Surgery Partners (SGRY)
Market Price (6/20/2026): $14.52 | Market Cap: $1.9 BilSector: Health Care | Industry: Health Care Facilities
Surgery Partners (SGRY)
Market Price (6/20/2026): $14.52Market Cap: $1.9 BilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 11% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Healthcare Delivery Transformation. Themes include Ambulatory Surgical Care, Outpatient Care Shift, and Value-Based Healthcare Delivery. | Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -134% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.64, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 206% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3% Key risksSGRY key risks include [1] its significant debt and high leverage, Show more. |
| Attractive yieldFCF Yield is 11% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Healthcare Delivery Transformation. Themes include Ambulatory Surgical Care, Outpatient Care Shift, and Value-Based Healthcare Delivery. |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -134% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.64, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 206% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3% |
| Key risksSGRY key risks include [1] its significant debt and high leverage, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/17/2026
Surgery Partners (SGRY) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Softer-than-anticipated 2026 guidance and Q4 2025 performance issues led to analyst downgrades.
Following the announcement of fiscal Q4 2025 results and initial 2026 guidance on March 2, 2026, several analyst firms lowered their price targets for Surgery Partners (SGRY). For instance, RBC Capital cut its price target from $31 to $20 on March 4, 2026, citing the 2026 guidance as "softer-than-anticipated" due to the exclusion of anticipated mergers and acquisitions. Additionally, fiscal Q4 2025 performance was "disproportionately impacted by various challenges in three surgical hospital markets" and a negative insurance mix shift, which resulted in adjusted EBITDA-NCI falling 6% below consensus estimates.
2. The company's significant debt load contributed to elevated interest expenses, impacting profitability.
Surgery Partners carries a substantial debt load of approximately $3.70 billion. This has led to high interest expenses, including an estimated $7 million increase in fiscal Q1 2026 due to an expired interest rate swap, which weighed on near-term Adjusted EBITDA. Interest expense represented about 8.5% of the company's quarterly revenue in fiscal Q1 2026, and its total net debt to EBITDA ratio stood at roughly 4.3x at the end of the quarter.
Show more
Surgery Partners (SGRY) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Softer-than-anticipated 2026 guidance and Q4 2025 performance issues led to analyst downgrades.
Following the announcement of fiscal Q4 2025 results and initial 2026 guidance on March 2, 2026, several analyst firms lowered their price targets for Surgery Partners (SGRY). For instance, RBC Capital cut its price target from $31 to $20 on March 4, 2026, citing the 2026 guidance as "softer-than-anticipated" due to the exclusion of anticipated mergers and acquisitions. Additionally, fiscal Q4 2025 performance was "disproportionately impacted by various challenges in three surgical hospital markets" and a negative insurance mix shift, which resulted in adjusted EBITDA-NCI falling 6% below consensus estimates.
2. The company's significant debt load contributed to elevated interest expenses, impacting profitability.
Surgery Partners carries a substantial debt load of approximately $3.70 billion. This has led to high interest expenses, including an estimated $7 million increase in fiscal Q1 2026 due to an expired interest rate swap, which weighed on near-term Adjusted EBITDA. Interest expense represented about 8.5% of the company's quarterly revenue in fiscal Q1 2026, and its total net debt to EBITDA ratio stood at roughly 4.3x at the end of the quarter.
Show more
Updated on 6/17/2026
Surgery Partners (SGRY) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Softer-than-anticipated 2026 guidance and Q4 2025 performance issues led to analyst downgrades.
Following the announcement of fiscal Q4 2025 results and initial 2026 guidance on March 2, 2026, several analyst firms lowered their price targets for Surgery Partners (SGRY). For instance, RBC Capital cut its price target from $31 to $20 on March 4, 2026, citing the 2026 guidance as "softer-than-anticipated" due to the exclusion of anticipated mergers and acquisitions. Additionally, fiscal Q4 2025 performance was "disproportionately impacted by various challenges in three surgical hospital markets" and a negative insurance mix shift, which resulted in adjusted EBITDA-NCI falling 6% below consensus estimates.
2. The company's significant debt load contributed to elevated interest expenses, impacting profitability.
Surgery Partners carries a substantial debt load of approximately $3.70 billion. This has led to high interest expenses, including an estimated $7 million increase in fiscal Q1 2026 due to an expired interest rate swap, which weighed on near-term Adjusted EBITDA. Interest expense represented about 8.5% of the company's quarterly revenue in fiscal Q1 2026, and its total net debt to EBITDA ratio stood at roughly 4.3x at the end of the quarter.
3. Profitability faced headwinds from rising costs and regulatory pressures.
Despite a 4.5% year-over-year increase in revenue to $810.9 million in fiscal Q1 2026, the company's Adjusted EBITDA slightly decreased to $102.3 million from $103.9 million in fiscal Q1 2025, leading to a compression of its margin to 12.6%. Furthermore, management identified cost headwinds from reinstated incentive compensation, new provider taxes, and tariff pressures, estimating a combined impact of approximately $8 million in fiscal year pressure.
Show less
Surgery Partners (SGRY) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Softer-than-anticipated 2026 guidance and Q4 2025 performance issues led to analyst downgrades.
Following the announcement of fiscal Q4 2025 results and initial 2026 guidance on March 2, 2026, several analyst firms lowered their price targets for Surgery Partners (SGRY). For instance, RBC Capital cut its price target from $31 to $20 on March 4, 2026, citing the 2026 guidance as "softer-than-anticipated" due to the exclusion of anticipated mergers and acquisitions. Additionally, fiscal Q4 2025 performance was "disproportionately impacted by various challenges in three surgical hospital markets" and a negative insurance mix shift, which resulted in adjusted EBITDA-NCI falling 6% below consensus estimates.
2. The company's significant debt load contributed to elevated interest expenses, impacting profitability.
Surgery Partners carries a substantial debt load of approximately $3.70 billion. This has led to high interest expenses, including an estimated $7 million increase in fiscal Q1 2026 due to an expired interest rate swap, which weighed on near-term Adjusted EBITDA. Interest expense represented about 8.5% of the company's quarterly revenue in fiscal Q1 2026, and its total net debt to EBITDA ratio stood at roughly 4.3x at the end of the quarter.
3. Profitability faced headwinds from rising costs and regulatory pressures.
Despite a 4.5% year-over-year increase in revenue to $810.9 million in fiscal Q1 2026, the company's Adjusted EBITDA slightly decreased to $102.3 million from $103.9 million in fiscal Q1 2025, leading to a compression of its margin to 12.6%. Furthermore, management identified cost headwinds from reinstated incentive compensation, new provider taxes, and tariff pressures, estimating a combined impact of approximately $8 million in fiscal year pressure.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -6.1% change in SGRY stock from 2/28/2026 to 6/19/2026 was primarily driven by a -6.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.50 | 14.55 | -6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,288 | 3,344 | 1.7% |
| P/S Multiple | 0.6 | 0.6 | -6.8% |
| Shares Outstanding (Mil) | 127 | 128 | -0.9% |
| Cumulative Contribution | -6.1% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SGRY | -6.1% | |
| Market (SPY) | 9.2% | 47.9% |
| Sector (XLV) | -6.4% | 37.3% |
Fundamental Drivers
The -14.8% change in SGRY stock from 11/30/2025 to 6/19/2026 was primarily driven by a -15.4% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.07 | 14.55 | -14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,288 | 3,344 | 1.7% |
| P/S Multiple | 0.7 | 0.6 | -15.4% |
| Shares Outstanding (Mil) | 127 | 128 | -0.9% |
| Cumulative Contribution | -14.8% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SGRY | -14.8% | |
| Market (SPY) | 9.9% | 36.5% |
| Sector (XLV) | -4.4% | 25.1% |
Fundamental Drivers
The -38.4% change in SGRY stock from 5/31/2025 to 6/19/2026 was primarily driven by a -40.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.61 | 14.55 | -38.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,173 | 3,344 | 5.4% |
| P/S Multiple | 0.9 | 0.6 | -40.7% |
| Shares Outstanding (Mil) | 127 | 128 | -1.4% |
| Cumulative Contribution | -38.4% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SGRY | -38.4% | |
| Market (SPY) | 28.1% | 26.8% |
| Sector (XLV) | 14.6% | 21.5% |
Fundamental Drivers
The -61.2% change in SGRY stock from 5/31/2023 to 6/19/2026 was primarily driven by a -68.9% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.48 | 14.55 | -61.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,609 | 3,344 | 28.1% |
| P/S Multiple | 1.8 | 0.6 | -68.9% |
| Shares Outstanding (Mil) | 125 | 128 | -2.5% |
| Cumulative Contribution | -61.2% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SGRY | -61.2% | |
| Market (SPY) | 85.7% | 32.5% |
| Sector (XLV) | 22.9% | 31.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SGRY Return | 84% | -48% | 15% | -34% | -27% | -8% | -51% |
| Peers Return | 51% | -7% | 20% | 24% | 26% | -10% | 134% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| SGRY Win Rate | 67% | 42% | 50% | 42% | 33% | 50% | |
| Peers Win Rate | 67% | 48% | 54% | 58% | 62% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SGRY Max Drawdown | -43% | -64% | -50% | -44% | -42% | -29% | |
| Peers Max Drawdown | -18% | -40% | -26% | -26% | -30% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: THC, HCA, UHS, UNH.
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | SGRY | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.5% | -6.7% |
| % Gain to Breakeven | 14.3% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.4% | -33.7% |
| % Gain to Breakeven | 306.0% | 50.9% |
| Time to Breakeven | 142 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.1% | -19.2% |
| % Gain to Breakeven | 64.1% | 23.8% |
| Time to Breakeven | 367 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.5% | -3.7% |
| % Gain to Breakeven | 46.1% | 3.9% |
| Time to Breakeven | 70 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.2% | -12.2% |
| % Gain to Breakeven | 49.7% | 13.9% |
| Time to Breakeven | 134 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -16.8% | -6.8% |
| % Gain to Breakeven | 20.3% | 7.3% |
| Time to Breakeven | 141 days | 15 days |
In The Past
Surgery Partners's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SGRY | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -75.4% | -33.7% |
| % Gain to Breakeven | 306.0% | 50.9% |
| Time to Breakeven | 142 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.1% | -19.2% |
| % Gain to Breakeven | 64.1% | 23.8% |
| Time to Breakeven | 367 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.5% | -3.7% |
| % Gain to Breakeven | 46.1% | 3.9% |
| Time to Breakeven | 70 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.2% | -12.2% |
| % Gain to Breakeven | 49.7% | 13.9% |
| Time to Breakeven | 134 days | 62 days |
In The Past
Surgery Partners's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Surgery Partners (SGRY)
```html
Surgery Partners, Inc. (SGRY) is a healthcare services company that owns and operates a comprehensive network of surgical facilities and ancillary services across the United States. Its primary business involves providing non-emergency surgical procedures through its portfolio of ambulatory surgery centers (ASCs) and surgical hospitals.
The company's main products and services revolve around a broad spectrum of surgical specialties, including gastroenterology, general surgery, ophthalmology, orthopedics, and pain management. Beyond core surgical procedures, Surgery Partners offers a range of complementary ancillary services. These include diagnostic imaging, pharmacy, laboratory services, obstetrics, oncology, physical therapy, and wound care, which are typically available at its surgical hospitals. Additionally, the company operates multi-specialty physician practices, urgent care facilities, and provides anesthesia services.
Surgery Partners primarily serves patients seeking elective surgical procedures and related healthcare services. Its extensive network, which consisted of 126 surgical facilities across 31 states as of December 31, 2021, positions it as a significant provider in the outpatient and short-stay surgical market. The company caters to communities nationwide, aiming to deliver specialized and efficient surgical care by integrating various support services within its facilities.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Surgery Partners (SGRY):
- DaVita for surgeries.
- Jiffy Lube for non-emergency surgical procedures.
- A specialized surgery network like HCA Healthcare, but focused on ambulatory surgery centers.
AI Analysis | Feedback
- Ambulatory Surgery Center (ASC) Services: Provides facilities and services for non-emergency outpatient surgical procedures in various specialties like gastroenterology, ophthalmology, and orthopedics.
- Surgical Hospital Services: Offers inpatient and outpatient surgical procedures, along with integrated ancillary services such as diagnostic imaging, pharmacy, laboratory, and obstetrics.
- Multi-Specialty Physician Practice Services: Delivers medical care through a network of physician practices specializing in various fields.
- Urgent Care Services: Provides facilities for immediate medical attention for non-life-threatening conditions.
- Anesthesia Services: Offers professional anesthesia administration for surgical and other medical procedures.
AI Analysis | Feedback
```html
Surgery Partners (SGRY) primarily sells its services to **individuals** who require various medical and surgical procedures.
The company serves up to three categories of individual customers:
- Patients undergoing scheduled surgical procedures: Individuals seeking non-emergency surgeries across specialties such as gastroenterology, general surgery, ophthalmology, orthopedics, and pain management.
- Patients utilizing ancillary medical services: Individuals requiring support services like diagnostic imaging, pharmacy, laboratory, obstetrics, oncology, physical therapy, and wound care, often in conjunction with or independent of surgical procedures.
- Patients seeking general or urgent medical care: Individuals visiting multi-specialty physician practices or urgent care facilities for various health needs that do not necessarily involve surgery.
AI Analysis | Feedback
null
AI Analysis | Feedback
Here is the management team for Surgery Partners (SGRY):
Eric Evans
Chief Executive Officer Eric Evans has served as Chief Executive Officer and Director of Surgery Partners, Inc. since January 2020. His tenure as CEO is approximately 6.17 years.Dave Doherty
Executive Vice President and Chief Financial Officer Dave Doherty was appointed Chief Financial Officer of Surgery Partners, Inc. in February 2022. Prior to this role, he served as Surgery Partners' Senior Vice President of Corporate Finance and Controller. Before joining Surgery Partners in 2018, Mr. Doherty held various senior financial management positions at Aetna Inc., where he led Aetna's internal audit organization, planning and risk management, and served as assistant controller. He earned his CPA while working at Arthur Andersen, LLP.Justin Oppenheimer
Executive Vice President, Chief Operating Officer & National Group President Justin Oppenheimer was appointed Chief Operating Officer of Surgery Partners in January 2026. He previously led strategy and operations at Hospital for Special Surgery (HSS). Before his time at HSS, Mr. Oppenheimer worked as a management consultant at the Monitor Group, serving Fortune 500 companies in the healthcare industry. He also serves on the Board of Directors for Urban Dove, a New York-based charter school management organization.Marissa Brittenham
Executive Vice President and Chief Strategy Officer Marissa Brittenham was appointed Chief Strategy Officer of Surgery Partners, Inc. in January 2022. Previously, Ms. Brittenham led Growth at Cityblock Health and Medicaid Partnerships at Evolent Health. She also served as an Associate Partner at McKinsey & Company.Jennifer Baldock
Executive Vice President, Chief Administrative & Development Officer Jennifer Baldock is the Executive Vice President, Chief Administrative & Development Officer at Surgery Partners.AI Analysis | Feedback
Key Risks to Surgery Partners (SGRY)
- High Debt and Financial Leverage: Surgery Partners faces significant risks due to its substantial debt load and high financial leverage, with a net debt-to-Adjusted EBITDA ratio of approximately 4.2x as of the third quarter of 2025. This heavy debt results in elevated interest expenses, which directly reduce cash flow and profitability, especially with exposure to floating interest rates. The financial burden can limit the company's flexibility to invest in growth, manage operational challenges, or respond to economic downturns.
- Payer Mix and Reimbursement Rate Pressures: The company's revenue is heavily reliant on reimbursements from third-party payers, including government programs (Medicare and Medicaid) and commercial insurers. There is a risk of reduced profitability due to an unfavorable shift in payer mix towards lower-reimbursing government payers and ongoing pressures to control healthcare costs, which can lead to decelerating pricing trends. Changes in healthcare laws, regulations, and reimbursement policies could materially impact the company's financial performance.
- Operational and Regulatory Challenges, including Patient Safety and Labor Costs: Operating a network of surgical facilities exposes Surgery Partners to risks related to patient safety, potential medical malpractice lawsuits, and regulatory compliance. Ambulatory surgery centers, while cost-effective, may face scrutiny regarding their preparedness for emergencies, infection control, and staffing levels compared to traditional hospitals, which could lead to significant financial and reputational damage from "nuclear verdicts" or regulatory penalties. Additionally, the broader healthcare industry, including Surgery Partners, is contending with persistent workforce shortages and rising labor costs, which can impact operational efficiency and the ability to deliver high-quality care.
AI Analysis | Feedback
null
AI Analysis | Feedback
Surgery Partners (SGRY) operates within several significant addressable markets in the United States, including surgical facility services and ancillary services.
Surgical Facility Services (U.S.)
- Ambulatory Surgery Centers (ASCs): The U.S. ambulatory surgery center market was valued at approximately USD 45.6 billion in 2024 and is projected to reach USD 55.3 billion by 2029. Other estimates place the market at USD 40.41 billion in 2023, USD 52.4 billion in 2024, or USD 105.02 billion in 2025. The market is expected to grow to USD 103.5 billion by 2032.
- Overall Surgical Procedures: The broader U.S. surgical procedures market was estimated at USD 880 billion in 2024 and is predicted to be worth around USD 1.58 trillion by 2034. Another source values it at USD 930.15 billion in 2025. The outpatient surgery market was valued at USD 53.3 billion in 2024 and is expected to reach USD 85 billion by 2035.
Key Surgical Specialties within Facilities (U.S.):
- Gastroenterology Procedures: The U.S. gastroenterology market (which includes procedures) was approximately USD 38.85 billion in 2024 and USD 41.19 billion in 2025, with projections to reach around USD 69.68 billion by 2034. North America held the largest share of the gastroenterology market in 2025. The U.S. GI endoscopic device market, a component of gastroenterology procedures, was valued at approximately USD 6 billion in 2023 and is projected to grow to about USD 9.2 billion by 2030.
- General Surgery Procedures: The U.S. general surgery devices market, which indicates procedure volumes, was estimated at USD 5.69 billion in 2024, growing to USD 6.17 billion in 2025, and is projected to reach around USD 12.89 billion by 2034. North America's general surgery devices market was valued at USD 7.2 billion in 2022.
- Ophthalmology Procedures: The ophthalmology segment accounted for the highest market share of 23.6% in the U.S. ASC market in 2024, indicating its significant presence within ambulatory surgical centers.
- Orthopedics Procedures: The U.S. orthopedics market was valued at USD 59.2 billion in 2024 and is projected to reach USD 86.4 billion by 2030. The U.S. orthopedic ambulatory surgery center market alone was valued at USD 10.1 billion in 2022. There were 7.8 million total orthopedic procedures forecast for the U.S. in 2024.
- Pain Management Procedures: The U.S. pain management market was valued at USD 31.18 billion in 2025 and approximately USD 77.8 billion in 2024, with projections to reach USD 114.8 billion by 2035. The pain management therapeutics market in the U.S. is expected to reach USD 37.39 billion by 2033 from USD 27.08 billion in 2024.
Ancillary Services (U.S.)
- Multi-specialty Physician Practices: The United States physician groups market was valued at USD 342.21 billion in 2024 and is expected to reach USD 530.66 billion by 2030. Other estimates place the market at USD 305.88 billion in 2024 or USD 360.35 billion in 2025. Multi-specialty groups held the largest market share in 2024.
- Urgent Care Facilities: The U.S. urgent care centers market size was approximately USD 75.1 billion in 2023. Other figures indicate a market size of USD 34.34 billion in 2024, with a projection to reach USD 55.07 billion by 2030, or USD 36.4 billion in 2025, growing to USD 75.0 billion by 2033.
- Anesthesia Services: The U.S. anesthesiology service market was valued at approximately USD 18.5 billion in 2024 and is anticipated to reach around USD 28.2 billion by 2033. The United States anesthesia devices market, a related segment, is estimated at USD 6.04 billion in 2025 and is expected to reach USD 8.51 billion by 2030.
AI Analysis | Feedback
Surgery Partners (SGRY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Increasing Surgical Case Volumes: The company anticipates continued organic growth by increasing the number of surgical cases performed across its facilities. This includes a focus on robust surgical case growth within existing facilities.
- Shift to Higher-Acuity Procedures: Surgery Partners is strategically expanding its capabilities to deliver higher-acuity procedures, particularly in orthopedic specialties like total joint replacements. This shift is supported by investments in technology, such as surgical robotics, and physician recruitment. The broader trend of procedures moving from inpatient to outpatient settings is also expected to contribute to this growth.
- Strategic Mergers and Acquisitions (M&A): A core component of the company's growth algorithm involves strategic M&A activities. Surgery Partners has a robust pipeline of acquisition opportunities and plans to deploy capital towards these investments to expand its network and service offerings.
- De Novo Facility Development: Surgery Partners is expanding its network through the development and opening of new (de novo) surgical facilities. Many of these new facilities are focused on higher-acuity specialties, contributing to market expansion and increased service capacity.
- Physician Recruitment: The company emphasizes physician recruitment as crucial for supporting the increase in surgical case volumes and facilitating the strategic shift towards more complex, higher-acuity procedures.
AI Analysis | Feedback
Share Repurchases
- On February 26, 2026, the Board of Directors authorized a new share repurchase program for up to $200 million of common stock.
- In the first nine months of 2025, Surgery Partners repurchased 698,312 shares of its common stock under an existing program at a cost of $55.6 million.
Share Issuance
- In November 2022, Surgery Partners commenced an underwritten public offering of $275 million of common stock.
- Concurrent with the November 2022 public offering, an affiliate of Bain Capital, the company's controlling stockholder, agreed to purchase $225 million of common stock in a private placement.
- In November 2021, the company closed a public offering of 6,900,000 shares of common stock, generating gross proceeds of approximately $320.9 million, intended for general corporate purposes including acquisitions and debt repayment.
Inbound Investments
- On January 27, 2025, Bain Capital Private Equity, a major shareholder, proposed to acquire the remaining 60.7% interest in Surgery Partners for $25.75 per share in cash, a proposal that was subsequently rejected by Surgery Partners in June 2025.
- In November 2022, Bain Capital agreed to a $225 million private placement investment in Surgery Partners' common stock.
Outbound Investments
- In 2025, Surgery Partners deployed $182 million for acquisitions, while also divesting five ambulatory surgery centers (ASCs) and reducing interest in a surgical hospital, generating $50 million in cash proceeds and a $31 million reduction in debt.
- As of Q3 2025, year-to-date capital deployment for acquisitions was approximately $71 million, adding multiple facilities, and the company completed divestitures of three ASCs, generating $45 million in cash proceeds and a $5 million reduction in debt.
- In 2021, the company deployed approximately $325 million in 12 transactions.
Capital Expenditures
- In 2025, Surgery Partners deployed $33 million for maintenance-related capital expenditures.
- The company opened eight de novo facilities in 2024 and had nine facilities under construction as of November 2025, with more than a dozen in the development pipeline.
- Capital expenditures are primarily focused on investments in de novo facilities and acquisitions to expand its ambulatory surgery footprint.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.57 |
| Mkt Cap | 15.0 |
| Rev LTM | 21,868 |
| Op Inc LTM | 3,833 |
| FCF LTM | 3,349 |
| FCF 3Y Avg | 2,172 |
| CFO LTM | 4,366 |
| CFO 3Y Avg | 3,051 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 8.7% |
| Rev Chg Q | 4.5% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 10.4% |
| Op Inc Chg 3Y Avg | 9.7% |
| Op Mgn LTM | 13.9% |
| Op Mgn 3Y Avg | 14.5% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 10.7% |
| CFO/Rev 3Y Avg | 10.9% |
| FCF/Rev LTM | 6.2% |
| FCF/Rev 3Y Avg | 6.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.0 |
| P/S | 0.7 |
| P/Op Inc | 4.2 |
| P/EBIT | 4.7 |
| P/E | 8.8 |
| P/CFO | 6.5 |
| Total Yield | 8.9% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 7.2% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Patient service revenues | 3,226 | 3,055 | |||
| Other service revenues | 83 | 59 | |||
| Ancillary Services | 68 | 69 | 67 | ||
| Surgical Facilities | 2,676 | 2,470 | 2,158 | ||
| Optical services | 0 | ||||
| Total | 3,309 | 3,114 | 2,743 | 2,539 | 2,225 |
| $ Mil | 2015 | 2014 |
|---|---|---|
| Surgical Facilities | 224 | 112 |
| Ancillary Services | 16 | 16 |
| Optical services | 2 | 2 |
| Adjustment | -97 | |
| Total | 145 | 131 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Surgical Facilities | 6,347 | 6,001 | 5,553 | 4,962 | 4,580 |
| All other | 493 | 639 | 517 | 416 | 351 |
| Ancillary Services | 36 | 42 | 48 | 35 | 70 |
| Total | 6,877 | 6,682 | 6,118 | 5,413 | 5,001 |
Price Behavior
Price Behavior
| Market Price | $14.55 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 10/01/2015 | |
| Distance from 52W High | -39.0% | |
| 50 Days | 200 Days | |
| DMA Price | $13.99 | $16.26 |
| DMA Trend | down | up |
| Distance from DMA | 4.0% | -10.5% |
| 3M | 1YR | |
| Volatility | 33.2% | 45.8% |
| Downside Capture | 107.30 | 123.27 |
| Upside Capture | 126.89 | 53.10 |
| Correlation (SPY) | 44.2% | 25.1% |
SGRY Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.70 | 1.00 | 1.55 | 1.17 | 1.03 | 1.05 |
| Up Beta | 2.58 | 0.51 | 0.48 | 0.49 | 0.44 | 0.94 |
| Down Beta | 3.41 | 1.88 | 2.53 | 1.95 | 1.89 | 0.79 |
| Up Capture | 19% | 98% | 110% | 69% | 29% | 69% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 26 | 37 | 66 | 127 | 345 |
| Down Capture | 227% | 171% | 228% | 156% | 133% | 110% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 15 | 26 | 57 | 120 | 400 |
[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 SGRY | |
|---|---|---|---|---|
| SGRY | -28.6% | 45.8% | -0.58 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 19.7% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 25.7% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 0.9% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -18.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 23.6% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 12.5% |
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 SGRY | |
|---|---|---|---|---|
| SGRY | -26.0% | 54.7% | -0.34 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 39.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 48.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 7.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 7.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 47.3% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 21.8% |
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 SGRY | |
|---|---|---|---|---|
| SGRY | -0.4% | 64.7% | 0.27 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 39.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 45.1% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.3% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 15.3% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 43.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 0.4% | -3.0% | -4.9% |
| 3/2/2026 | -12.3% | -16.2% | -24.9% |
| 11/10/2025 | -25.4% | -28.9% | -23.1% |
| 8/5/2025 | -0.3% | 2.4% | 1.3% |
| 5/12/2025 | 5.0% | 8.0% | 5.2% |
| 3/3/2025 | -0.3% | -0.1% | -1.4% |
| 11/12/2024 | -5.9% | -30.5% | -33.2% |
| 8/6/2024 | 3.2% | 1.3% | 7.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 13 |
| # Negative | 13 | 13 | 12 |
| Median Positive | 4.6% | 6.3% | 7.7% |
| Median Negative | -5.6% | -5.6% | -12.2% |
| Max Positive | 20.7% | 27.4% | 32.5% |
| Max Negative | -25.4% | -30.5% | -33.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 0.4% | -3.0% | -4.9% |
| 3/2/2026 | -12.3% | -16.2% | -24.9% |
| 11/10/2025 | -25.4% | -28.9% | -23.1% |
| 8/5/2025 | -0.3% | 2.4% | 1.3% |
| 5/12/2025 | 5.0% | 8.0% | 5.2% |
| 3/3/2025 | -0.3% | -0.1% | -1.4% |
| 11/12/2024 | -5.9% | -30.5% | -33.2% |
| 8/6/2024 | 3.2% | 1.3% | 7.7% |
| 5/7/2024 | 8.5% | 1.1% | 3.2% |
| 2/26/2024 | -8.6% | -5.6% | -13.5% |
| 11/7/2023 | 14.0% | 7.6% | 32.5% |
| 8/1/2023 | -4.4% | -3.5% | -9.3% |
| 5/1/2023 | -5.6% | -10.9% | -4.8% |
| 3/1/2023 | 1.6% | -3.7% | -2.2% |
| 11/8/2022 | -2.4% | 11.0% | 5.8% |
| 8/2/2022 | -7.4% | -1.5% | -26.3% |
| 5/3/2022 | 7.2% | -7.8% | -26.4% |
| 2/28/2022 | 4.2% | -1.2% | 6.8% |
| 1/10/2022 | -1.1% | 5.3% | 4.8% |
| 11/2/2021 | 17.0% | 27.4% | 12.3% |
| 8/4/2021 | -15.0% | -19.0% | -10.8% |
| 5/5/2021 | 1.8% | 4.7% | 20.1% |
| 3/10/2021 | 3.5% | 2.0% | 13.4% |
| 11/4/2020 | -5.5% | 7.2% | 9.4% |
| 8/5/2020 | 20.7% | 26.7% | 24.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 13 |
| # Negative | 13 | 13 | 12 |
| Median Positive | 4.6% | 6.3% | 7.7% |
| Median Negative | -5.6% | -5.6% | -12.2% |
| Max Positive | 20.7% | 27.4% | 32.5% |
| Max Negative | -25.4% | -30.5% | -33.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Insider Activity
Updated 6/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Doherty, David T | Chief Financial Officer | Direct | Sell | 3162026 | 12.50 | 8,867 | 110,838 | 2,770,988 | Form |
| 2 | Evans, Jason Eric | Chief Executive Officer | Direct | Sell | 3162026 | 12.47 | 20,400 | 254,388 | 11,477,213 | Form |
| 3 | Burkhalter, Danielle | Chief Human Resources Officer | Direct | Sell | 3162026 | 12.83 | 3,469 | 44,507 | 986,165 | Form |
| 4 | Brittenham, Marissa | Chief Strategy Officer | Direct | Sell | 3162026 | 12.54 | 3,657 | 45,859 | 1,181,218 | Form |
| 5 | Baldock, Jennifer | Chief Admin & Dev Officer | Direct | Sell | 3162026 | 13.17 | 5,798 | 76,360 | 4,299,663 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Doherty, David T | Chief Financial Officer | Direct | Sell | 3162026 | 12.50 | 8,867 | 110,838 | 2,770,988 | Form |
| 2 | Evans, Jason Eric | Chief Executive Officer | Direct | Sell | 3162026 | 12.47 | 20,400 | 254,388 | 11,477,213 | Form |
| 3 | Burkhalter, Danielle | Chief Human Resources Officer | Direct | Sell | 3162026 | 12.83 | 3,469 | 44,507 | 986,165 | Form |
| 4 | Brittenham, Marissa | Chief Strategy Officer | Direct | Sell | 3162026 | 12.54 | 3,657 | 45,859 | 1,181,218 | Form |
| 5 | Baldock, Jennifer | Chief Admin & Dev Officer | Direct | Sell | 3162026 | 13.17 | 5,798 | 76,360 | 4,299,663 | Form |
| 6 | Evans, Jason Eric | Chief Executive Officer | Direct | Sell | 3092026 | 13.79 | 11,462 | 158,061 | 9,138,357 | Form |
| 7 | Doherty, David T | Chief Financial Officer | Direct | Sell | 3092026 | 13.84 | 14,574 | 201,704 | 1,229,034 | Form |
| 8 | Baldock, Jennifer | Chief Admin & Dev Officer | Direct | Sell | 3092026 | 13.70 | 10,082 | 138,123 | 4,552,126 | Form |
| 9 | Burkhalter, Danielle | Chief Human Resources Officer | Direct | Sell | 3092026 | 13.60 | 7,736 | 105,210 | 504,601 | Form |
| 10 | Webb, William Trenton | American Group President | Direct | Sell | 3092026 | 13.93 | 272 | 3,789 | 1,034,289 | Form |
| 11 | Brittenham, Marissa | Chief Strategy Officer | Direct | Sell | 3092026 | 13.70 | 8,785 | 120,354 | 748,335 | Form |
| 12 | Webb, William Trenton | American Group President | Direct | Sell | 3092026 | 13.86 | 1,794 | 24,865 | 1,004,226 | Form |
| 13 | Bane, Harrison R | National Group President | Direct | Sell | 9082025 | 22.48 | 9,339 | 209,941 | 2,634,229 | Form |
| 14 | Deluca, Teresa | Direct | Sell | 8152025 | 22.74 | 20,018 | 455,209 | 1,027,234 | Form | |
| 15 | Maryland, Patricia Anne | Direct | Sell | 8132025 | 22.74 | 20,018 | 455,209 | 103,808 | Form | |
| 16 | Doherty, David T | Chief Financial Officer | Direct | Sell | 8082025 | 23.39 | 47,491 | 1,110,814 | 2,417,988 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/19/2026