Surgery Partners, Inc. (SGRY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SGRY SEC filings page.
Surgery Partners, Inc. (SGRY) reported $3.4B in revenue over the twelve months to Jun 30, 2026, up 4.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Revenue is growing, but higher debt costs and heavier leverage keep operating gains from becoming consistent net profit.
FY2025's net loss narrowed to$77.9M , yet operating cash flow fell to$274.3M ; cash conversion weakened even as reported profitability improved. Free cash flow was$195.6M , showing that capital spending still absorbs part of internally generated cash rather than leaving operating gains fully available.
Revenue reached
Debt-to-equity rose to 2.1x by FY2025 from 1.4x in FY2023, making financing structure more consequential to results. Long-term debt reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Surgery Partners, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Surgery Partners, Inc. has an operating margin of 11.8%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 78/100, reflecting efficient cost management and pricing power. This is up from 11.2% the prior year.
Surgery Partners, Inc.'s revenue grew 6.2% year-over-year to $3.3B, a solid pace of expansion. This earns a growth score of 65/100.
Surgery Partners, Inc. has elevated debt relative to equity (D/E of 2.10), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.
Surgery Partners, Inc.'s current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.
Surgery Partners, Inc. has a free cash flow margin of 5.9%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.
Surgery Partners, Inc. posts a -4.5% return on equity (ROE), meaning it loses $5 for every $100 of shareholders' equity. This results in a returns score of 63/100. This is up from -9.4% the prior year.
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.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Surgery Partners, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Surgery Partners, Inc. reported a net loss of $77.9M while generating $274.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Surgery Partners, Inc. earns $1.43 in operating income for every $1 of interest expense ($389.5M vs $272.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Surgery Partners, Inc. generated $848.9M in revenue in Q2 2026. This represents an increase of 2.7% from the same quarter a year earlier. Against the prior quarter it is up 4.7%.
Surgery Partners, Inc.'s EBITDA was $141.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.0% from the same quarter a year earlier. Against the prior quarter it is up 35.6%.
Surgery Partners, Inc. reported -$15.0M in net income in Q2 2026. This represents a decrease of 500.0% from the same quarter a year earlier. Against the prior quarter it is up 58.2%.
Surgery Partners, Inc. earned -$0.12 per diluted share (EPS) in Q2 2026. This represents a decrease of 500.0% from the same quarter a year earlier. Against the prior quarter it is up 57.1%.
Cash & Balance Sheet
Surgery Partners, Inc. generated $37.5M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 35.2% from the same quarter a year earlier. Against the prior quarter it is up 972.1%.
Surgery Partners, Inc. held $216.7M in cash against $3.6B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Surgery Partners, Inc.'s operating margin was 12.0% in Q2 2026, reflecting core business profitability. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.9 percentage points.
Surgery Partners, Inc.'s net profit margin was -1.8% in Q2 2026, showing the share of revenue converted to profit. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.
Surgery Partners, Inc.'s ROE was -0.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Not reported for Q2 2026.
Capital Allocation
Surgery Partners, Inc. invested $21.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 36.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
SGRY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $848.9M+2.7% | $810.9M+4.5% | $885.0M+2.4% | $821.5M+6.6% | $826.2M+8.4% | $776.0M+8.2% | $864.4M+17.5% | $770.4M+14.3% |
| SG&A Expenses | $36.3M+0.6% | $39.3M+9.2% | $23.7M-34.2% | $22.4M-23.3% | $36.1M-10.4% | $36.0M+8.4% | $36.0M+72.2% | $29.2M-20.7% |
| Operating Income | $102.1M-8.6% | $65.8M+6.3% | $110.2M-13.3% | $105.7M+73.6% | $111.7M+31.7% | $61.9M-18.6% | $127.1M+25.3% | $60.9M-26.3% |
| EBITDA | $141.4M-7.0% | $104.3M+6.2% | $170.1M+5.7% | $145.2M+30.7% | $152.0M+27.1% | $98.2M-10.5% | $161.0M+21.5% | $111.1M-0.4% |
| Interest Expense | $69.8M+2.8% | $69.1M+11.1% | $67.6M+27.8% | $74.9M+49.8% | $67.9M+31.8% | $62.2M+31.5% | $52.9M+8.6% | $50.0M+0.4% |
| Income Tax | $2.6M+336.4% | -$1.2M | $13.6M-88.7% | $5.5M+22.2% | -$1.1M-122.4% | $0-100.0% | $120.8M+1913.3% | $4.5M+45.2% |
| Net Income | -$15.0M-500.0% | -$35.9M+4.8% | -$15.0M+86.2% | -$22.7M+28.4% | -$2.5M+83.9% | -$37.7M-204.0% | -$108.5M-10750.0% | -$31.7M-546.9% |
| EPS (Basic) | -$0.12-500.0% | -$0.28+6.7% | -$0.11+87.2% | -$0.18+28.0% | -$0.02+83.3% | -$0.30-200.0% | -$0.86 | -$0.25-525.0% |
| EPS (Diluted) | -$0.12-500.0% | -$0.28+6.7% | -$0.11+87.2% | -$0.18+28.0% | -$0.02+83.3% | -$0.30-200.0% | -$0.86 | -$0.25-525.0% |
| Diluted Shares (Avg) | 129M+1.5% | 128M+1.4% | N/A | 127M+0.8% | 127M+0.7% | 127M+0.5% | N/A | 126M+0.3% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
SGRY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.0B+1.2% | $8.0B+1.2% | $8.1B+2.9% | $7.9B+5.5% | $8.0B+6.2% | $7.9B+14.0% | $7.9B+14.7% | $7.5B+11.1% |
| Current Assets | $1.1B+1.9% | $1.1B+0.7% | $1.2B+2.8% | $1.1B+6.4% | $1.1B+9.2% | $1.1B+19.9% | $1.1B+25.1% | $1.0B+18.2% |
| Cash & Equivalents | $216.7M-13.4% | $182.3M-20.5% | $239.9M-11.0% | $203.4M-8.3% | $250.1M+17.1% | $229.3M+23.8% | $269.5M+37.6% | $221.8M-6.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $98.8M+13.2% | $100.5M+14.1% | $96.6M+9.3% | $92.3M+12.6% | $87.3M+7.9% | $88.1M+14.4% | $88.4M+17.6% | $82.0M+18.2% |
| Accounts Receivable | $616.6M+9.5% | $603.4M+5.7% | $602.2M+4.0% | $579.3M+6.7% | $563.1M+7.6% | $570.6M+15.4% | $579.1M+16.7% | $542.9M+17.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $5.2B+2.1% | $5.2B+1.5% | $5.2B+2.5% | $5.1B+5.7% | $5.1B+6.1% | $5.1B+16.6% | $5.1B+17.2% | $4.8B+13.4% |
| Total Liabilities | $6.4B+2.8% | $6.4B+2.3% | $6.4B+5.0% | $6.2B+10.3% | $6.2B+12.1% | $6.2B+24.0% | $6.1B+24.8% | $5.6B+18.1% |
| Current Liabilities | $578.5M+0.9% | $581.7M+2.2% | $615.5M-1.4% | $586.0M+1.9% | $573.3M+3.9% | $569.4M+8.8% | $624.4M+19.4% | $575.2M+14.7% |
| Non-Current Liabilities | $5.8B+3.0% | $5.8B+2.4% | $5.8B+5.8% | $5.6B+11.2% | $5.6B+13.0% | $5.6B+25.7% | $5.5B+25.4% | $5.1B+18.5% |
| Long-Term Debt | $3.6B+5.3% | $3.6B+4.8% | $3.6B+10.2% | $3.5B+11.8% | $3.5B+14.0% | $3.4B+23.4% | $3.3B+21.0% | $3.1B+17.2% |
| Total Equity | $1.7B-4.4% | $1.7B-3.0% | $1.7B-4.3% | $1.7B-8.8% | $1.7B-10.5% | $1.7B-11.5% | $1.8B-9.9% | $1.9B-5.4% |
| Retained Earnings | -$866.1M-11.4% | -$851.1M-9.8% | -$815.2M-10.6% | -$800.2M-27.3% | -$777.5M-30.2% | -$775.0M-33.3% | -$737.3M-29.5% | -$628.8M-10.7% |
SGRY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $59.3M-27.1% | $11.7M+95.0% | $103.4M-7.2% | $83.6M+28.2% | $81.3M-1.8% | $6.0M-85.3% | $111.4M+78.0% | $65.2M-37.7% |
| Depreciation & Amortization | $39.3M-2.5% | $38.5M+6.1% | $59.9M+76.7% | $39.5M-21.3% | $40.3M+15.8% | $36.3M+7.7% | $33.9M+9.0% | $50.2M+73.7% |
| Stock-Based Compensation | N/A | $5.8M-23.7% | N/A | N/A | N/A | $7.6M+55.1% | N/A | $7.1M+61.4% |
| Capital Expenditures | $21.8M-6.8% | $16.0M-29.5% | $12.8M-42.6% | $19.8M-2.0% | $23.4M-13.0% | $22.7M+8.1% | $22.3M+12.6% | $20.2M+6.9% |
| Free Cash Flow | $37.5M-35.2% | -$4.3M+74.3% | $90.6M+1.7% | $63.8M+41.8% | $57.9M+3.6% | -$16.7M-184.8% | $89.1M+108.2% | $45.0M-47.5% |
| Investing Cash Flow | -$19.8M-1042.9% | -$13.4M+82.5% | -$126.1M-12.9% | -$46.2M+6.9% | $2.1M+100.9% | -$76.4M+8.1% | -$111.7M-92.3% | -$49.6M-93.8% |
| Financing Cash Flow | -$5.1M+91.9% | -$55.9M-285.1% | $59.2M+23.3% | -$84.1M-1052.1% | -$62.6M-133.0% | $30.2M-4.7% | $48.0M+207.6% | -$7.3M+64.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SGRY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.0%-1.5pp | 8.1%+0.1pp | 12.4%-2.2pp | 12.9%+5.0pp | 13.5%+2.4pp | 8.0%-2.6pp | 14.7%+0.9pp | 7.9%-4.3pp |
| Net Margin | -1.8%-1.5pp | -4.4%+0.4pp | -1.7%+10.9pp | -2.8%+1.3pp | -0.3%+1.7pp | -4.9%-3.1pp | -12.6%-12.4pp | -4.1%-3.4pp |
| Return on Equity | -0.9%-0.8pp | -2.1%0.0pp | -0.9%+5.2pp | -1.3%+0.4pp | -0.1%+0.7pp | -2.2%-1.5pp | -6.1%-6.0pp | -1.7%-1.4pp |
| Return on Assets | -0.2%-0.2pp | -0.4%0.0pp | -0.2%+1.2pp | -0.3%+0.1pp | 0.0%+0.2pp | -0.5%-0.3pp | -1.4%-1.4pp | -0.4%-0.3pp |
| Current Ratio | 1.950.0x | 1.860.0x | 1.87+0.1x | 1.88+0.1x | 1.93+0.1x | 1.89+0.2x | 1.79+0.1x | 1.80+0.1x |
| Debt-to-Equity | 2.18+0.2x | 2.14+0.2x | 2.10+0.3x | 2.00+0.4x | 1.98+0.4x | 1.98+0.6x | 1.83+0.5x | 1.63+0.3x |
| Asset Turnover | 0.110.0x | 0.100.0x | 0.110.0x | 0.100.0x | 0.100.0x | 0.100.0x | 0.110.0x | 0.100.0x |
| FCF Margin | 4.4%-2.6pp | -0.5%+1.6pp | 10.2%-0.1pp | 7.8%+1.9pp | 7.0%-0.3pp | -2.1%-4.9pp | 10.3%+4.5pp | 5.8%-6.9pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Surgery Partners, Inc. SGRY | FY2025 | $3.3B | -$77.9M | -2.4% | $1.9B | 54/100 |
| Concentra Group Holdings Parent, Inc. CON | FY2025 | $2.2B | $166.4M | 7.7% | $4.8B | 57/100 |
| Acadia Healthcare Company, Inc. ACHC | FY2025 | $3.3B | -$1.1B | -33.3% | $2.8B | 25/100 |
| LifeStance Health Group, Inc. LFST | FY2025 | $1.4B | $9.7M | 0.7% | $4.7B | 51/100 |
| Addus HomeCare Corp. ADUS | FY2025 | $1.4B | $95.9M | 6.7% | $2.1B | 68/100 |
Where Surgery Partners, Inc. Ranks
Frequently Asked Questions
What is Surgery Partners, Inc.'s annual revenue?
Surgery Partners, Inc. (SGRY) reported $3.3B in total revenue for fiscal year 2025. This represents a 6.2% 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 6.2% year-over-year, from $3.1B to $3.3B in fiscal year 2025.
Is Surgery Partners, Inc. profitable?
No, Surgery Partners, Inc. (SGRY) reported a net income of -$77.9M in fiscal year 2025, with a net profit margin of -2.4%.
What is Surgery Partners, Inc.'s EBITDA?
Surgery Partners, Inc. (SGRY) had EBITDA of $565.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Surgery Partners, Inc. have?
As of fiscal year 2025, Surgery Partners, Inc. (SGRY) had $239.9M in cash and equivalents against $3.6B in long-term debt.
What is Surgery Partners, Inc.'s operating margin?
Surgery Partners, Inc. (SGRY) had an operating margin of 11.8% in fiscal year 2025, 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 -2.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Surgery Partners, Inc.'s return on equity (ROE)?
Surgery Partners, Inc. (SGRY) has a return on equity of -4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Surgery Partners, Inc.'s free cash flow?
Surgery Partners, Inc. (SGRY) generated $195.6M in free cash flow during fiscal year 2025. This represents a -6.7% 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 $274.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Surgery Partners, Inc.'s total assets?
Surgery Partners, Inc. (SGRY) had $8.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Surgery Partners, Inc.'s capital expenditures?
Surgery Partners, Inc. (SGRY) invested $78.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Surgery Partners, Inc.'s current ratio?
Surgery Partners, Inc. (SGRY) had a current ratio of 1.87 as of fiscal year 2025, 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 2.10 as of fiscal year 2025, 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 -1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Surgery Partners, Inc.'s P/E ratio?
Surgery Partners, Inc. (SGRY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.9B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Surgery Partners, Inc.'s price-to-sales ratio?
Surgery Partners, Inc. (SGRY) trades at 0.6x sales, its market capitalization divided by revenue of $3.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.9B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $77.9M while generating $274.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Surgery Partners, Inc. cover its interest payments?
Surgery Partners, Inc. (SGRY) has an interest coverage ratio of 1.43x, meaning it can struggle to 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 Surgery Partners, Inc.?
Surgery Partners, Inc. (SGRY) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.