Revenue growth has accelerated to 13.7% in 2026Q1, though gross margins remain volatile, fluctuating between 26.1% and 35.7% over the past two years.
| Sales/Revenue | 2.23B | 2.16B | 1.9B | 1.84B | 1.72B |
| Revenue Growth % | 15.46% | 13.85% | 3.38% | 6.59% | - |
| Cost of Goods Sold | 1.61B | 1.55B | 1.37B | 1.33B | 1.32B |
| COGS % of Revenue | - | 71.66% | 72.21% | 72.12% | 76.33% |
| Gross Profit | 620.26M | 613.09M | 527.98M | 512.43M | 408.19M |
| Gross Margin % | 27.79% | 28.34% | 27.79% | 27.88% | 23.67% |
| Gross Profit Growth % | - | 16.12% | 3.03% | 25.54% | - |
| Operating Expenses | -1.48B | -1.47B | 223.21M | 224.8M | 149.98M |
| OpEx % of Revenue | - | -68.16% | 11.75% | 12.23% | 8.7% |
| Selling, General & Admin | 209.67M | 203.31M | 156.32M | 152M | 149.98M |
| SG&A % of Revenue | - | 9.4% | 8.23% | 8.27% | 8.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | -1.68B | 66.89M | 72.8M | 0 |
| Operating Income | 2.1B | 2.09B | 304.76M | 287.63M | 258.22M |
| Operating Margin % | 94.26% | 96.5% | 16.04% | 15.65% | 14.97% |
| Operating Income Growth % | - | 584.99% | 5.96% | 11.39% | - |
| EBITDA | 2.18B | 2.16B | 371.94M | 360.68M | 331.88M |
| EBITDA Margin % | 97.79% | 100% | 19.57% | 19.62% | 19.25% |
| EBITDA Growth % | 482.28% | 481.65% | 3.12% | 8.68% | - |
| D&A (Non-Cash Add-back) | 78.85M | 75.82M | 67.18M | 73.05M | 73.67M |
| EBIT | 350.52M | 333.07M | 301.09M | 287.1M | 256.54M |
| Net Interest Income | -109.86M | -109.29M | -69.69M | -114.04M | -31.64M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 109.86M | 109.29M | 69.69M | 114.04M | 31.64M |
| Other Income/Expense | -1.86B | -1.86B | -73.37M | -45M | -33.32M |
| Pretax Income | 239.55M | 223.78M | 231.39M | 242.63M | 224.9M |
| Pretax Margin % | 10.73% | 10.34% | 12.18% | 13.2% | 13.04% |
| Income Tax | 55.04M | 50.98M | 59.5M | 57.89M | 52.65M |
| Effective Tax Rate % | 22.98% | 22.78% | 25.71% | 23.86% | 23.41% |
| Net Income | 177.99M | 172.8M | 166.54M | 179.95M | 166.73M |
| Net Margin % | 7.97% | 7.99% | 8.76% | 9.79% | 9.67% |
| Net Income Growth % | 13.73% | 3.76% | -7.45% | 7.93% | - |
| Net Income (Continuing) | 184.51M | 172.8M | 171.9M | 184.74M | 172.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 29.26M | 27.15M | 23.05M | 21.84M | 22.8M |
| EPS (Diluted) | 1.39 | 1.30 | 1.30 | 1.42 | 1.32 |
| EPS Growth % | 11.29% | 0% | -8.45% | 7.58% | - |
| EPS (Basic) | - | 1.39 | 1.30 | 1.42 | 1.32 |
| Diluted Shares Outstanding | 128.17M | 128.17M | 128.13M | 126.59M | 126.59M |
| Basic Shares Outstanding | 126.65M | 126.65M | 128.13M | 126.59M | 126.59M |
| Dividend Payout Ratio | - | 18.56% | 926.87% | 3.41% | - |
Clinical labor cost inflation
According to recent quarterly filings, Concentra's revenue growth has accelerated to 13.7% in 2026Q1, reflecting a sustained recovery from the mid-single-digit growth observed in early 2024, which suggests that the company is successfully capturing increased volume from its core blue-collar and logistics-focused occupational health client base.
The upward trend in top-line performance appears to be driven by increased utilization of injury care services, which are inherently tied to broader industrial employment levels. Investors should monitor whether this acceleration is sustainable or if it remains sensitive to potential cyclical downturns in manufacturing and logistics sectors.
Based on reported financial statements, gross margins have fluctuated significantly, peaking at 35.7% in 2024Q3 before normalizing toward the 26-29% range, indicating that the company faces ongoing challenges in managing the high fixed costs associated with clinical labor and specialized medical staffing in a competitive market.
The variability in gross margins suggests that the company lacks total pricing power, likely due to state-mandated workers' compensation fee schedules that limit the ability to pass through wage inflation. The recent compression toward 26.5% in 2026Q1 warrants further investigation into whether clinical labor shortages are forcing a reliance on more expensive temporary staffing solutions.
As indicated by the income statement data, operating income has shown inconsistent scaling relative to gross profit, with the 2025Q4 period showing an anomalous $1.8B operating income figure that appears to be a non-recurring accounting artifact rather than a reflection of true underlying operational leverage.
Excluding the 2025Q4 outlier, operating margins have generally hovered between 12% and 17%, suggesting that SG&A expenses are growing in tandem with revenue. This implies that the company has yet to achieve significant operating leverage, likely due to the necessity of maintaining a dense, physical footprint of clinics to support its B2B service model.
Analysis of the provided figures reveals that the 96.50% operating margin reported in certain periods is statistically improbable for a service-based healthcare provider, suggesting that investors should be wary of potential accounting distortions or non-recurring gains that may mask the true, lower profitability of the core business.
Short-sellers may focus on the discrepancy between the reported operating margins and the reality of a high-fixed-cost clinical model. If the company cannot demonstrate consistent, normalized profitability without relying on one-time adjustments, the current valuation may be vulnerable to a significant downward re-rating by the market.
Quick answers to the most common questions about buying CON stock.
For fiscal year 2025, Concentra Group Holdings Parent, Inc. (CON) reported total revenue of $2.16B. This represents a 25.5% increase compared to $1.72B in 2022.
Concentra Group Holdings Parent, Inc. (CON) is profitable, generating $172.8M in net income for the fiscal year ending 2025 with a net profit margin of 8.0%.
Concentra Group Holdings Parent, Inc. (CON) reported an operating income of $2.09B, resulting in an operating profit margin of 96.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Concentra Group Holdings Parent, Inc. (CON) generated $613.1M in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.