Loading financials from SEC filings…
Medical care facilities · Healthcare · Fiscal year ends Dec 31
Surgery Partners reported revenue of $3.3B in the fiscal year ended Dec 2025, up 6.2% from the year before. Operating income was $390M, an operating margin of 11.8%, and net income was −$78M. Operating cash flow of $274M less capital expenditure of $79M left free cash flow of $196M. Net debt was $3.5B.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,225 | 2,539 | 2,743 | 3,114 | 3,309 |
| Operating income | 302 | 345 | 328 | 349 | 390 |
| Income tax | 10.5 | 23.3 | −0.3 | 135 | 18.0 |
| Net income | −70.9 | −54.6 | −11.9 | −168 | −77.9 |
| Diluted EPS | −1.12 | −0.59 | −0.09 | −1.33 | −0.61 |
| Diluted shares | 72.4 | 92.0 | 126 | 126 | 127 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 390 | 283 | 196 | 270 | 240 |
| Receivables | 430 | 456 | 496 | 579 | 602 |
| Inventory | 61.1 | 71.4 | 75.2 | 88.4 | 96.6 |
| Current assets | 946 | 921 | 895 | 1,119 | 1,151 |
| Net PP&E | 630 | 877 | 969 | 1,088 | 1,153 |
| Goodwill | 3,912 | 4,137 | 4,326 | 5,068 | 5,195 |
| Total assets | 6,118 | 6,682 | 6,877 | 7,890 | 8,120 |
| Payables | 125 | 152 | 172 | 209 | 209 |
| Current liabilities | 537 | 493 | 523 | 624 | 616 |
| Long-term debt | 2,958 | 2,634 | 2,804 | 3,405 | 3,735 |
| Total liabilities | 4,148 | 3,741 | 3,842 | 4,694 | 4,988 |
| Shareholders' equity | 1,089 | 1,998 | 1,987 | 1,790 | 1,713 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 87.1 | 159 | 294 | 300 | 274 |
| Capital expenditure | 57.6 | 80.6 | 88.8 | 90.4 | 78.7 |
| Free cash flow | 29.5 | 78.2 | 205 | 210 | 196 |
| Depreciation & amortisation | 98.8 | 115 | 118 | 153 | 176 |
| Stock-based compensation | 17.4 | 18.4 | 17.7 | 33.3 | 14.8 |
| Acquisitions | 286 | 146 | 80.0 | 379 | 162 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | 8.0% | 13.5% | 6.2% |
| Operating income growth (YoY) | – | 14.2% | −5.0% | 6.3% | 11.7% |
| Operating margin | 13.6% | 13.6% | 12.0% | 11.2% | 11.8% |
| Net margin | −3.2% | −2.2% | −0.4% | −5.4% | −2.4% |
| Return on equityBlank when equity is negative | −6.5% | −2.7% | −0.6% | −9.4% | −4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.4% | 5.6% | 5.2% | 4.8% | 5.2% |
| Free cash flow margin | 1.3% | 3.1% | 7.5% | 6.7% | 5.9% |
| Cash conversion (CFO ÷ net income) | −1.23x | −2.91x | −24.7x | −1.79x | −3.52x |
| Receivable days | 71 | 66 | 66 | 68 | 66 |
| Debt ÷ equity | 2.72x | 1.32x | 1.41x | 1.90x | 2.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,568 | 2,351 | 2,608 | 3,135 | 3,496 |
| Current ratio | 1.76x | 1.87x | 1.71x | 1.79x | 1.87x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.