NYSE : SEM
Select Medical Holdings Corporation — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 16.51 USD (At close: Jun 30, 2026) · Market cap 2.05B
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Financial statements
Select Medical Holdings Corporation (SEM) reported revenue of 5.52B 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 | 5.52B | 5.45B | 5.19B | 4.83B | 4.61B | 6.20B |
| Cost of Revenue | 4.60B | 4.53B | 4.27B | 3.99B | 3.95B | 4.94B |
| Gross Profit | 921.02M | 924.80M | 915.54M | 836.47M | 655.59M | 1.26B |
| Selling, General & Admin | 457.61M | 449.92M | 507.76M | 435.06M | 407.13M | 491.12M |
| Other Operating Expenses | -1.59M | -1.59M | -3.41M | -1.52M | -328.00K | |
| Operating Expenses | 599.18M | 588.63M | 647.22M | 569.23M | 539.29M | 693.43M |
| Operating Income | 321.84M | 336.17M | 268.31M | 267.24M | 116.30M | 570.07M |
| Interest Expense | -117.21M | -117.94M | -128.60M | -154.16M | -137.47M | -135.99M |
| Interest & Investment Income | 5.35M | |||||
| Earnings From Equity Investments | 54.02M | 54.52M | 63.90M | 41.34M | 27.98M | 44.43M |
| EBT Excluding Unusual Items | 258.66M | 272.75M | 203.61M | 154.42M | 6.81M | 483.87M |
| Gain (Loss) on Sale of Assets | 2.15M | |||||
| Legal Settlements | 19.90M | |||||
| Other Unusual Items | -28.84M | -14.69M | 28.45M | 123.80M | ||
| Pretax Income | 258.66M | 272.75M | 174.77M | 139.72M | 35.27M | 629.72M |
| Income Tax Expense | 55.08M | 58.22M | 44.78M | 29.25M | 16.72M | 129.77M |
| Earnings From Continuing Operations | 203.58M | 214.53M | 129.99M | 110.47M | 18.55M | 499.95M |
| Earnings From Discontinued Operations | 166.72M | 189.26M | 179.48M | |||
| Net Income to Company | 203.58M | 214.53M | 296.70M | 299.73M | 198.03M | 499.95M |
| Minority Interest in Earnings | -70.04M | -68.31M | -82.67M | -56.24M | -39.03M | -97.72M |
| Net Income | 133.53M | 146.22M | 214.04M | 243.49M | 158.99M | 402.23M |
| Preferred Dividends & Other Adjustments | 3.40M | 3.35M | 2.32M | 2.13M | -528.00K | 13.44M |
| Net Income to Common | 130.13M | 142.87M | 211.72M | 241.36M | 159.52M | 388.79M |
| Shares Outstanding (Basic) | 121.26M | 122.65M | 124.61M | 123.11M | 124.63M | 130.25M |
| Shares Outstanding (Diluted) | 121.26M | 122.65M | 124.61M | 123.11M | 124.63M | 130.25M |
| EPS (Basic) | 1.07 | 1.16 | 1.70 | 1.96 | 1.28 | 2.98 |
| EPS (Diluted) | 1.07 | 1.16 | 1.70 | 1.96 | 1.28 | 2.98 |
| Free Cash Flow | 152.00M | 117.24M | 295.69M | 352.86M | 94.45M | 220.69M |
| Free Cash Flow Per Share | 1.25 | 0.96 | 2.37 | 2.87 | 0.76 | 1.69 |
| Dividend Per Share | 0.25 | 0.25 | 0.44 | 0.50 | 0.50 | 0.50 |
| Gross Margin | 16.68% | 16.96% | 17.65% | 17.33% | 14.22% | 20.36% |
| Operating Margin | 5.83% | 6.17% | 5.17% | 5.54% | 2.52% | 9.19% |
| Profit Margin | 2.36% | 2.62% | 4.08% | 5.00% | 3.46% | 6.27% |
| Free Cash Flow Margin | 2.75% | 2.15% | 5.70% | 7.31% | 2.05% | 3.56% |
| EBITDA | 465.00M | 476.47M | 411.18M | 402.93M | 248.46M | 772.72M |
| EBITDA Margin | 8.42% | 8.74% | 7.93% | 8.35% | 5.39% | 12.45% |
| D&A For EBITDA | 143.16M | 140.30M | 142.87M | 135.69M | 132.16M | 202.65M |
| EBIT | 321.84M | 336.17M | 268.31M | 267.24M | 116.30M | 570.07M |
| EBIT Margin | 5.83% | 6.17% | 5.17% | 5.54% | 2.52% | 9.19% |
| Effective Tax Rate | 21.30% | 21.34% | 25.62% | 20.94% | 47.42% | 20.61% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 25.68M | 26.52M | 59.69M | 52.63M | 97.91M | 74.31M |
| Trading Asset Securities | 58.96M | 74.86M | ||||
| Cash & Short-Term Investments | 25.68M | 26.52M | 59.69M | 111.59M | 172.76M | 74.31M |
| Accounts Receivable | 949.48M | 864.21M | 821.38M | 724.14M | 941.31M | 889.30M |
| Other Receivables | 25.60M | 17.80M | 18.20M | 16.30M | 23.90M | |
| Receivables | 949.48M | 889.81M | 839.18M | 742.34M | 957.61M | 913.20M |
| Other Current Assets | 136.93M | 108.95M | 120.90M | 403.71M | 140.94M | 151.93M |
| Total Current Assets | 1.11B | 1.03B | 1.02B | 1.26B | 1.27B | 1.14B |
| Property, Plant & Equipment | 2.04B | 1.95B | 1.78B | 1.64B | 2.17B | 2.04B |
| Long-Term Investments | 346.40M | 320.90M | 316.00M | 337.80M | 288.86M | |
| Goodwill | 2.38B | 2.36B | 2.33B | 2.28B | 3.48B | 3.45B |
| Other Intangible Assets | 99.86M | 100.80M | 103.18M | 105.15M | 351.66M | 374.88M |
| Long-Term Deferred Tax Assets | 29.09M | 27.06M | 21.09M | 16.99M | 22.17M | |
| Other Long-Term Assets | 412.31M | 38.89M | 24.85M | 2.07B | 32.15M | 45.70M |
| Total Assets | 6.04B | 5.85B | 5.61B | 7.69B | 7.67B | 7.36B |
| Accounts Payable | 166.47M | 157.06M | 142.16M | 153.90M | 186.73M | 233.84M |
| Accrued Expenses | 577.79M | 596.83M | 603.18M | 550.59M | 617.85M | 642.42M |
| Short-Term Debt | 19.39M | 16.75M | 25.80M | 30.27M | 31.96M | 42.35M |
| Current Portion of Long-Term Debt | 25.18M | 22.73M | 19.47M | 68.11M | 42.72M | 16.50M |
| Current Portion of Leases | 179.45M | 189.89M | 180.40M | 173.22M | 238.41M | 230.74M |
| Current Income Taxes Payable | 2.08M | 1.23M | 6.64M | 1.10M | 480.00K | 1.44M |
| Other Current Liabilities | 271.28M | 37.00M | 105.79M | |||
| Total Current Liabilities | 970.37M | 984.49M | 977.65M | 1.25B | 1.16B | 1.27B |
| Long-Term Debt | 1.84B | 1.74B | 1.68B | 3.57B | 3.82B | 3.54B |
| Long-Term Leases | 931.20M | 900.71M | 797.14M | 679.37M | 1.02B | 933.22M |
| Long-Term Deferred Tax Liabilities | 117.86M | 112.16M | 81.50M | 119.94M | 169.79M | 142.79M |
| Other Long-Term Liabilities | 79.70M | 79.86M | 73.04M | 494.27M | 106.14M | 106.44M |
| Total Liabilities | 3.94B | 3.82B | 3.61B | 6.12B | 6.27B | 6.00B |
| Common Stock | 124.00K | 124.00K | 129.00K | 128.00K | 127.00K | 134.00K |
| Additional Paid-In Capital | 889.05M | 874.85M | 911.08M | 493.41M | 452.18M | 504.31M |
| Retained Earnings | 872.22M | 837.02M | 770.15M | 751.86M | 581.01M | 593.25M |
| Comprehensive Income & Other | -5.38M | -6.40M | 42.91M | 88.60M | 12.28M | |
| Total Common Equity | 1.76B | 1.71B | 1.68B | 1.29B | 1.12B | 1.11B |
| Minority Interest | 349.92M | 330.15M | 315.74M | 285.71M | 268.69M | 254.95M |
| Shareholders' Equity | 2.11B | 2.04B | 2.00B | 1.57B | 1.39B | 1.36B |
| Total Liabilities & Equity | 6.04B | 5.85B | 5.61B | 7.69B | 7.67B | 7.36B |
| Total Debt | 2.99B | 2.87B | 2.70B | 4.52B | 5.16B | 4.76B |
| Net Cash (Debt) | -2.97B | -2.84B | -2.64B | -4.41B | -4.98B | -4.69B |
| Net Cash Per Share | -24.46 | -23.17 | -21.22 | -35.85 | -39.99 | -35.99 |
| Filing Date Shares Outstanding | 124.02M | 124.02M | 128.96M | 128.36M | 127.17M | 133.88M |
| Total Common Shares Outstanding | 124.02M | 124.02M | 128.96M | 128.37M | 127.17M | 133.88M |
| Working Capital | 141.73M | 40.79M | 42.13M | 9.18M | 116.16M | -133.64M |
| Book Value Per Share | 14.16 | 13.75 | 13.04 | 10.04 | 8.82 | 8.29 |
| Tangible Book Value | -722.02M | -756.12M | -753.73M | -1.10B | -2.71B | -2.71B |
| Tangible Book Value Per Share | -5.82 | -6.10 | -5.84 | -8.57 | -21.34 | -20.27 |
| Land | 93.84M | 96.25M | 92.39M | 96.63M | 95.91M | |
| Buildings | 680.88M | 601.62M | 576.76M | 579.22M | 574.92M | |
| Machinery | 723.94M | 686.04M | 649.39M | 790.41M | 728.07M | |
| Construction In Progress | 122.25M | 84.62M | 40.87M | 88.93M | 79.72M | |
| Leasehold Improvements | 646.71M | 565.32M | 538.84M | 726.16M | 620.37M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 133.53M | 146.22M | 214.04M | 243.49M | 158.99M | 402.23M |
| Depreciation & Amortization | 143.16M | 140.30M | 142.87M | 135.69M | 132.16M | 202.65M |
| Other Amortization | 3.13M | 3.14M | 2.96M | 2.65M | 2.27M | 2.22M |
| Loss (Gain) From Sale of Assets | 79.00K | 8.00K | -1.06M | -57.00K | -2.71M | -2.41M |
| Loss (Gain) on Equity Investments | -7.15M | -1.55M | -21.05M | -17.40M | -4.50M | -7.43M |
| Stock-Based Compensation | 17.45M | 16.70M | 100.67M | 43.81M | 37.76M | 30.94M |
| Provision & Write-off of Bad Debts | 1.18M | 2.36M | 4.28M | 1.03M | 174.00K | 236.00K |
| Other Operating Activities | 112.69M | 98.97M | 69.27M | 40.30M | 46.55M | 102.78M |
| Change in Accounts Receivable | -42.47M | -45.19M | -95.84M | 1.16M | -52.18M | 23.10M |
| Change in Accounts Payable | 6.88M | -854.00K | -16.79M | -6.41M | -48.04M | 53.39M |
| Change in Unearned Revenue | -83.79M | -323.70M | ||||
| Change in Other Net Operating Assets | 19.31M | -13.64M | 57.50M | 64.75M | 24.48M | -82.77M |
| Operating Cash Flow | 387.78M | 346.47M | 517.86M | 582.06M | 284.82M | 401.23M |
| Capital Expenditures | -235.78M | -229.22M | -222.18M | -229.20M | -190.37M | -180.54M |
| Sale of Property, Plant & Equipment | 25.58M | 23.39M | 4.26M | 163.00K | 8.34M | 26.82M |
| Cash Acquisitions | -9.17M | -9.20M | -13.10M | -29.57M | -26.99M | -81.91M |
| Investment in Securities | -1.46M | -1.46M | -9.87M | -17.32M | -20.97M | |
| Investing Cash Flow | -220.83M | -216.49M | -231.01M | -268.48M | -226.34M | -256.59M |
| Short-Term Debt Issued | 42.35M | |||||
| Long-Term Debt Issued | 1.39B | 4.32B | 3.03B | 1.15B | 193.01M | |
| Total Debt Issued | 1.24B | 1.39B | 4.32B | 3.03B | 1.15B | 235.37M |
| Short-Term Debt Repaid | -9.05M | -4.47M | -1.69M | -10.39M | ||
| Long-Term Debt Repaid | -1.34B | -4.81B | -3.23B | -870.59M | -39.67M | |
| Total Debt Repaid | -1.24B | -1.35B | -4.82B | -3.23B | -880.99M | -39.67M |
| Net Debt Issued (Repaid) | 1.28M | 42.34M | -493.46M | -203.95M | 264.68M | 195.70M |
| Issuance of Common Stock | 511.20M | |||||
| Repurchase of Common Stock | -88.69M | -100.08M | -37.91M | -12.76M | -195.53M | -79.48M |
| Common Dividends Paid | -31.13M | -31.43M | -64.62M | -63.90M | -64.59M | -50.60M |
| Other Financing Activities | -75.95M | -73.98M | -226.38M | -46.86M | -39.45M | -713.01M |
| Financing Cash Flow | -194.49M | -163.15M | -311.17M | -327.48M | -34.89M | -647.38M |
| Net Cash Flow | -27.53M | -33.17M | -24.31M | -13.90M | 23.60M | -502.75M |
| Free Cash Flow | 152.00M | 117.24M | 295.69M | 352.86M | 94.45M | 220.69M |
| Free Cash Flow Margin | 2.75% | 2.15% | 5.70% | 7.31% | 2.05% | 3.56% |
| Free Cash Flow Per Share | 1.25 | 0.96 | 2.37 | 2.87 | 0.76 | 1.69 |
| Levered Free Cash Flow | 40.70M | 31.78M | 72.72M | 110.93M | -206.27M | 57.88M |
| Unlevered Free Cash Flow | 110.82M | 102.35M | 150.14M | 204.63M | -122.63M | 140.65M |
| Cash Interest Paid | 114.41M | 120.62M | 256.23M | 272.26M | 183.45M | 132.20M |
| Cash Income Tax Paid | 28.46M | 26.02M | 133.19M | 88.51M | 32.29M | 181.18M |
| Change in Working Capital | -16.28M | -59.68M | -55.14M | 59.50M | -159.54M | -329.98M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.05B | 1.84B | 2.43B | 3.01B | 3.15B | 3.94B |
| Enterprise Value | 5.01B | 4.89B | 7.19B | 8.15B | 8.27B | 8.58B |
| Last Close Price | 16.51 | 14.73 | 18.38 | 12.15 | 12.60 | 14.62 |
| PE Ratio | 15.38 | 12.87 | 11.48 | 12.48 | 19.77 | 10.14 |
| Forward PE | 12.69 | 12.27 | 13.19 | 10.93 | 12.92 | 10.87 |
| PS Ratio | 0.37 | 0.34 | 0.47 | 0.62 | 0.68 | 0.64 |
| PB Ratio | 1.17 | 0.90 | 1.22 | 1.91 | 2.27 | 2.89 |
| P/FCF Ratio | 13.47 | 15.68 | 8.22 | 8.54 | 33.38 | 17.87 |
| P/OCF Ratio | 5.28 | 5.31 | 4.70 | 5.18 | 11.07 | 9.83 |
| PEG Ratio | 0.92 | 1.97 | 0.93 | 0.48 | 0.86 | 0.57 |
| EV/Sales Ratio | 0.91 | 0.90 | 1.39 | 1.69 | 1.79 | 1.38 |
| EV/EBITDA Ratio | 10.78 | 10.26 | 17.50 | 20.24 | 33.30 | 11.11 |
| EV/EBIT Ratio | 15.58 | 14.54 | 26.81 | 30.51 | 71.14 | 15.05 |
| EV/FCF Ratio | 32.99 | 41.69 | 24.33 | 23.11 | 87.59 | 38.89 |
| Debt / Equity Ratio | 1.42 | 1.41 | 1.35 | 2.88 | 3.71 | 3.49 |
| Debt / EBITDA Ratio | 3.97 | 3.75 | 3.94 | 6.84 | 10.42 | 4.30 |
| Debt / FCF Ratio | 19.69 | 24.47 | 9.15 | 12.82 | 54.59 | 21.58 |
| Net Debt / Equity Ratio | 1.41 | 1.40 | 1.32 | 2.80 | 3.58 | 3.44 |
| Net Debt / EBITDA Ratio | 6.38 | 5.96 | 6.43 | 10.95 | 20.06 | 6.07 |
| Net Debt / FCF Ratio | 19.52 | 24.24 | 8.94 | 12.51 | 52.77 | 21.24 |
| Asset Turnover | 0.94 | 0.95 | 0.78 | 0.63 | 0.61 | 0.83 |
| Quick Ratio | 1.00 | 0.93 | 0.92 | 0.68 | 0.98 | 0.78 |
| Current Ratio | 1.15 | 1.04 | 1.04 | 1.01 | 1.10 | 0.90 |
| Return on Equity (ROE) | 9.81% | 10.64% | 7.28% | 7.45% | 1.35% | 33.15% |
| Return on Assets (ROA) | 3.43% | 3.67% | 2.52% | 2.18% | 0.97% | 4.75% |
| Return on Invested Capital (ROIC) | 5.09% | 5.56% | 3.75% | 3.42% | 0.98% | 7.79% |
| Return on Capital Employed (ROCE) | 6.30% | 6.90% | 5.80% | 4.10% | 1.80% | 9.40% |
| Earnings Yield | 6.36% | 7.95% | 8.80% | 8.08% | 5.04% | 10.20% |
| FCF Yield | 7.42% | 6.38% | 12.16% | 11.71% | 3.00% | 5.60% |
| Dividend Yield | 1.51% | 1.70% | 2.38% | 4.12% | 3.97% | 3.42% |
| Payout Ratio | 23.30% | 21.50% | 30.19% | 26.25% | 40.62% | 12.58% |
| Buyback Yield / Dilution | 3.15% | 1.58% | -1.23% | 1.22% | 4.32% | -0.36% |
| Total Shareholder Return | 4.66% | 3.28% | 1.16% | 5.34% | 8.29% | 3.06% |