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Surgery Partners (SGRY)

Market Price (3/15/2026): $12.37 | Market Cap: $1.6 Bil
Sector: Health Care | Industry: Health Care Facilities

Surgery Partners (SGRY)

Market Price (3/15/2026): $12.37
Market Cap: $1.6 Bil
Sector: Health Care
Industry: Health Care Facilities

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

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%		 Weak multi-year price returns
2Y Excs Rtn is -90%, 3Y Excs Rtn is -133%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 239%
1 Attractive yield
FCF Yield is 12%		 Meaningful short interest
Short 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 10.37, 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%		 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0%
2 Low stock price volatility
Vol 12M is 47%		  Key risks
SGRY key risks include [1] its significant debt and high leverage, Show more.
3 Megatrend and thematic drivers
Megatrends include Healthcare Delivery Transformation. Themes include Ambulatory Surgical Care, Outpatient Care Shift, and Value-Based Healthcare Delivery. 		  
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%
1 Attractive yield
FCF Yield is 12%
2 Low stock price volatility
Vol 12M is 47%
3 Megatrend and thematic drivers
Megatrends include Healthcare Delivery Transformation. Themes include Ambulatory Surgical Care, Outpatient Care Shift, and Value-Based Healthcare Delivery.
4 Weak multi-year price returns
2Y Excs Rtn is -90%, 3Y Excs Rtn is -133%
5 Meaningful short interest
Short 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 10.37, 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%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 239%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0%
8 Key risks
SGRY key risks include [1] its significant debt and high leverage, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Surgery Partners (SGRY) stock has lost about 25% since 11/30/2025 because of the following key factors:

1. Disappointing Fourth Quarter 2025 Earnings Performance.

Surgery Partners reported a significant miss on adjusted earnings per share (EPS) for the fourth quarter of 2025, with $0.12 reported against analyst estimates of $0.30, representing a 59.7% miss. Additionally, Adjusted EBITDA for the fourth quarter decreased by 4.2% to $156.9 million, falling short of analyst expectations of $167.6 million. The company also posted a net loss attributable to Surgery Partners, Inc. of $15.0 million for the quarter.

2. Weaker-Than-Expected 2026 Financial Guidance.

The company's initial 2026 guidance contributed to the stock's decline, with projected Adjusted EBITDA of at least $530 million falling below analyst estimates of $591.3 million. The revenue guidance for 2026, set between $3.35 billion and $3.45 billion, also came in below the analyst consensus of $3.562 billion.

Show more

Stock Movement Drivers

Fundamental Drivers

The -27.5% change in SGRY stock from 11/30/2025 to 3/14/2026 was primarily driven by a -27.5% change in the company's P/S Multiple.
(LTM values as of)113020253142026Change
Stock Price ($)17.0712.38-27.5%
Change Contribution By: 
Total Revenues ($ Mil)3,2883,3090.6%
P/S Multiple0.70.5-27.5%
Shares Outstanding (Mil)127128-0.7%
Cumulative Contribution-27.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026
ReturnCorrelation
SGRY-27.5% 
Market (SPY)-3.1%29.7%
Sector (XLV)-5.0%19.0%

Fundamental Drivers

The -45.4% change in SGRY stock from 8/31/2025 to 3/14/2026 was primarily driven by a -46.2% change in the company's P/S Multiple.
(LTM values as of)83120253142026Change
Stock Price ($)22.6912.38-45.4%
Change Contribution By: 
Total Revenues ($ Mil)3,2373,3092.2%
P/S Multiple0.90.5-46.2%
Shares Outstanding (Mil)127128-0.8%
Cumulative Contribution-45.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026
ReturnCorrelation
SGRY-45.4% 
Market (SPY)3.0%13.2%
Sector (XLV)9.5%11.7%

Fundamental Drivers

The -48.6% change in SGRY stock from 2/28/2025 to 3/14/2026 was primarily driven by a -52.9% change in the company's P/S Multiple.
(LTM values as of)22820253142026Change
Stock Price ($)24.0812.38-48.6%
Change Contribution By: 
Total Revenues ($ Mil)2,9853,30910.8%
P/S Multiple1.00.5-52.9%
Shares Outstanding (Mil)126128-1.5%
Cumulative Contribution-48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026
ReturnCorrelation
SGRY-48.6% 
Market (SPY)12.4%30.6%
Sector (XLV)1.9%30.1%

Fundamental Drivers

The -63.0% change in SGRY stock from 2/28/2023 to 3/14/2026 was primarily driven by a -60.7% change in the company's P/S Multiple.
(LTM values as of)22820233142026Change
Stock Price ($)33.4512.38-63.0%
Change Contribution By: 
Total Revenues ($ Mil)2,4423,30935.5%
P/S Multiple1.20.5-60.7%
Shares Outstanding (Mil)89128-30.6%
Cumulative Contribution-63.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026
ReturnCorrelation
SGRY-63.0% 
Market (SPY)73.4%33.9%
Sector (XLV)23.3%32.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SGRY Return84%-48%15%-34%-27%-13%-54%
Peers Return51%-7%20%24%26%1%163%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
SGRY Win Rate67%42%50%42%33%33% 
Peers Win Rate67%48%54%58%62%50% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
SGRY Max Drawdown-5%-58%-20%-39%-29%-16% 
Peers Max Drawdown-7%-33%-10%-5%-20%-10% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[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 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventSGRYS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-66.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven200.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-76.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven317.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven143 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-76.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven328.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven398 days120 days

Compare to THC, HCA, UHS, UNH

In The Past

Surgery Partners's stock fell -66.7% during the 2022 Inflation Shock from a high on 6/25/2021. A -66.7% loss requires a 200.7% gain to breakeven.

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About Surgery Partners (SGRY)

Surgery Partners, Inc., through its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company operates through two segments, Surgical Facility Services and Ancillary Services. Its surgical facilities comprise ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including gastroenterology, general surgery, ophthalmology, orthopedics, and pain management. The company's surgical hospitals also provide ancillary services, such as diagnostic imaging, pharmacy, laboratory, obstetrics, oncology, physical therapy, and wound care; and ancillary services, which consist of multi-specialty physician practices, urgent care facilities, and anesthesia services. As of December 31, 2021, it owned or operated a portfolio of 126 surgical facilities, including 108 ambulatory surgical centers and 18 surgical hospitals in 31 states. Surgery Partners, Inc. was founded in 2004 and is headquartered in Brentwood, Tennessee.

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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.

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  • 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.

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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:

  1. Patients undergoing scheduled surgical procedures: Individuals seeking non-emergency surgeries across specialties such as gastroenterology, general surgery, ophthalmology, orthopedics, and pain management.
  2. 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.
  3. 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.
```

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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.

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Key Risks to Surgery Partners (SGRY)

  1. 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.
  2. 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.
  3. 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.

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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.

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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.

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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.

Better Bets vs. Surgery Partners (SGRY)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Surgery Partners (SGRY -12%): Weak Guidance, Q4 EBITDA Miss Drive Sell-Off03/04/2026
2Surgery Partners Stock: Strong Cash Flow Poised for a Re-Rating?01/28/2026
3Cash Machine Trading Cheap - Surgery Partners Stock Set to Run?01/01/2026
4Surgery Partners Earnings Notes12/31/2026
5How Does Surgery Partners Stock Stack Up Against Its Peers?08/13/2025
6Better Bet Than SGRY Stock: Pay Less Than Surgery Partners To Get More From IBKR, JEF 08/12/2025
7Better Bet Than SGRY Stock: Pay Less Than Surgery Partners To Get More From MOH, PTCT 08/12/2025
8Why Surgery Partners Stock Moved: SGRY Stock Has Lost 70% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)08/08/2025
9ARTICLES 
10Stocks Trading At 52-Week Low03/07/2026
11Cash Machine Trading Cheap – Surgery Partners Stock Set to Run?01/28/2026
12With AVAH Up 94% in a Month, Is It Time to Compare It Against SGRY?08/26/2025
Title
0DASHBOARDS
1Surgery Partners (SGRY -12%): Weak Guidance, Q4 EBITDA Miss Drive Sell-Off
2Surgery Partners Stock: Strong Cash Flow Poised for a Re-Rating?
3Cash Machine Trading Cheap - Surgery Partners Stock Set to Run?
4Surgery Partners Earnings Notes
5How Does Surgery Partners Stock Stack Up Against Its Peers?
6Better Bet Than SGRY Stock: Pay Less Than Surgery Partners To Get More From IBKR, JEF 
7Better Bet Than SGRY Stock: Pay Less Than Surgery Partners To Get More From MOH, PTCT 
8Why Surgery Partners Stock Moved: SGRY Stock Has Lost 70% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
9ARTICLES
10Stocks Trading At 52-Week Low
11Cash Machine Trading Cheap – Surgery Partners Stock Set to Run?
12With AVAH Up 94% in a Month, Is It Time to Compare It Against SGRY?

Trade Ideas

Select ideas related to SGRY.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | 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		0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		7.1%7.1%-3.0%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | 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		1.4%1.4%-12.1%
SGRY_10312024_Dip_Buyer_FCFYield10312024SGRYSurgery PartnersDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-22.1%-23.9%-33.0%
SGRY_2292024_Dip_Buyer_FCFYield02292024SGRYSurgery PartnersDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		1.3%-22.4%-36.8%

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Peer Comparisons

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Financials

SGRYTHCHCAUHSUNHMedian
NameSurgery .Tenet He.HCA Heal.Universa.UnitedHe. 
Mkt Price12.38227.63532.97192.42282.09227.63
Mkt Cap1.619.9120.911.9256.119.9
Rev LTM3,30921,31075,60017,365447,56721,310
Op Inc LTM4713,43911,9651,99418,9643,439
FCF LTM1962,5307,69282516,0752,530
FCF 3Y Avg2031,7566,00682420,8211,756
CFO LTM2743,54012,6361,86419,6973,540
CFO 3Y Avg2892,65410,8601,73324,3232,654

Growth & Margins

SGRYTHCHCAUHSUNHMedian
NameSurgery .Tenet He.HCA Heal.Universa.UnitedHe. 
Rev Chg LTM6.2%3.1%7.1%9.7%11.8%7.1%
Rev Chg 3Y Avg9.3%3.6%7.9%9.0%11.4%9.0%
Rev Chg Q2.4%8.9%6.7%9.1%12.3%8.9%
QoQ Delta Rev Chg LTM0.6%2.2%1.7%2.2%2.9%2.2%
Op Mgn LTM14.2%16.1%15.8%11.5%4.2%14.2%
Op Mgn 3Y Avg14.6%14.0%15.2%10.1%7.0%14.0%
QoQ Delta Op Mgn LTM-0.9%0.1%0.2%0.0%-1.8%0.0%
CFO/Rev LTM8.3%16.6%16.7%10.7%4.4%10.7%
CFO/Rev 3Y Avg9.5%12.7%15.4%10.9%6.1%10.9%
FCF/Rev LTM5.9%11.9%10.2%4.7%3.6%5.9%
FCF/Rev 3Y Avg6.7%8.4%8.5%5.2%5.2%6.7%

Valuation

SGRYTHCHCAUHSUNHMedian
NameSurgery .Tenet He.HCA Heal.Universa.UnitedHe. 
Mkt Cap1.619.9120.911.9256.119.9
P/S0.50.91.60.70.60.7
P/EBIT4.15.510.05.613.75.6
P/E-20.314.117.88.021.214.1
P/CFO5.85.69.66.413.06.4
Total Yield-4.9%7.1%6.2%12.9%7.8%7.1%
Dividend Yield0.0%0.0%0.6%0.4%3.1%0.4%
FCF Yield 3Y Avg7.6%15.1%7.1%6.9%5.0%7.1%
D/E2.50.70.40.40.30.4
Net D/E2.40.50.40.40.20.4

Returns

SGRYTHCHCAUHSUNHMedian
NameSurgery .Tenet He.HCA Heal.Universa.UnitedHe. 
1M Rtn-20.1%-2.0%-0.4%-17.7%-0.0%-2.0%
3M Rtn-20.8%14.2%9.9%-13.5%-16.8%-13.5%
6M Rtn-43.4%18.1%32.0%0.5%-18.3%0.5%
12M Rtn-47.5%85.6%68.1%15.2%-40.6%15.2%
3Y Rtn-60.1%319.7%120.7%65.8%-35.7%65.8%
1M Excs Rtn-15.1%3.0%2.7%-14.3%4.3%2.7%
3M Excs Rtn-23.5%16.9%15.3%-12.0%-11.8%-11.8%
6M Excs Rtn-46.9%14.9%29.9%-1.8%-21.4%-1.8%
12M Excs Rtn-68.1%66.8%50.6%-5.1%-60.7%-5.1%
3Y Excs Rtn-132.6%225.5%47.5%-11.1%-105.9%-11.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Patient service revenues3,055    
Other service revenues59    
Total3,114    


Price Behavior

Price Behavior
Market Price$12.38 
Market Cap ($ Bil)1.6 
First Trading Date10/01/2015 
Distance from 52W High-49.3% 
   50 Days200 Days
DMA Price$14.94$19.24
DMA Trenddowndown
Distance from DMA-17.1%-35.7%
 3M1YR
Volatility46.8%47.4%
Downside Capture194.96124.50
Upside Capture81.2434.13
Correlation (SPY)33.8%31.0%
SGRY Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.660.790.540.220.671.08
Up Beta0.36-0.08-0.00-1.390.540.96
Down Beta2.010.891.061.370.960.80
Up Capture74%95%12%-37%18%93%
Bmk +ve Days9203170142431
Stock +ve Days10202959119342
Down Capture1%107%78%67%91%110%
Bmk -ve Days12213054109320
Stock -ve Days11213163129404

[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-47.3%47.4%-1.19-
Sector ETF (XLV)5.0%17.5%0.1230.0%
Equity (SPY)19.6%18.9%0.8131.1%
Gold (GLD)71.9%26.3%2.05-5.5%
Commodities (DBC)19.3%17.3%0.89-7.2%
Real Estate (VNQ)6.2%16.3%0.1929.9%
Bitcoin (BTCUSD)-15.3%44.2%-0.2511.1%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SGRY
SGRY-20.5%55.2%-0.20-
Sector ETF (XLV)7.5%14.5%0.3339.7%
Equity (SPY)13.1%17.0%0.6147.9%
Gold (GLD)24.1%17.3%1.146.9%
Commodities (DBC)11.2%19.0%0.479.7%
Real Estate (VNQ)4.8%18.8%0.1646.5%
Bitcoin (BTCUSD)6.3%56.7%0.3320.5%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SGRY
SGRY-1.1%65.2%0.26-
Sector ETF (XLV)10.1%16.5%0.5039.6%
Equity (SPY)14.5%17.9%0.7045.1%
Gold (GLD)14.4%15.6%0.771.2%
Commodities (DBC)8.6%17.6%0.4016.5%
Real Estate (VNQ)5.6%20.7%0.2343.4%
Bitcoin (BTCUSD)67.4%66.8%1.0711.2%

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Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity13.8 Mil
Short Interest: % Change Since 2152026-15.7%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest10.4 days
Basic Shares Quantity128.0 Mil
Short % of Basic Shares10.8%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/2/2026-12.3%-16.2% 
11/10/2025-25.4%-28.9%-23.1%
8/5/2025-0.3%2.4%1.3%
5/12/20255.0%8.0%5.2%
3/3/2025-0.3%-0.1%-1.4%
11/12/2024-5.9%-30.5%-33.2%
8/6/20243.2%1.3%7.7%
5/7/20248.5%1.1%3.2%
...
SUMMARY STATS   
# Positive91011
# Negative12119
Median Positive4.3%7.0%7.7%
Median Negative-6.7%-5.6%-13.5%
Max Positive17.0%27.4%32.5%
Max Negative-25.4%-42.0%-65.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/05/202510-Q
03/31/202505/12/202510-Q
12/31/202403/07/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202302/26/202410-K
09/30/202311/07/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Bane, Harrison RNational Group PresidentDirectSell908202522.489,339209,9412,634,229Form
2Deluca, Teresa DirectSell815202522.7420,018455,2091,027,234Form
3Maryland, Patricia Anne DirectSell813202522.7420,018455,209103,808Form
4Doherty, David TChief Financial OfficerDirectSell808202523.3947,4911,110,8142,417,988Form
5Baldock, JenniferChief Admin & Dev OfficerDirectSell317202523.9461214,6515,650,965Form

Industry Resources

External Quote Links


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