SGRYNasdaqServices-General Medical & Surgical Hospitals, NECFiscal year ends December 31
Surgery Partners, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$14.71+0.10 (+0.68%)
Close on Oct 19, 2026
- Market cap
- $1.90B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
–
Operating margin
11.8%+1.9 pts over 5 years
Net margin
-2.4%+3.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.2% | +9.2% | +12.2% | +13.2% | |
| Operating income | +11.7% | +4.1% | +16.3% | +10.4% | |
| Free cash flow | -6.7% | +35.7% | -0.8% | +14.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 334.7% | -56.3% | -4.4% | |
| Return on assets | 0.4% | -2.2% | -1.0% | |
| Current ratio | 1.94 | 1.44 | 1.87 | |
| Debt to equity | 149.04 | 24.71 | 2.16 | |
| Net debt to EBITDA | 5.81× | 9.14× | 6.12× | |
| Inventory turnover | 30.2× | – | – | |
| Capex to revenue | 3.4% | 2.3% | 2.4% | |
| Diluted shares | 48M | 49M | 127M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Surgery Partners generated $1.11B from operations and spent $396.10M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.11B
Used
$396.10M
Capital expenditure$396.10M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.4%
×Asset turnover0.41×
×Equity multiplier4.57×
=Return on equity, FY2025-4.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.4% | 0.41× | 4.57× | -4.4% |
| FY2024 | -5.4% | 0.42× | 3.91× | -8.9% |
| FY2023 | -0.4% | 0.40× | 3.40× | -0.6% |
| FY2022 | -2.2% | 0.40× | 4.15× | -3.5% |
| FY2021 | -3.2% | 0.39× | 9.57× | -11.8% |
| FY2020 | -6.2% | 0.36× | 25.30× | -56.3% |
| FY2019 | -4.1% | 0.38× | 13.82× | -21.3% |
| FY2018 | -11.6% | 0.38× | 8.78× | -38.8% |
| FY2016 | 0.8% | 0.52× | 780.56× | 334.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$77.90M
- Cash generatingOperating cash flow above zero$274.30M
- Return on assets improvedROA up on the prior year-2.4% → -1.0%
- Earnings backed by cashOperating cash flow above net income$274.30M vs -$77.90M
- Less leverageLong-term debt to assets fell41.4% → 44.4%
- Better liquidityCurrent ratio rose1.79 → 1.87
- No dilutionShare count did not rise126M → 127M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.45 → 0.42