TakeoverPE & activists

SGRYSurgery Partners, Inc.

Services-General Medical & Surgical Hospitals, NEC · $3.0B market cap · 16,000 employees

2.5×

More likely than average to be taken private

Top 4% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

6of 15 firedHow well they predict deals →
9 other checks
  • High CEO pay despite TSRNo
    $6M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Low revenue per employeeNo
    $207K · 46th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    6.1× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    3 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$1M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 26, 20268-KSpyglass Topco, LLC (BCPE Seminole-affiliated)——

Key numbers

Revenue
$3.3BFY2021: $2.2BFY2022: $2.5BFY2023: $2.7BFY2024: $3.1BFY2025: $3.3B
6.2% YoY
Operating margin
11.8%FY2021: 13.6%FY2022: 13.6%FY2023: 12.0%FY2024: 11.2%FY2025: 11.8%
5.1% YoY
EBITDA
$566MFY2021: $401MFY2022: $460MFY2023: $446MFY2024: $501MFY2025: $566M
13% YoY
Net debt / EBITDA
6.1×
$3.4B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.2B$2.5B$2.7B$3.1B$3.3B 6.2% FY2021: $2.2BFY2022: $2.5BFY2023: $2.7BFY2024: $3.1BFY2025: $3.3B
Operating income$302M$345M$328M$349M$390M 12% FY2021: $302MFY2022: $345MFY2023: $328MFY2024: $349MFY2025: $390M
Net income−$71M−$55M−$12M−$168M−$78M 54% FY2021: −$71MFY2022: −$55MFY2023: −$12MFY2024: −$168MFY2025: −$78M
Operating cash flow$87M$159M$294M$300M$274M 8.6% FY2021: $87MFY2022: $159MFY2023: $294MFY2024: $300MFY2025: $274M
Capex$58M$81M$89M$90M$79M 13% FY2021: $58MFY2022: $81MFY2023: $89MFY2024: $90MFY2025: $79M
Stock-based comp$17M$18M$18M$33M$15M 56% FY2021: $17MFY2022: $18MFY2023: $18MFY2024: $33MFY2025: $15M

13D filers

FiledFilerFormStakeIntent
Oct 26, 2026BCPE Seminole Holdings LPSCHEDULE 13D/A38.1%Active
Jun 17, 2025BCPE Seminole Holdings LPSCHEDULE 13D/A39.0%Passive
Jan 28, 2025BCPE Seminole Holdings LPSCHEDULE 13D/A39.3%Active
Dec 21, 2023BCPE Seminole Holdings LPSC 13D/A39.5%Passive
Mar 3, 2023BCPE Seminole Holdings LPSC 13D/A46.2%Active
Dec 27, 2022BCPE Seminole Holdings LPSC 13D/A47.5%Active
Nov 23, 2022BCPE Seminole Holdings LPSC 13D/A47.5%Active
Nov 15, 2021BCPE Seminole Holdings LPSC 13D/A54.9%Passive
May 19, 2021BCPE Seminole Holdings LPSC 13D/A59.5%Passive
Feb 12, 2021BCPE Seminole Holdings LPSC 13D/A59.8%Passive

Insider trading

−$1Mnet selling by insiders, open market, last 12 months
Bought $144K · 1 tradeSold $1M · 12 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$6M$1M53103
FY2024$6M$3M73114
FY2023$6M$7M110127
FY2022$6M−$3M96132
FY2021$4M$14M184131