# Surgery Partners, Inc. (SGRY)

> Source: Nexqual · https://nexqual.com/SGRY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Surgery Partners, Inc. (SGRY), nexqual.com/SGRY" · informational, not investment advice.

**Price:** USD 15.9 (+3.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.4 · day 15.35–16 · 52w 11.41–23.44 · market cap $2.08B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.37B, net income -$88.6M (-2.6% margin), free cash flow $188M (SEC filings).
- 1 of 80 tracked superinvestors hold SGRY (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $144K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -27.6% vs S&P 500 +14.9%; 5Y -63.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.12, revenue estimate $796M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.54B | $2.74B | $3.11B | $3.31B | $3.37B |
| Operating income | $302M | $345M | $328M | $349M | $390M | $384M |
| Net income | -$70.9M | -$54.6M | -$11.9M | -$168M | -$77.9M | -$88.6M |
| EPS (diluted) | -$1.12 | -$0.59 | -$0.09 | -$1.33 | -$0.61 | — |
| Free cash flow | $29.5M | $78.2M | $205M | $210M | $196M | $188M |
| Operating margin | 13.6% | 13.6% | 12.0% | 11.2% | 11.8% | 11.4% |
| Net margin | -3.2% | -2.2% | -0.4% | -5.4% | -2.4% | -2.6% |
| Revenue growth | +19.6% | +14.1% | +8.0% | +13.5% | +6.2% | — |
| Cash + short-term investments | $390M | $283M | $196M | $270M | $240M | — |
| Total debt | $2.96B | $2.63B | $2.80B | $3.40B | $3.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.6x · EV/EBITDA 10.0x · EV/Sales 1.7x · P/FCF 11.1x · P/B 1.3x · FCF yield 9.01% · Earnings yield -4.26% · Net debt $3.53B · EV $5.62B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SGRY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.38% | $14.5M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $144K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-18 | Deluca Teresa | Director | 10,000 | $144K | 14.35 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | RBC Capital | Reiterated | Outperform | $19 |
| 2026-09-18 | TD Cowen | Reiterated | Buy | $19 |
| 2026-09-14 | JP Morgan | Target raised | Neutral | $14 → $15 |
| 2026-08-11 | TD Cowen | Target raised | Buy | $17 → $19 |
| 2026-08-11 | RBC Capital | Target lowered | Outperform | $20 → $19 |
| 2026-08-11 | Cantor Fitzgerald | Reiterated | Overweight | $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -27.6% | -63.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.7% | -18.2% |
| Volatility (annualized) | 54.0% | 53.8% |
| Max drawdown | -49.9% (Oct 2025→Mar 2026) | -79.4% (Apr 2022→Mar 2026) |

## Peers (Medical Care Facilities)
ADUS (Addus HomeCare Corporation) USD 122.67 +4.00% · ASTH (Astrana Health Inc.) USD 38.01 +1.77% · AMN (AMN Healthcare Services Inc) USD 46.82 +8.86% · MD (Pediatrix Medical Group, Inc.) USD 29.55 +5.16% · BKD (Brookdale Senior Living Inc.) USD 10.19 +1.09% · ARDT (Ardent Health, Inc.) USD 12.36 +2.49%

## More
Full page: https://nexqual.com/SGRY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Patient service revenues | $826.1M | 97.3% | +2.7% |
| — Private insurance (part of Patient service revenues) | $401.4M | 47.3% | -4.3% |
| — Government (part of Patient service revenues) | $380.6M | 44.8% | +10.3% |
| — Self-pay (part of Patient service revenues) | $23.5M | 2.8% | +7.3% |
| — Other (part of Patient service revenues) | $20.6M | 2.4% | +15.1% |
| Other service revenues | $22.8M | 2.7% | +3.6% |
| Total revenue | $848.9M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.13 | -5.8% | $796.2M | 4 |
| Next quarter (ends 2026-12-31) | $0.14 | $0.29 | -52.1% | $691.4M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.35 | $0.45 | -21.7% | $3.15B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.28 | $0.65 | -57.2% | $2.81B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±15.5%; last 8 reports averaged ±8.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 66.7% | ±15.5% |
| 2026-12-18 | 56 | 59.2% | ±18.9% |
| 2027-01-15 | 84 | 56.5% | ±22.0% |
| 2027-03-19 | 147 | 54.8% | ±27.7% |
| 2027-06-17 | 237 | 54.9% | ±34.8% |