This page shows Select Medical (SEM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Select Medical has an operating margin of 6.2%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is up from 5.2% the prior year.
Select Medical's revenue grew 5.1% year-over-year to $5.5B, a solid pace of expansion. This earns a growth score of 42/100.
Select Medical carries a low D/E ratio of 1.06, meaning only $1.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.
Select Medical's current ratio of 1.04 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.
Select Medical has a free cash flow margin of 2.1%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.
Select Medical's ROE of 8.6% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 12.7% the prior year.
Select Medical scores 1.65, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Select Medical passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Select Medical generates $2.37 in operating cash flow ($346.5M OCF vs $146.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Select Medical earns $2.9 in operating income for every $1 of interest expense ($336.2M vs $117.9M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Select Medical generated $5.5B in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.
Select Medical's EBITDA was $476.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.9% from the prior year.
Select Medical reported $146.2M in net income in fiscal year 2025. This represents a decrease of 31.7% from the prior year.
Select Medical earned $1.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 30.1% from the prior year.
Cash & Balance Sheet
Select Medical generated $117.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 60.3% from the prior year.
Select Medical held $26.5M in cash against $1.8B in long-term debt as of fiscal year 2025.
Select Medical paid $0.25 per share in dividends in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
Select Medical had 124M shares outstanding in fiscal year 2025. This represents a decrease of 3.8% from the prior year.
Margins & Returns
Select Medical's gross margin was 11.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Select Medical's operating margin was 6.2% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.
Select Medical's net profit margin was 2.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.5 percentage points from the prior year.
Select Medical's ROE was 8.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.2 percentage points from the prior year.
Capital Allocation
Select Medical spent $100.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 164.0% from the prior year.
Select Medical invested $229.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.2% from the prior year.
SEM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B+2.4% | $1.4B+1.8% | $1.3B-1.0% | $1.4B+3.1% | $1.3B+3.2% | $1.3B-0.8% | $1.3B-3.0% | $1.3B |
| Cost of Revenue | $1.3B+2.9% | $1.2B+2.7% | $1.2B+1.0% | $1.2B-0.2% | $1.2B+3.5% | $1.1B+1.2% | $1.1B+0.1% | $1.1B |
| Gross Profit | $145.8M-1.1% | $147.4M-5.1% | $155.4M-13.9% | $180.6M+31.4% | $137.5M+1.2% | $135.9M-15.0% | $159.8M-20.3% | $200.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $45.7M+14.1% | $40.0M+12.3% | $35.7M+8.0% | $33.0M | N/A | $47.3M-5.1% | $49.9M+3.0% | $48.4M |
| Operating Income | $63.9M-12.4% | $73.0M-15.7% | $86.5M-23.3% | $112.7M | N/A | $54.9M-25.7% | $73.9M-37.7% | $118.5M |
| Interest Expense | $28.9M-3.8% | $30.0M+0.1% | $30.0M+3.1% | $29.1M | N/A | $31.4M+12.1% | $28.0M-44.9% | $50.8M |
| Income Tax | $12.7M+8.3% | $11.7M-4.4% | $12.3M-42.7% | $21.5M | N/A | $4.4M-76.0% | $18.2M-31.7% | $26.7M |
| Net Income | $20.2M-29.9% | $28.8M-29.0% | $40.6M-28.4% | $56.7M+453.2% | -$16.1M-128.9% | $55.6M-28.3% | $77.6M-20.0% | $96.9M |
| EPS (Diluted) | N/A | $0.23-28.1% | $0.32-27.3% | $0.44+331.6% | $-0.19-144.2% | $0.43-28.3% | $0.60-20.0% | $0.75 |
SEM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+2.9% | $5.7B-1.0% | $5.7B+0.8% | $5.7B+1.6% | $5.6B-29.9% | $8.0B+1.6% | $7.9B+0.2% | $7.9B |
| Current Assets | $1.0B+0.5% | $1.0B-5.6% | $1.1B-1.0% | $1.1B+7.1% | $1.0B-27.4% | $1.4B+2.9% | $1.4B-5.2% | $1.4B |
| Cash & Equivalents | $26.5M-55.8% | $60.1M+14.7% | $52.3M-1.6% | $53.2M-10.9% | $59.7M-68.8% | $191.5M+72.2% | $111.2M+20.0% | $92.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $864.2M+4.6% | $825.8M-9.2% | $909.5M+0.1% | $908.2M+10.6% | $821.4M-22.5% | $1.1B-1.7% | $1.1B-5.0% | $1.1B |
| Goodwill | $2.4B+1.2% | $2.3B+0.1% | $2.3B0.0% | $2.3B0.0% | $2.3B-34.4% | $3.6B+0.8% | $3.5B+0.2% | $3.5B |
| Total Liabilities | $3.8B+4.1% | $3.7B-2.1% | $3.7B+2.5% | $3.6B+1.1% | $3.6B-36.7% | $5.7B-7.1% | $6.1B-0.9% | $6.2B |
| Current Liabilities | $984.5M+4.8% | $939.6M+0.1% | $939.0M-0.6% | $944.8M-3.4% | $977.7M-21.5% | $1.2B-0.9% | $1.3B+6.1% | $1.2B |
| Long-Term Debt | $1.8B+3.5% | $1.7B-5.2% | $1.8B+4.1% | $1.8B+4.5% | $1.7B-45.4% | $3.1B-13.8% | $3.6B-4.4% | $3.8B |
| Total Equity | $1.7B+1.0% | $1.7B+1.3% | $1.7B-3.0% | $1.7B+2.3% | $1.7B-12.2% | $1.9B+35.2% | $1.4B+3.6% | $1.4B |
| Retained Earnings | $837.0M+1.5% | $824.8M+2.5% | $804.7M-1.1% | $813.5M+5.6% | $770.1M-27.1% | $1.1B+18.5% | $891.4M+7.3% | $830.8M |
SEM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $64.3M-63.3% | $175.3M+58.9% | $110.3M+3290.4% | -$3.5M-102.8% | $125.4M-30.7% | $181.0M-34.9% | $278.2M+517.1% | -$66.7M |
| Capital Expenditures | $59.1M+11.3% | $53.1M-17.9% | $64.7M+23.6% | $52.3M-17.5% | $63.4M+25.1% | $50.7M-8.8% | $55.5M+5.8% | $52.5M |
| Free Cash Flow | $5.2M-95.7% | $122.2M+167.9% | $45.6M+181.7% | -$55.8M-190.0% | $62.0M-52.4% | $130.3M-41.5% | $222.6M+286.7% | -$119.2M |
| Investing Cash Flow | -$66.9M-105.1% | -$32.6M+49.6% | -$64.7M-23.6% | -$52.3M+29.5% | -$74.2M-64.5% | -$45.1M+16.6% | -$54.1M+6.2% | -$57.7M |
| Financing Cash Flow | -$31.0M+77.1% | -$135.0M-190.4% | -$46.5M-194.3% | $49.3M+126.9% | -$183.0M-229.3% | -$55.6M+73.0% | -$205.5M-254.6% | $133.0M |
| Dividends Paid | $7.8M+0.2% | $7.7M-1.9% | $7.9M-2.2% | $8.1M-50.0% | $16.1M-0.4% | $16.2M-0.4% | $16.3M+1.3% | $16.0M |
| Share Buybacks | $542K-72.5% | $2.0M-97.7% | $86.2M+656.7% | $11.4M-43.0% | $20.0M+20.9% | $16.5M+1080.3% | $1.4M | $0 |
SEM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.4%-0.4pp | 10.8%-0.8pp | 11.6%-1.7pp | 13.3%+2.9pp | 10.5%-0.2pp | 10.7%-1.8pp | 12.5%-2.7pp | 15.2% |
| Operating Margin | 4.6%-0.8pp | 5.3%-1.1pp | 6.5%-1.9pp | 8.3% | N/A | 4.3%-1.4pp | 5.8%-3.2pp | 9.0% |
| Net Margin | 1.4%-0.7pp | 2.1%-0.9pp | 3.0%-1.2pp | 4.2%+5.4pp | -1.2%-5.6pp | 4.4%-1.7pp | 6.0%-1.3pp | 7.3% |
| Return on Equity | 1.2%-0.5pp | 1.7%-0.7pp | 2.4%-0.9pp | 3.3%+4.3pp | -0.9%-3.9pp | 2.9%-2.6pp | 5.5%-1.6pp | 7.1% |
| Return on Assets | 0.3%-0.2pp | 0.5%-0.2pp | 0.7%-0.3pp | 1.0%+1.3pp | -0.3%-1.0pp | 0.7%-0.3pp | 1.0%-0.3pp | 1.2% |
| Current Ratio | 1.04-0.0 | 1.09-0.1 | 1.150.0 | 1.16+0.1 | 1.04-0.1 | 1.13+0.0 | 1.09-0.1 | 1.22 |
| Debt-to-Equity | 1.06+0.0 | 1.03-0.1 | 1.10+0.1 | 1.03+0.0 | 1.01-0.6 | 1.62-0.9 | 2.54-0.2 | 2.75 |
| FCF Margin | 0.4%-8.6pp | 9.0%+5.6pp | 3.4%+7.5pp | -4.1%-8.8pp | 4.7%-5.5pp | 10.3%-7.1pp | 17.4%+26.4pp | -9.0% |
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Frequently Asked Questions
What is Select Medical's annual revenue?
Select Medical (SEM) reported $5.5B in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Select Medical's revenue growing?
Select Medical (SEM) revenue grew by 5.1% year-over-year, from $5.2B to $5.5B in fiscal year 2025.
Is Select Medical profitable?
Yes, Select Medical (SEM) reported a net income of $146.2M in fiscal year 2025, with a net profit margin of 2.7%.
What is Select Medical's EBITDA?
Select Medical (SEM) had EBITDA of $476.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Select Medical have?
As of fiscal year 2025, Select Medical (SEM) had $26.5M in cash and equivalents against $1.8B in long-term debt.
What is Select Medical's gross margin?
Select Medical (SEM) had a gross margin of 11.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Select Medical's operating margin?
Select Medical (SEM) had an operating margin of 6.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Select Medical's net profit margin?
Select Medical (SEM) had a net profit margin of 2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Select Medical pay dividends?
Yes, Select Medical (SEM) paid $0.25 per share in dividends during fiscal year 2025.
What is Select Medical's return on equity (ROE)?
Select Medical (SEM) has a return on equity of 8.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Select Medical's free cash flow?
Select Medical (SEM) generated $117.2M in free cash flow during fiscal year 2025. This represents a -60.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Select Medical's operating cash flow?
Select Medical (SEM) generated $346.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Select Medical's total assets?
Select Medical (SEM) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Select Medical's capital expenditures?
Select Medical (SEM) invested $229.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Select Medical's current ratio?
Select Medical (SEM) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Select Medical's debt-to-equity ratio?
Select Medical (SEM) had a debt-to-equity ratio of 1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Select Medical's return on assets (ROA)?
Select Medical (SEM) had a return on assets of 2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Select Medical's Altman Z-Score?
Select Medical (SEM) has an Altman Z-Score of 1.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Select Medical's Piotroski F-Score?
Select Medical (SEM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Select Medical's earnings high quality?
Select Medical (SEM) has an earnings quality ratio of 2.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Select Medical cover its interest payments?
Select Medical (SEM) has an interest coverage ratio of 2.9x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Select Medical?
Select Medical (SEM) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.