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SGRY

Surgery Partners, Inc.

SGRY

Surgery Partners, Inc. • NASDAQ
$17.08 ▲ 0.12% (+0.02)
Market Cap $2.21 B
52w High $26.16
52w Low $14.94
Dividend Yield 0%
P/E -12.56
Volume 474.95K
Outstanding Shares 129.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $821.5M ▼ $89.6M ▲ $-22.7M ▼ -2.763% ▼ $-0.18 ▼ $405.4M ▲
Q2-2025 $826.2M ▲ $83.9M ▼ $-2.5M ▲ -0.303% ▲ $-0.02 ▲ $152M ▲
Q1-2025 $776M ▼ $100M ▼ $-37.7M ▲ -4.858% ▲ $-0.3 ▲ $98.2M ▼
Q4-2024 $864.4M ▲ $106.5M ▼ $-108.5M ▼ -12.552% ▼ $-0.86 ▼ $161M ▲
Q3-2024 $770.4M $116.6M $-31.7M -4.115% $-0.25 $111.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $203.4M ▼ $7.947B ▼ $4.394B ▲ $1.73B ▼
Q2-2025 $250.1M ▲ $7.955B ▲ $4.376B ▲ $1.748B ▲
Q1-2025 $229.3M ▼ $7.949B ▲ $4.363B ▲ $1.74B ▼
Q4-2024 $269.5M ▲ $7.89B ▲ $4.255B ▲ $1.79B ▼
Q3-2024 $221.8M $7.534B $3.986B $1.897B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $25.3M ▲ $83.6M ▲ $-46.2M ▼ $-84.1M ▼ $-46.7M ▼ $63.8M ▲
Q2-2025 $0 ▲ $81.3M ▲ $2.1M ▲ $-62.6M ▼ $20.8M ▲ $57.9M ▲
Q1-2025 $-300K ▲ $6M ▼ $-76.4M ▲ $30.2M ▼ $-40.2M ▼ $-16.7M ▼
Q4-2024 $-46.6M ▼ $111.4M ▲ $-111.7M ▼ $48M ▲ $47.7M ▲ $89.1M ▲
Q3-2024 $6.4M $65.2M $-49.6M $-7.3M $8.3M $45M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Government Revenue
Government Revenue
 $630.00M ▲$320.00M ▼$350.00M ▲$350.00M ▲
Healthcare Organization Patient Service
Healthcare Organization Patient Service
 $1.60Bn ▲$760.00M ▼$800.00M ▲$800.00M ▲
Other Patient Service Revenue Sources
Other Patient Service Revenue Sources
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Other Services
Other Services
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Private Insurance
Private Insurance
 $880.00M ▲$410.00M ▼$420.00M ▲$400.00M ▼
SelfPay Revenue
SelfPay Revenue
 $40.00M ▲$20.00M ▼$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Surgery Partners has grown its revenue steadily over the past five years, showing that demand for its outpatient surgery model is rising. Profitability at the operating level looks relatively stable, with margins that suggest the core facilities are reasonably efficient. However, the company has remained loss-making at the net income level, and the most recent year shows a larger loss than prior years after several years of gradual improvement. This gap between solid operating performance and bottom-line losses likely reflects a mix of interest costs, depreciation, acquisition-related items, and other non-operating factors. Overall, the business is scaling well, but full profitability at the shareholder level has not yet been achieved and has recently moved in the wrong direction.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base and strengthened its equity position over time, indicating continued investment in new centers, equipment, and capabilities. At the same time, debt remains substantial and has edged higher in the latest year, so leverage is an important feature of the capital structure. Cash on hand is modest relative to total assets, which is typical for a capital-intensive healthcare provider but leaves less of a cushion if conditions tighten. The combination of rising assets, higher equity, and meaningful debt suggests a growth-focused balance sheet that relies on borrowing and acquisitions, with ongoing sensitivity to interest rates and refinancing conditions.

Cash Flow

Cash Flow Cash generation from operations has improved over the period, with recent years showing more consistent and healthier cash inflows than earlier in the decade. Free cash flow has been positive in each year and has generally trended upward, which is encouraging given the company’s ongoing capital spending needs. Investment in new facilities and equipment has increased gradually but remains disciplined relative to the cash produced by the business. This pattern suggests that, even though accounting earnings are negative, the underlying cash profile is supportive of continued growth and reinvestment. The key watch point is whether cash flow can keep pace with both expansion plans and debt obligations over time.

Competitive Edge

Competitive Edge Surgery Partners operates in a fast-growing niche: shifting surgeries from traditional hospitals to lower-cost outpatient centers. Its core edge comes from a physician partnership model that gives surgeons ownership and flexibility, helping attract and retain high producers and drive case volume. The company focuses on more complex, higher-acuity procedures in areas like orthopedics, cardiology, and spine, which can be more profitable and harder for smaller competitors to replicate. A disciplined acquisition and new-center strategy in a fragmented market expands its footprint and creates local scale advantages. Key risks include competition from hospitals and other surgery-center chains, dependence on surgeon relationships, and exposure to changing reimbursement rules from Medicare and private insurers.

Innovation and R&D

Innovation and R&D The company’s innovation is largely operational rather than traditional laboratory-style R&D. It uses artificial intelligence, automation, and modern IT systems to improve scheduling, reduce administrative work, and standardize processes across its centers. Investments in surgical robotics and advanced equipment help shift more complex procedures into outpatient settings and serve as a draw for top surgeons. A data-driven culture, with pilots and measurement before broad rollouts, supports continuous improvement in efficiency and clinical performance. The main execution questions are whether these technology and process investments continue to translate into better margins, stronger physician loyalty, and a sustainable lead versus other outpatient surgery platforms.

Summary

Surgery Partners is a growth-focused outpatient surgery platform that has expanded its revenue base consistently and built a differentiated position around physician partnerships and higher-acuity procedures. Operational performance and cash generation have improved, but the company still reports net losses and carries a meaningful debt load, which keeps financial risk in the picture. Its strategy of acquisitions, de novo centers, and technology-enabled efficiency gives it multiple levers for expansion in a structurally growing segment of healthcare. At the same time, the business is sensitive to reimbursement trends, interest costs, integration execution, and ongoing competition from hospitals and rival ambulatory surgery chains. Overall, it is a scaled, strategically well-positioned operator with clear growth drivers, offset by continuing bottom-line losses and balance-sheet leverage that merit close monitoring.

NEWS

November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Surgery Partners, Inc. - SGRY

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October 28, 2025 · 8:00 AM UTC

Duly Health and Care Expands Outpatient Surgery Access Through Minority Share Acquisition of Valley ASC in Partnership with Surgery Partners

Read more