Cash flow Surgery Partners, Inc.

Stocks

SGRY

US86881A1007

Healthcare Facilities & Services

Real-time Estimate Cboe BZX Other stock markets 15:55:29 17/07/2026 BST			5-day change	1st Jan Change
16.47 ^USD	-1.02%		+0.55%	+6.73%

05-13	Surgery Partners Delivered Solid Q1 Beat Amid Stabilizing Portfolio, RBC Says	MT
05-05	Tranche Update on Surgery Partners, Inc.'s Equity Buyback Plan announced on March 2, 2026.	CI

5fd267163171f5.rR1-_ohBrFRVP_v-JlRs7YRs0COseP1Pjv-1awdtVDo.wnUSpN8i4jccWYLNdgAih_UZtGXOPqI14sv2WGMmME30SCab6RXHETBMjA

Published financial data: SURGERY PARTNERS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2.23B	2.54B	2.74B	3.11B	3.31B
Total Revenues	2.23B	2.54B	2.74B	3.11B	3.31B
Cost of Goods Sold, Total	1.73B	1.96B	2.1B	2.37B	2.54B
Gross Profit	491M	575M	648M	746M	765M
Selling General & Admin Expenses, Total	104M	102M	121M	139M	118M
Depreciation & Amortization - (IS)	98.8M	115M	118M	153M	176M
Other Operating Expenses	-15.4M	-8.7M	-6.4M	-20M	-8.7M
Other Operating Expenses, Total	187M	208M	233M	271M	286M
Operating Income	304M	367M	415M	474M	480M
Interest Expense, Total	-221M	-235M	-193M	-202M	-273M
Interest And Investment Income	-	7.9M	-	-	-
Net Interest Expenses	-221M	-227M	-193M	-202M	-273M
Income (Loss) On Equity Invest.	11.3M	12.5M	14.2M	19.5M	22.9M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	94.4M	152M	236M	292M	230M
Merger & Related Restructuring Charges	-39.8M	-47.5M	-61.7M	-100M	-73.9M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-2.2M	-11.1M	-14.4M	-40.6M	-30.4M
Asset Writedown	-	-	-	-	-
Legal Settlements	-	29.3M	-10.6M	800K	-7.3M
Other Unusual Items	28.8M	-12.5M	-14.4M	-5.1M	-1.3M
EBT, Incl. Unusual Items	81.2M	110M	135M	147M	117M
Income Tax Expense	10.5M	23.3M	-300K	135M	18M
Earnings From Continuing Operations	70.7M	87M	135M	12.5M	98.9M
Net Income to Company	70.7M	87M	135M	12.5M	98.9M
Minority Interest	-142M	-142M	-147M	-181M	-177M
Net Income - (IS)	-70.9M	-54.6M	-11.9M	-168M	-77.9M
Preferred Dividend and Other Adjustments	10.3M	-	-	-	-
Net Income to Common Incl Extra Items	-81.2M	-54.6M	-11.9M	-168M	-77.9M
Net Income to Common Excl. Extra Items	-81.2M	-54.6M	-11.9M	-168M	-77.9M
Per Share Items
Net EPS - Basic	-1.12	-0.59	-0.09	-1.33	-0.61
Basic EPS - Continuing Operations	-1.12	-0.59	-0.09	-1.33	-0.61
Basic Weighted Average Shares Outstanding	72.43M	91.95M	126M	126M	127M
Net EPS - Diluted	-1.12	-0.59	-0.09	-1.33	-0.61
Diluted EPS - Continuing Operations	-1.12	-0.59	-0.09	-1.33	-0.61
Diluted Weighted Average Shares Outstanding	72.43M	91.95M	126M	126M	127M
Normalized Basic EPS	-1.14	-0.51	0	0.02	-0.26
Normalized Diluted EPS	-1.14	-0.51	0	0.02	-0.26
Payout Ratio	-7.19	-	-	-	-
Supplemental Items
EBITDA	403M	481M	533M	627M	656M
EBITA	308M	373M	422M	483M	486M
EBIT	304M	367M	415M	474M	480M
EBITDAR	497M	565M	619M	717M	744M
Effective Tax Rate - (Ratio)	12.93	21.12	-0.22	91.5	15.4
Current Domestic Taxes	1.5M	1.5M	1.4M	3.1M	1.1M
Total Current Taxes	1.5M	1.5M	1.4M	3.1M	1.1M
Deferred Domestic Taxes	9M	21.8M	-1.7M	132M	16.9M
Total Deferred Taxes	9M	21.8M	-1.7M	132M	16.9M
Normalized Net Income	-82.6M	-46.54M	362K	1.96M	-33.18M
Interest on Long-Term Debt	27.4M	42.7M	48.6M	61.8M	61.8M
Supplemental Operating Expense Items
General and Administrative Expenses	104M	102M	121M	139M	118M
Net Rental Expense, Total	94.2M	84M	85.8M	90.3M	88.8M
Imputed Operating Lease Interest Expense	50.36M	49.93M	43.8M	42.9M	49.96M
Imputed Operating Lease Depreciation	43.84M	34.07M	42M	47.4M	38.84M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	17.4M	18.4M	17.7M	33.3M	14.8M
Total Stock-Based Compensation	17.4M	18.4M	17.7M	33.3M	14.8M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	390M	283M	196M	270M	240M
Total Cash And Short Term Investments	390M	283M	196M	270M	240M
Accounts Receivable, Total	430M	456M	496M	579M	602M
Other Receivables	-	-	-	-	-
Total Receivables	430M	456M	496M	579M	602M
Inventory	61.1M	71.4M	75.2M	88.4M	96.6M
Prepaid Expenses	25.6M	31.4M	31M	36.4M	41.1M
Other Current Assets, Total	39.3M	79M	96.5M	146M	171M
Total Current Assets	946M	921M	895M	1.12B	1.15B
Gross Property Plant And Equipment	1.23B	1.53B	1.68B	1.94B	2.09B
Accumulated Depreciation	-272M	-374M	-454M	-554M	-651M
Net Property Plant And Equipment	954M	1.16B	1.22B	1.38B	1.44B
Long-term Investments	112M	304M	242M	215M	234M
Goodwill	3.91B	4.14B	4.33B	5.07B	5.19B
Other Intangibles, Total	43.7M	42.3M	54.8M	45.7M	41M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	114M	91.5M	89.5M	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	35.5M	30.8M	45.9M	57.5M	56.8M
Total Assets	6.12B	6.68B	6.88B	7.89B	8.12B
Liabilities
Accounts Payable, Total	125M	152M	172M	209M	209M
Accrued Expenses, Total	175M	154M	182M	217M	214M
Current Portion of Long-Term Debt	41.4M	41.9M	47.9M	71.8M	60.3M
Current Portion of Leases	59.1M	57.4M	63M	74.1M	81.7M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	4.4M	-	-	-	-
Other Current Liabilities	132M	88.7M	58M	53.1M	51.3M
Total Current Liabilities	537M	493M	523M	624M	616M
Long-Term Debt	2.59B	2.03B	2.05B	2.51B	2.72B
Long-Term Leases	661M	836M	917M	1.06B	1.18B
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	-	-	-	39.2M	53.4M
Other Non Current Liabilities	28.8M	35M	23.3M	24.1M	27.4M
Total Liabilities	3.82B	3.4B	3.51B	4.25B	4.59B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	900K	1.3M	1.3M	1.3M	1.3M
Additional Paid In Capital	1.62B	2.48B	2.5B	2.52B	2.54B
Retained Earnings	-503M	-557M	-569M	-737M	-815M
Comprehensive Income and Other	-31.5M	76.2M	57.5M	4.8M	-13.8M
Total Common Equity	1.09B	2B	1.99B	1.79B	1.71B
Minority Interest	1.21B	1.28B	1.37B	1.85B	1.81B
Total Equity	2.3B	3.28B	3.36B	3.64B	3.53B
Total Liabilities And Equity	6.12B	6.68B	6.88B	7.89B	8.12B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	87.7M	125M	126M	127M	128M
ECS Total Common Shares Outstanding	87.68M	125M	126M	126M	128M
Book Value / Share	12.42	15.99	15.79	14.18	13.37
Tangible Book Value	-2.87B	-2.18B	-2.39B	-3.32B	-3.52B
Tangible Book Value Per Share	-32.69	-17.45	-19.02	-26.33	-27.5
Total Debt	3.35B	2.97B	3.08B	3.71B	4.04B
Net Debt	2.96B	2.69B	2.88B	3.44B	3.8B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	754M	672M	686M	722M	710M
Minority Interest, Total (Incl. Fin. Div)	1.21B	1.28B	1.37B	1.85B	1.81B
Equity Method Investments, Total	88.7M	190M	184M	215M	234M
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	11.2M	11.1M	9.2M	9.7M	5.9M
Buildings, Total	131M	164M	225M	259M	275M
Machinery, Total	332M	386M	448M	501M	530M
Full Time Employees	8.3K	9.1K	10.5K	15K	16K
Part Time Employees	2.6K	3.1K	3K	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-70.9M	-54.6M	-11.9M	-168M	-77.9M
Depreciation & Amortization - CF	94.5M	108M	110M	144M	170M
Amortization of Goodwill and Intangible Assets - (CF)	4.3M	6.4M	7.6M	8.7M	6.1M
Depreciation & Amortization, Total	98.8M	115M	118M	153M	176M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	2.2M	11.1M	14.4M	40.6M	30.4M
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	200K	-1.8M	-2.2M	-2M	-800K
Stock-Based Compensation (CF)	17.4M	18.4M	17.7M	33.3M	14.8M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	221M	232M	221M	363M	242M
Change In Accounts Receivable	-32.1M	-35.3M	-47.2M	-72.1M	-53.8M
Change in Other Net Operating Assets	-149M	-125M	-16.3M	-46.8M	-56.6M
Cash from Operations	87.1M	159M	294M	300M	274M
Capital Expenditure	-57.6M	-80.6M	-88.8M	-90.4M	-78.7M
Sale of Property, Plant, and Equipment	6M	12.9M	25.8M	2.6M	46.5M
Cash Acquisitions	-286M	-146M	-80M	-379M	-162M
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	5.4M	-82.3M	-48.9M	2.9M	-11.8M
Other Investing Activities, Total	300K	-11.5M	-33.7M	-24.8M	-40.5M
Cash from Investing	-332M	-308M	-226M	-488M	-247M
Long-Term Debt Issued, Total	299M	218M	827M	1.73B	1.2B
Total Debt Issued	299M	218M	827M	1.73B	1.2B
Long-Term Debt Repaid, Total	-343M	-862M	-807M	-1.28B	-1.04B
Total Debt Repaid	-343M	-862M	-807M	-1.28B	-1.04B
Issuance of Common Stock	582M	883M	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Preferred Dividends Paid	-5.1M	-	-	-	-
Common & Preferred Stock Dividends Paid	-5.1M	-	-	-	-
Other Financing Activities, Total	-217M	-197M	-175M	-188M	-220M
Cash from Financing	316M	42.1M	-155M	262M	-57.3M
Net Change in Cash	71.7M	-107M	-87M	73.6M	-29.6M
Supplemental Items
Cash Income Tax Paid (Refund)	1.5M	1.8M	1.4M	1.6M	1.2M
Levered Free Cash Flow	21.04M	10.81M	143M	181M	165M
Unlevered Free Cash Flow	159M	158M	263M	308M	335M
Change In Net Working Capital	89.5M	124M	43M	84.4M	76.7M
Net Debt Issued / Repaid	-43.8M	-644M	19.5M	450M	163M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.3	3.58	3.82	4.01	3.74
Return on Total Capital	3.61	3.85	4.09	4.3	4.02
Return On Equity %	3.6	3.12	4.07	0.36	2.76
Return on Common Equity	-13.48	-3.54	-0.6	-8.9	-4.45
Margin Analysis
Gross Profit Margin %	22.08	22.64	23.6	23.94	23.12
SG&A Margin	4.67	4.02	4.41	4.45	3.57
EBITDA Margin %	18.1	18.96	19.43	20.13	19.81
EBITA Margin %	13.86	14.69	15.4	15.51	14.68
EBIT Margin %	13.66	14.44	15.12	15.23	14.49
Income From Continuing Operations Margin %	3.18	3.43	4.93	0.4	2.99
Net Income Margin %	-3.19	-2.15	-0.43	-5.4	-2.35
Net Avail. For Common Margin %	-3.65	-2.15	-0.43	-5.4	-2.35
Normalized Net Income Margin	-3.71	-1.83	0.01	0.06	-1
Levered Free Cash Flow Margin	0.95	0.43	5.2	5.83	4.98
Unlevered Free Cash Flow Margin	7.15	6.21	9.6	9.88	10.13
Asset Turnover
Asset Turnover	0.39	0.4	0.4	0.42	0.41
Fixed Assets Turnover	2.46	2.41	2.31	2.39	2.34
Receivables Turnover (Average Receivables)	5.48	5.73	5.76	5.79	5.6
Inventory Turnover (Average Inventory)	29.51	29.65	28.59	28.96	27.5
Short Term Liquidity
Current Ratio	1.76	1.87	1.71	1.79	1.87
Quick Ratio	1.53	1.5	1.32	1.36	1.37
Operating Cash Flow to Current Liabilities	0.16	0.32	0.56	0.48	0.45
Days Sales Outstanding (Average Receivables)	66.63	63.71	63.38	63.2	65.16
Days Outstanding Inventory (Average Inventory)	12.37	12.31	12.77	12.64	13.27
Average Days Payable Outstanding	23.63	25.55	28.11	29.23	29.85
Cash Conversion Cycle (Average Days)	55.37	50.47	48.03	46.6	48.58
Long Term Solvency
Total Debt/Equity	145.78	90.47	91.6	102.14	114.51
Total Debt / Total Capital	59.31	47.5	47.81	50.53	53.38
LT Debt/Equity	141.41	87.45	88.3	98.13	110.49
Long-Term Debt / Total Capital	57.54	45.91	46.09	48.54	51.51
Total Liabilities / Total Assets	62.41	50.87	51.11	53.93	56.56
EBIT / Interest Expense	1.38	1.56	2.15	2.35	1.76
EBITDA / Interest Expense	2.25	2.41	3.21	3.56	2.73
(EBITDA - Capex) / Interest Expense	1.99	2.06	2.75	3.11	2.44
Total Debt / EBITDA	6.75	5.25	4.98	5.18	5.43
Net Debt / EBITDA	5.96	4.75	4.66	4.8	5.1
Total Debt / (EBITDA - Capex)	7.63	6.13	5.81	5.92	6.07
Net Debt / (EBITDA - Capex)	6.74	5.54	5.44	5.49	5.71
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.62	14.12	8.03	13.52	6.24
Gross Profit, 1 Yr. Growth %	29.38	16.99	12.63	15.15	2.6
EBITDA, 1 Yr. Growth %	41.63	19.51	8.93	17.38	4.56
EBITA, 1 Yr. Growth %	59	19.97	10.92	14.02	0.54
EBIT, 1 Yr. Growth %	60.34	20.59	10.79	14.01	1.1
Earnings From Cont. Operations, 1 Yr. Growth %	5.34K	23.06	55.52	-90.76	691.2
Net Income, 1 Yr. Growth %	-38.93	-22.99	-78.21	1.31K	-53.66
Normalized Net Income, 1 Yr. Growth %	-30.16	-43.66	-100.78	86.9	-1.79K
Diluted EPS Before Extra, 1 Yr. Growth %	-64.86	-47.04	-84.05	1.31K	-54.05
Accounts Receivable, 1 Yr. Growth %	12.56	6.07	8.79	16.66	3.99
Inventory, 1 Yr. Growth %	8.33	16.86	5.32	17.55	9.28
Net Property, Plant and Equip., 1 Yr. Growth %	11.59	21.17	5.91	13.07	4.23
Total Assets, 1 Yr. Growth %	13.01	9.23	2.91	14.74	2.91
Tangible Book Value, 1 Yr. Growth %	-15.67	-23.91	9.74	38.87	5.98
Common Equity, 1 Yr. Growth %	842.04	83.49	-0.55	-9.94	-4.29
Cash From Operations, 1 Yr. Growth %	-64.72	82.32	85.01	2.14	-8.6
Capital Expenditures, 1 Yr. Growth %	34.27	39.93	10.17	1.8	-12.94
Levered Free Cash Flow, 1 Yr. Growth %	-86.43	-48.45	805.95	26.57	-14.34
Unlevered Free Cash Flow, 1 Yr. Growth %	-43.42	-0.93	61.98	16.49	5.26
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.23	16.84	11.04	10.74	9.82
Gross Profit, 2 Yr. CAGR %	7.68	23.03	14.79	13.88	8.7
EBITDA, 2 Yr. CAGR %	9.39	30.1	15.02	12.91	10.78
EBITA, 2 Yr. CAGR %	7.92	38.52	16.56	12.25	7.07
EBIT, 2 Yr. CAGR %	8.11	39.05	16.81	12.18	7.36
Earnings From Cont. Operations, 2 Yr. CAGR %	25.2	718.07	38.34	-62.1	-14.5
Net Income, 2 Yr. CAGR %	-2.64	-31.42	-59.03	75.46	155.86
Normalized Net Income, 2 Yr. CAGR %	13.36	-37.27	-93.38	-79.13	462.1
Diluted EPS Before Extra, 2 Yr. CAGR %	-30.01	-56.86	-70.93	49.82	154.25
Accounts Receivable, 2 Yr. CAGR %	13.24	9.26	7.42	12.66	10.14
Inventory, 2 Yr. CAGR %	14.88	12.51	10.94	11.27	13.34
Net Property, Plant and Equip., 2 Yr. CAGR %	7.78	16.28	13.28	9.43	8.56
Total Assets, 2 Yr. CAGR %	10.4	11.1	6.02	8.66	8.66
Tangible Book Value, 2 Yr. CAGR %	-4.65	-19.9	-8.62	23.45	21.31
Common Equity, 2 Yr. CAGR %	91.55	315.76	35.08	-5.36	-7.16
Cash From Operations, 2 Yr. CAGR %	-17.99	-19.8	83.66	37.47	-3.38
Capital Expenditures, 2 Yr. CAGR %	-11.53	37.07	24.16	5.91	-5.86
Levered Free Cash Flow, 2 Yr. CAGR %	-32.48	-73.59	160.43	224.35	7.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.36	-25.13	28.62	36.91	12.66
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.9	11.51	13.83	11.86	9.22
Gross Profit, 3 Yr. CAGR %	6.21	10.7	19.46	14.91	9.99
EBITDA, 3 Yr. CAGR %	7.95	12.67	23.29	15.88	10.06
EBITA, 3 Yr. CAGR %	6.16	12.11	29.53	15.81	8.2
EBIT, 3 Yr. CAGR %	6.34	12.12	29.83	15.97	8.36
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.57	24.48	370.38	-43.87	4.37
Net Income, 3 Yr. CAGR %	-29.89	-9.96	-53.2	33.34	12.58
Normalized Net Income, 3 Yr. CAGR %	29.07	-10.2	-85.48	-71.25	-9.69
Diluted EPS Before Extra, 3 Yr. CAGR %	-39.07	-36.22	-69.03	5.94	1.03
Accounts Receivable, 3 Yr. CAGR %	10.82	10.79	9.11	10.41	9.69
Inventory, 3 Yr. CAGR %	12.08	15.53	10.06	13.1	10.6
Net Property, Plant and Equip., 3 Yr. CAGR %	30.79	12.07	12.72	13.21	7.67
Total Assets, 3 Yr. CAGR %	9.37	10.01	8.3	8.85	6.71
Tangible Book Value, 3 Yr. CAGR %	-1.86	-11.56	-11.03	5.06	17.33
Common Equity, 3 Yr. CAGR %	39.1	88.82	158.08	18.01	-5.01
Cash From Operations, 3 Yr. CAGR %	-15.55	7.04	5.97	51.04	19.98
Capital Expenditures, 3 Yr. CAGR %	13.11	3.07	27.44	16.21	-0.79
Levered Free Cash Flow, 3 Yr. CAGR %	-47.22	-38.35	-2.74	105.09	112.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	-12.18	-0.07	-2.17	24.55	26.88
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.69	14.11	9.14	11.2	12.21
Gross Profit, 5 Yr. CAGR %	10.37	14	9.56	11.96	15.03
EBITDA, 5 Yr. CAGR %	10.43	15.91	10.73	13.24	18.18
EBITA, 5 Yr. CAGR %	7.45	14.93	10.39	12.78	20.09
EBIT, 5 Yr. CAGR %	8.13	15.52	10.42	12.77	20.39
Earnings From Cont. Operations, 5 Yr. CAGR %	-3.64	24.83	7.19	-22.63	137.82
Net Income, 5 Yr. CAGR %	49.63	0.6	-43.45	17.58	-7.67
Normalized Net Income, 5 Yr. CAGR %	54.8	14.09	-60.65	-50.23	-22.45
Diluted EPS Before Extra, 5 Yr. CAGR %	41.61	-18.4	-54.68	-10.25	-28.11
Accounts Receivable, 5 Yr. CAGR %	13.58	9.07	9.45	11.54	9.52
Inventory, 5 Yr. CAGR %	16.25	9.7	11.62	13.81	11.36
Net Property, Plant and Equip., 5 Yr. CAGR %	36.1	23.73	23.48	11.01	11.04
Total Assets, 5 Yr. CAGR %	21.56	7.65	8.02	9.47	8.45
Tangible Book Value, 5 Yr. CAGR %	12.46	-4.54	-4.62	1.06	0.72
Common Equity, 5 Yr. CAGR %	157.19	25	37.48	43.24	71.46
Cash From Operations, 5 Yr. CAGR %	-7.01	5.61	15.23	18.3	2.13
Capital Expenditures, 5 Yr. CAGR %	8.05	22.18	17.41	4.2	12.9
Levered Free Cash Flow, 5 Yr. CAGR %	-9.55	-26	-0.05	31.5	1.21
Unlevered Free Cash Flow, 5 Yr. CAGR %	10.27	5.21	2.31	14.25	3.57