Community Health Systems, Inc.
- Open
- 3.23
- Day high
- 3.27
- Day low
- 3.04
- Prev close
- 3.30
- Volume
- 3.1M
- Mkt cap
- $440M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.3
- P/S
- 0.0
- Yield
- —
- Per share
- —
Community Health Systems, Inc. (CYH) is a Healthcare company listed on NYSE. The stock is down 17% over the past year.
Community Health Systems, Inc. (CYH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CYH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $-0.11 | $-0.48 | -323.1% | $3.0B | +0.5% |
| Feb 18, 2026 | $-0.20 | $-0.42 | -105.2% | $3.1B | -1.0% |
| Oct 23, 2025 | $-0.28 | $1.27 | +557.4% | $3.1B | +3.2% |
| Jul 23, 2025 | $0.05 | $-0.05 | -200.0% | $3.1B | +4.3% |
| Apr 23, 2025 | $-0.10 | $-0.03 | +70.0% | $3.2B | +3.5% |
| Feb 18, 2025 | $0.09 | $-0.42 | -566.7% | $3.3B | +4.1% |
| Oct 23, 2024 | $-0.16 | $-0.30 | -87.5% | $3.1B | -1.5% |
| Jul 24, 2024 | $-0.11 | $-0.17 | -54.5% | $3.1B | +2.4% |
| Feb 20, 2024 | $-0.04 | $-0.41 | -819.3% | $3.2B | +0.8% |
| Oct 25, 2023 | $-0.16 | $-0.33 | -106.3% | $3.1B | +0.8% |
| Aug 2, 2023 | $-0.29 | $-0.22 | +24.1% | $3.1B | +1.7% |
| May 1, 2023 | $-0.22 | $-0.43 | -95.5% | $3.1B | +0.6% |
CYH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Krishnan K Rangadirector | Option | 13,930 | — |
| Jun 30, 2026 | Krishnan K Rangadirector | Option | 13,931 | — |
| Jun 1, 2026 | Rice David V.officer: EVP-Clinical Operations & CMO | Grant | 30,000 | — |
| Apr 22, 2026 | Krishnan K Rangadirector | Option | 46,950 | — |
| Dec 31, 2025 | Ely James S. IIIdirector | Option | 2,882 | — |
| Dec 31, 2025 | Ely James S. IIIdirector | Option | 2,882 | — |
| Jun 2, 2025 | Brooks Susan Wdirector | Option | 5,894 | — |
| Mar 3, 2025 | Hirsch Elizabeth Tdirector | Option | 9,756 | — |
| Mar 3, 2025 | Williams Hubert Jamesdirector | Option | 5,894 | — |
| Mar 3, 2025 | FRY JOHN Adirector | Option | 9,756 | — |
| Mar 3, 2025 | CAMPBELL CHAD Aofficer: Regional President | Option | 10,500 | — |
| Mar 3, 2025 | CAMPBELL CHAD Aofficer: Regional President | Grant | 50,000 | — |
| Mar 3, 2025 | DINKINS MICHAELdirector | Option | 20,906 | — |
| Mar 3, 2025 | CLERICO JOHN Adirector | Option | 9,756 | — |
| Mar 3, 2025 | Ely James S. IIIdirector | Option | 20,906 | — |
Source: CYH SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full CYH insider & 13F page →Community Health Systems, Inc. company profile
Overview
Community Health Systems, Inc. (NYSE:CYH) is a Franklin, Tennessee-based healthcare company that operates one of the largest networks of acute care hospitals in the United States. Founded in 1985, the company has grown through acquisitions and organic expansion to become a major player in the for-profit hospital industry. As of 2024, CYH owns or leases 83 hospitals across multiple states, primarily serving non-urban and smaller metropolitan markets. The company has been working to strengthen its financial position through strategic divestitures, debt reduction efforts, and operational improvements while investing in expanded healthcare services including outpatient care, ambulatory surgery centers, and urgent care facilities.
Business
Community Health Systems operates in the acute care hospital industry, which provides essential medical services including emergency care, surgery, and inpatient treatment for serious medical conditions. The company's core business revolves around operating general acute care hospitals that serve as the primary healthcare hub for their local communities. The company's hospital network provides a comprehensive range of medical services including general acute care (treatment for patients requiring immediate medical attention and short-term hospitalization), emergency room services, general and specialty surgery, critical care for life-threatening conditions, internal medicine, obstetrics and gynecology, diagnostic imaging and laboratory services, psychiatric care, and rehabilitation services. Many hospitals also offer skilled nursing facilities and coordinate home care services for patients transitioning from hospital care. Beyond traditional inpatient hospital services, CYH has significantly expanded its outpatient care offerings, which now represent approximately 54% of net revenues. This includes primary care physician practices, urgent care centers that provide immediate care for non-life-threatening conditions, free-standing emergency departments (18 locations as of 2024), ambulatory surgery centers (47 locations) where patients can receive same-day surgical procedures, imaging and diagnostic centers, retail clinics, and telemedicine services offering direct-to-consumer virtual health visits. The company operates primarily in non-urban and smaller metropolitan markets across the United States, focusing on communities where it can serve as the primary healthcare provider. This geographic strategy allows CYH to maintain strong market positions in areas with limited competition from larger health systems, though it also means serving populations that may have higher proportions of government-insured patients and lower average incomes.
Revenue model
Community Health Systems generates revenue primarily through fee-for-service healthcare delivery, where the company is paid by patients, insurance companies, and government programs for medical services provided. The company's revenue streams include payments for hospital admissions, outpatient procedures, emergency department visits, surgical procedures, diagnostic services, and various ancillary healthcare services. The company's paying customers fall into several categories: commercial insurance patients (typically the most profitable), government-insured patients through Medicare (federal insurance for seniors and disabled individuals) and Medicaid (state-federal insurance for low-income individuals), patients with Medicare Advantage plans (private insurance plans that receive government funding), and uninsured or self-pay patients. The payer mix significantly impacts profitability, as commercial insurance typically reimburses at higher rates than government programs. Several factors influence the company's margins and profitability. Volume trends are crucial - higher patient volumes allow better absorption of fixed costs across the hospital infrastructure. The company has seen positive volume trends with same-store admissions increasing 3-4% annually in recent periods. Payer mix directly affects revenue per patient, with commercial patients generating higher margins than government-insured patients. Labor costs represent a major expense category, and CYH has focused heavily on reducing expensive contract labor (temporary staffing) while improving nurse retention - contract labor costs decreased from $520 million in 2022 to an expected $250-300 million range. Regulatory factors significantly impact margins, including potential changes to Medicare reimbursement rates, state Medicaid programs, and new directed payment programs that could provide additional funding. The company expects $100-125 million in annual EBITDA benefits from pending state directed payment programs in New Mexico and Tennessee. Denial rates from insurance companies have become an increasing challenge, with denials doubling compared to prior years, requiring expanded appeals processes. Medical specialist fees represent another cost pressure, with the company guiding for 8-12% increases, though they are working to mitigate this through insourcing strategies, particularly in anesthesiology and radiology services.
Competitive moat
Community Health Systems operates with a limited but defensible moat based primarily on geographic positioning and local market dynamics. The company's primary competitive advantage stems from its focus on non-urban and smaller metropolitan markets where it often serves as the dominant or sole provider of acute care services. In many of these communities, the high fixed costs of hospital infrastructure, regulatory barriers to entry, and the essential nature of emergency and acute care services create natural barriers to competition. However, this moat has notable weaknesses. The company's markets typically have unfavorable demographics with higher proportions of government-insured and uninsured patients, limiting pricing power and profitability compared to urban markets. The geographic strategy that provides market dominance also constrains growth opportunities and exposes the company to economic downturns in specific regions. Competitive threats come from multiple directions. Larger, better-capitalized health systems continue to expand into CYH's markets through acquisitions and organic growth. Ambulatory surgery centers and urgent care facilities owned by other operators compete for profitable outpatient procedures. Telemedicine and retail health clinics (like those in pharmacies) increasingly handle routine care that might otherwise drive hospital volumes. Medicare Advantage plans are becoming more aggressive in managing costs and directing patients to preferred providers, potentially reducing CYH's patient volumes. The company's high debt burden (net debt-to-EBITDA of 7.1x) limits its ability to invest in competitive responses or acquire competing facilities. While CYH has been working to strengthen its position through technology investments, service line expansions, and operational improvements, the fundamental challenge remains that it operates in structurally less attractive markets with limited pricing power and faces well-capitalized competitors with stronger balance sheets.
Risks & safety
Community Health Systems presents significant financial risk with limited margin of safety due to high leverage and challenging market dynamics. • Solvency concerns: Net debt-to-EBITDA ratio of 7.1x represents very high leverage. Total liabilities ($15.4 billion) exceed total assets ($14.1 billion), creating negative book value of approximately $1.3 billion. • Cash position: Minimal cash reserves of $37 million as of Q4 2024, though the company generates positive operating cash flow of $480 million annually. Free cash flow of $120 million provides some cushion but is modest relative to debt levels. • Debt structure: The company has been actively refinancing debt, completing a $700 million senior secured notes refinancing and commencing tender offers for $626 million in unsecured notes. Interest expense remains a significant burden. • Valuation metrics: Trading at negative price-to-book ratio due to negative equity. EV/EBITDA of approximately 7.6x appears reasonable for the sector but reflects the high debt load. • Operational trends: Positive volume growth (3-4% admission increases) and margin improvement initiatives provide some support, but the company remains vulnerable to economic downturns, regulatory changes, or operational disruptions that could impact cash flow generation.
Recent development
Over the past few years, Community Health Systems has pursued a strategic transformation focused on portfolio optimization, operational efficiency, and service line expansion. The company has been actively divesting non-core assets while investing in higher-growth, higher-margin service lines. Portfolio rationalization has been a key focus, with completed divestitures including facilities in Cleveland, Tennessee and North Carolina, along with planned sales of ShorePoint Health System in Florida and Lake Norman Regional Medical Center in North Carolina. The company is targeting over $1 billion in total divestiture proceeds to reduce debt and strengthen the balance sheet. Operational efficiency initiatives have centered around labor cost management and technology implementation. The company successfully reduced contract labor expenses from $520 million in 2022 to approximately $250-300 million, while improving nurse retention rates and hiring nearly 3,000 registered nurses. The full implementation of an Enterprise Resource Planning (ERP) platform called "Project Empower" has streamlined operations across the network. Service line expansion has focused heavily on outpatient and ambulatory services, which now represent 54% of net revenues. The company has expanded to 47 ambulatory surgery centers, 18 free-standing emergency departments, and recently acquired 10 urgent care centers in Tucson, Arizona. Major capital investments include new patient towers in Knoxville, Tennessee and Baldwin County, Alabama. Technology and innovation initiatives include partnerships with Google Cloud for clinical data platforms and development of artificial intelligence tools for patient monitoring, clinical documentation, and discharge planning. The company has also expanded its partnership with Mark Cuban Cost Plus Drugs to reduce pharmaceutical costs. Looking forward, the company is pursuing state directed payment programs in New Mexico and Tennessee that could provide an additional $100-125 million in annual EBITDA, pending CMS approval. The strategic focus remains on improving payer mix, expanding higher-margin service lines, and continuing debt reduction efforts.
CYH company profile · for informational purposes only — not investment advice.
Track CYH with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free