SGRYSurgery Partners, Inc.
Services-General Medical & Surgical Hospitals, NEC
- Revenue
- $3.3B
- 6.2% YoY
- Operating margin
- 11.8%
- 5.1% YoY
- EBITDA
- $566M
- 13% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 6.1×
- $3.4B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired65% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.5B | $2.7B | $3.1B | $3.3B | 6.2% |
| Operating income | $302M | $345M | $328M | $349M | $390M | 12% |
| Net income | −$71M | −$55M | −$12M | −$168M | −$78M | 54% |
| Operating cash flow | $87M | $159M | $294M | $300M | $274M | 8.6% |
| Capex | $58M | $81M | $89M | $90M | $79M | 13% |
| Stock-based comp | $17M | $18M | $18M | $33M | $15M | 56% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $138K · 1
- Net
- −$138K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $1M | 53 | 103 |
| FY2024 | $6M | $3M | 73 | 114 |
| FY2023 | $6M | $7M | 110 | 127 |
| FY2022 | $6M | −$3M | 96 | 132 |
| FY2021 | $4M | $14M | 184 | 131 |