Surgery Partners, Inc.
- Open
- 13.85
- Day high
- 14.02
- Day low
- 13.80
- Prev close
- 13.95
- Volume
- 271K
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $305K over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Surgery Partners, Inc. (SGRY) is a Healthcare company listed on NASDAQ. The stock is down 38% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering SGRY.
Surgery Partners, Inc. (SGRY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SGRY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $0.06 | $0.10 | +72.6% | $849M | +2.3% |
| May 5, 2026 | $-0.15 | $-0.03 | +80.0% | $811M | +1.7% |
| Mar 3, 2025 | $0.38 | $0.44 | +15.8% | $864M | +8.0% |
| Aug 1, 2023 | $0.07 | $0.28 | +300.0% | $668M | -0.9% |
| May 1, 2023 | $0.00 | $0.08 | +1951.3% | $666M | +1.4% |
| Mar 1, 2023 | $0.19 | $0.27 | +42.1% | $707M | +2.8% |
| Aug 2, 2022 | $-0.01 | $-0.03 | -344.4% | $615M | -1.4% |
| May 3, 2022 | $-0.05 | $-0.09 | -80.0% | $596M | +3.4% |
| Feb 28, 2022 | $0.26 | $0.23 | -11.5% | $610M | -2.3% |
| Nov 2, 2021 | $-0.03 | $-0.05 | -52.1% | $559M | +1.7% |
| Aug 4, 2021 | $-0.22 | $-0.39 | -76.5% | $543M | +0.0% |
| May 5, 2021 | $-0.25 | $-0.30 | -20.0% | $512M | -6.1% |
SGRY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | DeLuca Teresadirector | Buy | 11,250 | $14.33 |
| Aug 19, 2026 | DeLuca Teresadirector | Buy | 10,000 | $14.35 |
| Jul 14, 2026 | HENDRIX BLAIR Edirector | Grant | 34,364 | $14.55 |
| Jun 9, 2026 | Forese Laura Ldirector | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | TURNER BRENTdirector | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | DeLuca Teresadirector | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | Dean Lloyd Hdirector | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | HENDRIX BLAIR Edirector, 10 percent owner: | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | ADLERZ CLIFFORD Gdirector | Grant | 11,670 | $13.71 |
| Jun 9, 2026 | Deane John Adirector | Grant | 11,670 | $13.71 |
| Mar 16, 2026 | Baldock Jenniferofficer: Chief Admin & Dev Officer | Sell | 5,798 | $13.17 |
| Mar 16, 2026 | Doherty David Tofficer: Chief Financial Officer | Sell | 8,867 | $12.50 |
| Mar 16, 2026 | Brittenham Marissaofficer: Chief Strategy Officer | Sell | 3,657 | $12.54 |
| Mar 16, 2026 | Burkhalter Danielleofficer: Chief Human Resources Officer | Sell | 3,469 | $12.83 |
| Mar 16, 2026 | Evans Jason Ericofficer: Chief Executive Officer | Sell | 20,400 | $12.47 |
Source: SGRY SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full SGRY insider & 13F page →Surgery Partners, Inc. company profile
Overview
Surgery Partners, Inc. (NASDAQ:SGRY) is a healthcare services company founded in 2004 and headquartered in Brentwood, Tennessee. The company went public in September 2015 and has grown through a combination of organic expansion and strategic acquisitions to become one of the largest operators of outpatient surgical facilities in the United States. Surgery Partners owns and operates a network of ambulatory surgery centers and surgical hospitals across 31 states, focusing on providing non-emergency surgical procedures in an outpatient setting as an alternative to traditional hospital-based care.
Business
Surgery Partners operates in the outpatient surgical care industry, which represents a significant shift in healthcare delivery from traditional inpatient hospital settings to more cost-effective ambulatory facilities. The company provides surgical services through two main business segments that together generated over $3.1 billion in revenue in 2024. The **Surgical Facility Services** segment, which represents the majority of revenue, operates 126 surgical facilities including 108 ambulatory surgery centers (ASCs) and 18 surgical hospitals. These facilities specialize in non-emergency surgical procedures across multiple specialties including gastroenterology (procedures on the digestive system), general surgery, ophthalmology (eye surgery), orthopedics (bone and joint procedures), and pain management. The company has particularly focused on expanding higher-acuity procedures such as total joint replacements, which traditionally were only performed in hospitals but are increasingly being done in outpatient settings as medical techniques and regulations have evolved. The **Ancillary Services** segment provides complementary healthcare services including multi-specialty physician practices, urgent care facilities, anesthesia services, and various support services such as diagnostic imaging, pharmacy, laboratory services, obstetrics, oncology, physical therapy, and wound care. This segment helps create a comprehensive care ecosystem around the surgical facilities and provides additional revenue streams from the same patient population. The outpatient surgery industry has experienced significant growth as healthcare systems seek to reduce costs while maintaining quality care. Procedures that once required multi-day hospital stays can now often be performed in same-day outpatient facilities, resulting in lower costs for patients and insurers while typically providing better patient satisfaction due to the convenience and less institutional environment.
Competitive moat
Surgery Partners operates in a healthcare services industry with **moderate competitive moats** built primarily around local market positioning, physician relationships, and operational scale advantages. The company's strongest defensive characteristics include its **established physician networks** in key markets, as recruiting and retaining quality surgeons requires significant time and relationship-building that creates switching costs. Once physicians establish practices at Surgery Partners facilities, they develop patient referral patterns and operational familiarity that create some stickiness. The company also benefits from **regulatory barriers and certification requirements** for operating surgical facilities, which limit new entrants and require significant capital investment and expertise. Additionally, Surgery Partners has built **economies of scale** in procurement, revenue cycle management, and operational best practices across its 126-facility platform that smaller competitors cannot easily replicate. However, the company's moat is **not particularly strong** compared to other healthcare sectors. The business faces significant competition from hospital-owned outpatient facilities, other large ASC operators, and potentially new entrants including private equity-backed competitors. **Payer relationships** provide some stability but contracts are periodically renegotiated and rates can face pressure. The company's growth strategy relies heavily on continued physician recruitment in competitive markets, and there is risk of physician defection to competing facilities. **Potential disruption** could come from further consolidation among hospital systems that develop their own outpatient capabilities, changes in reimbursement policies that favor different care settings, or new surgical technologies that enable procedures to be performed in even lower-cost settings like physician offices. The company's focus on higher-acuity procedures provides some protection, but technological advances could eventually threaten this positioning as well.
Risks & safety
Surgery Partners presents a **moderate margin of safety** with improving but still elevated financial leverage and reasonable liquidity position. **Debt and Solvency:** - Net debt-to-EBITDA ratio around 3.5x, targeting reduction to mid-3x range - Total debt-to-equity ratio of 2.07x indicates significant leverage - Strong liquidity with $269 million cash plus $815 million total available liquidity - No immediate refinancing needs with debt maturities well-laddered - Positive free cash flow generation of $210 million in 2024 **Valuation Metrics:** - EV/EBITDA of approximately 12x based on 2024 results, reasonable for growth profile - Trading at 1.5x book value, not excessive for asset-heavy business - Revenue growth of 13.5% in 2024 with continued expansion expected **Other Considerations:** - Minimal exposure to Medicaid provides some recession resistance - Diversified payer mix with 90% from Medicare and commercial insurance - Asset-heavy business model provides some downside protection through facility values - Secular tailwinds from outpatient surgery trend support long-term demand
Recent development
Over the past several years, Surgery Partners has executed a **three-pronged growth strategy** focused on organic expansion, margin improvement, and strategic acquisitions. The company has significantly accelerated its **physician recruitment efforts**, adding over 750 new physicians in 2024 alone compared to nearly 700 in 2023, with particular emphasis on high-acuity specialists in orthopedics and other premium specialties. These new physicians typically double their revenue contribution in their second year as they build patient volumes. The company has also **expanded its facility footprint** through both acquisitions and de novo development. Surgery Partners opened 8 new facilities in 2024 and has committed to developing at least 10 de novo facilities annually going forward, with 12 currently in various stages of development. On the acquisition front, the company deployed nearly $400 million in capital in 2024 to acquire 7 surgical facilities, maintaining discipline by targeting acquisitions at sub-8x EBITDA multiples. **Margin expansion initiatives** have become increasingly important, with Surgery Partners implementing standardized procurement processes, revenue cycle management improvements, and operational efficiencies across its platform. These efforts helped expand adjusted EBITDA margins by 30 basis points to 16.3% in 2024, with management expecting continued margin improvement. The company has also **strategically shifted its procedure mix** toward higher-acuity, higher-margin specialties, particularly orthopedic procedures. Total joint replacement procedures in ASCs grew 50% in 2024, benefiting from expanded Medicare approvals for these procedures in outpatient settings. This focus on complex procedures helps differentiate Surgery Partners from lower-acuity competitors and commands premium reimbursement rates.
SGRY company profile · for informational purposes only — not investment advice.
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