CONConcentra Group Holdings Parent, Inc.

Services-Specialty Outpatient Facilities, NEC

Revenue: $2.2B; 14% YoY
Operating margin: 15.4%; 3.7% YoY
EBITDA: $410M; 10% YoY
Market cap: $5.1B
Employees: 13,000; $166K revenue each
Net debt / EBITDA: 3.4×; $1.4B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
168% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
49% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$166K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.8B	$1.9B	$2.2B	14%
Operating income	$259M	$288M	$305M	$334M	9.6%
Net income	$167M	$180M	$167M	$166M	0.1%
Operating cash flow	$274M	$234M	$275M	$279M	1.7%
Capex	$46M	$65M	$64M	$82M	28%
Stock-based comp	$2M	$651K	$2M	$10M	351%
Buybacks	$0	$0	$15M	$22M	46%
Dividends	$0	$0	$8M	$32M	303%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 1, 2026	ORTENZIO ROBERT A	SCHEDULE 13D/A	5.2%	Passive
Aug 24, 2026	ORTENZIO ROBERT A	SCHEDULE 13D/A	5.3%	Passive
Nov 26, 2025	ORTENZIO ROBERT A	SCHEDULE 13D/A	6.4%	Passive
Mar 4, 2025	ORTENZIO ROBERT A	SCHEDULE 13D/A	6.4%	Passive
Mar 4, 2025	ORTENZIO ROCCO A	SCHEDULE 13D/A	2.6%	Passive
Dec 3, 2024	ORTENZIO ROBERT A	SC 13D	5.7%	Passive
Dec 3, 2024	ORTENZIO ROCCO A	SC 13D	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 4
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.