NASDAQ : SGRY
Surgery Partners, Inc. — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 23.21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.01B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Surgery Partners, Inc. (SGRY) reported revenue of 3.37B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.37B | 3.31B | 3.11B | 2.74B | 2.54B | 2.23B |
| Cost of Revenue | 2.61B | 2.54B | 2.37B | 2.10B | 1.96B | 1.73B |
| Gross Profit | 757.90M | 765.00M | 745.60M | 647.50M | 574.90M | 491.40M |
| Selling, General & Admin | 121.70M | 118.20M | 138.70M | 120.90M | 102.20M | 104.00M |
| Other Operating Expenses | -10.20M | -8.70M | -20.00M | -7.50M | -19.00M | -15.50M |
| Operating Expenses | 288.70M | 285.50M | 271.30M | 231.50M | 198.00M | 187.30M |
| Operating Income | 469.20M | 479.50M | 474.30M | 416.00M | 376.90M | 304.10M |
| Interest Expense | -293.90M | -272.60M | -201.70M | -193.00M | -234.90M | -221.00M |
| Earnings From Equity Investments | 22.30M | 22.90M | 19.50M | 14.20M | 12.50M | 11.30M |
| Other Non Operating Income (Expenses) | 12.50M | |||||
| EBT Excluding Unusual Items | 210.10M | 229.80M | 292.10M | 237.20M | 154.50M | 94.40M |
| Merger & Restructuring Charges | -65.10M | -73.90M | -100.10M | -61.70M | -47.50M | -39.80M |
| Gain (Loss) on Sale of Assets | -33.70M | -30.40M | -40.60M | -14.40M | -11.10M | -2.20M |
| Legal Settlements | -7.60M | -7.30M | 800.00K | -10.60M | 29.30M | |
| Other Unusual Items | -1.30M | -1.30M | -5.10M | -15.50M | -14.90M | 28.80M |
| Pretax Income | 102.40M | 116.90M | 147.10M | 135.00M | 110.30M | 81.20M |
| Income Tax Expense | 20.50M | 18.00M | 134.60M | -300.00K | 23.30M | 10.50M |
| Earnings From Continuing Operations | 81.90M | 98.90M | 12.50M | 135.30M | 87.00M | 70.70M |
| Minority Interest in Earnings | -170.50M | -176.80M | -180.60M | -147.20M | -141.60M | -141.60M |
| Net Income | -88.60M | -77.90M | -168.10M | -11.90M | -54.60M | -70.90M |
| Preferred Dividends & Other Adjustments | 10.30M | |||||
| Net Income to Common | -88.60M | -77.90M | -168.10M | -11.90M | -54.60M | -81.20M |
| Shares Outstanding (Basic) | 128.11M | 127.21M | 126.12M | 125.61M | 91.95M | 72.43M |
| Shares Outstanding (Diluted) | 128.11M | 127.21M | 126.12M | 125.61M | 91.95M | 72.43M |
| EPS (Basic) | -0.69 | -0.61 | -1.33 | -0.09 | -0.59 | -1.12 |
| EPS (Diluted) | -0.69 | -0.61 | -1.33 | -0.09 | -0.59 | -1.12 |
| Free Cash Flow | 187.60M | 195.60M | 209.70M | 205.00M | 78.20M | 29.50M |
| Free Cash Flow Per Share | 1.46 | 1.54 | 1.66 | 1.63 | 0.85 | 0.41 |
| Gross Margin | 22.51% | 23.12% | 23.94% | 23.60% | 22.64% | 22.08% |
| Operating Margin | 13.94% | 14.49% | 15.23% | 15.16% | 14.84% | 13.67% |
| Profit Margin | -2.63% | -2.35% | -5.40% | -0.43% | -2.15% | -3.65% |
| Free Cash Flow Margin | 5.57% | 5.91% | 6.73% | 7.47% | 3.08% | 1.33% |
| EBITDA | 646.40M | 655.50M | 626.90M | 534.10M | 491.70M | 402.90M |
| EBITDA Margin | 19.20% | 19.81% | 20.13% | 19.47% | 19.36% | 18.11% |
| D&A For EBITDA | 177.20M | 176.00M | 152.60M | 118.10M | 114.80M | 98.80M |
| EBIT | 469.20M | 479.50M | 474.30M | 416.00M | 376.90M | 304.10M |
| EBIT Margin | 13.94% | 14.49% | 15.23% | 15.16% | 14.84% | 13.67% |
| Effective Tax Rate | 20.02% | 15.40% | 91.50% | 21.12% | 12.93% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 216.70M | 239.90M | 269.50M | 195.90M | 282.90M | 389.90M |
| Trading Asset Securities | 10.80M | |||||
| Cash & Short-Term Investments | 216.70M | 239.90M | 280.30M | 195.90M | 282.90M | 389.90M |
| Accounts Receivable | 616.60M | 602.20M | 579.10M | 496.40M | 456.30M | 430.20M |
| Receivables | 616.60M | 602.20M | 579.10M | 496.40M | 456.30M | 430.20M |
| Inventory | 98.80M | 96.60M | 88.40M | 75.20M | 71.40M | 61.10M |
| Prepaid Expenses | 48.30M | 41.10M | 36.40M | 31.00M | 31.40M | 25.60M |
| Other Current Assets | 145.60M | 170.90M | 135.20M | 96.50M | 79.00M | 39.30M |
| Total Current Assets | 1.13B | 1.15B | 1.12B | 895.00M | 921.00M | 946.10M |
| Property, Plant & Equipment | 1.40B | 1.44B | 1.38B | 1.22B | 1.16B | 953.80M |
| Long-Term Investments | 226.90M | 234.00M | 215.40M | 184.10M | 303.70M | 112.30M |
| Goodwill | 5.20B | 5.19B | 5.07B | 4.33B | 4.14B | 3.91B |
| Other Intangible Assets | 38.60M | 41.00M | 45.70M | 54.80M | 42.30M | 43.70M |
| Long-Term Deferred Tax Assets | 89.50M | 91.50M | 114.40M | |||
| Other Long-Term Assets | 53.50M | 56.80M | 57.50M | 103.30M | 30.80M | 35.50M |
| Total Assets | 8.05B | 8.12B | 7.89B | 6.88B | 6.68B | 6.12B |
| Accounts Payable | 175.20M | 208.70M | 208.70M | 171.80M | 151.60M | 124.90M |
| Accrued Expenses | 207.70M | 213.50M | 216.70M | 192.50M | 158.30M | 173.70M |
| Current Portion of Long-Term Debt | 64.00M | 60.30M | 71.80M | 47.90M | 41.90M | 41.40M |
| Current Portion of Leases | 79.50M | 81.70M | 74.10M | 63.00M | 57.40M | 59.10M |
| Current Unearned Revenue | 4.40M | |||||
| Other Current Liabilities | 52.10M | 51.30M | 53.10M | 47.80M | 84.20M | 133.30M |
| Total Current Liabilities | 578.50M | 615.50M | 624.40M | 523.00M | 493.40M | 536.80M |
| Long-Term Debt | 2.78B | 2.72B | 2.51B | 2.05B | 2.03B | 2.59B |
| Long-Term Leases | 1.15B | 1.18B | 1.06B | 917.10M | 836.20M | 661.20M |
| Long-Term Deferred Tax Liabilities | 54.40M | 53.40M | 39.20M | |||
| Other Long-Term Liabilities | 24.90M | 27.40M | 24.10M | 23.30M | 35.00M | 28.80M |
| Total Liabilities | 4.58B | 4.59B | 4.25B | 3.51B | 3.40B | 3.82B |
| Common Stock | 1.30M | 1.30M | 1.30M | 1.30M | 1.30M | 900.00K |
| Additional Paid-In Capital | 2.54B | 2.54B | 2.52B | 2.50B | 2.48B | 1.62B |
| Retained Earnings | -866.10M | -815.20M | -737.30M | -569.20M | -557.30M | -502.70M |
| Comprehensive Income & Other | -8.90M | -13.80M | 4.80M | 57.50M | 76.20M | -31.50M |
| Total Common Equity | 1.67B | 1.71B | 1.79B | 1.99B | 2.00B | 1.09B |
| Minority Interest | 1.80B | 1.81B | 1.85B | 1.37B | 1.28B | 1.21B |
| Shareholders' Equity | 3.47B | 3.53B | 3.64B | 3.36B | 3.28B | 2.30B |
| Total Liabilities & Equity | 8.05B | 8.12B | 7.89B | 6.88B | 6.68B | 6.12B |
| Total Debt | 4.07B | 4.04B | 3.71B | 3.08B | 2.97B | 3.35B |
| Net Cash (Debt) | -3.85B | -3.80B | -3.43B | -2.88B | -2.69B | -2.96B |
| Net Cash Per Share | -30.05 | -29.86 | -27.22 | -22.96 | -29.22 | -40.91 |
| Filing Date Shares Outstanding | 129.71M | 128.21M | 126.73M | 125.88M | 125.03M | 87.70M |
| Total Common Shares Outstanding | 129.68M | 128.11M | 126.22M | 125.86M | 124.97M | 87.68M |
| Working Capital | 547.50M | 535.20M | 495.00M | 372.00M | 427.60M | 409.30M |
| Book Value Per Share | 12.88 | 13.37 | 14.18 | 15.79 | 15.99 | 12.42 |
| Tangible Book Value | -3.57B | -3.52B | -3.32B | -2.39B | -2.18B | -2.87B |
| Tangible Book Value Per Share | -27.54 | -27.50 | -26.33 | -19.02 | -17.45 | -32.69 |
| Land | 5.90M | 9.70M | 9.20M | 11.10M | 11.20M | |
| Buildings | 274.90M | 258.70M | 225.30M | 164.00M | 131.30M | |
| Machinery | 530.10M | 501.00M | 448.10M | 386.40M | 331.80M | |
| Construction In Progress | 49.20M | 54.70M | 24.20M | 58.10M | 34.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -88.60M | -77.90M | -168.10M | -11.90M | -54.60M | -70.90M |
| Depreciation & Amortization | 177.20M | 176.00M | 152.60M | 118.10M | 114.80M | 98.80M |
| Loss (Gain) From Sale of Assets | 33.70M | 30.40M | 40.60M | 14.40M | 11.10M | 2.20M |
| Loss (Gain) on Equity Investments | 400.00K | -800.00K | -2.00M | -2.20M | -1.80M | 200.00K |
| Stock-Based Compensation | 10.00M | 14.80M | 33.30M | 17.70M | 18.40M | 17.40M |
| Other Operating Activities | 239.90M | 242.20M | 362.60M | 221.20M | 231.60M | 220.70M |
| Change in Accounts Receivable | -73.70M | -53.80M | -72.10M | -47.20M | -35.30M | -32.10M |
| Change in Other Net Operating Assets | -40.90M | -56.60M | -46.80M | -16.30M | -125.40M | -149.20M |
| Operating Cash Flow | 258.00M | 274.30M | 300.10M | 293.80M | 158.80M | 87.10M |
| Capital Expenditures | -70.40M | -78.70M | -90.40M | -88.80M | -80.60M | -57.60M |
| Sale of Property, Plant & Equipment | 3.90M | 46.50M | 2.60M | 25.80M | 12.90M | 6.00M |
| Cash Acquisitions | -118.20M | -162.10M | -378.80M | -80.00M | -146.40M | -285.80M |
| Investment in Securities | -7.10M | -11.80M | 2.90M | -48.90M | -82.30M | 5.40M |
| Other Investing Activities | -13.70M | -40.50M | -24.80M | -33.70M | -11.50M | 300.00K |
| Investing Cash Flow | -205.50M | -246.60M | -488.50M | -225.60M | -307.90M | -331.70M |
| Long-Term Debt Issued | 1.20B | 1.73B | 826.60M | 217.80M | 299.40M | |
| Long-Term Debt Repaid | -1.04B | -1.28B | -807.10M | -862.00M | -343.20M | |
| Net Debt Issued (Repaid) | 119.80M | 162.80M | 450.40M | 19.50M | -644.20M | -43.80M |
| Issuance of Common Stock | 882.90M | 581.80M | ||||
| Preferred Dividends Paid | -5.10M | |||||
| Dividends Paid | -5.10M | |||||
| Other Financing Activities | -205.70M | -220.10M | -188.40M | -174.70M | -196.60M | -216.60M |
| Financing Cash Flow | -85.90M | -57.30M | 262.00M | -155.20M | 42.10M | 316.30M |
| Net Cash Flow | -33.40M | -29.60M | 73.60M | -87.00M | -107.00M | 71.70M |
| Free Cash Flow | 187.60M | 195.60M | 209.70M | 205.00M | 78.20M | 29.50M |
| Free Cash Flow Margin | 5.57% | 5.91% | 6.73% | 7.47% | 3.08% | 1.33% |
| Free Cash Flow Per Share | 1.46 | 1.54 | 1.66 | 1.63 | 0.85 | 0.41 |
| Levered Free Cash Flow | 183.56M | 164.71M | 192.28M | 143.38M | 17.25M | 21.04M |
| Unlevered Free Cash Flow | 367.25M | 335.09M | 318.34M | 264.00M | 164.06M | 159.16M |
| Cash Income Tax Paid | 1.20M | 1.20M | 1.60M | 1.40M | 1.80M | 1.50M |
| Change in Working Capital | -114.60M | -110.40M | -118.90M | -63.50M | -160.70M | -181.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.00B | 1.98B | 2.68B | 4.01B | 3.37B | 4.69B |
| Enterprise Value | 6.85B | 7.49B | 7.61B | 8.09B | 8.06B | 8.74B |
| Last Close Price | 23.21 | 15.45 | 21.17 | 31.99 | 27.86 | 53.41 |
| Forward PE | 96.53 | 24.93 | 23.30 | 35.08 | 58.71 | 183.85 |
| PS Ratio | 0.89 | 0.60 | 0.86 | 1.46 | 1.33 | 2.11 |
| PB Ratio | 1.80 | 0.56 | 0.74 | 1.19 | 1.03 | 2.04 |
| P/FCF Ratio | 16.00 | 10.15 | 12.76 | 19.58 | 43.09 | 159.12 |
| P/OCF Ratio | 11.63 | 7.24 | 8.91 | 13.66 | 21.22 | 53.89 |
| PEG Ratio | 0.27 | 4.09 | 4.09 | 4.09 | 4.09 | |
| EV/Sales Ratio | 2.04 | 2.26 | 2.44 | 2.95 | 3.17 | 3.93 |
| EV/EBITDA Ratio | 10.60 | 11.43 | 12.14 | 15.16 | 16.38 | 21.70 |
| EV/EBIT Ratio | 14.60 | 15.62 | 16.05 | 19.46 | 21.37 | 28.75 |
| EV/FCF Ratio | 36.52 | 38.29 | 36.29 | 39.49 | 103.01 | 296.34 |
| Debt / Equity Ratio | 1.17 | 1.15 | 1.02 | 0.92 | 0.91 | 1.46 |
| Debt / EBITDA Ratio | 5.51 | 5.43 | 5.18 | 4.97 | 5.17 | 6.79 |
| Debt / FCF Ratio | 21.68 | 20.65 | 17.71 | 15.02 | 37.98 | 113.65 |
| Net Debt / Equity Ratio | 1.11 | 1.08 | 0.94 | 0.86 | 0.82 | 1.29 |
| Net Debt / EBITDA Ratio | 5.96 | 5.79 | 5.48 | 5.40 | 5.46 | 7.35 |
| Net Debt / FCF Ratio | 20.52 | 19.42 | 16.37 | 14.07 | 34.36 | 100.43 |
| Asset Turnover | 0.42 | 0.41 | 0.42 | 0.41 | 0.40 | 0.39 |
| Inventory Turnover | 28.03 | 27.50 | 28.96 | 28.59 | 29.65 | 29.51 |
| Quick Ratio | 1.44 | 1.37 | 1.38 | 1.32 | 1.50 | 1.53 |
| Current Ratio | 1.95 | 1.87 | 1.79 | 1.71 | 1.87 | 1.76 |
| Return on Equity (ROE) | 2.32% | 2.76% | 0.36% | 4.07% | 3.12% | 3.60% |
| Return on Assets (ROA) | 3.66% | 3.74% | 4.01% | 3.84% | 3.68% | 3.30% |
| Return on Invested Capital (ROIC) | 5.12% | 5.64% | 0.60% | 6.81% | 5.29% | 5.39% |
| Return on Capital Employed (ROCE) | 6.30% | 6.40% | 6.50% | 6.50% | 6.10% | 5.40% |
| Earnings Yield | -2.99% | -3.92% | -6.28% | -0.30% | -1.62% | -1.51% |
| FCF Yield | 6.25% | 9.86% | 7.84% | 5.11% | 2.32% | 0.63% |
| Buyback Yield / Dilution | -1.28% | -0.86% | -0.40% | -36.61% | -26.96% | -48.49% |