Surgery Partners, Inc. (SGRY) 10-Year Financial Performance & Capital Metrics

SGRY • • Industrial / General

HealthcareHealthcare FacilitiesHospital & Acute Care FacilitiesSurgical & Specialty Hospitals

AboutSurgery 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.Show more

Revenue $3.11B +13.5%
EBITDA $501M +12.4%
Net Income -$168M -1312.6%
EPS (Diluted) -1.33 -1304.4%
Gross Margin 23.94% +1.4%
EBITDA Margin 16.1% -1.0%
Operating Margin 11.2% -6.3%
Net Margin -5.4% -1144.3%
ROE -4.8% -1241.4%
ROIC 3.93% -2.8%
Debt/Equity 1.02 +11.9%
Interest Coverage 1.73 +1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.2%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y22.68%

5Y11.2%

3Y11.86%

TTM10.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-182.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM-185.41%

ROCE

10Y Avg5.55%

5Y Avg5.17%

3Y Avg5.41%

Latest5.12%

Peer Comparison

Surgical & Specialty Hospitals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SGRYSurgery Partners, Inc.	2.07B	16.00	-12.03	13.52%	-5.21%	-4.82%	10.13%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	959.89M	1.15B	1.34B	1.77B	1.83B	1.86B	2.23B	2.54B	2.74B	3.11B
Revenue Growth %	1.38%	0.19%	0.17%	0.32%	0.03%	0.02%	0.2%	0.14%	0.08%	0.14%
Cost of Goods Sold+	669.33M	821.2M	1.01B	1.36B	1.41B	1.48B	1.73B	1.96B	2.1B	2.37B
COGS % of Revenue	0.7%	0.72%	0.76%	0.77%	0.77%	0.8%	0.78%	0.77%	0.76%	0.76%
Gross Profit+	290.56M	324.24M	327.42M	410.02M	423.8M	379.8M	491.4M	574.9M	647.5M	745.6M
Gross Margin %	0.3%	0.28%	0.24%	0.23%	0.23%	0.2%	0.22%	0.23%	0.24%	0.24%
Gross Profit Growth %	0.95%	0.12%	0.01%	0.25%	0.03%	-0.1%	0.29%	0.17%	0.13%	0.15%
Operating Expenses+	111.83M	123.66M	156.37M	157.23M	187.9M	196.8M	189.2M	229.7M	319.5M	396.8M
OpEx % of Revenue	0.12%	0.11%	0.12%	0.09%	0.1%	0.11%	0.09%	0.09%	0.12%	0.13%
Selling, General & Admin	55.99M	60.25M	75.95M	93.56M	88.6M	97.1M	104M	102.2M	120.9M	138.7M
SG&A % of Revenue	0.06%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-119.91M	-3.73M	25.33M	63.67M	99.3M	99.7M	85.2M	127.5M	198.6M	258.1M
Operating Income+	144.75M	196.48M	158.23M	77.84M	235.9M	183M	302.2M	345.2M	328M	348.8M
Operating Margin %	0.15%	0.17%	0.12%	0.04%	0.13%	0.1%	0.14%	0.14%	0.12%	0.11%
Operating Income Growth %	1.85%	0.36%	-0.19%	-0.51%	2.03%	-0.22%	0.65%	0.14%	-0.05%	0.06%
EBITDA+	179.3M	236.03M	210.16M	145.28M	312.4M	277.8M	401M	460M	446.1M	501.4M
EBITDA Margin %	0.19%	0.21%	0.16%	0.08%	0.17%	0.15%	0.18%	0.18%	0.16%	0.16%
EBITDA Growth %	1.72%	0.32%	-0.11%	-0.31%	1.15%	-0.11%	0.44%	0.15%	-0.03%	0.12%
D&A (Non-Cash Add-back)	34.55M	39.55M	51.93M	67.44M	76.5M	94.8M	98.8M	114.8M	118.1M	152.6M
EBIT	24.84M	205.68M	199.96M	77.8M	233.5M	183M	302.2M	345.2M	328M	348.8M
Net Interest Income+	-100.98M	-100.57M	0	-147M	-178.9M	-201.8M	-221M	-234.9M	-193M	-201.7M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	100.98M	100.57M	117.67M	147M	178.9M	201.8M	221M	234.9M	193M	201.7M
Other Income/Expense	-220.89M	-104.3M	-75.95M	-147M	-181.3M	-201.8M	-221M	-234.9M	-193M	-201.7M
Pretax Income+	-76.14M	92.18M	82.29M	-69.17M	54.6M	-18.8M	81.2M	110.3M	135M	147.1M
Pretax Margin %	-0.08%	0.08%	0.06%	-0.04%	0.03%	-0.01%	0.04%	0.04%	0.05%	0.05%
Income Tax+	-148.98M	7.09M	53.55M	26.46M	9.5M	-20.1M	10.5M	23.3M	-300K	134.6M
Effective Tax Rate %	-0.02%	0.1%	-0.64%	2.97%	-1.37%	6.18%	-0.87%	-0.5%	-0.09%	-1.14%
Net Income+	1.43M	9.45M	-52.98M	-205.71M	-74.8M	-116.1M	-70.9M	-54.6M	-11.9M	-168.1M
Net Margin %	0%	0.01%	-0.04%	-0.12%	-0.04%	-0.06%	-0.03%	-0.02%	-0%	-0.05%
Net Income Growth %	1.02%	5.62%	-6.61%	-2.88%	0.64%	-0.55%	0.39%	0.23%	0.78%	-13.13%
Net Income (Continuing)	72.84M	85.08M	28.74M	-95.6M	45.1M	1.3M	70.7M	87M	135.3M	12.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	301.95M	315M	681.88M	694.3M	1.01B	1.07B	1.21B	1.28B	1.37B	1.85B
EPS (Diluted)+	0.04	0.20	-1.08	-4.28	0.95	-3.19	-1.12	-0.59	-0.09	-1.33
EPS Growth %	1.03%	4%	-6.4%	-2.96%	1.22%	-4.36%	0.65%	0.47%	0.84%	-13.04%
EPS (Basic)	0.04	0.20	-1.09	-4.28	0.95	-3.19	-1.12	-0.59	-0.09	-1.33
Diluted Shares Outstanding	37.46M	48.19M	49M	48.03M	48.28M	48.78M	72.43M	91.95M	125.61M	126.12M
Basic Shares Outstanding	36.07M	48.02M	48.69M	48.03M	48.28M	48.78M	72.43M	91.95M	125.61M	126.12M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	310.96M	361.95M	563.23M	588.32M	525.5M	801.5M	946.1M	921M	895M	1.12B
Cash & Short-Term Investments	57.93M	69.7M	174.91M	184.31M	92.7M	317.9M	389.9M	282.9M	195.9M	269.5M
Cash Only	57.93M	69.7M	174.91M	184.31M	92.7M	317.9M	389.9M	282.9M	195.9M	269.5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	186.19M	227.64M	295.62M	316.14M	326.9M	382.2M	430.2M	456.3M	496.4M	579.1M
Days Sales Outstanding	70.8	72.54	80.45	65.14	65.15	75	70.57	65.59	66.05	67.87
Inventory	25.59M	28.78M	44.95M	43.36M	46.3M	56.4M	61.1M	71.4M	75.2M	88.4M
Days Inventory Outstanding	13.96	12.79	16.18	11.63	12.01	13.91	12.86	13.27	13.1	13.62
Other Current Assets	33.83M	24.68M	30.9M	28.28M	41.8M	27.4M	39.3M	79M	96.5M	182.4M
Total Non-Current Assets+	1.8B	1.94B	4.06B	4.09B	4.49B	4.61B	5.17B	5.76B	5.98B	6.77B
Property, Plant & Equipment	184.55M	204.25M	398.54M	426.29M	821M	854.7M	953.8M	1.16B	1.22B	1.38B
Fixed Asset Turnover	5.20x	5.61x	3.37x	4.16x	2.23x	2.18x	2.33x	2.20x	2.24x	2.25x
Goodwill	1.41B	1.56B	3.35B	3.38B	3.4B	3.47B	3.91B	4.14B	4.33B	5.07B
Intangible Assets	53.57M	48.02M	58.91M	54.29M	47.3M	46.9M	43.7M	42.3M	54.8M	45.7M
Long-Term Investments	34.1M	34.98M	74.28M	78.48M	93.2M	90.3M	88.7M	190.3M	184.1M	215.4M
Other Non-Current Assets	21.47M	16.75M	48.66M	36.85M	30.8M	27M	59.1M	144.2M	103.3M	57.5M
Total Assets+	2.11B	2.3B	4.62B	4.68B	5.02B	5.41B	6.12B	6.68B	6.88B	7.89B
Asset Turnover	0.46x	0.50x	0.29x	0.38x	0.36x	0.34x	0.36x	0.38x	0.40x	0.39x
Asset Growth %	0.13%	0.09%	1.01%	0.01%	0.07%	0.08%	0.13%	0.09%	0.03%	0.15%
Total Current Liabilities+	181.31M	186.72M	303M	349.3M	398.1M	556.8M	536.8M	493.4M	523M	624.4M
Accounts Payable	45.34M	49.77M	84.71M	83.29M	96.7M	100.2M	124.9M	151.6M	171.8M	208.7M
Days Payables Outstanding	24.73	22.12	30.5	22.33	25.07	24.71	26.3	28.17	29.92	32.16
Short-Term Debt	27.27M	27.82M	58.73M	55.6M	56M	64.4M	60.4M	62.8M	73.3M	101.4M
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	1000K	1000K	1000K	0	0
Other Current Liabilities	49.38M	25.71M	19.48M	135.19M	22.5M	38.1M	47.3M	49.1M	23.9M	24.8M
Current Ratio	1.72x	1.94x	1.86x	1.68x	1.32x	1.44x	1.76x	1.87x	1.71x	1.79x
Quick Ratio	1.57x	1.78x	1.71x	1.56x	1.20x	1.34x	1.65x	1.72x	1.57x	1.65x
Cash Conversion Cycle	60.03	63.21	66.14	54.43	52.08	64.2	57.14	50.69	49.22	49.33
Total Non-Current Liabilities+	1.44B	1.61B	2.98B	2.54B	2.92B	3.23B	3.28B	2.91B	2.99B	3.63B
Long-Term Debt	1.22B	1.41B	2.13B	2.25B	2.52B	2.79B	2.88B	2.56B	2.7B	3.27B
Capital Lease Obligations	7.15M	0	121.63M	166.34M	283.1M	300.9M	315.6M	271.4M	248.9M	292.1M
Deferred Tax Liabilities	63.99M	122.35M	28.38M	52.28M	0	0	0	0	0	39.2M
Other Non-Current Liabilities	211.46M	198.62M	100.85M	121.49M	113.6M	139.7M	87M	75.4M	41.1M	30.2M
Total Liabilities	2.11B	2.3B	4.62B	4.68B	3.32B	3.79B	3.82B	3.4B	3.51B	4.25B
Total Debt+	1.31B	1.5B	2.19B	2.48B	2.9B	3.2B	3.29B	2.93B	3.06B	3.7B
Net Debt	1.26B	1.43B	2.01B	2.29B	2.81B	2.88B	2.9B	2.65B	2.87B	3.43B
Debt / Equity	4.41x	4.61x	1.64x	2.25x	1.71x	1.97x	1.43x	0.89x	0.91x	1.02x
Debt / EBITDA	7.33x	6.34x	10.42x	17.04x	9.29x	11.51x	8.22x	6.37x	6.86x	7.39x
Net Debt / EBITDA	7.00x	6.05x	9.58x	15.78x	8.99x	10.36x	7.24x	5.75x	6.42x	6.85x
Interest Coverage	1.43x	1.95x	1.34x	0.53x	1.32x	0.91x	1.37x	1.47x	1.70x	1.73x
Total Equity+	297.93M	324.67M	1.34B	1.1B	1.7B	1.62B	2.3B	3.28B	3.36B	3.64B
Equity Growth %	0.34%	0.09%	3.12%	-0.18%	0.55%	-0.04%	0.42%	0.43%	0.02%	0.08%
Book Value per Share	7.95	6.74	27.28	22.88	35.20	33.28	31.75	35.70	26.76	28.82
Total Shareholders' Equity	-4.03M	9.68M	654.73M	404.64M	691.8M	550.1M	1.09B	2B	1.99B	1.79B
Common Stock	482K	485K	487K	489K	500K	500K	900K	1.3M	1.3M	1.3M
Retained Earnings	-320.8M	-311.35M	-41.32M	-247.02M	-315.7M	-431.8M	-502.7M	-557.3M	-569.2M	-737.3M
Treasury Stock	0	0	0	33K	0	0	0	0	0	0
Accumulated OCI	-70.24M	-86.39M	-19.68M	-22.45M	-50.7M	-61M	-31.5M	76.2M	57.5M	4.8M
Minority Interest	301.95M	315M	681.88M	694.3M	1.01B	1.07B	1.21B	1.28B	1.37B	1.85B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	84.48M	125.24M	120.94M	144.6M	129.5M	246.9M	87.1M	158.8M	293.8M	300.1M
Operating CF Margin %	0.09%	0.11%	0.09%	0.08%	0.07%	0.13%	0.04%	0.06%	0.11%	0.1%
Operating CF Growth %	2.85%	0.48%	-0.03%	0.2%	-0.1%	0.91%	-0.65%	0.82%	0.85%	0.02%
Net Income	72.84M	85.08M	-52.98M	-95.63M	45.1M	1.3M	70.7M	87M	135.3M	12.5M
Depreciation & Amortization	34.55M	39.55M	51.93M	67.44M	76.5M	94.8M	98.8M	114.8M	118.1M	152.6M
Stock-Based Compensation	7.5M	2.02M	5.6M	9.34M	10.2M	13.2M	17.4M	18.4M	17.7M	33.3M
Deferred Taxes	-149.89M	6.88M	6.88M	25.27M	8.5M	-21.9M	8.9M	21.9M	-1.7M	131.5M
Other Non-Cash Items	163.82M	35.12M	28.11M	105.01M	58M	214.8M	40.4M	19M	86.7M	89.1M
Working Capital Changes	-44.34M	-43.42M	84.99M	33.16M	-68.8M	-55.3M	-149.1M	-102.3M	-62.3M	-118.9M
Change in Receivables	-48.78M	-60.62M	-60.62M	-22.82M	-23.5M	-46.6M	-32.1M	-35.3M	-47.2M	-72.1M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-134.84M	-184.75M	-783.45M	-128.86M	-85.2M	-88.4M	-331.7M	-307.9M	-225.6M	-488.5M
Capital Expenditures	-33.44M	-39.11M	-29.6M	-39.8M	-73.6M	-42.9M	-57.6M	-80.6M	-88.8M	-90.4M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.02%	0.04%	0.02%	0.03%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-101.4M	-145.64M	1.25M	-1.46M	-200K	59.1M	6.3M	1.4M	-7.9M	-22.2M
Cash from Financing+	33.37M	71.28M	767.72M	-6.3M	-135.9M	66.7M	316.3M	42.1M	-155.2M	262M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-1.32M	-7.8M	0	0	-5.1M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-81.89M	-100.17M	205.91M	-121.6M	-134.2M	-146.4M	-216.6M	-196.6M	-174.7M	-188.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	51.04M	86.13M	91.34M	104.8M	55.9M	204M	29.5M	78.2M	205M	209.7M
FCF Margin %	0.05%	0.08%	0.07%	0.06%	0.03%	0.11%	0.01%	0.03%	0.07%	0.07%
FCF Growth %	3.08%	0.69%	0.06%	0.15%	-0.47%	2.65%	-0.86%	1.65%	1.62%	0.02%
FCF per Share	1.36	1.79	1.86	2.18	1.16	4.18	0.41	0.85	1.63	1.66
FCF Conversion (FCF/Net Income)	59.12x	13.25x	-2.28x	-0.70x	-1.73x	-2.13x	-1.23x	-2.91x	-24.69x	-1.79x
Interest Paid	96.8M	79.26M	0	145.4M	180.3M	203.6M	194.3M	218.7M	169.6M	199.7M
Taxes Paid	1.09M	661K	0	2.2M	1.6M	1.7M	1.5M	1.8M	1.4M	1.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.55%	3.04%	-6.38%	-16.89%	-5.35%	-6.99%	-3.61%	-1.96%	-0.36%	-4.8%
Return on Invested Capital (ROIC)	6.97%	8.92%	4.65%	1.73%	4.48%	3.05%	4.67%	4.65%	4.05%	3.93%
Gross Margin	30.27%	28.31%	24.41%	23.15%	23.14%	20.42%	22.08%	22.64%	23.6%	23.94%
Net Margin	0.15%	0.83%	-3.95%	-11.61%	-4.08%	-6.24%	-3.19%	-2.15%	-0.43%	-5.4%
Debt / Equity	4.41x	4.61x	1.64x	2.25x	1.71x	1.97x	1.43x	0.89x	0.91x	1.02x
Interest Coverage	1.43x	1.95x	1.34x	0.53x	1.32x	0.91x	1.37x	1.47x	1.70x	1.73x
FCF Conversion	59.12x	13.25x	-2.28x	-0.70x	-1.73x	-2.13x	-1.23x	-2.91x	-24.69x	-1.79x
Revenue Growth	138.02%	19.33%	17.09%	32.08%	3.38%	1.57%	19.62%	14.12%	8.03%	13.52%

Revenue by Segment

	2015	2016	2018	2019	2020	2021	2022	2023	2024
Healthcare Organization, Patient Service	-	-	-	1.8B	1.84B	2.19B	2.5B	2.7B	3.05B
Healthcare Organization, Patient Service Growth	-	-	-	-	1.83%	19.55%	13.99%	7.93%	13.11%
Private Insurance	-	-	-	970.5M	989.9M	1.11B	1.29B	1.42B	1.63B
Private Insurance Growth	-	-	-	-	2.00%	12.14%	16.03%	10.14%	15.20%
Government Revenue	-	-	-	701.9M	708.5M	949.9M	1.06B	1.13B	1.26B
Government Revenue Growth	-	-	-	-	0.94%	34.07%	11.51%	6.50%	11.41%
Self-Pay Revenue	-	-	-	46.1M	58.5M	61.1M	65.9M	68.1M	82.3M
Self-Pay Revenue Growth	-	-	-	-	26.90%	4.44%	7.86%	3.34%	20.85%
Other Patient Service Revenue Sources	-	-	-	84.6M	79.2M	73.9M	89M	85.6M	81.1M
Other Patient Service Revenue Sources Growth	-	-	-	-	-6.38%	-6.69%	20.43%	-3.82%	-5.26%
Other Services	4.61M	8.33M	24.94M	24.5M	21M	30.1M	37.2M	42.9M	59.9M
Other Services Growth	-	80.75%	199.39%	-1.75%	-14.29%	43.33%	23.59%	15.32%	39.63%
Optical Services	-	-	-	-	3M	-	-	-	-
Optical Services Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2018	2019	2020	2021	2022	2023	2024
IDAHO	-	-	-	-	-	-	-	17.2M	-
IDAHO Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Surgery Partners, Inc. (SGRY) reported $3.29B in revenue for fiscal year 2024. This represents a 1055% increase from $284.6M in 2013.

Surgery Partners, Inc. (SGRY) grew revenue by 13.5% over the past year. This is steady growth.

Surgery Partners, Inc. (SGRY) reported a net loss of $171.4M for fiscal year 2024.

Dividend & Returns

Surgery Partners, Inc. (SGRY) has a return on equity (ROE) of -4.8%. Negative ROE indicates the company is unprofitable.

Surgery Partners, Inc. (SGRY) generated $194.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Surgery Partners, Inc. (SGRY) 10-Year Financial Performance & Capital Metrics

SGRY • • Industrial / General

HealthcareHealthcare FacilitiesHospital & Acute Care FacilitiesSurgical & Specialty Hospitals

Revenue $3.11B +13.5%
EBITDA $501M +12.4%
Net Income -$168M -1312.6%
EPS (Diluted) -1.33 -1304.4%
Gross Margin 23.94% +1.4%
EBITDA Margin 16.1% -1.0%
Operating Margin 11.2% -6.3%
Net Margin -5.4% -1144.3%
ROE -4.8% -1241.4%
ROIC 3.93% -2.8%
Debt/Equity 1.02 +11.9%
Interest Coverage 1.73 +1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.2%
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y22.68%

5Y11.2%

3Y11.86%

TTM10.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-182.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM-185.41%

ROCE

10Y Avg5.55%

5Y Avg5.17%

3Y Avg5.41%

Latest5.12%

Peer Comparison

Surgical & Specialty Hospitals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SGRYSurgery Partners, Inc.	2.07B	16.00	-12.03	13.52%	-5.21%	-4.82%	10.13%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	959.89M	1.15B	1.34B	1.77B	1.83B	1.86B	2.23B	2.54B	2.74B	3.11B
Revenue Growth %	1.38%	0.19%	0.17%	0.32%	0.03%	0.02%	0.2%	0.14%	0.08%	0.14%
Cost of Goods Sold+	669.33M	821.2M	1.01B	1.36B	1.41B	1.48B	1.73B	1.96B	2.1B	2.37B
COGS % of Revenue	0.7%	0.72%	0.76%	0.77%	0.77%	0.8%	0.78%	0.77%	0.76%	0.76%
Gross Profit+	290.56M	324.24M	327.42M	410.02M	423.8M	379.8M	491.4M	574.9M	647.5M	745.6M
Gross Margin %	0.3%	0.28%	0.24%	0.23%	0.23%	0.2%	0.22%	0.23%	0.24%	0.24%
Gross Profit Growth %	0.95%	0.12%	0.01%	0.25%	0.03%	-0.1%	0.29%	0.17%	0.13%	0.15%
Operating Expenses+	111.83M	123.66M	156.37M	157.23M	187.9M	196.8M	189.2M	229.7M	319.5M	396.8M
OpEx % of Revenue	0.12%	0.11%	0.12%	0.09%	0.1%	0.11%	0.09%	0.09%	0.12%	0.13%
Selling, General & Admin	55.99M	60.25M	75.95M	93.56M	88.6M	97.1M	104M	102.2M	120.9M	138.7M
SG&A % of Revenue	0.06%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-119.91M	-3.73M	25.33M	63.67M	99.3M	99.7M	85.2M	127.5M	198.6M	258.1M
Operating Income+	144.75M	196.48M	158.23M	77.84M	235.9M	183M	302.2M	345.2M	328M	348.8M
Operating Margin %	0.15%	0.17%	0.12%	0.04%	0.13%	0.1%	0.14%	0.14%	0.12%	0.11%
Operating Income Growth %	1.85%	0.36%	-0.19%	-0.51%	2.03%	-0.22%	0.65%	0.14%	-0.05%	0.06%
EBITDA+	179.3M	236.03M	210.16M	145.28M	312.4M	277.8M	401M	460M	446.1M	501.4M
EBITDA Margin %	0.19%	0.21%	0.16%	0.08%	0.17%	0.15%	0.18%	0.18%	0.16%	0.16%
EBITDA Growth %	1.72%	0.32%	-0.11%	-0.31%	1.15%	-0.11%	0.44%	0.15%	-0.03%	0.12%
D&A (Non-Cash Add-back)	34.55M	39.55M	51.93M	67.44M	76.5M	94.8M	98.8M	114.8M	118.1M	152.6M
EBIT	24.84M	205.68M	199.96M	77.8M	233.5M	183M	302.2M	345.2M	328M	348.8M
Net Interest Income+	-100.98M	-100.57M	0	-147M	-178.9M	-201.8M	-221M	-234.9M	-193M	-201.7M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	100.98M	100.57M	117.67M	147M	178.9M	201.8M	221M	234.9M	193M	201.7M
Other Income/Expense	-220.89M	-104.3M	-75.95M	-147M	-181.3M	-201.8M	-221M	-234.9M	-193M	-201.7M
Pretax Income+	-76.14M	92.18M	82.29M	-69.17M	54.6M	-18.8M	81.2M	110.3M	135M	147.1M
Pretax Margin %	-0.08%	0.08%	0.06%	-0.04%	0.03%	-0.01%	0.04%	0.04%	0.05%	0.05%
Income Tax+	-148.98M	7.09M	53.55M	26.46M	9.5M	-20.1M	10.5M	23.3M	-300K	134.6M
Effective Tax Rate %	-0.02%	0.1%	-0.64%	2.97%	-1.37%	6.18%	-0.87%	-0.5%	-0.09%	-1.14%
Net Income+	1.43M	9.45M	-52.98M	-205.71M	-74.8M	-116.1M	-70.9M	-54.6M	-11.9M	-168.1M
Net Margin %	0%	0.01%	-0.04%	-0.12%	-0.04%	-0.06%	-0.03%	-0.02%	-0%	-0.05%
Net Income Growth %	1.02%	5.62%	-6.61%	-2.88%	0.64%	-0.55%	0.39%	0.23%	0.78%	-13.13%
Net Income (Continuing)	72.84M	85.08M	28.74M	-95.6M	45.1M	1.3M	70.7M	87M	135.3M	12.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	301.95M	315M	681.88M	694.3M	1.01B	1.07B	1.21B	1.28B	1.37B	1.85B
EPS (Diluted)+	0.04	0.20	-1.08	-4.28	0.95	-3.19	-1.12	-0.59	-0.09	-1.33
EPS Growth %	1.03%	4%	-6.4%	-2.96%	1.22%	-4.36%	0.65%	0.47%	0.84%	-13.04%
EPS (Basic)	0.04	0.20	-1.09	-4.28	0.95	-3.19	-1.12	-0.59	-0.09	-1.33
Diluted Shares Outstanding	37.46M	48.19M	49M	48.03M	48.28M	48.78M	72.43M	91.95M	125.61M	126.12M
Basic Shares Outstanding	36.07M	48.02M	48.69M	48.03M	48.28M	48.78M	72.43M	91.95M	125.61M	126.12M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	310.96M	361.95M	563.23M	588.32M	525.5M	801.5M	946.1M	921M	895M	1.12B
Cash & Short-Term Investments	57.93M	69.7M	174.91M	184.31M	92.7M	317.9M	389.9M	282.9M	195.9M	269.5M
Cash Only	57.93M	69.7M	174.91M	184.31M	92.7M	317.9M	389.9M	282.9M	195.9M	269.5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	186.19M	227.64M	295.62M	316.14M	326.9M	382.2M	430.2M	456.3M	496.4M	579.1M
Days Sales Outstanding	70.8	72.54	80.45	65.14	65.15	75	70.57	65.59	66.05	67.87
Inventory	25.59M	28.78M	44.95M	43.36M	46.3M	56.4M	61.1M	71.4M	75.2M	88.4M
Days Inventory Outstanding	13.96	12.79	16.18	11.63	12.01	13.91	12.86	13.27	13.1	13.62
Other Current Assets	33.83M	24.68M	30.9M	28.28M	41.8M	27.4M	39.3M	79M	96.5M	182.4M
Total Non-Current Assets+	1.8B	1.94B	4.06B	4.09B	4.49B	4.61B	5.17B	5.76B	5.98B	6.77B
Property, Plant & Equipment	184.55M	204.25M	398.54M	426.29M	821M	854.7M	953.8M	1.16B	1.22B	1.38B
Fixed Asset Turnover	5.20x	5.61x	3.37x	4.16x	2.23x	2.18x	2.33x	2.20x	2.24x	2.25x
Goodwill	1.41B	1.56B	3.35B	3.38B	3.4B	3.47B	3.91B	4.14B	4.33B	5.07B
Intangible Assets	53.57M	48.02M	58.91M	54.29M	47.3M	46.9M	43.7M	42.3M	54.8M	45.7M
Long-Term Investments	34.1M	34.98M	74.28M	78.48M	93.2M	90.3M	88.7M	190.3M	184.1M	215.4M
Other Non-Current Assets	21.47M	16.75M	48.66M	36.85M	30.8M	27M	59.1M	144.2M	103.3M	57.5M
Total Assets+	2.11B	2.3B	4.62B	4.68B	5.02B	5.41B	6.12B	6.68B	6.88B	7.89B
Asset Turnover	0.46x	0.50x	0.29x	0.38x	0.36x	0.34x	0.36x	0.38x	0.40x	0.39x
Asset Growth %	0.13%	0.09%	1.01%	0.01%	0.07%	0.08%	0.13%	0.09%	0.03%	0.15%
Total Current Liabilities+	181.31M	186.72M	303M	349.3M	398.1M	556.8M	536.8M	493.4M	523M	624.4M
Accounts Payable	45.34M	49.77M	84.71M	83.29M	96.7M	100.2M	124.9M	151.6M	171.8M	208.7M
Days Payables Outstanding	24.73	22.12	30.5	22.33	25.07	24.71	26.3	28.17	29.92	32.16
Short-Term Debt	27.27M	27.82M	58.73M	55.6M	56M	64.4M	60.4M	62.8M	73.3M	101.4M
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	1000K	1000K	1000K	0	0
Other Current Liabilities	49.38M	25.71M	19.48M	135.19M	22.5M	38.1M	47.3M	49.1M	23.9M	24.8M
Current Ratio	1.72x	1.94x	1.86x	1.68x	1.32x	1.44x	1.76x	1.87x	1.71x	1.79x
Quick Ratio	1.57x	1.78x	1.71x	1.56x	1.20x	1.34x	1.65x	1.72x	1.57x	1.65x
Cash Conversion Cycle	60.03	63.21	66.14	54.43	52.08	64.2	57.14	50.69	49.22	49.33
Total Non-Current Liabilities+	1.44B	1.61B	2.98B	2.54B	2.92B	3.23B	3.28B	2.91B	2.99B	3.63B
Long-Term Debt	1.22B	1.41B	2.13B	2.25B	2.52B	2.79B	2.88B	2.56B	2.7B	3.27B
Capital Lease Obligations	7.15M	0	121.63M	166.34M	283.1M	300.9M	315.6M	271.4M	248.9M	292.1M
Deferred Tax Liabilities	63.99M	122.35M	28.38M	52.28M	0	0	0	0	0	39.2M
Other Non-Current Liabilities	211.46M	198.62M	100.85M	121.49M	113.6M	139.7M	87M	75.4M	41.1M	30.2M
Total Liabilities	2.11B	2.3B	4.62B	4.68B	3.32B	3.79B	3.82B	3.4B	3.51B	4.25B
Total Debt+	1.31B	1.5B	2.19B	2.48B	2.9B	3.2B	3.29B	2.93B	3.06B	3.7B
Net Debt	1.26B	1.43B	2.01B	2.29B	2.81B	2.88B	2.9B	2.65B	2.87B	3.43B
Debt / Equity	4.41x	4.61x	1.64x	2.25x	1.71x	1.97x	1.43x	0.89x	0.91x	1.02x
Debt / EBITDA	7.33x	6.34x	10.42x	17.04x	9.29x	11.51x	8.22x	6.37x	6.86x	7.39x
Net Debt / EBITDA	7.00x	6.05x	9.58x	15.78x	8.99x	10.36x	7.24x	5.75x	6.42x	6.85x
Interest Coverage	1.43x	1.95x	1.34x	0.53x	1.32x	0.91x	1.37x	1.47x	1.70x	1.73x
Total Equity+	297.93M	324.67M	1.34B	1.1B	1.7B	1.62B	2.3B	3.28B	3.36B	3.64B
Equity Growth %	0.34%	0.09%	3.12%	-0.18%	0.55%	-0.04%	0.42%	0.43%	0.02%	0.08%
Book Value per Share	7.95	6.74	27.28	22.88	35.20	33.28	31.75	35.70	26.76	28.82
Total Shareholders' Equity	-4.03M	9.68M	654.73M	404.64M	691.8M	550.1M	1.09B	2B	1.99B	1.79B
Common Stock	482K	485K	487K	489K	500K	500K	900K	1.3M	1.3M	1.3M
Retained Earnings	-320.8M	-311.35M	-41.32M	-247.02M	-315.7M	-431.8M	-502.7M	-557.3M	-569.2M	-737.3M
Treasury Stock	0	0	0	33K	0	0	0	0	0	0
Accumulated OCI	-70.24M	-86.39M	-19.68M	-22.45M	-50.7M	-61M	-31.5M	76.2M	57.5M	4.8M
Minority Interest	301.95M	315M	681.88M	694.3M	1.01B	1.07B	1.21B	1.28B	1.37B	1.85B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	84.48M	125.24M	120.94M	144.6M	129.5M	246.9M	87.1M	158.8M	293.8M	300.1M
Operating CF Margin %	0.09%	0.11%	0.09%	0.08%	0.07%	0.13%	0.04%	0.06%	0.11%	0.1%
Operating CF Growth %	2.85%	0.48%	-0.03%	0.2%	-0.1%	0.91%	-0.65%	0.82%	0.85%	0.02%
Net Income	72.84M	85.08M	-52.98M	-95.63M	45.1M	1.3M	70.7M	87M	135.3M	12.5M
Depreciation & Amortization	34.55M	39.55M	51.93M	67.44M	76.5M	94.8M	98.8M	114.8M	118.1M	152.6M
Stock-Based Compensation	7.5M	2.02M	5.6M	9.34M	10.2M	13.2M	17.4M	18.4M	17.7M	33.3M
Deferred Taxes	-149.89M	6.88M	6.88M	25.27M	8.5M	-21.9M	8.9M	21.9M	-1.7M	131.5M
Other Non-Cash Items	163.82M	35.12M	28.11M	105.01M	58M	214.8M	40.4M	19M	86.7M	89.1M
Working Capital Changes	-44.34M	-43.42M	84.99M	33.16M	-68.8M	-55.3M	-149.1M	-102.3M	-62.3M	-118.9M
Change in Receivables	-48.78M	-60.62M	-60.62M	-22.82M	-23.5M	-46.6M	-32.1M	-35.3M	-47.2M	-72.1M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-134.84M	-184.75M	-783.45M	-128.86M	-85.2M	-88.4M	-331.7M	-307.9M	-225.6M	-488.5M
Capital Expenditures	-33.44M	-39.11M	-29.6M	-39.8M	-73.6M	-42.9M	-57.6M	-80.6M	-88.8M	-90.4M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.02%	0.04%	0.02%	0.03%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-101.4M	-145.64M	1.25M	-1.46M	-200K	59.1M	6.3M	1.4M	-7.9M	-22.2M
Cash from Financing+	33.37M	71.28M	767.72M	-6.3M	-135.9M	66.7M	316.3M	42.1M	-155.2M	262M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-1.32M	-7.8M	0	0	-5.1M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-81.89M	-100.17M	205.91M	-121.6M	-134.2M	-146.4M	-216.6M	-196.6M	-174.7M	-188.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	51.04M	86.13M	91.34M	104.8M	55.9M	204M	29.5M	78.2M	205M	209.7M
FCF Margin %	0.05%	0.08%	0.07%	0.06%	0.03%	0.11%	0.01%	0.03%	0.07%	0.07%
FCF Growth %	3.08%	0.69%	0.06%	0.15%	-0.47%	2.65%	-0.86%	1.65%	1.62%	0.02%
FCF per Share	1.36	1.79	1.86	2.18	1.16	4.18	0.41	0.85	1.63	1.66
FCF Conversion (FCF/Net Income)	59.12x	13.25x	-2.28x	-0.70x	-1.73x	-2.13x	-1.23x	-2.91x	-24.69x	-1.79x
Interest Paid	96.8M	79.26M	0	145.4M	180.3M	203.6M	194.3M	218.7M	169.6M	199.7M
Taxes Paid	1.09M	661K	0	2.2M	1.6M	1.7M	1.5M	1.8M	1.4M	1.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.55%	3.04%	-6.38%	-16.89%	-5.35%	-6.99%	-3.61%	-1.96%	-0.36%	-4.8%
Return on Invested Capital (ROIC)	6.97%	8.92%	4.65%	1.73%	4.48%	3.05%	4.67%	4.65%	4.05%	3.93%
Gross Margin	30.27%	28.31%	24.41%	23.15%	23.14%	20.42%	22.08%	22.64%	23.6%	23.94%
Net Margin	0.15%	0.83%	-3.95%	-11.61%	-4.08%	-6.24%	-3.19%	-2.15%	-0.43%	-5.4%
Debt / Equity	4.41x	4.61x	1.64x	2.25x	1.71x	1.97x	1.43x	0.89x	0.91x	1.02x
Interest Coverage	1.43x	1.95x	1.34x	0.53x	1.32x	0.91x	1.37x	1.47x	1.70x	1.73x
FCF Conversion	59.12x	13.25x	-2.28x	-0.70x	-1.73x	-2.13x	-1.23x	-2.91x	-24.69x	-1.79x
Revenue Growth	138.02%	19.33%	17.09%	32.08%	3.38%	1.57%	19.62%	14.12%	8.03%	13.52%

Revenue by Segment

	2015	2016	2018	2019	2020	2021	2022	2023	2024
Healthcare Organization, Patient Service	-	-	-	1.8B	1.84B	2.19B	2.5B	2.7B	3.05B
Healthcare Organization, Patient Service Growth	-	-	-	-	1.83%	19.55%	13.99%	7.93%	13.11%
Private Insurance	-	-	-	970.5M	989.9M	1.11B	1.29B	1.42B	1.63B
Private Insurance Growth	-	-	-	-	2.00%	12.14%	16.03%	10.14%	15.20%
Government Revenue	-	-	-	701.9M	708.5M	949.9M	1.06B	1.13B	1.26B
Government Revenue Growth	-	-	-	-	0.94%	34.07%	11.51%	6.50%	11.41%
Self-Pay Revenue	-	-	-	46.1M	58.5M	61.1M	65.9M	68.1M	82.3M
Self-Pay Revenue Growth	-	-	-	-	26.90%	4.44%	7.86%	3.34%	20.85%
Other Patient Service Revenue Sources	-	-	-	84.6M	79.2M	73.9M	89M	85.6M	81.1M
Other Patient Service Revenue Sources Growth	-	-	-	-	-6.38%	-6.69%	20.43%	-3.82%	-5.26%
Other Services	4.61M	8.33M	24.94M	24.5M	21M	30.1M	37.2M	42.9M	59.9M
Other Services Growth	-	80.75%	199.39%	-1.75%	-14.29%	43.33%	23.59%	15.32%	39.63%
Optical Services	-	-	-	-	3M	-	-	-	-
Optical Services Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2018	2019	2020	2021	2022	2023	2024
IDAHO	-	-	-	-	-	-	-	17.2M	-
IDAHO Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Surgery Partners, Inc. (SGRY) reported $3.29B in revenue for fiscal year 2024. This represents a 1055% increase from $284.6M in 2013.

Surgery Partners, Inc. (SGRY) grew revenue by 13.5% over the past year. This is steady growth.

Surgery Partners, Inc. (SGRY) reported a net loss of $171.4M for fiscal year 2024.

Dividend & Returns

Surgery Partners, Inc. (SGRY) has a return on equity (ROE) of -4.8%. Negative ROE indicates the company is unprofitable.

Surgery Partners, Inc. (SGRY) generated $194.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.