Logo

SEM

Select Medical Holdings Corporation

SEM

Select Medical Holdings Corporation • NYSE
$15.49 ▲ 0.52% (+0.08)
Market Cap $1.92 B
52w High $21.31
52w Low $11.65
Dividend Yield 0.25%
P/E 18.89
Volume 498.86K
Outstanding Shares 123.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.363B ▲ $74.492M ▲ $28.793M ▼ 2.112% ▼ $0.23 ▼ $120.289M ▼
Q2-2025 $1.34B ▼ $68.919M ▲ $40.571M ▼ 3.029% ▼ $0.32 ▼ $134.997M ▼
Q1-2025 $1.353B ▲ $67.816M ▲ $56.681M ▲ 4.189% ▼ $0.44 ▲ $160.065M ▲
Q4-2024 $-122.587M ▼ $65.09M ▼ $-16.05M ▼ 13.093% ▲ $-0.12 ▼ $-182.649M ▼
Q3-2024 $1.761B $96.188M $55.628M 3.158% $0.43 $213.406M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $60.054M ▲ $5.686B ▼ $3.666B ▼ $1.689B ▲
Q2-2025 $52.349M ▼ $5.742B ▲ $3.743B ▲ $1.667B ▼
Q1-2025 $53.213M ▼ $5.696B ▲ $3.65B ▲ $1.719B ▲
Q4-2024 $59.694M ▼ $5.608B ▼ $3.611B ▼ $1.681B ▼
Q3-2024 $191.468M $8.003B $5.702B $1.915B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.18M ▼ $175.307M ▲ $-32.61M ▲ $-134.992M ▼ $7.705M ▲ $122.205M ▲
Q2-2025 $57.879M ▼ $110.292M ▲ $-64.669M ▼ $-46.487M ▼ $-864K ▲ $45.608M ▲
Q1-2025 $74.732M ▲ $-3.457M ▼ $-52.315M ▲ $49.291M ▲ $-6.481M ▲ $-55.796M ▼
Q4-2024 $3.756M ▼ $125.432M ▼ $-74.193M ▼ $-183.013M ▼ $-131.774M ▼ $62.003M ▼
Q3-2024 $81.015M $180.969M $-45.093M $-55.568M $80.308M $130.286M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Health Care Patient Service Medicare
Health Care Patient Service Medicare
 $370.00M ▲$390.00M ▲$380.00M ▼$390.00M ▲
Health Care Patient Service NonMedicare
Health Care Patient Service NonMedicare
 $-620.00M ▲$830.00M ▲$830.00M ▲$840.00M ▲
Service Other
Service Other
 $130.00M ▲$130.00M ▲$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the longer term but has recently stepped back from its peak, suggesting the business is feeling some pressure after earlier expansion. Profitability has narrowed: gross profits are thinner than a couple of years ago, and operating profits in the latest year are essentially flat, a clear contrast with the solid operating earnings seen earlier in the period. Net income is still positive but well below the high point reached a few years ago, which points to margin compression from higher costs, reimbursement pressure, or mix shifts. Overall, the income statement shows a resilient but squeezed business: still making money, but with less room for error and less benefit from growth than before.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still meaningfully leveraged but moving in a somewhat healthier direction. Total assets have edged down from prior highs, while reported debt has declined from its peak, which reduces financial risk but still leaves the company with a sizable debt load to service. Cash on hand is modest, so the company relies heavily on ongoing cash generation and credit access rather than a large cash buffer. Shareholders’ equity has risen compared with earlier years, indicating that the business has added value over time despite recent earnings pressure. In short, the balance sheet is adequate but not bulletproof, and continued discipline around debt and liquidity remains important.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The company has consistently generated positive cash from its operations, even in years when accounting profits were under more strain, which supports its ability to fund investments and manage debt. Free cash flow has been positive but uneven, improving again in the most recent period after a weaker stretch. Capital spending has been modest relative to the size of the business, which helps free cash flow but also means growth and modernization must be carefully prioritized. Overall, the cash flow profile looks serviceable: not spectacular, but strong enough to support ongoing operations and gradual balance sheet repair, provided operating trends do not deteriorate sharply.

Competitive Edge

Competitive Edge Select Medical operates from a position of real scale and specialization in post‑acute and rehabilitation care. It runs a large national network of long‑term acute care hospitals, inpatient rehab hospitals, and outpatient clinics, which gives it broad referral relationships and operating efficiencies that smaller rivals struggle to match. A key pillar of its moat is its focus on complex, high‑acuity patients and condition‑specific programs (neuro, cancer rehab, amputee, and others), which are harder to replicate than general rehab services. Deep joint‑venture partnerships with major health systems strengthen its local presence and create built‑in patient flows. The flip side is exposure to labor shortages, reimbursement changes, and regulatory shifts that can quickly squeeze margins. Competition from other specialized chains and hospital systems remains intense, but SEM’s brand, network, and partnerships give it a defensible, if not unassailable, position.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation as a differentiator rather than treating it as an add‑on. It has embedded advanced rehabilitation tools—robotic exoskeletons, robotic gait training, functional electrical stimulation, virtual reality, and specialized cognitive and vision systems—across its inpatient rehab network, which can enhance outcomes and support its quality story with payers and partners. Its outpatient network also offers a wide menu of specialized therapies, from aquatic therapy to vestibular rehab, that help it stand out in local markets. Telehealth and remote monitoring extend these capabilities beyond the clinic. On the strategic side, SEM’s continued use of joint ventures, selective acquisitions, and technology partnerships suggests an innovation approach focused on clinical programs and delivery models rather than flashy standalone products. The main risk is that these innovations must continually prove their clinical and economic value in a healthcare system that is shifting toward value‑based payments.

Summary

Overall, Select Medical looks like a scaled, specialized post‑acute care provider with a solid but pressured financial profile. Its revenue base is substantial and diverse, but recent years show margin tightening and weaker operating profits compared with earlier highs. The balance sheet carries meaningful debt and limited cash, yet ongoing positive cash flow has so far allowed the company to manage its obligations and invest selectively. Competitively, its wide network, deep specialization in high‑acuity rehab, and strong health‑system partnerships form a real moat, reinforced by a visible commitment to advanced rehab technologies and tailored clinical programs. The main themes to watch are whether SEM can restore and sustain healthier margins while navigating labor costs, reimbursement dynamics, and the industry’s move toward value‑based care, all while continuing to invest enough in innovation to keep its clinical and competitive edge.

NEWS

November 24, 2025 · 8:30 PM UTC

Select Medical Holdings Corporation Acknowledges Executive Chairman's Take-Private Proposal

Read more

October 30, 2025 · 4:30 PM UTC

Select Medical Holdings Corporation Announces Results For Its Third Quarter Ended September 30, 2025 and Cash Dividend

Read more

October 2, 2025 · 4:15 PM UTC

Select Medical Holdings Corporation to Announce Third Quarter 2025 Results on Thursday, October 30, 2025

Read more

September 2, 2025 · 4:10 PM UTC

SELECT MEDICAL HOLDINGS CORPORATION APPOINTS THOMAS P. MULLIN AS CHIEF EXECUTIVE OFFICER AND ANNOUNCES OTHER CHANGES INVOLVING LONG-TENURED LEADERS

Read more