Here are the 10-K annual reports from Select Medical Holdings Corp (SEM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SEM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SEM filings page.
Select Medical Holdings Corporation files its Form 10-K describing a nationwide post-acute care platform that generated $5,452.8 million of revenue in the year ended December 31, 2025. The company operates 104 critical illness recovery hospitals, 38 rehabilitation hospitals, and 1,917 outpatient rehabilitation clinics across 39 states and the District of Columbia.
In November 2024, Select completed a tax-free spin-off of Concentra, whose results are now shown as discontinued operations. In November 2025, Executive Chairman and Co-Founder Robert A. Ortenzio submitted a non-binding indication of interest to acquire all outstanding shares for $16.00 to $16.20 per share in cash, and a special board committee is reviewing this proposal alongside other strategic alternatives. The business is heavily exposed to government and commercial reimbursement, with 2025 revenue by payor of approximately 28.6% Medicare and 51.6% commercial insurance, and relies on about 45,300 employees and strong clinical quality programs to compete in a highly regulated, labor-constrained healthcare market.