Tearsheet

Select Medical (SEM)

Market Price (4/22/2026): $16.4 | Market Cap: $2.0 Bil
Sector: Health Care | Industry: Health Care Facilities

Select Medical (SEM)

Market Price (4/22/2026): $16.4
Market Cap: $2.0 Bil
Sector: Health Care
Industry: Health Care Facilities

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 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 5.9%

Low stock price volatility
Vol 12M is 41%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease. Themes include Geriatric Care, and Chronic Disease Management.

Weak multi-year price returns
2Y Excs Rtn is -27%, 3Y Excs Rtn is -59%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143%

Key risks
SEM key risks include [1] a significant debt burden with leverage around 6x net debt/EBITDA that limits financial flexibility and [2] noted margin pressure from regulatory changes in its critical illness recovery segment.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 5.9%
1	Low stock price volatility Vol 12M is 41%
2	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease. Themes include Geriatric Care, and Chronic Disease Management.
3	Weak multi-year price returns 2Y Excs Rtn is -27%, 3Y Excs Rtn is -59%
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 143%
5	Key risks SEM key risks include [1] a significant debt burden with leverage around 6x net debt/EBITDA that limits financial flexibility and [2] noted margin pressure from regulatory changes in its critical illness recovery segment.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$16.40	$14.85	$18.85	$23.50	$24.83
Market Cap CYE ($ Bil)	2.0	1.8	2.4	2.9	3.0
Total Debt ($ Bil)	2.9	2.9	2.7	4.5	5.2
Total Cash ($ Bil)	0.0	0.0	0.1	0.1	0.2
Enterprise Value ($ Bil)	4.8	4.7	5.1	7.4	8.2
Valuation Ratios
P/S TTM	0.4	0.3	0.5	0.6	0.7
P/EBIT TTM	5.1	4.6	7.8	9.9	17.6
P/E TTM	13.5	12.3	11.1	12.0	19.1
P/FCF TTM	16.9	15.3	8.0	8.2	32.2
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	$16.40	$14.85	$18.85
Market Cap CYE ($ Bil)	2.0	1.8	2.4
Total Debt ($ Bil)	2.9	2.9	2.7
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	4.8	4.7	5.1
Valuation Ratios
P/S TTM	0.4	0.3	0.5
P/EBIT TTM	5.1	4.6	7.8
P/E TTM	13.5	12.3	11.1
P/FCF TTM	16.9	15.3	8.0
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

	SEM	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	5.5
Rev Chg Q	6.4%	7.5%
Rev Chg LTM	5.1%	6.9%
Rev Chg 3Y Avg	5.8%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	6.2%	18.6%
CFO/Rev LTM	6.4%	20.6%
Net Inc Mgn	2.7%	12.8%
VALUATION	LOW
P/S	0.4	3.3
P/CFO	5.7	15.7
P/FCF	16.9	20.4
P/E	13.5	24.4
STABILITY	VERY POOR
Debt/Equity	1.45	0.20
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Number of critical illness recovery hospitals	104	3312025	Link
Number of rehabilitation hospitals	35	3312025	Link
Number of outpatient rehabilitation clinics	1911	3312025	Link
Occupancy rate - Critical Illness Recovery Hospitals	73%	3312025	Link
Occupancy rate - Rehabilitation Hospitals	83%	9302025	Link
Patient days - Critical Illness Recovery Hospitals	291324	3312025	Link
Patient days - Rehabilitation Hospitals	122822	3312025	Link
Number of visits - Outpatient Rehabilitation Clinics	2709964	3312025	Link
Revenue per visit - Outpatient Rehabilitation	$100	9302025	Link

Upcoming
4/30/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $0.43 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Select Medical (SEM) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Select Medical's stock experienced a significant boost following a non-binding take-private offer from the Executive Chairman and directors at $16.50 per share, which reportedly drove an approximately 8.4% stock jump. This proposal, which is under review by a special committee, also prompted several shareholder investigations into the fairness of the offer, potentially suggesting expectations for a higher valuation.

2. The company's board approved a substantial $1.00 billion share repurchase plan, representing up to 49.5% of its outstanding shares. This aggressive authorization signals strong management confidence and a commitment to enhancing shareholder value.

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Stock Movement Drivers

Fundamental Drivers

The 11.0% change in SEM stock from 12/31/2025 to 4/21/2026 was primarily driven by a 30.9% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	14.79	16.42	11.0%
Change Contribution By:
Total Revenues ($ Mil)	5,369	5,453	1.6%
Net Income Margin (%)	2.0%	2.7%	30.9%
P/E Multiple	16.2	13.5	-16.4%
Shares Outstanding (Mil)	120	121	-0.1%
Cumulative Contribution			11.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
SEM	11.0%
Market (SPY)	-5.4%	-5.9%
Sector (XLV)	-5.7%	1.4%

Fundamental Drivers

The 29.0% change in SEM stock from 9/30/2025 to 4/21/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	12.73	16.42	29.0%
Change Contribution By:
Total Revenues ($ Mil)	5,277	5,453	3.3%
Net Income Margin (%)	2.6%	2.7%	3.4%
P/E Multiple	11.5	13.5	18.1%
Shares Outstanding (Mil)	123	121	2.3%
Cumulative Contribution			29.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
SEM	29.0%
Market (SPY)	-2.9%	17.8%
Sector (XLV)	5.3%	26.4%

Fundamental Drivers

The 0.1% change in SEM stock from 3/31/2025 to 4/21/2026 was primarily driven by a 40.4% change in the company's P/E Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	16.40	16.42	0.1%
Change Contribution By:
Total Revenues ($ Mil)	5,187	5,453	5.1%
Net Income Margin (%)	4.1%	2.7%	-35.0%
P/E Multiple	9.6	13.5	40.4%
Shares Outstanding (Mil)	126	121	4.4%
Cumulative Contribution			0.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
SEM	0.1%
Market (SPY)	16.3%	29.2%
Sector (XLV)	1.3%	25.8%

Fundamental Drivers

The 21.7% change in SEM stock from 3/31/2023 to 4/21/2026 was primarily driven by a 30.4% change in the company's P/E Multiple.

(LTM values as of)	3312023	4212026	Change
Stock Price ($)	13.50	16.42	21.7%
Change Contribution By:
Total Revenues ($ Mil)	4,609	5,453	18.3%
Net Income Margin (%)	3.4%	2.7%	-22.3%
P/E Multiple	10.4	13.5	30.4%
Shares Outstanding (Mil)	122	121	1.5%
Cumulative Contribution			21.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
SEM	21.7%
Market (SPY)	63.3%	34.0%
Sector (XLV)	18.0%	33.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SEM Return	7%	-14%	-4%	48%	-20%	11%	18%
Peers Return	31%	-1%	22%	31%	37%	-1%	178%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
SEM Win Rate	58%	42%	33%	58%	33%	75%
Peers Win Rate	62%	52%	58%	65%	68%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SEM Max Drawdown	-7%	-26%	-12%	0%	-37%	-1%
Peers Max Drawdown	-11%	-31%	-9%	-0%	-8%	-8%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EHC, ENSG, HCA, UHS, THC.
[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	SEM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-49.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	98.9%	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	-60.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	151.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	293 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-39.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	64.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	222 days	120 days

Compare to EHC, ENSG, HCA, UHS, THC

In The Past

Select Medical's stock fell -49.7% during the 2022 Inflation Shock from a high on 6/25/2021. A -49.7% loss requires a 98.9% gain to breakeven.

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About Select Medical (SEM)

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

Select Medical Holdings Corporation, through its subsidiaries, operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. The company's Critical Illness Recovery Hospital segment consists of hospitals that provide services for heart failure, infectious disease, respiratory failure and pulmonary disease, surgery requiring prolonged recovery, renal disease, neurological events, and trauma. Its Rehabilitation Hospital segment offers therapy and rehabilitation treatments, including rehabilitative services for brain and spinal cord injuries, strokes, amputations, neurological disorders, orthopedic conditions, pediatric congenital or acquired disabilities, and cancer. The company's Outpatient Rehabilitation segment operates rehabilitation clinics that provide physical, occupational, and speech rehabilitation programs and services; and specialized programs, such as functional programs for work related injuries, hand therapy, post-concussion rehabilitation, pediatric and cancer rehabilitation, and athletic training services. Its Concentra segment operates and provides occupational health centers and contract services at employer worksites that deliver occupational medicine, consumer health, physical therapy, and wellness services. As of December 31, 2021, the company operated 104 critical illness recovery hospitals in 28 states; 30 rehabilitation hospitals in 12 states; 1,881 outpatient rehabilitation clinics in 38 states and the District of Columbia; and 518 occupational health centers in 41 states, and 134 onsite clinics at employer worksites states. Select Medical Holdings Corporation was founded in 1996 and is headquartered in Mechanicsburg, Pennsylvania.

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Here are two brief analogies for Select Medical (SEM):

It's like Davita Inc., but instead of specializing in dialysis, it provides a nationwide network of hospitals and clinics for critical illness recovery and intensive rehabilitation.
Imagine Concentra (the large occupational health provider), but also operating dozens of specialized hospitals for long-term recovery and intensive rehabilitation.

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Critical Illness Recovery Services: Specialized hospital care for patients with complex medical conditions requiring prolonged recovery.
Inpatient Rehabilitation Services: Hospital-based therapy and rehabilitation treatments for brain and spinal cord injuries, strokes, and orthopedic conditions.
Outpatient Rehabilitation Services: Clinic-based physical, occupational, and speech rehabilitation programs for various injuries and conditions.
Occupational Health and Wellness Services: Occupational medicine, consumer health, physical therapy, and wellness services primarily delivered through centers and at employer worksites.

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Select Medical (SEM) primarily serves individuals, offering a range of specialized healthcare services across its various segments. The company's major customers can be categorized as follows:

Patients requiring critical illness recovery or intensive inpatient rehabilitation: These are individuals admitted to Select Medical's critical illness recovery hospitals for prolonged care following conditions such as heart failure, respiratory failure, or complex surgeries, or to its rehabilitation hospitals for intensive therapy after brain/spinal cord injuries, strokes, amputations, or other debilitating conditions.
Individuals seeking outpatient rehabilitation services: This category includes patients utilizing Select Medical's extensive network of outpatient clinics for physical, occupational, and speech therapy programs, often for post-injury recovery, chronic conditions, or specialized rehabilitation needs like hand therapy or post-concussion care.
Employees and individuals utilizing occupational health and wellness services: Through its Concentra segment, Select Medical serves employees and individuals who require occupational medicine, injury care, physical therapy, and wellness services. While these services are provided to individuals, they are often facilitated and contracted by employers seeking to manage workplace health and safety for their workforce.

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Thomas P. Mullin, Chief Executive Officer

Thomas P. Mullin was appointed Chief Executive Officer of Select Medical Holdings Corporation in September 2025, after serving as co-president. He joined Select Medical in 2008 and has held various operational leadership roles, including president of specialty hospitals, chief operating officer of specialty hospitals, and executive vice president, overseeing critical illness recovery and inpatient rehabilitation hospitals.

Michael F. Malatesta, Executive Vice President & Chief Financial Officer

Michael F. Malatesta was appointed Executive Vice President and Chief Financial Officer in October 2023. A 24-year veteran of Select Medical, he previously served as senior vice president of finance since 2013 and held various senior finance and accounting positions within the Outpatient Rehabilitation Division.

Robert A. Ortenzio, Co-Founder & Executive Chairman

Robert A. Ortenzio co-founded Select Medical in 1996. He served as Select Medical's President and Chief Operating Officer from February 1997 to September 2001, and as President and Chief Executive Officer from September 2001 to January 2005. He was appointed Executive Chairman and Co-Founder on January 1, 2014. Mr. Ortenzio also co-founded Continental Medical Systems, Inc. in 1986, where he served in various capacities, including Chief Operating Officer and President.

John A. Saich, President

John A. Saich was promoted to sole President of Select Medical in September 2025. A 26-year veteran of the company, he previously served as executive vice president and chief administrative officer, overseeing the Outpatient Rehabilitation Division and Shared Services operations. During his tenure, Mr. Saich has held various senior operational and human resources leadership roles.

Martin F. Jackson, Senior Executive Vice President, Strategic Finance and Operations

Martin F. Jackson was elevated to Senior Executive Vice President of Strategic Finance and Operations in October 2023. Prior to this, he served as Executive Vice President & Chief Financial Officer for Select Medical since May 1999. His previous experience includes serving as a Managing Director of the Health Care Investment Banking Group for CIBC Oppenheimer from January 1997 to May 1999, and as Senior Vice President, Health Care Finance with McDonald & Company Securities, Inc. from January 1994 to January 1997.

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The key risks to Select Medical's business (SEM) are:

Changes in Reimbursement Policies and Dependence on Government Programs: Select Medical's revenue is substantially influenced by government reimbursement programs, such as Medicare and Medicaid, as well as private third-party payers. Any adverse changes in reimbursement rates, regulatory policies, or payment models could significantly impact the company's revenue, profitability, and financial stability.
Rising Labor Costs and Staffing Shortages: The healthcare sector, where Select Medical operates, is experiencing increasing labor costs due to shortages of qualified professionals and inflationary pressures. Given its labor-intensive operations, the inability to attract and retain sufficient nurses, therapists, physicians, and other licensed providers, or increased employee turnover, could significantly raise operating costs, squeeze profit margins, and limit its ability to deliver services.
Legal, Regulatory, and Compliance Risks: The healthcare industry is heavily regulated, and Select Medical is subject to numerous laws and regulations, including those related to billing practices (e.g., False Claims Act), patient privacy (HIPAA and HITECH), and facility licensing. The company has faced and may continue to face legal actions and regulatory investigations, which can result in substantial financial penalties, reputational damage, and increased compliance costs.

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The emergence of digital-first rehabilitation platforms and expanded telehealth services poses a threat to Select Medical's Outpatient Rehabilitation and Concentra segments. These digital alternatives offer direct-to-consumer virtual physical, occupational, and speech therapy, as well as remote consultations for occupational health and minor workplace injuries. This trend could reduce demand for Select Medical's extensive network of physical outpatient clinics and occupational health centers by providing more convenient and potentially lower-cost virtual care options, similar to how streaming services disrupted traditional video rental stores.

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Select Medical Holdings Corporation operates in several addressable markets within the United States for its main products and services. The market sizes for these segments are as follows:

Critical Illness Recovery Hospitals: The U.S. Long-Term Acute Care (LTAC) market was valued at approximately USD 1,318.74 million in 2025.
Rehabilitation Hospitals: Inpatient rehabilitation facilities are a component of the broader U.S. Post-acute Care (PAC) market. The U.S. post-acute care market size was valued at USD 490.6 billion in 2025.
Outpatient Rehabilitation Clinics: The United States Outpatient Rehabilitation Centers Market is estimated at USD 40.02 billion in 2026.
Concentra (Occupational Health Centers): The United States occupational health market size was valued at USD 1,267.72 million (approximately USD 1.27 billion) in 2025.

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Select Medical (SEM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

Expansion of Inpatient Rehabilitation Hospitals: A primary driver of revenue growth is the strategic expansion of Select Medical's inpatient rehabilitation division. The company plans to add a significant number of beds and open new rehabilitation hospitals across 2026 and 2027, including new facilities and acquisitions. This expansion is fueled by the increasing demand for specialized post-acute care services, particularly from an aging U.S. population.
Growth in Patient Volume Across Segments: Select Medical anticipates increased patient visits and average daily census across its critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics. This indicates an expected increase in the utilization of its services, contributing to overall revenue growth.
Strategic Partnerships and Joint Ventures: The company is actively pursuing strategic partnerships and joint ventures to broaden its reach and enter new markets. These collaborations allow Select Medical to expand its geographic footprint and service offerings, thereby capturing a larger share of the healthcare market.
Technology Adoption and Clinical Program Expansion: Investments in technology, such as telehealth, remote patient monitoring, and data analytics, are expected to enhance patient care and operational efficiency, indirectly supporting revenue growth by expanding accessibility and improving service delivery. Additionally, the expansion of clinical programs to address a wider range of patient needs, including specialized programs for neurological rehabilitation and stroke recovery, will also contribute to growth.

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Share Repurchases

Select Medical's Board of Directors authorized a common stock repurchase program for up to $1.0 billion worth of shares, remaining in effect until December 31, 2027.
From the program's inception through December 31, 2025, Select Medical repurchased 54,610,335 shares at a cost of approximately $696.8 million.
During 2025, the company repurchased 6,375,512 shares at a cost of $96.5 million.

Share Issuance

Information regarding significant share issuances was not prominently disclosed in the available reports for the specified period. Shares outstanding remained relatively stable or slightly decreased between 2021 and 2024, influenced by repurchase activities.

Inbound Investments

Select Medical entered into a definitive agreement to be acquired by a consortium, including its Executive Chairman Robert A. Ortenzio, Senior Executive Vice President Martin F. Jackson, and private equity firm Welsh, Carson, Anderson & Stowe (WCAS), for $16.50 per share in cash.
This take-private transaction values the company at approximately $3.9 billion.
The acquisition is expected to close by mid-2026.

Outbound Investments

On November 25, 2024, Select Medical completed a tax-free distribution of 104,093,503 shares of Concentra Group Holdings Parent, Inc. (Concentra) common stock to its shareholders, effectively spinning off Concentra.

Capital Expenditures

For 2026, capital expenditures are expected to be in the range of $200 million to $220 million.
In 2025, investing activities included $59.1 million for purchases of property and equipment and $9.1 million in acquisition and investment activity.
A primary focus of capital expenditures is the expansion of inpatient rehabilitation facilities, with 212 rehab beds added in 2025 and 399 more planned across 2026 and 2027.

Interactive Breakdown

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Better Bets vs. Select Medical (SEM)

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Merck

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SEM: 5.8% | 0.4x)

F (5.9% | 0.3x)

Ford Motor

SNEX (32.4% | 0.1x)

StoneX

LAD (10.2% | 0.2x)

Lithia Motors

LNC (5.8% | 0.3x)

Lincoln National

ALK (14.0% | 0.3x)

Alaska Air

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SEM: 5.8% | 5.9x)

IBKR (38.4% | 4.0x)

Interactive Brokers

RCI (12.5% | 3.6x)

Rogers Communications

JEF (17.2% | 2.2x)

Jefferies Financial

NCLH (30.4% | 5.6x)

Norwegian Cruise Line

SNEX (32.4% | 3.7x)

StoneX

Higher Rev Chg LTM (Value for SEM: 5.1%)

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 SEM: 5.8%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for SEM: 6.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for SEM: 6.4%)

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 SEM: 2.2%)

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 SEM: 9.0%)

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 SEM: 5.1x)

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 SEM: 13.5x)

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 SEM: 5.8%)

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 SEM: 5.1%)

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 SEM: 6.4%)

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 SEM: 5.1%)

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	Select Medical (SEM) +8.4%: $16.50/share Take-Private Deal by PE Firm	03/04/2026
2	Select Medical Earnings Notes	12/16/2025
3	Is Select Medical Stock Built to Withstand a Pullback?	10/17/2025
4	Select Medical (SEM) Net Income Comparison	08/08/2025
5	Select Medical (SEM) Operating Income Comparison	08/08/2025
6	Select Medical (SEM) Operating Cash Flow Comparison	08/08/2025
7	Select Medical (SEM) Tax Expense Comparison	08/08/2025
8	Select Medical (SEM) Debt Comparison	08/08/2025
9	Select Medical (SEM) EBITDA Comparison	08/08/2025
10	Select Medical (SEM) Revenue Comparison	08/08/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SEM.

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%

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

	SEM	EHC	ENSG	HCA	UHS	THC	Median
Name	Select M.	Encompas.	Ensign	HCA Heal.	Universa.	Tenet He.
Mkt Price	16.42	102.77	191.74	471.18	178.55	185.47	182.01
Mkt Cap	2.0	10.3	11.0	106.9	11.1	16.2	11.1
Rev LTM	5,453	5,935	5,058	75,600	17,365	21,310	11,650
Op Inc LTM	336	1,053	425	11,965	1,994	3,439	1,524
FCF LTM	117	439	180	7,692	825	2,530	632
FCF 3Y Avg	255	356	185	6,006	824	1,756	590
CFO LTM	346	1,176	564	12,636	1,864	3,540	1,520
CFO 3Y Avg	482	1,010	429	10,860	1,733	2,654	1,371

Growth & Margins

	SEM	EHC	ENSG	HCA	UHS	THC	Median
Name	Select M.	Encompas.	Ensign	HCA Heal.	Universa.	Tenet He.
Rev Chg LTM	5.1%	10.5%	18.7%	7.1%	9.7%	3.1%	8.4%
Rev Chg 3Y Avg	5.8%	10.9%	18.7%	7.9%	9.0%	3.6%	8.5%
Rev Chg Q	6.4%	9.9%	20.2%	6.7%	9.1%	8.9%	9.0%
QoQ Delta Rev Chg LTM	1.6%	2.4%	4.7%	1.7%	2.2%	2.2%	2.2%
Op Inc Chg LTM	25.3%	21.8%	18.7%	13.4%	18.6%	17.9%	18.6%
Op Inc Chg 3Y Avg	36.8%	18.7%	15.0%	9.8%	26.3%	12.9%	16.9%
Op Mgn LTM	6.2%	17.7%	8.4%	15.8%	11.5%	16.1%	13.7%
Op Mgn 3Y Avg	5.6%	16.4%	7.9%	15.2%	10.1%	14.0%	12.1%
QoQ Delta Op Mgn LTM	0.7%	0.5%	0.1%	0.2%	0.0%	0.1%	0.1%
CFO/Rev LTM	6.4%	19.8%	11.2%	16.7%	10.7%	16.6%	13.9%
CFO/Rev 3Y Avg	9.5%	18.7%	9.8%	15.4%	10.9%	12.7%	11.8%
FCF/Rev LTM	2.2%	7.4%	3.6%	10.2%	4.7%	11.9%	6.1%
FCF/Rev 3Y Avg	5.1%	6.6%	4.4%	8.5%	5.2%	8.4%	5.9%

Valuation

	SEM	EHC	ENSG	HCA	UHS	THC	Median
Name	Select M.	Encompas.	Ensign	HCA Heal.	Universa.	Tenet He.
Mkt Cap	2.0	10.3	11.0	106.9	11.1	16.2	11.1
P/S	0.4	1.7	2.2	1.4	0.6	0.8	1.1
P/Op Inc	5.9	9.8	26.0	8.9	5.6	4.7	7.4
P/EBIT	5.1	9.6	23.8	8.8	5.2	4.5	7.0
P/E	13.5	18.2	32.1	15.8	7.4	11.5	14.6
P/CFO	5.7	8.8	19.6	8.5	5.9	4.6	7.2
Total Yield	9.0%	6.2%	3.2%	7.0%	13.9%	8.7%	7.8%
Dividend Yield	1.6%	0.7%	0.1%	0.6%	0.5%	0.0%	0.5%
FCF Yield 3Y Avg	10.4%	4.0%	2.5%	7.1%	6.9%	15.1%	7.0%
D/E	1.4	0.3	0.2	0.5	0.5	0.8	0.5
Net D/E	1.4	0.3	0.1	0.4	0.5	0.6	0.5

Returns

	SEM	EHC	ENSG	HCA	UHS	THC	Median
Name	Select M.	Encompas.	Ensign	HCA Heal.	Universa.	Tenet He.
1M Rtn	1.0%	7.4%	-4.1%	-4.6%	-3.9%	-7.4%	-4.0%
3M Rtn	8.5%	4.2%	8.1%	1.6%	-10.6%	-4.0%	2.9%
6M Rtn	20.0%	-17.4%	4.8%	9.4%	-13.5%	-8.3%	-1.8%
12M Rtn	8.2%	7.6%	60.1%	49.3%	14.1%	68.0%	31.7%
3Y Rtn	8.5%	65.0%	94.7%	71.5%	29.3%	169.2%	68.3%
1M Excs Rtn	-7.5%	-1.1%	-12.7%	-13.2%	-12.5%	-16.0%	-12.6%
3M Excs Rtn	4.5%	0.3%	4.2%	-2.3%	-14.5%	-8.0%	-1.0%
6M Excs Rtn	17.7%	-23.2%	-0.6%	4.9%	-18.6%	-13.3%	-6.9%
12M Excs Rtn	-31.5%	-33.6%	16.3%	7.9%	-31.2%	18.5%	-11.6%
3Y Excs Rtn	-59.5%	-0.8%	25.1%	5.7%	-37.6%	115.6%	2.4%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ 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	2/22/2024	2/23/2023	2/24/2022	2/25/2021
Key Financials
Total Revenue	5,453	5,453	5,187	4,826	4,609	6,205	5,532
EBITDA	531	531	507	503	379	968	815
Operating Income	336	336	268	267	145	714	568
Net Income	146	146	214	243	159	402	259
EPS	1.15	1.16	1.66	1.91	1.23	2.98	1.93
Growth Rates
Total Revenue Growth	5.1%	5.1%	7.5%	4.7%	-25.7%	12.2%	1.4%
EBITDA Growth	4.7%	4.7%	0.9%	32.8%	-60.9%	18.8%	20.2%
Operating Income Growth	25.3%	25.3%	0.4%	84.6%	-79.7%	25.7%	20.3%
Net Income Growth	-31.7%	-31.7%	-12.1%	53.1%	-60.5%	55.3%	74.5%
Margins
EBITDA Margin	9.7%	9.7%	9.8%	10.4%	8.2%	15.6%	14.7%
Operating Income Margin	6.2%	6.2%	5.2%	5.5%	3.1%	11.5%	10.3%
Net Income Margin	2.7%	2.7%	4.1%	5.0%	3.4%	6.5%	4.7%
Cash & Debt
Total Cash	27	27	60	112	173	74	577
Total Debt	2,869	2,869	2,704	4,525	5,157	4,762	4,498
Net Debt / (Cash)	2,842	2,842	2,645	4,413	4,984	4,688	3,921
Cash Flows
Net Cash from Operations	346	346	518	582	285	401	1,028
Free Cash from Operations	117	117	296	353	94	221	882
Returns to Shareholders
Dividends	31	31	65	64	65	51	-0
Share Repurchases	100	100	38	13	196	79	16

$ 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	10/30/2025	7/31/2025	5/1/2025	2/20/2025	10/31/2024	8/1/2024	5/2/2024	2/22/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	1,397	1,363	1,340	1,353	1,313	1,272	1,282	1,321	-179	1,666	1,675	1,665
Ebitda	116	120	135	160	59	127	138	183	-109	179	220	212
Operating Income	64	73	87	113	21	55	74	118	-173	130	159	151
Net Income	20	29	41	57	-16	56	78	97	46	48	78	71
EPS	0.16	0.23	0.32	0.44	-0.12	0.43	0.60	0.75	0.36	0.38	0.61	0.56
Key Financials TTM
Total Revenue TTM	5,453	5,369	5,277	5,219	5,187	3,695	4,089	4,482	4,826	4,862	4,764	4,675
Ebitda TTM	531	475	482	484	507	339	391	473	503	500	472	431
Operating Income TTM	336	293	275	263	268	74	149	234	267	269	230	192
Net Income TTM	146	110	137	174	214	276	269	270	243	225	204	181
Growth Rates Quarterly
Total Revenue Growth	6.4%	7.2%	4.5%	2.4%	832.4%	-23.7%	-23.5%	-20.6%	-25.4%	6.2%	5.7%	4.1%
EBITDA Growth	94.7%	-5.3%	-2.0%	-12.5%	154.6%	-29.0%	-37.3%	-13.9%	2.2%	18.7%	23.2%	32.4%
Operating Income Growth	203.1%	32.9%	17.2%	-4.8%	112.2%	-57.8%	-53.6%	-21.8%	-1.0%	42.1%	31.6%	45.7%
Net Income Growth	225.7%	-48.2%	-47.7%	-41.5%	-134.7%	15.5%	-0.9%	36.9%	68.2%	77.4%	41.7%	44.2%
Margins Quarterly
EBITDA Margin	8.3%	8.8%	10.1%	11.8%	4.5%	10.0%	10.7%	13.8%	-	10.8%	13.1%	12.8%
Operating Income Margin	4.6%	5.4%	6.5%	8.3%	1.6%	4.3%	5.8%	9.0%	-	7.8%	9.5%	9.1%
Net Income Margin	1.4%	2.1%	3.0%	4.2%	-1.2%	4.4%	6.1%	7.3%	-	2.9%	4.7%	4.3%
Cash & Debt
Total Cash	27	60	52	53	60	191	111	135	112	77	185	156
Total Debt	2,869	2,775	2,877	2,786	2,704	4,569	5,003	5,108	4,525	5,022	5,047	5,176
Net Debt / (Cash)	2,842	2,715	2,824	2,733	2,645	4,378	4,892	4,973	4,413	4,945	4,862	5,021
Cash Flows Quarterly
FCF from Operations	64	175	110	-3	125	181	278	-67	179	116	235	51
Cash Flows TTM
FCF from Operations TTM	346	408	413	581	518	572	507	464	582	415	393	330
Returns to Shareholders Quarterly
Dividends	8	8	8	8	16	16	16	16	16	16	16	16
Share Repurchases	1	2	86	11	20	17	1	-0	2	10	2	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.2%	6.4%	7.7%	9.6%	1.7%	3.8%	3.7%	6.0%	-10.6%	7.5%	9.0%	8.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.1%	6.6%	6.2%	5.7%	5.6%	0.9%	1.7%	3.2%	4.3%	3.6%	2.9%	2.3%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Critical Illness Recovery Hospital	2,300	2,234	2,247	2,077	1,837
Outpatient Rehabilitation	1,189	1,125	1,084	920	1,046
Rehabilitation Hospital	980	917	849	735	671
Other	358	333	292	298	272
Concentra		1,724	1,732	1,501	1,629
Total	4,826	6,334	6,205	5,532	5,454

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Critical Illness Recovery Hospital	2,497	2,485	2,304	2,214	2,100
Non-current assets of discontinued operations	2,039
Outpatient Rehabilitation	1,380	1,371	1,348	1,302	1,289
Rehabilitation Hospital	1,234	1,201	1,194	1,149	1,127
Current assets of discontinued operations	291
Other	248	327	238	590	452
Concentra		2,282	2,275	2,401	2,372
Total	7,690	7,665	7,360	7,655	7,340

Price Behavior

Price Behavior

Market Price	$16.42
Market Cap ($ Bil)	2.0
First Trading Date	09/25/2009
Distance from 52W High	-9.2%
	50 Days	200 Days
DMA Price	$16.07	$14.39
DMA Trend	up	up
Distance from DMA	2.2%	14.1%
	3M	1YR
Volatility	23.9%	40.3%
Downside Capture	-0.32	0.26
Upside Capture	-41.28	48.58
Correlation (SPY)	-11.0%	20.5%

SEM Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.30	-0.31	-0.11	0.47	0.65	0.82
Up Beta	-0.41	0.27	0.37	1.06	0.68	0.75
Down Beta	-0.04	0.10	0.01	0.26	0.70	0.77
Up Capture	19%	-33%	-2%	80%	38%	63%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	9	22	31	64	130	382
Down Capture	-82%	-81%	-52%	8%	71%	98%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	4	9	21	50	108	351

[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 SEM
SEM	2.2%	40.6%	0.16	-
Sector ETF (XLV)	9.2%	16.0%	0.37	20.0%
Equity (SPY)	23.7%	12.7%	1.52	20.5%
Gold (GLD)	41.4%	27.5%	1.25	-10.1%
Commodities (DBC)	22.4%	16.2%	1.25	-5.1%
Real Estate (VNQ)	14.2%	13.8%	0.72	17.2%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	2.9%

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 SEM
SEM	-1.2%	37.6%	0.06	-
Sector ETF (XLV)	5.9%	14.6%	0.22	39.1%
Equity (SPY)	10.8%	17.1%	0.49	44.8%
Gold (GLD)	21.6%	17.8%	0.99	3.7%
Commodities (DBC)	10.9%	18.8%	0.47	10.5%
Real Estate (VNQ)	4.1%	18.8%	0.12	43.4%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	17.7%

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 SEM
SEM	10.5%	42.4%	0.39	-
Sector ETF (XLV)	9.5%	16.5%	0.47	44.5%
Equity (SPY)	13.9%	17.9%	0.67	51.3%
Gold (GLD)	13.7%	15.9%	0.71	1.1%
Commodities (DBC)	8.2%	17.6%	0.39	20.2%
Real Estate (VNQ)	5.4%	20.7%	0.23	49.4%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	14.4%

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	2.7 Mil
Short Interest: % Change Since 3152026	19.4%
Average Daily Volume	2.6 Mil
Days-to-Cover Short Interest	1.1 days
Basic Shares Quantity	120.6 Mil
Short % of Basic Shares	2.3%

Returns Analyses

	Title
0	Is Select Medical Stock Built to Withstand a Pullback?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/19/2026	-6.7%	-6.8%	1.5%
10/30/2025	-2.6%	-6.2%	7.3%
7/31/2025	-15.0%	-19.5%	-11.6%
5/1/2025	-21.8%	-19.5%	-16.6%
2/20/2025	-7.2%	-3.1%	-12.8%
10/31/2024	12.1%	20.2%	19.7%
7/12/2024	0.3%	1.6%	-12.8%
5/2/2024	10.5%	16.8%	20.9%
...
SUMMARY STATS
# Positive	10	10	12
# Negative	14	14	12
Median Positive	8.0%	5.9%	10.3%
Median Negative	-5.2%	-6.5%	-10.1%
Max Positive	18.5%	23.1%	29.2%
Max Negative	-21.8%	-19.5%	-17.3%

	Forward Returns
2/19/2026	-6.7%	-6.8%	1.5%
10/30/2025	-2.6%	-6.2%	7.3%
7/31/2025	-15.0%	-19.5%	-11.6%
5/1/2025	-21.8%	-19.5%	-16.6%
2/20/2025	-7.2%	-3.1%	-12.8%
10/31/2024	12.1%	20.2%	19.7%
7/12/2024	0.3%	1.6%	-12.8%
5/2/2024	10.5%	16.8%	20.9%
2/22/2024	9.8%	5.4%	11.3%
11/2/2023	-3.0%	-4.4%	4.4%
7/19/2023	6.1%	3.5%	-6.5%
5/4/2023	6.0%	-2.4%	-1.2%
2/23/2023	-7.9%	-10.3%	-17.3%
11/3/2022	-2.9%	0.6%	2.9%
8/4/2022	4.1%	-1.4%	-7.0%
5/5/2022	3.6%	3.5%	12.2%
1/18/2022	-5.6%	-7.9%	-4.9%
11/4/2021	-0.4%	-4.4%	-16.9%
8/5/2021	-4.6%	-8.7%	-8.7%
5/6/2021	-4.4%	-4.5%	3.4%
2/25/2021	18.5%	23.1%	29.2%
10/29/2020	-4.9%	6.4%	9.2%
7/30/2020	13.4%	20.3%	21.4%
4/30/2020	-14.5%	-15.8%	-5.4%
SUMMARY STATS
# Positive	10	10	12
# Negative	14	14	12
Median Positive	8.0%	5.9%	10.3%
Median Negative	-5.2%	-6.5%	-10.1%
Max Positive	18.5%	23.1%	29.2%
Max Negative	-21.8%	-19.5%	-17.3%

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 Revenue	5.60 Bil	5.70 Bil	5.80 Bil	5.6%		Raised	Guidance: 5.40 Bil for 2025
2026 Adjusted EBITDA	520.00 Mil	530.00 Mil	540.00 Mil	1.9%		Raised	Guidance: 520.00 Mil for 2025
2026 Fully Diluted Earnings Per Share	1.22	1.27	1.32	6.7%		Raised	Guidance: 1.19 for 2025

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	5.30 Bil	5.40 Bil	5.50 Bil	0		Affirmed	Guidance: 5.40 Bil for 2025
2025 Adjusted EBITDA	510.00 Mil	520.00 Mil	530.00 Mil	0		Affirmed	Guidance: 520.00 Mil for 2025
2025 Fully Diluted Earnings Per Share	1.14	1.19	1.24	4.4%		Raised	Guidance: 1.14 for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Khanuja, Parvinderjit S		Direct	Buy	5062025	15.02	21,000	315,420	977,637	Form
2	Chernow, David S	CEO	Direct	Sell	4292025	18.00	225,000	4,050,000	12,861,288	Form

SEM 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 SEM?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What SEM Makes & Who Pays

TTM figures based on

SEM 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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Select Medical (SEM)

Market Price (4/22/2026): $16.4 | Market Cap: $2.0 BilSector: Health Care | Industry: Health Care Facilities

Select Medical (SEM)

Market Price (4/22/2026): $16.4Market Cap: $2.0 BilSector: Health CareIndustry: Health Care Facilities

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 Select Medical (SEM)

Interactive Breakdown

Better Bets vs. Select Medical (SEM)

INDUSTRY: Health Care Facilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for SEM: 5.8% | 0.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SEM: 5.8% | 5.9x)

Higher Rev Chg LTM (Value for SEM: 5.1%)

Higher Rev Chg 3Y Avg (Value for SEM: 5.8%)

Higher Op Mgn LTM (Value for SEM: 6.2%)

Higher CFO/Rev LTM (Value for SEM: 6.4%)

Higher FCF/Rev LTM (Value for SEM: 2.2%)

Higher Total Yield (Value for SEM: 9.0%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for SEM: 5.8% | 0.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SEM: 5.8% | 5.9x)

Higher Rev Chg LTM (Value for SEM: 5.1%)

Higher Rev Chg 3Y Avg (Value for SEM: 5.8%)

Higher Op Mgn LTM (Value for SEM: 6.2%)

Higher CFO/Rev LTM (Value for SEM: 6.4%)

Higher FCF/Rev LTM (Value for SEM: 2.2%)

Higher Total Yield (Value for SEM: 9.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SEM: 5.8% | 0.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SEM: 5.8% | 5.9x)

Higher Rev Chg LTM (Value for SEM: 5.1%)

Higher Rev Chg 3Y Avg (Value for SEM: 5.8%)

Higher Op Mgn LTM (Value for SEM: 6.2%)

Higher CFO/Rev LTM (Value for SEM: 6.4%)

Higher FCF/Rev LTM (Value for SEM: 2.2%)

Higher Total Yield (Value for SEM: 9.0%)

Best Bets in Health Care

P/EBIT (Value for SEM: 5.1x)

P/E (Value for SEM: 13.5x)

Rev Chg 3Y Avg (Value for SEM: 5.8%)

Rev Chg LTM (Value for SEM: 5.1%)

Rev Chg Q (Value for SEM: 6.4%)

FCF/Rev 3Y Avg (Value for SEM: 5.1%)

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Market Price (4/22/2026): $16.4 | Market Cap: $2.0 Bil
Sector: Health Care | Industry: Health Care Facilities

Market Price (4/22/2026): $16.4
Market Cap: $2.0 Bil
Sector: Health Care
Industry: Health Care Facilities