Surgery Partners, Inc. (SGRY)
Surgery Partners, Inc., together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery. It offers emergency departments; ancillary services such as physician practices and diagnostic testing; multi-specialty physician practices; urgent care facilities; and anesthesia services. In addition, it offers single- and multi-specialty facilities. Surgery Partners, Inc. was founded in 2004 and is headquartered in Brentwood, Tennessee.
- Symbol
- SGRY
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Market cap
- $2.07B
- 52 week range
- 11.41 - 23.44
Valuation
- Share price
- $14.56 (close of 2026-09-23)
- P/E (TTM)
- -22.90x
- Price to book
- 0.67x
- Price to free cash flow
- 11.02x
- Enterprise value
- $5.91B
- Book value per share
- $23.70
Price performance
| Period | Change |
|---|
| 1 day | +6.59% |
| 5 days | +6.67% |
| 1 month | +0.28% |
| 3 months | +0.21% |
| 6 months | +21.54% |
| Year to date | -5.76% |
| 1 year | -33.12% |
| 3 years | -51.52% |
| 5 years | -68.48% |
| 10 years | -25.71% |
| All time | -23.37% |
Profitability and growth
- Return on equity
- -2.49%
- Return on invested capital
- 5.37%
- Return on assets
- -0.96%
- Return on capital employed
- 5.19%
- Gross margin
- 15.34%
- Net margin
- -2.35%
- EBITDA margin
- 17.09%
- Revenue growth
- 6.24%
- Net income growth
- 53.66%
- Free cash flow growth
- -6.72%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 9.07%
- Current ratio
- 1.95x
- Net debt to EBITDA
- 6.85x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $3.31B
- Cost of revenue
- $2.80B
- Gross profit
- $507.70M
- EBITDA
- $565.50M
- Net income
- $-77.90M
- Earnings per share
- $-0.61
- Shares outstanding
- 127.21M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $3.31B | $507.70M | $-77.90M | $-0.61 |
| 2024-12-31 | $3.11B | $487.50M | $-168.10M | $-1.33 |
| 2023-12-31 | $2.74B | $448.90M | $-11.90M | $-0.09 |
| 2022-12-31 | $2.54B | $447.40M | $-54.60M | $-0.59 |
| 2021-12-31 | $2.23B | $406.20M | $-70.90M | $-1.12 |
| 2020-12-31 | $1.86B | $280.10M | $-116.10M | $-3.19 |
| 2019-12-31 | $1.83B | $423.80M | $-74.80M | $-2.29 |
| 2018-12-31 | $1.77B | $410.10M | $-205.70M | $-4.96 |
| 2016-12-31 | $1.15B | $324.24M | $9.45M | $0.20 |
| 2015-12-31 | $959.89M | $290.56M | $1.43M | $0.04 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 15.34% | -2.35% | -2.49% | 5.37% |
| 2024-12-31 | 15.65% | -5.40% | -5.26% | 3.23% |
| 2023-12-31 | 16.36% | -0.43% | -0.39% | 5.56% |
| 2022-12-31 | 17.62% | -2.15% | -1.86% | 5.76% |
| 2021-12-31 | 18.26% | -3.19% | -3.60% | 5.55% |
| 2020-12-31 | 15.06% | -6.24% | -13.16% | 4.50% |
| 2019-12-31 | 23.14% | -4.08% | -7.61% | 5.58% |
| 2018-12-31 | 23.15% | -11.61% | -18.72% | 1.51% |
| 2016-12-31 | 28.31% | 0.83% | 2.91% | 10.95% |
| 2015-12-31 | 30.27% | 0.15% | 0.48% | 9.49% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $239.90M | $3.74B |
| 2024-12-31 | $269.50M | $3.40B |
| 2023-12-31 | $195.90M | $2.80B |
| 2022-12-31 | $282.90M | $2.63B |
| 2021-12-31 | $389.90M | $2.96B |
| 2020-12-31 | $317.90M | $2.88B |
| 2019-12-31 | $92.70M | $2.60B |
| 2018-12-31 | $184.30M | $2.33B |
| 2016-12-31 | $69.70M | $1.47B |
| 2015-12-31 | $57.93M | $1.29B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $195.60M | $14.80M |
| 2024-12-31 | $209.70M | $33.30M |
| 2023-12-31 | $205.00M | $17.70M |
| 2022-12-31 | $78.20M | $18.40M |
| 2021-12-31 | $29.50M | $17.40M |
| 2020-12-31 | $204.00M | $13.20M |
| 2019-12-31 | $55.90M | $10.20M |
| 2018-12-31 | $104.80M | $9.30M |
| 2016-12-31 | $86.13M | $2.02M |
| 2015-12-31 | $51.04M | $7.50M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-09
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-10 | Jun/2026 | - |
| 2026-05-05 | - | - |
| 2026-03-02 | - | - |
| 2025-11-10 | - | - |
| 2025-08-05 | - | - |
| 2025-05-12 | - | - |
| 2025-03-03 | - | - |
| 2024-11-12 | - | - |
Filings and sources
- Company website
- surgerypartners.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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