	85	82	2.9%
Cumulative Contribution			36.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
MD	36.6%
Market (SPY)	-2.9%	17.9%
Sector (XLV)	5.3%	25.9%

Fundamental Drivers

The 57.9% change in MD stock from 3/31/2025 to 4/21/2026 was primarily driven by a 63.5% change in the company's P/S Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	14.49	22.88	57.9%
Change Contribution By:
Total Revenues ($ Mil)	2,013	1,914	-4.9%
P/S Multiple	0.6	1.0	63.5%
Shares Outstanding (Mil)	84	82	1.6%
Cumulative Contribution			57.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
MD	57.9%
Market (SPY)	16.3%	29.3%
Sector (XLV)	1.3%	29.0%

Fundamental Drivers

The 53.5% change in MD stock from 3/31/2023 to 4/21/2026 was primarily driven by a 156.9% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4212026	Change
Stock Price ($)	14.91	22.88	53.5%
Change Contribution By:
Total Revenues ($ Mil)	1,972	1,914	-2.9%
Net Income Margin (%)	3.4%	8.6%	156.9%
P/E Multiple	18.3	11.4	-37.8%
Shares Outstanding (Mil)	82	82	-1.1%
Cumulative Contribution			53.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
MD	53.5%
Market (SPY)	63.3%	25.0%
Sector (XLV)	18.0%	26.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MD Return	11%	-45%	-37%	41%	63%	8%	-6%
Peers Return	91%	-14%	8%	-4%	1%	8%	88%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
MD Win Rate	50%	42%	42%	67%	58%	50%
Peers Win Rate	75%	42%	52%	45%	48%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
MD Max Drawdown	-15%	-47%	-44%	-27%	-9%	-12%
Peers Max Drawdown	-6%	-36%	-17%	-28%	-26%	-5%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HCA, THC, CHE, AMN, CCRN. See MD Returns vs. Peers.
[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] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique Key	Event	MD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-76.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	319.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-71.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	252.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	315 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-71.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	249.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-66.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	194.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	893 days	1,480 days

Compare to HCA, THC, CHE, AMN, CCRN

In The Past

Pediatrix Medical's stock fell -76.2% during the 2022 Inflation Shock from a high on 8/30/2021. A -76.2% loss requires a 319.5% gain to breakeven.

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About Pediatrix Medical (MD)

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

MEDNAX, Inc., together with its subsidiaries, provides newborn, maternal-fetal, pediatric cardiology, and other pediatric subspecialty care services in the United States and Puerto Rico. It offers neonatal care services, such as clinical care to babies born prematurely or with complications within specific units at hospitals through neonatal physician subspecialists, neonatal nurse practitioners, and other pediatric clinicians. The company also provides maternal-fetal care services, including inpatient and office-based clinical care to expectant mothers and unborn babies through affiliated maternal-fetal medicine subspecialists, as well as obstetricians and other clinicians, including maternal-fetal nurse practitioners, certified nurse mid-wives, ultrasonographers, and genetic counselors. In addition, it offers pediatric cardiology care services comprising inpatient and office-based pediatric cardiology care of the fetus, infant, child, and adolescent patient with congenital heart defects and acquired heart disease, as well as adults with congenital heart defects through affiliated pediatric cardiologist subspecialists and other related clinical professionals; and specialized cardiac care to the fetus, neonatal and pediatric patients. Further, the company provides other pediatric subspecialty care services through pediatric subspecialists, such as pediatric intensivists, pediatric hospitalists, pediatric surgeons, and pediatric ophthalmologists, as well as pediatric ear, nose, and throat physicians; and support services in the areas of hospitals, primarily in the pediatric emergency rooms, labor and delivery areas, and nursery and pediatric departments. As of February 17, 2022, it operated a network of approximately 2,700 physicians. The company was founded in 1979 and is based in Sunrise, Florida.

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Here are 1-2 brief analogies for Pediatrix Medical (MD):

Pediatrix Medical is like TeamHealth for women's and children's subspecialty doctors, providing specialized medical staffing and management for hospitals.
It's a national network of maternal-fetal and pediatric specialists, similar to how DaVita is a national network for kidney dialysis.

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Neonatal Care Services: Provides clinical care for premature or complicated babies within hospital units, delivered by neonatal physician subspecialists and nurse practitioners.
Maternal-Fetal Care Services: Offers inpatient and office-based clinical care to expectant mothers and unborn babies through maternal-fetal medicine subspecialists and other clinicians.
Pediatric Cardiology Care Services: Delivers inpatient and office-based care for fetuses, infants, children, and adolescents with congenital heart defects and acquired heart disease.
Other Pediatric Subspecialty Care Services: Includes specialized care from pediatric intensivists, hospitalists, surgeons, ophthalmologists, and ear, nose, and throat physicians.
Hospital Support Services: Provides support in areas such as pediatric emergency rooms, labor and delivery, and nursery/pediatric departments within hospitals.

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Pediatrix Medical (symbol: MD) primarily provides medical care services directly to individuals.

Its major customer categories include:

Newborns and Infants: Patients receiving neonatal care due to prematurity or complications.
Expectant Mothers and Unborn Babies: Patients receiving maternal-fetal care, including inpatient and office-based clinical care.
Children and Adolescents: Patients receiving pediatric cardiology care for congenital or acquired heart defects, as well as care from other pediatric subspecialists such as intensivists, hospitalists, surgeons, ophthalmologists, and ear, nose, and throat physicians.

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Mark S. Ordan, Chair of the Board of Directors and Chief Executive Officer

Mark S. Ordan was appointed Chair of the Board of Directors and Chief Executive Officer of Pediatrix Medical Group in January 2025, having previously served as CEO from July 2020 to December 2022 and then as Executive Chair of the Board. He is recognized for his extensive experience in transforming business operations. Mr. Ordan founded and served as CEO of Fresh Fields Market, which he later merged with Whole Foods Market in 1996. He has held numerous CEO roles at other public companies, including Quality Care Properties, Inc., Washington Prime Group Inc., Sunrise Senior Living, Inc., The Mills Corporation, and Balducci's. Notably, he was instrumental in the sale of The Mills Corporation to Simon Property Group and Farallon Capital Management in 2007, and he led the turnaround and sale of Sunrise Senior Living, Inc. to Health Care REIT and KKR in 2013. His leadership at Quality Care Properties, Inc. also culminated in its sale to Welltower Inc. and ProMedica Health System. Mr. Ordan currently serves on the Board of Directors of The Carlyle Group as Lead Independent Director, demonstrating a pattern of managing or being involved with companies backed by private equity firms.

Kasandra Rossi, Executive Vice President, Chief Financial Officer and Treasurer

Kasandra Rossi was appointed Executive Vice President, Chief Financial Officer and Treasurer in October 2024. She joined Pediatrix in December 2009 and has held various senior-level accounting, finance, and treasury positions within the company, including Senior Vice President, Financial Reporting and Assistant Treasurer. Before joining Pediatrix, Ms. Rossi served in accounting and finance roles at other public companies in South Florida, such as Office Depot, Inc. and Republic Services, Inc., from July 2003 to December 2009. From September 1999 to July 2003, she was a member of the assurance practice of Ernst & Young, LLP, providing services to clients in various industries, including healthcare, private equity, and aviation.

Mary Ann E. Moore, Executive Vice President, General Counsel, Chief Administrative Officer and Secretary

Mary Ann E. Moore assumed the role of Chief Administrative Officer in August 2024, in addition to her existing appointments as Executive Vice President, General Counsel, and Secretary since October 2022. She joined Pediatrix in 2006 as Associate General Counsel and has since held several senior positions within the Legal Department. Prior to her tenure at Pediatrix, Ms. Moore served as Senior Counsel for Tenet Healthcare Corporation in South Florida. Her background also includes experience with Adventist Health System and in private legal practice.

Greg Neeb, Executive Vice President, Chief Investment and Strategy Officer

Greg Neeb was appointed Executive Vice President, Chief Investment and Strategy Officer in August 2025. He is the founder of Neeb Management LLC and Neeb Investments LLC, healthcare and real estate advisory and investment firms established in 2013. Mr. Neeb’s extensive experience includes serving as President and Chief Investment Officer of Quality Care Properties, Inc. from 2016 to 2018, which was later sold to Welltower Inc. and ProMedica Health System. From 2008 to 2013, he was the Chief Investment and Administrative Officer for Sunrise Senior Living, Inc., playing a key role in its sale to Welltower Inc. and Kohlberg Kravis Roberts & Co. LP. Earlier in his career, from 1995 to 2007, Mr. Neeb was Chief Investment Officer for The Mills Corporation, which was sold to Simon Property Group and Farallon Capital Management. His background demonstrates a consistent involvement in managing and selling companies, including those with private equity backing.

Nanette Sanders, Executive Vice President, National Operations

Nanette Sanders serves as the Executive Vice President of National Operations for Pediatrix Medical Group. She joined the company in 1997, when it was known as Mednax, as a Regional Manager for the Managed Care Division. Throughout her career at Pediatrix, Ms. Sanders has held various leadership roles, including Regional President, West Coast, Regional Vice President, West Market, and Director of Operations in the Pacific Region. She brings over 35 years of experience in the healthcare industry, encompassing hospitals, private practices, and managed care sectors.

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Key Risks to Pediatrix Medical (MD)

Reliance on Highly Specialized Medical Professionals: Pediatrix Medical's business model depends heavily on recruiting and retaining a broad network of highly specialized medical professionals, including neonatal physician subspecialists, maternal-fetal medicine subspecialists, pediatric cardiologists, and other pediatric subspecialists. A shortage of these professionals, increased competition for their services, or challenges in retention could significantly impact the company's ability to deliver care and grow its services.
Dependence on Hospital Contracts: The company provides its services primarily within specific units at hospitals, including pediatric emergency rooms, labor and delivery areas, and nursery and pediatric departments. This indicates a substantial reliance on contracts with hospitals. The loss of significant hospital contracts, inability to renew existing agreements on favorable terms, or pressure on contract pricing could materially affect the company's operations and financial performance.
Changes in Healthcare Reimbursement Policies and Regulations: As a healthcare services provider, Pediatrix Medical is susceptible to changes in government and private insurance reimbursement policies, including reductions in reimbursement rates, changes in coverage criteria, or shifts in payment models. Additionally, evolving healthcare regulations could increase compliance costs or restrict operational flexibility, negatively impacting profitability and service delivery.

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The addressable markets for Pediatrix Medical's main services in the United States are as follows:

Neonatal Care Services

The U.S. neonatal infant care market was valued at approximately $854.7 million in 2024 and is projected to reach $1,570 million by 2034, growing at a compound annual growth rate (CAGR) of 6.8%.

Maternal-Fetal Care Services

The U.S. fetal monitoring market, which includes maternal-fetal care services, was estimated at $1.55 billion in 2024 and is expected to reach around $3.02 billion by 2034, exhibiting a CAGR of 6.90% from 2025 to 2034.

Pediatric Cardiology Care Services

The U.S. Pediatric Cardiology market is projected to be $0.97 billion in 2024 and is expected to grow to $1.46 billion by 2030, with a CAGR of 7.1%. The U.S. pediatric interventional cardiology market is projected to grow from $1.2 billion in 2024 to $2.4 billion by 2034.

Other Pediatric Subspecialty Care Services

The broader U.S. pediatric healthcare market, encompassing various pediatric subspecialty care services, was estimated at $4.18 billion in 2024 and is projected to reach approximately $9.50 billion by 2034, growing at a CAGR of 8.56% from 2025 to 2034.

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Pediatrix Medical (MD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Favorable Payer Mix and Increased Patient Acuity: The company anticipates continued benefit from a favorable payer mix and higher patient acuity within its neonatology segment. This leads to improved reimbursement-related factors and growth in same-unit pricing, contributing to top-line performance despite potential flat patient volumes.
Strategic Acquisitions: Pediatrix Medical is pursuing an inorganic growth strategy, focusing on strategic acquisitions in its core and adjacent service areas to expand its capacity and patient volumes. The company is actively exploring further practice acquisitions and expansion opportunities.
Expansion of Core Specialties and Telemedicine: The company is committed to expanding its presence within core specialties, including Neonatal Intensive Care Units (NICUs), maternal-fetal medicine, and OB hospital medicine programs. Additionally, Pediatrix Medical is exploring growth opportunities through the strategic use of telemedicine.
Enhanced Revenue Cycle Management (RCM) and Contract Administrative Fees: Improvements in revenue cycle management collections, coupled with an favorable payer mix, increased patient acuity, and higher contract administrative fees from hospital partners, are expected to support an increase in net patient service revenues, even if patient volumes and general pricing remain stable.

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Share Repurchases

Pediatrix Medical Group authorized a share repurchase program of up to $250 million of its outstanding common stock on August 18, 2025, with a three-year term.
The company used $64.0 million for share repurchases in the fourth quarter of 2025, which reduced shares outstanding to approximately 83 million.
Pediatrix Medical Group also used $20.9 million for share repurchases in the third quarter of 2025.

Share Issuance

On March 1, 2026, an executive vice president received 39,925 shares as a performance-based award from a program established in March 2023, with 26,931 shares withheld for tax obligations upon vesting.
The weighted average shares outstanding for the year ended December 31, 2025, was 85.3 million, compared to 83.3 million for 2024.
Weighted average shares outstanding were 82.2 million for the year ended December 31, 2023.

Outbound Investments

Pediatrix Medical Group utilized $19.2 million for acquisition activity in the third quarter of 2025.
The company used $5.0 million to fund a practice acquisition in the fourth quarter of 2023.
In 2024, Pediatrix Medical Group added one maternal-fetal medicine practice while completing plans to exit most office-based practices and its primary and urgent care service lines.

Capital Expenditures

Pediatrix Medical Group’s capital expenditures were $5.3 million in the fourth quarter of 2025 and $5.3 million in the third quarter of 2025.
The company reported $3.4 million in capital expenditures for the fourth quarter of 2024.
Capital expenditures totaled $9.0 million in the fourth quarter of 2023.

Interactive Breakdown

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Better Bets vs. Pediatrix Medical (MD)

INDUSTRY: Health Care Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

CVS (7.7% | 0.2x)

VCYT (24.5%)

Veracyte

PGNY (14.9%)

Progyny

Higher Total Yield (Value for MD: 8.8%)

CI (10.4%)

Cigna

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

CI (15.3% | 0.3x)

Cigna

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MD: -1.0% | 8.2x)

THC (3.6% | 4.7x)

Tenet Healthcare

UHS (9.0% | 5.6x)

Universal Health Services

DVA (5.5% | 5.2x)

DaVita

PTCT (44.9% | 6.8x)

PTC Therapeutics

ACHC (8.3% | 6.4x)

Acadia Healthcare

Higher Rev Chg LTM (Value for MD: -4.9%)

LLY (44.7%)

Eli Lilly

UNH (11.8%)

UnitedHealth

ABBV (8.6%)

AbbVie

JNJ (6.0%)

Johnson & Johnson

MRK (1.3%)

Merck

Higher Rev Chg 3Y Avg (Value for MD: -1.0%)

LLY (32.1%)

Eli Lilly

UNH (11.4%)

UnitedHealth

MRK (3.2%)

Merck

JNJ (2.6%)

Johnson & Johnson

ABBV (1.9%)

AbbVie

Higher Op Mgn LTM (Value for MD: 12.1%)

LLY (45.6%)

Eli Lilly

MRK (34.0%)

Merck

ABBV (32.8%)

AbbVie

JNJ (27.2%)

Johnson & Johnson

TMO (18.2%)

Thermo Fisher Scientific

Higher CFO/Rev LTM (Value for MD: 14.2%)

ABBV (31.1%)

AbbVie

JNJ (26.0%)

Johnson & Johnson

LLY (25.8%)

Eli Lilly

MRK (25.3%)

Merck

TMO (17.5%)

Thermo Fisher Scientific

Higher FCF/Rev LTM (Value for MD: 13.2%)

ABBV (29.1%)

AbbVie

AMGN (22.0%)

Amgen

JNJ (20.5%)

Johnson & Johnson

MRK (19.0%)

Merck

TMO (14.1%)

Thermo Fisher Scientific

Higher Total Yield (Value for MD: 8.8%)

PFE (11.3%)

Pfizer

CI (10.4%)

Cigna

BMY (10.0%)

Bristol-Myers Squibb

ELV (9.9%)

Elevance Health

MRK (9.5%)

Merck

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

CMCSA (0.6% | 0.9x)

Comcast

GM (5.8% | 0.4x)

General Motors

ALL (10.0% | 0.8x)

Allstate

MET (3.9% | 0.7x)

MetLife

F (5.9% | 0.3x)

Ford Motor

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MD: -1.0% | 8.2x)

VZ (0.3% | 6.7x)

Verizon Communications

T (1.3% | 7.3x)

AT&T

CMCSA (0.6% | 5.1x)

Comcast

PYPL (6.4% | 7.4x)

PayPal

DAL (6.5% | 8.0x)

Delta Air Lines

Higher Rev Chg LTM (Value for MD: -4.9%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for MD: -1.0%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for MD: 12.1%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for MD: 14.2%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for MD: 13.2%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for MD: 8.8%)

VZ (14.6%)

Verizon Communications

TD (12.3%)

Toronto-Dominion Bank

T (12.0%)

AT&T

WFC (10.5%)

Wells Fargo

CB (9.1%)

Chubb

Best Bets in Health Care

What You Pay

P/EBIT (Value for MD: 7.5x)

RPRX (13.0x)

Royalty Pharma

DOCS (19.0x)

Doximity

VEEV (30.0x)

Veeva Systems

HALO (16.6x)

Halozyme Therapeutics

UTHR (14.4x)

United Therapeutics

CPRX (12.2x)

Catalyst Pharmaceuticals

BMY (10.8x)

Bristol-Myers Squibb

RMD (17.5x)

ResMed

AMGN (15.8x)

Amgen

PBH (8.9x)

Prestige Consumer Healthcare

P/E (Value for MD: 11.4x)

RPRX (27.5x)

Royalty Pharma

DOCS (18.9x)

Doximity

VEEV (30.2x)

Veeva Systems

HALO (25.4x)

Halozyme Therapeutics

UTHR (18.6x)

United Therapeutics

CPRX (14.7x)

Catalyst Pharmaceuticals

BMY (17.1x)

Bristol-Myers Squibb

RMD (21.7x)

ResMed

AMGN (24.1x)

Amgen

PBH (14.8x)

Prestige Consumer Healthcare

What You Get

Rev Chg 3Y Avg (Value for MD: -1.0%)

RPRX (2.1%)

Royalty Pharma

DOCS (16.7%)

Doximity

VEEV (14.1%)

Veeva Systems

HALO (28.5%)

Halozyme Therapeutics

UTHR (18.1%)

United Therapeutics

CPRX (43.1%)

Catalyst Pharmaceuticals

BMY (1.5%)

Bristol-Myers Squibb

RMD (12.9%)

ResMed

AMGN (11.9%)

Amgen

PBH (-0.1%)

Prestige Consumer Healthcare

Rev Chg LTM (Value for MD: -4.9%)

RPRX (5.1%)

Royalty Pharma

DOCS (15.9%)

Doximity

VEEV (16.3%)

Veeva Systems

HALO (37.6%)

Halozyme Therapeutics

UTHR (10.6%)

United Therapeutics

CPRX (19.8%)

Catalyst Pharmaceuticals

BMY (-0.2%)

Bristol-Myers Squibb

RMD (9.6%)

ResMed

AMGN (10.0%)

Amgen

PBH (-1.3%)

Prestige Consumer Healthcare

Rev Chg Q (Value for MD: -1.7%)

RPRX (4.8%)

Royalty Pharma

DOCS (9.8%)

Doximity

VEEV (16.0%)

Veeva Systems

HALO (51.6%)

Halozyme Therapeutics

UTHR (7.4%)

United Therapeutics

CPRX (7.6%)

Catalyst Pharmaceuticals

BMY (1.3%)

Bristol-Myers Squibb

RMD (11.0%)

ResMed

AMGN (8.6%)

Amgen

PBH (-2.4%)

Prestige Consumer Healthcare

FCF/Rev 3Y Avg (Value for MD: 9.2%)

RPRX (118.0%)

Royalty Pharma

DOCS (41.6%)

Doximity

VEEV (40.8%)

Veeva Systems

HALO (38.8%)

Halozyme Therapeutics

UTHR (34.1%)

United Therapeutics

CPRX (33.2%)

Catalyst Pharmaceuticals

BMY (27.9%)

Bristol-Myers Squibb

RMD (27.3%)

ResMed

AMGN (26.4%)

Amgen

PBH (22.3%)

Prestige Consumer Healthcare

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Pediatrix Medical Earnings Notes	12/31/2026
2	Should You Buy Pediatrix Medical Stock?	11/04/2025
3	How Low Can Pediatrix Medical Stock Really Go?	10/17/2025
4	Pediatrix Medical (MD) Debt Comparison	08/08/2025
5	Pediatrix Medical (MD) Operating Cash Flow Comparison	08/08/2025
6	Pediatrix Medical (MD) EBITDA Comparison	08/08/2025
7	ARTICLES
8	Is Pediatrix Medical Stock Outperforming Its Rivals?	11/04/2025
9	Buy or Sell Pediatrix Medical Stock?	11/04/2025
10	What’s Next For Mednax Stock After The Recent 20% Rally?	07/01/2021

	Title
0	DASHBOARDS
1	Pediatrix Medical Earnings Notes
2	Should You Buy Pediatrix Medical Stock?
3	How Low Can Pediatrix Medical Stock Really Go?
4	Pediatrix Medical (MD) Debt Comparison
5	Pediatrix Medical (MD) Operating Cash Flow Comparison
6	Pediatrix Medical (MD) EBITDA Comparison
7	ARTICLES
8	Is Pediatrix Medical Stock Outperforming Its Rivals?
9	Buy or Sell Pediatrix Medical Stock?
10	What’s Next For Mednax Stock After The Recent 20% Rally?

Trade Ideas

Select ideas related to MD.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312026	PGNY	Progyny	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	0.0%	0.0%	0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	CNC	Centene	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	2.3%	2.3%	-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	OSCR	Oscar 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	3.0%	3.0%	-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper	03202026	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.4%	-0.4%	-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%	03202026	GILD	Gilead Sciences	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.6%	1.6%	-2.2%
MD_2292020_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02292020	MD	Pediatrix Medical	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	13.0%	42.9%	-53.8%
MD_10312018_Dip_Buyer_FCFYield	10312018	MD	Pediatrix Medical	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	-31.6%	-46.8%	-50.1%
MD_4302018_Dip_Buyer_FCFYield	04302018	MD	Pediatrix Medical	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	-10.7%	-39.1%	-44.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	0.9	19.3%	61.9%
CAR	Avis Budget	25.1	17.3%	456.4%
NVTS	Navitas Semiconductor	3.4	16.1%	114.7%
CBIO	Crescent Biopharma	0.7	13.3%	107.2%
VMI	Valmont Industries	9.0	11.9%	14.3%
MLI	Mueller Industries	14.7	11.4%	17.7%
EGY	VAALCO Energy	0.6	11.0%	65.2%
PBI	Pitney Bowes	2.3	10.9%	39.6%
CRVS	Corvus Pharmaceuticals	1.4	10.3%	122.6%
VICR	Vicor	11.1	9.5%	124.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WASH	Washington Trust Bancorp	0.6	-16.9%	5.2%
TPB	Turning Point Brands	1.3	-16.5%	-34.8%
VSEC	VSE	4.4	-13.7%	12.6%
NG	Novagold Resources	3.8	-12.7%	0.8%
ULCC	Frontier	1.0	-12.1%	-10.2%
TSCO	Tractor Supply	20.9	-11.7%	-20.5%
ELE	Elemental Royalty	1.2	-10.4%	7.8%
HYMC	Hycroft Mining	3.3	-10.4%	65.8%
PEGA	Pegasystems	6.7	-10.3%	-34.1%
REPL	Replimune	0.2	-10.1%	-80.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CAR	Avis Budget	25.1	73.5%	456.4%
MXL	MaxLinear	2.9	56.3%	93.3%
NVTS	Navitas Semiconductor	3.4	55.3%	114.7%
POET	POET Technologies	0.9	52.8%	61.9%
BB	BlackBerry	3.3	41.3%	48.0%
NN	NextNav	3.1	40.0%	35.6%
HIMS	Hims & Hers Health	6.8	39.3%	-8.3%
USAR	USA Rare Earth	2.3	34.5%	92.0%
BETR	Better Home & Finance	0.7	34.0%	42.9%
BAND	Bandwidth	0.7	32.3%	53.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
IIIN	Insteel Industries	0.5	-34.3%	-21.9%
QDEL	QuidelOrtho	0.8	-30.5%	-57.8%
ANAB	AnaptysBio	1.4	-26.2%	6.9%
BMI	Badger Meter	3.6	-25.1%	-30.5%
AGIO	Agios Pharmaceuticals	1.5	-21.1%	-3.4%
LCID	Lucid	2.3	-19.2%	-32.7%
IAG	Iamgold	9.7	-18.4%	2.1%
MDXG	MiMedx	0.5	-18.4%	-52.7%
ORLA	Orla Mining	4.8	-18.3%	8.1%
WASH	Washington Trust Bancorp	0.6	-17.7%	5.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BCPC	Balchem	5.6	647.6%	14.6%
CAR	Avis Budget	25.1	614.7%	456.4%
AEHR	Aehr Test Systems	2.8	171.5%	364.2%
APLS	Apellis Pharmaceuticals	5.2	137.9%	63.0%
SGML	Sigma Lithium	2.4	135.4%	61.4%
CBIO	Crescent Biopharma	0.7	125.4%	107.2%
CODI	Compass Diversified	0.9	111.6%	146.0%
KOD	Kodiak Sciences	2.4	107.4%	65.0%
MXL	MaxLinear	2.9	103.5%	93.3%
SATL	Satellogic	0.9	100.8%	285.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	MD	HCA	THC	CHE	AMN	CCRN	Median
Name	Pediatri.	HCA Heal.	Tenet He.	Chemed	AMN Heal.	Cross Co.
Mkt Price	22.88	471.18	185.47	373.79	20.83	10.03	104.17
Mkt Cap	1.9	106.9	16.2	5.2	0.8	0.3	3.6
Rev LTM	1,914	75,600	21,310	2,530	2,730	1,054	2,630
Op Inc LTM	231	11,965	3,439	341	33	-4	286
FCF LTM	253	7,692	2,530	325	234	40	289
FCF 3Y Avg	180	6,006	1,756	322	247	129	285
CFO LTM	271	12,636	3,540	388	269	48	330
CFO 3Y Avg	205	10,860	2,654	379	321	139	350

Growth & Margins

	MD	HCA	THC	CHE	AMN	CCRN	Median
Name	Pediatri.	HCA Heal.	Tenet He.	Chemed	AMN Heal.	Cross Co.
Rev Chg LTM	-4.9%	7.1%	3.1%	4.1%	-8.5%	-21.6%	-0.9%
Rev Chg 3Y Avg	-1.0%	7.9%	3.6%	5.8%	-19.2%	-27.7%	1.3%
Rev Chg Q	-1.7%	6.7%	8.9%	-0.1%	1.8%	-23.6%	0.9%
QoQ Delta Rev Chg LTM	-0.4%	1.7%	2.2%	-0.0%	0.5%	-6.5%	0.2%
Op Inc Chg LTM	25.8%	13.4%	17.9%	-7.0%	-72.3%	-117.2%	3.2%
Op Inc Chg 3Y Avg	7.0%	9.8%	12.9%	-0.4%	-61.4%	-84.7%	3.3%
Op Mgn LTM	12.1%	15.8%	16.1%	13.5%	1.2%	-0.4%	12.8%
Op Mgn 3Y Avg	9.7%	15.2%	14.0%	14.6%	4.8%	2.6%	11.9%
QoQ Delta Op Mgn LTM	-0.1%	0.2%	0.1%	-0.4%	-0.4%	-0.8%	-0.3%
CFO/Rev LTM	14.2%	16.7%	16.6%	15.3%	9.9%	4.6%	14.8%
CFO/Rev 3Y Avg	10.4%	15.4%	12.7%	15.7%	10.1%	8.6%	11.6%
FCF/Rev LTM	13.2%	10.2%	11.9%	12.9%	8.6%	3.8%	11.0%
FCF/Rev 3Y Avg	9.2%	8.5%	8.4%	13.4%	7.9%	7.9%	8.4%

Valuation

	MD	HCA	THC	CHE	AMN	CCRN	Median
Name	Pediatri.	HCA Heal.	Tenet He.	Chemed	AMN Heal.	Cross Co.
Mkt Cap	1.9	106.9	16.2	5.2	0.8	0.3	3.6
P/S	1.0	1.4	0.8	2.1	0.3	0.3	0.9
P/Op Inc	8.2	8.9	4.7	15.3	24.3	-83.1	8.5
P/EBIT	7.5	8.8	4.5	14.6	-14.5	-4.0	6.0
P/E	11.4	15.8	11.5	19.7	-8.4	-3.4	11.4
P/CFO	7.0	8.5	4.6	13.5	3.0	6.7	6.8
Total Yield	8.8%	7.0%	8.7%	5.5%	-11.9%	-29.2%	6.3%
Dividend Yield	0.0%	0.6%	0.0%	0.4%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	14.9%	7.1%	15.1%	4.4%	24.6%	21.4%	15.0%
D/E	0.3	0.5	0.8	0.0	1.0	0.0	0.4
Net D/E	0.1	0.4	0.6	0.0	1.0	-0.3	0.3

Returns

	MD	HCA	THC	CHE	AMN	CCRN	Median
Name	Pediatri.	HCA Heal.	Tenet He.	Chemed	AMN Heal.	Cross Co.
1M Rtn	16.1%	-4.6%	-7.4%	-1.1%	15.7%	9.3%	4.1%
3M Rtn	5.3%	1.6%	-4.0%	-16.8%	11.3%	14.6%	3.5%
6M Rtn	35.4%	9.4%	-8.3%	-15.0%	1.6%	-23.8%	-3.4%
12M Rtn	90.7%	49.3%	68.0%	-33.4%	17.1%	-29.0%	33.2%
3Y Rtn	55.2%	71.5%	169.2%	-33.3%	-76.5%	-57.6%	11.0%
1M Excs Rtn	7.6%	-13.2%	-16.0%	-9.7%	7.1%	0.7%	-4.5%
3M Excs Rtn	1.4%	-2.3%	-8.0%	-20.7%	7.3%	10.7%	-0.5%
6M Excs Rtn	33.1%	4.9%	-13.3%	-20.9%	-0.1%	-26.5%	-6.7%
12M Excs Rtn	44.8%	7.9%	18.5%	-69.1%	-21.1%	-63.4%	-6.6%
3Y Excs Rtn	-14.2%	5.7%	115.6%	-103.5%	-146.7%	-127.7%	-58.8%

Comparison Analyses

	Title
0	MD or OMI - With 5.0% Return Forecast, OMI Probably Deserves Your Money
1	Mednax vs. Cardinal Health: Both Seem Similar Bets
2	Mednax vs. Monolithic Power Systems: With Return Forecast Of 50%, Monolithic Power Systems Is A Better Bet
3	Mednax vs. CoStar Group: With Return Forecast Of 59%, CoStar Group Is A Better Bet
4	Mednax vs. Sinclair Broadcast Group: Similar Market Cap, Similar Bets
5	Mednax vs. Transocean: Similar Market Cap, But Transocean Is A Better Bet
6	Mednax vs. Plexus: Similar Market Cap, Similar Bets
7	Mednax vs Covetrus: Similar Market Cap; Which Stock Is A Better Bet?
8	Mednax vs Tri Pointe Homes: Similar Market Cap; Which Stock Is A Better Bet?
9	Mednax vs MercadoLibre: Similar Income; Which Stock Is A Better Bet?

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/19/2026	2/19/2026	2/20/2025	2/20/2024	2/17/2023	2/17/2022	2/18/2021
Key Financials
Total Revenue	1,914	1,914	2,013	1,995	1,972	1,911	1,734
EBITDA	274	274	-28	30	157	236	146
Operating Income	231	231	184	158	200	218	172
Net Income	165	165	-99	-60	66	131	-796
EPS	1.97	1.97	-1.19	-0.73	0.79	1.54	-9.55
Growth Rates
Total Revenue Growth	-4.9%	-4.9%	0.9%	1.1%	3.2%	10.2%	-2.6%
EBITDA Growth	1066.5%	1066.5%	-194.9%	-80.9%	-33.6%	61.6%	-28.3%
Operating Income Growth	25.8%	25.8%	16.4%	-21.1%	-8.1%	26.6%	-26.1%
Net Income Growth	266.9%	266.9%	-64.0%	-191.1%	-49.3%	116.4%	46.8%
Margins
EBITDA Margin	14.3%	14.3%	-1.4%	1.5%	7.9%	12.4%	8.4%
Operating Income Margin	12.1%	12.1%	9.1%	7.9%	10.1%	11.4%	9.9%
Net Income Margin	8.6%	8.6%	-4.9%	-3.0%	3.4%	6.9%	-45.9%
Cash & Debt
Total Cash	500	500	349	178	103	487	1,229
Total Debt	635	635	662	702	717	1,066	1,805
Net Debt / (Cash)	135	135	314	524	614	579	576
Cash Flows
Net Cash from Operations	271	271	207	137	167	77	205
Free Cash from Operations	253	253	185	104	137	44	176
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	87	87	2	1	89	5	8

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	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	2/19/2026	11/3/2025	8/5/2025	5/6/2025	2/20/2025	11/1/2024	8/6/2024	5/7/2024	2/20/2024	11/2/2023	8/3/2023	5/2/2023
Key Financials Quarterly
Total Revenue	494	493	469	458	502	511	504	495	496	507	501	491
Ebitda	60	102	69	43	50	42	-149	29	-120	50	59	40
Operating Income	55	74	64	39	58	52	49	24	39	40	48	30
Net Income	34	72	39	21	30	19	-153	4	-124	21	28	14
EPS	0.41	0.85	0.46	0.25	0.35	0.23	-1.84	0.05	-1.48	0.26	0.34	0.17
Key Financials TTM
Total Revenue TTM	1,914	1,922	1,941	1,976	2,013	2,007	2,002	1,999	1,995	2,012	1,995	1,981
Ebitda TTM	274	264	204	-15	-28	-198	-189	19	30	197	203	205
Operating Income TTM	231	235	213	198	184	165	152	152	158	174	183	190
Net Income TTM	165	162	110	-82	-99	-254	-252	-71	-60	94	103	102
Growth Rates Quarterly
Total Revenue Growth	-1.7%	-3.6%	-7.0%	-7.4%	1.2%	0.9%	0.7%	0.8%	-3.4%	3.4%	3.0%	1.8%
EBITDA Growth	20.1%	145.8%	146.7%	48.2%	141.7%	-17.5%	-351.4%	-28.3%	-355.2%	-12.1%	-1.8%	616.2%
Operating Income Growth	-5.9%	41.1%	30.6%	58.8%	48.8%	30.2%	0.5%	-18.9%	-29.8%	-16.7%	-12.6%	-25.9%
Net Income Growth	10.5%	268.8%	125.7%	413.9%	124.5%	-9.1%	-641.1%	-71.6%	-519.1%	-30.4%	4.2%	167.0%
Margins Quarterly
EBITDA Margin	12.1%	20.7%	14.8%	9.3%	9.9%	8.1%	-29.5%	5.8%	-24.1%	10.0%	11.8%	8.2%
Operating Income Margin	11.1%	15.0%	13.6%	8.4%	11.6%	10.3%	9.7%	4.9%	7.9%	7.9%	9.7%	6.1%
Net Income Margin	6.8%	14.5%	8.4%	4.5%	6.1%	3.8%	-30.3%	0.8%	-25.0%	4.2%	5.6%	2.9%
Cash & Debt
Total Cash	500	463	348	219	349	220	133	115	178	125	104	103
Total Debt	635	642	650	655	662	684	698	779	702	707	746	823
Net Debt / (Cash)	135	179	301	436	314	463	565	663	524	582	641	720
Cash Flows Quarterly
FCF from Operations	114	137	137	-117	133	92	107	-125	69	80	89	-101
Cash Flows TTM
FCF from Operations TTM	271	290	245	214	207	143	131	113	137	167	170	164
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	64	21	0	2	1	0	0	1	-0	0	0	1
Return on Invested Capital (ROIC) Quarterly
ROIC	14.9%	20.4%	13.8%	7.9%	16.0%	11.0%	11.3%	3.0%	9.2%	7.1%	8.6%	4.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	16.3%	15.7%	12.5%	13.6%	13.5%	10.4%	9.1%	9.1%	10.4%	8.2%	8.4%	8.3%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Physician services including newborn, maternal-fetal, and other pediatric subspecialty care	2,013
Hospital contract administrative fees		276
Maternal-fetal medicine		275	316	344	312
Neonatology and other pediatric subspecialties		1,442	1,558	1,472	1,335
Other revenue		3
Pediatric cardiology			99	96	87
Total	2,013	1,995	1,972	1,911	1,734

Price Behavior

Price Behavior

Market Price	$22.88
Market Cap ($ Bil)	1.9
First Trading Date	09/20/1995
Distance from 52W High	-7.2%
	50 Days	200 Days
DMA Price	$20.73	$19.03
DMA Trend	up	down
Distance from DMA	10.4%	20.2%
	3M	1YR
Volatility	38.7%	44.8%
Downside Capture	0.00	0.20
Upside Capture	40.45	110.46
Correlation (SPY)	12.3%	21.2%

MD Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.74	0.45	0.54	0.70	0.71	0.77
Up Beta	2.96	0.24	0.88	0.47	0.59	0.63
Down Beta	-0.03	-0.43	-0.25	0.11	0.68	0.78
Up Capture	179%	106%	91%	153%	104%	63%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	14	24	34	72	139	384
Down Capture	23%	64%	85%	70%	81%	96%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	8	17	28	53	109	355

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MD
MD	83.3%	45.2%	1.47	-
Sector ETF (XLV)	9.2%	16.0%	0.37	23.5%
Equity (SPY)	23.7%	12.7%	1.52	21.2%
Gold (GLD)	41.4%	27.5%	1.25	1.4%
Commodities (DBC)	22.4%	16.2%	1.25	-4.5%
Real Estate (VNQ)	14.2%	13.8%	0.72	22.7%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	-0.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MD
MD	-2.0%	44.7%	0.10	-
Sector ETF (XLV)	5.9%	14.6%	0.22	30.6%
Equity (SPY)	10.8%	17.1%	0.49	33.6%
Gold (GLD)	21.6%	17.8%	0.99	2.6%
Commodities (DBC)	10.9%	18.8%	0.47	5.9%
Real Estate (VNQ)	4.1%	18.8%	0.12	33.6%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	14.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MD
MD	-9.9%	45.8%	-0.06	-
Sector ETF (XLV)	9.5%	16.5%	0.47	32.0%
Equity (SPY)	13.9%	17.9%	0.67	37.5%
Gold (GLD)	13.7%	15.9%	0.71	-1.0%
Commodities (DBC)	8.2%	17.6%	0.39	15.5%
Real Estate (VNQ)	5.4%	20.7%	0.23	37.6%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	10.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	3.5 Mil
Short Interest: % Change Since 3152026	16.0%
Average Daily Volume	1.0 Mil
Days-to-Cover Short Interest	3.4 days
Basic Shares Quantity	82.4 Mil
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	How Low Can Pediatrix Medical Stock Really Go?
1	Pediatrix Medical Stock Return Comparison
2	[9/30/2021] Mednax (MD) Stock Price Forecast: AI Forecasts MD Stock Price To Be Around $28.7 In A Month (Up 1%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/19/2026	-12.2%	-9.4%	-9.5%
11/3/2025	24.2%	29.2%	37.2%
8/5/2025	5.0%	14.8%	35.0%
5/6/2025	11.8%	10.9%	7.3%
1/13/2025	7.0%	11.3%	18.0%
11/1/2024	23.5%	30.2%	21.8%
8/6/2024	17.7%	32.9%	38.3%
5/7/2024	-2.5%	-8.1%	-23.0%
...
SUMMARY STATS
# Positive	14	12	12
# Negative	10	12	12
Median Positive	10.1%	13.1%	20.4%
Median Negative	-10.4%	-8.0%	-10.1%
Max Positive	24.2%	32.9%	56.3%
Max Negative	-24.7%	-19.3%	-23.0%

	Forward Returns
2/19/2026	-12.2%	-9.4%	-9.5%
11/3/2025	24.2%	29.2%	37.2%
8/5/2025	5.0%	14.8%	35.0%
5/6/2025	11.8%	10.9%	7.3%
1/13/2025	7.0%	11.3%	18.0%
11/1/2024	23.5%	30.2%	21.8%
8/6/2024	17.7%	32.9%	38.3%
5/7/2024	-2.5%	-8.1%	-23.0%
2/20/2024	-8.9%	-4.3%	2.0%
11/2/2023	-11.8%	-14.2%	-21.8%
8/3/2023	6.7%	6.5%	2.3%
5/2/2023	2.9%	-4.2%	-7.2%
2/17/2023	10.9%	3.8%	-3.4%
11/3/2022	-18.5%	-19.3%	-12.6%
8/4/2022	-13.5%	-6.0%	-20.9%
4/28/2022	-8.9%	-16.0%	-15.1%
2/17/2022	-6.1%	-8.0%	-6.9%
10/28/2021	0.8%	-1.8%	-10.7%
8/6/2021	9.3%	11.4%	2.1%
5/7/2021	20.0%	15.3%	19.1%
2/18/2021	-24.7%	-13.8%	-0.9%
11/6/2020	17.5%	31.6%	56.3%
7/30/2020	0.7%	1.6%	-6.1%
5/7/2020	-5.3%	-1.9%	38.7%
SUMMARY STATS
# Positive	14	12	12
# Negative	10	12	12
Median Positive	10.1%	13.1%	20.4%
Median Negative	-10.4%	-8.0%	-10.1%
Max Positive	24.2%	32.9%	56.3%
Max Negative	-24.7%	-19.3%	-23.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/19/2026	10-K
09/30/2025	11/03/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	11/01/2024	10-Q
06/30/2024	08/06/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/20/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/17/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	04/28/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/19/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Adjusted EBITDA	280.00 Mil	290.00 Mil	300.00 Mil	3.6%		Raised	Guidance: 280.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 11/3/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Adjusted EBITDA	270.00 Mil	280.00 Mil	290.00 Mil	12.0%		Raised	Guidance: 250.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Ordan, Mark S	Chief Executive Officer	Direct	Sell	12172025	22.41	23,000	515,430	6,785,860	Form
2	Rucker, Michael A		Direct	Sell	11192025	23.00	10,478	240,994	1,359,323	Form
3	Linynsky, Laura A		Direct	Sell	11102025	21.65	10,000	216,500	697,823	Form

MD Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing MD?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What MD Makes & Who Pays

TTM figures based on

MD Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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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Pediatrix Medical (MD)

Market Price (4/22/2026): $22.87 | Market Cap: $1.9 BilSector: Health Care | Industry: Health Care Services

Pediatrix Medical (MD)

Market Price (4/22/2026): $22.87Market Cap: $1.9 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

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

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 Pediatrix Medical (MD)

Key Risks to Pediatrix Medical (MD)

Neonatal Care Services

Maternal-Fetal Care Services

Pediatric Cardiology Care Services

Other Pediatric Subspecialty Care Services

Interactive Breakdown

Better Bets vs. Pediatrix Medical (MD)

INDUSTRY: Health Care Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MD: -1.0% | 8.2x)

Higher Rev Chg LTM (Value for MD: -4.9%)

Higher Rev Chg 3Y Avg (Value for MD: -1.0%)

Higher Op Mgn LTM (Value for MD: 12.1%)

Higher CFO/Rev LTM (Value for MD: 14.2%)

Higher FCF/Rev LTM (Value for MD: 13.2%)

Higher Total Yield (Value for MD: 8.8%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MD: -1.0% | 8.2x)

Higher Rev Chg LTM (Value for MD: -4.9%)

Higher Rev Chg 3Y Avg (Value for MD: -1.0%)

Higher Op Mgn LTM (Value for MD: 12.1%)

Higher CFO/Rev LTM (Value for MD: 14.2%)

Higher FCF/Rev LTM (Value for MD: 13.2%)

Higher Total Yield (Value for MD: 8.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MD: -1.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MD: -1.0% | 8.2x)

Higher Rev Chg LTM (Value for MD: -4.9%)

Higher Rev Chg 3Y Avg (Value for MD: -1.0%)

Higher Op Mgn LTM (Value for MD: 12.1%)

Higher CFO/Rev LTM (Value for MD: 14.2%)

Higher FCF/Rev LTM (Value for MD: 13.2%)

Higher Total Yield (Value for MD: 8.8%)

Best Bets in Health Care

P/EBIT (Value for MD: 7.5x)

P/E (Value for MD: 11.4x)

Rev Chg 3Y Avg (Value for MD: -1.0%)

Rev Chg LTM (Value for MD: -4.9%)

Rev Chg Q (Value for MD: -1.7%)

FCF/Rev 3Y Avg (Value for MD: 9.2%)

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Market Price (4/22/2026): $22.87 | Market Cap: $1.9 Bil
Sector: Health Care | Industry: Health Care Services

Market Price (4/22/2026): $22.87
Market Cap: $1.9 Bil
Sector: Health Care
Industry: Health Care Services