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Owns and operates ambulatory surgery centers and surgical hospitals performing outpatient procedures across specialties.
Owns and operates ambulatory surgery centers and surgical hospitals performing outpatient procedures across specialties.
Is paid facility fees by insurers and Medicare for each procedure, while surgeons bill separately, and its centers are jointly owned with local physicians who hold minority stakes. Case volumes and insurer rate negotiations drive results. Private-equity firm Bain Capital is its largest shareholder.
Moat: narrow (scale, regulatory licence). Physician-partnership model and facility licensing create switching costs versus building new centers.
Headquarters: Brentwood, Tennessee, United States · Founded: 2004 · Employees: 16,000
Size Surgery Partners (SGRY) is a United States Health Care company (Hospital/Nursing Management) with a market value of $2.99B, the 1558th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.20 on 6 Nov 2026.
Performance Over six months the shares gained 60.7%, against -1.7% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +11.0%); the operating margin is 13.6% (peer median 10.8%).
Valuation It trades at 62.5× forward earnings against a peer median of 37.3× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.3 points below its cost of capital (9.1% WACC).
Short interest Short interest is 10.9% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.37B | $3.31B | $3.11B | $2.74B | $2.54B |
| Revenue growth | — | +6% | +14% | +8% | — |
| Gross profit | $581M | $589M | $593M | $529M | $460M |
| EBITDA | $636M | $647M | $608M | $527M | $508M |
| Net income | -$88.6M | -$77.9M | -$168M | -$11.9M | -$54.6M |
| Free cash flow | $188M | $196M | $210M | $205M | $78.2M |
| Capital expenditure | $70.4M | $78.7M | $90.4M | $88.8M | $80.6M |
| Total debt | $4.06B | $4.02B | $3.70B | $3.06B | $2.93B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Surgery Partners SGRY | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% |
| Tenet Healthcare THC | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% |
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| Universal Health Services UHS | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% |
| Community Health Systems CYH | $312M | -21% | -8% | 7% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SGRY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +70.1% | +3.7% | highest of 21 |
| 6-month return | +60.7% | -1.7% | 3rd highest of 21 |
| Distance from 52-week high | -0.7% | -17.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.0% | +11.0% | 7th lowest of 21 |
| Operating margin | 13.6% | 10.8% | 8th highest of 21 |
| Forward P/E | 62.5× | 37.3× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.8% | 13.6% | 8th most demanding of 18 |
| Growth delivered (Del g) | +12.2% | +8.7% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | +1.6 pp | +6.1 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | -4.3 pp | -1.6 pp | 5th lowest of 21 |
| EV / EBITDA | 13.6× | 17.6× | 5th cheapest of 15 |
| Net debt / EBITDA | 6.0× | 2.2× | 4th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |