Surgery Partners Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Surgery Partners Inc has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 56/100, indicating healthy but not exceptional operating efficiency. This is down from 12.0% the prior year.
Surgery Partners Inc's revenue grew 13.5% year-over-year to $3.1B, a solid pace of expansion. This earns a growth score of 67/100.
Surgery Partners Inc has a moderate D/E ratio of 1.90. This balance of debt and equity financing earns a leverage score of 41/100.
Surgery Partners Inc's current ratio of 1.79 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
Surgery Partners Inc has a free cash flow margin of 6.7%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
Surgery Partners Inc scores 0.68, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Surgery Partners Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Surgery Partners Inc generates $-1.79 in operating cash flow ($300.1M OCF vs -$168.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Surgery Partners Inc (SGRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).
Key Financial Metrics
Surgery Partners Inc generated $3.1B in revenue in fiscal year 2024. This represents an increase of 13.5% from the prior year.
Surgery Partners Inc's EBITDA was $501.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.4% from the prior year.
Surgery Partners Inc generated $209.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 2.3% from the prior year.
Surgery Partners Inc reported -$168.1M in net income in fiscal year 2024. This represents a decrease of 1312.6% from the prior year.
Surgery Partners Inc earned $-1.33 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1377.8% from the prior year.
Surgery Partners Inc held $269.5M in cash against $3.4B in long-term debt as of fiscal year 2024.
Surgery Partners Inc had 127M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.
Surgery Partners Inc's operating margin was 11.2% in fiscal year 2024, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
Surgery Partners Inc's net profit margin was -5.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.0 percentage points from the prior year.
Surgery Partners Inc invested $90.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 1.8% from the prior year.
SGRY Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $821.5M-0.6% | $826.2M+6.5% | $776.0M-10.2% | $864.4M+13.4% | $762.1M+6.2% | $717.4M-2.4% | $735.4M+9.1% | $674.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $22.4M-38.0% | $36.1M+0.3% | $36.0M0.0% | $36.0M-10.7% | $40.3M+21.4% | $33.2M+58.9% | $20.9M-43.2% | $36.8M |
| Operating Income | $105.7M-5.4% | $111.7M+80.5% | $61.9M-51.3% | $127.1M+49.9% | $84.8M+11.6% | $76.0M-25.0% | $101.4M+22.8% | $82.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $5.5M+600.0% | -$1.1M | $0-100.0% | $120.8M+2365.3% | $4.9M+11.4% | $4.4M-26.7% | $6.0M+93.5% | $3.1M |
| Net Income | -$22.7M-808.0% | -$2.5M+93.4% | -$37.7M+65.3% | -$108.5M-600.0% | -$15.5M-25.0% | -$12.4M-1140.0% | -$1.0M+79.6% | -$4.9M |
| EPS (Diluted) | $-0.18-800.0% | $-0.02+93.3% | $-0.30+65.1% | $-0.86-616.7% | $-0.12-20.0% | $-0.10 | $0.00+100.0% | $-0.04 |
SGRY Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.9B-0.1% | $8.0B+0.1% | $7.9B+0.8% | $7.9B+5.4% | $7.5B+7.4% | $7.0B+1.4% | $6.9B+1.4% | $6.8B |
| Current Assets | $1.1B-0.3% | $1.1B+2.9% | $1.1B-4.0% | $1.1B+10.6% | $1.0B+13.0% | $895.9M+0.1% | $895.0M+2.1% | $876.2M |
| Cash & Equivalents | $203.4M-18.7% | $250.1M+9.1% | $229.3M-14.9% | $269.5M+26.2% | $213.5M+15.3% | $185.2M-5.5% | $195.9M-17.0% | $236.0M |
| Inventory | $92.3M+5.7% | $87.3M-0.9% | $88.1M-0.3% | $88.4M+9.3% | $80.9M+5.1% | $77.0M+2.4% | $75.2M+8.4% | $69.4M |
| Accounts Receivable | $579.3M+2.9% | $563.1M-1.3% | $570.6M-1.5% | $579.1M+10.6% | $523.4M+5.9% | $494.3M-0.4% | $496.4M+7.3% | $462.8M |
| Goodwill | $5.1B-0.1% | $5.1B-0.5% | $5.1B+1.1% | $5.1B+5.4% | $4.8B+9.3% | $4.4B+1.7% | $4.3B+1.9% | $4.2B |
| Total Liabilities | $6.2B+0.2% | $6.2B0.0% | $6.2B+1.8% | $6.1B+10.2% | $5.5B+10.5% | $5.0B+2.4% | $4.9B+2.4% | $4.8B |
| Current Liabilities | $586.0M+2.2% | $573.3M+0.7% | $569.4M-8.8% | $624.4M+13.2% | $551.8M+5.4% | $523.4M+0.1% | $523.0M+4.3% | $501.4M |
| Long-Term Debt | $3.5B-0.1% | $3.5B+0.5% | $3.4B+1.2% | $3.4B+12.0% | $3.0B+8.8% | $2.8B-0.4% | $2.8B+6.2% | $2.6B |
| Total Equity | $1.7B-1.1% | $1.7B+0.5% | $1.7B-2.8% | $1.8B-8.3% | $2.0B-0.8% | $2.0B-1.0% | $2.0B-0.9% | $2.0B |
| Retained Earnings | -$800.2M-2.9% | -$777.5M-0.3% | -$775.0M-5.1% | -$737.3M-23.5% | -$597.1M-2.7% | -$581.6M-2.2% | -$569.2M-0.2% | -$568.2M |
SGRY Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $83.6M+2.8% | $81.3M+1255.0% | $6.0M-94.6% | $111.4M+34.5% | $82.8M+103.4% | $40.7M-35.0% | $62.6M-40.2% | $104.6M |
| Capital Expenditures | $19.8M-15.4% | $23.4M+3.1% | $22.7M+1.8% | $22.3M-17.1% | $26.9M+28.1% | $21.0M+6.1% | $19.8M+4.8% | $18.9M |
| Free Cash Flow | $63.8M+10.2% | $57.9M+446.7% | -$16.7M-118.7% | $89.1M+59.4% | $55.9M+183.8% | $19.7M-54.0% | $42.8M-50.1% | $85.7M |
| Investing Cash Flow | -$46.2M-2300.0% | $2.1M+102.7% | -$76.4M+31.6% | -$111.7M+54.2% | -$244.1M-193.7% | -$83.1M-43.0% | -$58.1M-127.0% | -$25.6M |
| Financing Cash Flow | -$84.1M-34.3% | -$62.6M-307.3% | $30.2M-37.1% | $48.0M-74.7% | $189.6M+498.1% | $31.7M+171.1% | -$44.6M-118.6% | -$20.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SGRY Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 12.9%-0.6pp | 13.5%+5.5pp | 8.0%-6.7pp | 14.7%+3.6pp | 11.1%+0.5pp | 10.6%-3.2pp | 13.8%+1.5pp | 12.3% |
| Net Margin | -2.8%-2.5pp | -0.3%+4.6pp | -4.9%+7.7pp | -12.6%-10.5pp | -2.0%-0.3pp | -1.7%-1.6pp | -0.1%+0.6pp | -0.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.3%-0.3pp | -0.0%+0.4pp | -0.5%+0.9pp | -1.4%-1.2pp | -0.2%-0.0pp | -0.2%-0.2pp | -0.0%+0.1pp | -0.1% |
| Current Ratio | 1.88-0.0 | 1.93+0.0 | 1.89+0.1 | 1.79-0.0 | 1.83+0.1 | 1.710.0 | 1.71-0.0 | 1.75 |
| Debt-to-Equity | 2.00+0.0 | 1.980.0 | 1.98+0.1 | 1.90+0.3 | 1.56+0.1 | 1.420.0 | 1.41+0.1 | 1.32 |
| FCF Margin | 7.8%+0.8pp | 7.0%+9.2pp | -2.1%-12.5pp | 10.3%+3.0pp | 7.3%+4.6pp | 2.8%-3.1pp | 5.8%-6.9pp | 12.7% |
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Frequently Asked Questions
What is Surgery Partners Inc's annual revenue?
Surgery Partners Inc (SGRY) reported $3.1B in total revenue for fiscal year 2024. This represents a 13.5% 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 Surgery Partners Inc's revenue growing?
Surgery Partners Inc (SGRY) revenue grew by 13.5% year-over-year, from $2.7B to $3.1B in fiscal year 2024.
Is Surgery Partners Inc profitable?
No, Surgery Partners Inc (SGRY) reported a net income of -$168.1M in fiscal year 2024, with a net profit margin of -5.4%.
What is Surgery Partners Inc's earnings per share (EPS)?
Surgery Partners Inc (SGRY) reported diluted earnings per share of $-1.33 for fiscal year 2024. This represents a -1377.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Surgery Partners Inc's EBITDA?
Surgery Partners Inc (SGRY) had EBITDA of $501.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Surgery Partners Inc have?
As of fiscal year 2024, Surgery Partners Inc (SGRY) had $269.5M in cash and equivalents against $3.4B in long-term debt.
What is Surgery Partners Inc's operating margin?
Surgery Partners Inc (SGRY) had an operating margin of 11.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Surgery Partners Inc's net profit margin?
Surgery Partners Inc (SGRY) had a net profit margin of -5.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Surgery Partners Inc's free cash flow?
Surgery Partners Inc (SGRY) generated $209.7M in free cash flow during fiscal year 2024. This represents a 2.3% 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 Surgery Partners Inc's operating cash flow?
Surgery Partners Inc (SGRY) generated $300.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Surgery Partners Inc's total assets?
Surgery Partners Inc (SGRY) had $7.9B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Surgery Partners Inc's capital expenditures?
Surgery Partners Inc (SGRY) invested $90.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Surgery Partners Inc have outstanding?
Surgery Partners Inc (SGRY) had 127M shares outstanding as of fiscal year 2024.
What is Surgery Partners Inc's current ratio?
Surgery Partners Inc (SGRY) had a current ratio of 1.79 as of fiscal year 2024, which is generally considered healthy.
What is Surgery Partners Inc's debt-to-equity ratio?
Surgery Partners Inc (SGRY) had a debt-to-equity ratio of 1.90 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Surgery Partners Inc's return on assets (ROA)?
Surgery Partners Inc (SGRY) had a return on assets of -2.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Surgery Partners Inc's Altman Z-Score?
Surgery Partners Inc (SGRY) has an Altman Z-Score of 0.68, 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 Surgery Partners Inc's Piotroski F-Score?
Surgery Partners Inc (SGRY) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Surgery Partners Inc's earnings high quality?
Surgery Partners Inc (SGRY) has an earnings quality ratio of -1.79x, considered mixed 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.
How financially healthy is Surgery Partners Inc?
Surgery Partners Inc (SGRY) scores 50 out of 100 on our Financial Profile, indicating moderate 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.