MDPediatrix Medical Group, Inc.

Services-Hospitals

Revenue: $1.9B; 4.9% YoY
Operating margin: 10.9%; 420% YoY
EBITDA: $231M; 732% YoY
Market cap: $2.3B
Employees: —
Net debt / EBITDA: 0.4×; $86M net debt
AI in 10-K: 1.9; 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
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
59% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$2.0B	$2.0B	$2.0B	$1.9B	4.9%
Operating income	$203M	$173M	$7M	−$69M	$209M	404%
Net income	$131M	$66M	−$60M	−$99M	$165M	267%
Operating cash flow	$77M	$167M	$137M	$207M	$271M	31%
Stock-based comp	$19M	$16M	$12M	$12M	$18M	52%
Buybacks	$5M	$89M	$919K	$2M	$87M	4990%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 20, 2023	Starboard Value LP	SC 13D/A	4.0%	Passive
Dec 2, 2022	Starboard Value LP	SC 13D/A	7.1%	Passive
Aug 31, 2021	Starboard Value LP	SC 13D/A	6.9%	Passive
Jul 13, 2020	Starboard Value LP	SC 13D/A	—	Passive
Mar 2, 2020	Starboard Value LP	SC 13D/A	9.0%	Passive
Feb 13, 2020	Starboard Value LP	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 4
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.