SGRYSurgery Partners, Inc.
Services-General Medical & Surgical Hospitals, NEC
- Revenue
- $3.3B
- 6.2% YoY
- Operating margin
- 11.8%
- 5.1% YoY
- EBITDA
- $566M
- 13% YoY
- Market cap
- $3.0B
- Employees
- 16,000
- $207K revenue each
- Net debt / EBITDA
- 6.1×
- $3.4B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes65% of assetsOver 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$207K · 46th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo6.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.5B | $2.7B | $3.1B | $3.3B | 6.2% |
| Operating income | $302M | $345M | $328M | $349M | $390M | 12% |
| Net income | −$71M | −$55M | −$12M | −$168M | −$78M | 54% |
| Operating cash flow | $87M | $159M | $294M | $300M | $274M | 8.6% |
| Capex | $58M | $81M | $89M | $90M | $79M | 13% |
| Stock-based comp | $17M | $18M | $18M | $33M | $15M | 56% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 26, 2026 | BCPE Seminole Holdings LP | SCHEDULE 13D/A | 38.1% | Active |
| Jun 17, 2025 | BCPE Seminole Holdings LP | SCHEDULE 13D/A | 39.0% | Passive |
| Jan 28, 2025 | BCPE Seminole Holdings LP | SCHEDULE 13D/A | 39.3% | Active |
| Dec 21, 2023 | BCPE Seminole Holdings LP | SC 13D/A | 39.5% | Passive |
| Mar 3, 2023 | BCPE Seminole Holdings LP | SC 13D/A | 46.2% | Active |
| Dec 27, 2022 | BCPE Seminole Holdings LP | SC 13D/A | 47.5% | Active |
| Nov 23, 2022 | BCPE Seminole Holdings LP | SC 13D/A | 47.5% | Active |
| Nov 15, 2021 | BCPE Seminole Holdings LP | SC 13D/A | 54.9% | Passive |
| May 19, 2021 | BCPE Seminole Holdings LP | SC 13D/A | 59.5% | Passive |
| Feb 12, 2021 | BCPE Seminole Holdings LP | SC 13D/A | 59.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $144K · 1
- Open-market sells, 12 mo
- $1M · 12
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $1M | 53 | 103 |
| FY2024 | $6M | $3M | 73 | 114 |
| FY2023 | $6M | $7M | 110 | 127 |
| FY2022 | $6M | −$3M | 96 | 132 |
| FY2021 | $4M | $14M | 184 | 131 |