Surgery Partners, Inc.
SGRY · Services-General Medical & Surgical Hospitals, NEC · 130.8M shares · +27%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$16M (gross $2M, SBC $18M)
Reference price $12.50 · est. market cap ~$1.6B — last insider sale, 2026-03-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Surgery Partners — ambulatory-surgery-center operator, net loss but strong FCF.
Strengths
- Free cash flow 77th pct; growing high-margin ASC network
Risks
- Net loss; high leverage (D/E 2.2, 92nd)
- Reimbursement and acquisition-integration exposure
Notable findings
- High leverageHigh leverage (debt/equity 2.18)
- Chronic dilutionShare count +27%/yr over 4y (dilution, book value/share -40%)
- Insider sellingInsider selling — 12 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-4.5%
Return on assets
-1.0%
ROIC
5.6%
Revenue growth (QoQ)
44.7%
Debt / equity
2.2×
Net debt / EBITDA
6.2×
Current ratio
1.9×
Free cash flow
$196M
EBITDA
$566M
Tangible book value
-$3.5B
Cash & investments
$240M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | DeLuca Teresa | Grant | 12K | $13.71 |
| 2026-06-05 | TURNER BRENT | Grant | 12K | $13.71 |
| 2026-06-05 | HENDRIX BLAIR E | Grant | 12K | $13.71 |
| 2026-06-05 | Deane John A | Grant | 12K | $13.71 |
| 2026-06-05 | Forese Laura L | Grant | 12K | $13.71 |
| 2026-06-05 | ADLERZ CLIFFORD G | Grant | 12K | $13.71 |
| 2026-06-05 | Dean Lloyd H | Grant | 12K | $13.71 |
| 2026-03-16 | Evans Jason Eric | Sell | 20K | $12.47 |
| 2026-03-16 | Doherty David T | Sell | 8.9K | $12.50 |
| 2026-03-13 | Burkhalter Danielle | Sell | 3.5K | $12.83 |
| 2026-03-13 | Brittenham Marissa | Sell | 3.7K | $12.54 |
| 2026-03-12 | Baldock Jennifer | Sell | 5.8K | $13.17 |
| 2026-03-06 | Baldock Jennifer | Sell | 10K | $13.70 |
| 2026-03-06 | Burkhalter Danielle | Sell | 7.7K | $13.60 |
| 2026-03-06 | Webb William Trenton | Sell | 272 | $13.93 |
| 2026-03-06 | Brittenham Marissa | Sell | 8.8K | $13.70 |
| 2026-03-06 | Evans Jason Eric | Sell | 11K | $13.79 |
| 2026-03-06 | Doherty David T | Sell | 15K | $13.84 |
| 2026-03-05 | Burkhalter Danielle | Grant | 9.2K | $14.11 |
| 2026-03-05 | Evans Jason Eric | Grant | 142K | $14.11 |
| 2026-03-05 | Evans Jason Eric | Grant | 136K | $14.11 |
| 2026-03-05 | Doherty David T | Grant | 57K | $14.11 |
| 2026-03-05 | Doherty David T | Grant | 55K | $14.11 |
| 2026-03-05 | Doherty David T | Grant | 31K | $14.11 |
| 2026-03-05 | Baldock Jennifer | Grant | 43K | $14.11 |
| 2026-03-05 | Baldock Jennifer | Grant | 41K | $14.11 |
| 2026-03-05 | Baldock Jennifer | Grant | 23K | $14.11 |
| 2026-03-05 | Burkhalter Danielle | Grant | 18K | $14.11 |
| 2026-03-05 | Burkhalter Danielle | Grant | 16K | $14.11 |
| 2026-03-05 | Webb William Trenton | Sell | 1.8K | $13.86 |
| 2026-03-05 | Webb William Trenton | Grant | 20K | $14.11 |
| 2026-03-05 | Webb William Trenton | Grant | 11K | $14.11 |
| 2026-03-05 | Brittenham Marissa | Grant | 18K | $14.11 |
| 2026-03-05 | Brittenham Marissa | Grant | 16K | $14.11 |
| 2026-03-05 | Brittenham Marissa | Grant | 9.2K | $14.11 |
| 2026-03-05 | Oppenheimer Justin Robert | Grant | 43K | $14.11 |
| 2026-01-13 | Oppenheimer Justin Robert | Grant | 78K | $16.08 |
| 2025-09-04 | Bane Harrison R. | Sell | 5.7K | $22.48 |
| 2025-09-04 | Bane Harrison R. | Sell | 3.6K | $22.48 |
| 2025-08-11 | Maryland Patricia Anne | Sell | 0 | — |
| 2025-08-11 | DeLuca Teresa | Sell | 20K | $22.74 |
| 2025-08-11 | Maryland Patricia Anne | Sell | 20K | $22.74 |
| 2025-08-08 | Doherty David T | Sell | 47K | $23.39 |
| 2025-06-10 | Maryland Patricia Anne | Grant | 6.9K | $23.32 |
| 2025-06-10 | DeLuca Teresa | Grant | 6.9K | $23.32 |
| 2025-06-10 | Forese Laura L | Grant | 6.9K | $23.32 |
| 2025-06-10 | HENDRIX BLAIR E | Grant | 6.9K | $23.32 |
| 2025-06-10 | ADLERZ CLIFFORD G | Grant | 6.9K | $23.32 |
| 2025-06-10 | TURNER BRENT | Grant | 6.9K | $23.32 |
| 2025-06-10 | Deane John A | Grant | 6.9K | $23.32 |
| 2025-03-21 | DeVeydt Wayne S | Grant | 4.2K | $24.21 |
| 2025-03-14 | Baldock Jennifer | Sell | 612 | $23.94 |
| 2025-03-14 | Burkhalter Danielle | Sell | 74 | $23.78 |
| 2025-03-14 | Webb William Trenton | Sell | 138 | $23.70 |
| 2025-03-10 | Brittenham Marissa | Sell | 3.2K | $24.09 |
| 2025-03-10 | Baldock Jennifer | Sell | 3.0K | $23.97 |
| 2025-03-10 | Bane Harrison R. | Sell | 4.0K | $24.16 |
| 2025-03-10 | Burkhalter Danielle | Sell | 1.2K | $24.14 |
| 2025-03-10 | Webb William Trenton | Sell | 2.1K | $24.06 |
| 2025-03-10 | Doherty David T | Sell | 6.7K | $24.02 |
| 2025-03-04 | Doherty David T | Grant | 34K | $23.80 |
| 2025-03-04 | Doherty David T | Grant | 15K | $23.80 |
| 2025-03-04 | Evans Jason Eric | Grant | 84K | $23.80 |
| 2025-03-04 | Evans Jason Eric | Grant | 29K | $23.80 |
| 2025-03-04 | Baldock Jennifer | Grant | 25K | $23.80 |
| 2025-03-04 | Webb William Trenton | Grant | 13K | $23.80 |
| 2025-03-04 | Webb William Trenton | Grant | 3.8K | $23.80 |
| 2025-03-04 | Brittenham Marissa | Grant | 10K | $23.80 |
| 2025-03-04 | Brittenham Marissa | Grant | 6.3K | $23.80 |
| 2025-03-04 | Bane Harrison R. | Grant | 17K | $23.80 |
| 2025-03-04 | Bane Harrison R. | Grant | 6.3K | $23.80 |
| 2025-03-04 | Burkhalter Danielle | Grant | 10K | $23.80 |
| 2025-03-04 | Burkhalter Danielle | Grant | 5.9K | $23.80 |
| 2025-03-04 | Baldock Jennifer | Grant | 14K | $23.80 |
| 2025-02-07 | Bane Harrison R. | Sell | 56K | $25.64 |
| 2025-02-07 | Doherty David T | Sell | 14K | $25.61 |
| 2025-02-07 | Brittenham Marissa | Sell | 15K | $25.61 |
| 2025-02-07 | Baldock Jennifer | Sell | 5.7K | $25.83 |
| 2025-02-07 | Evans Jason Eric | Sell | 27K | $25.65 |
| 2025-02-04 | Burkhalter Danielle | Sell | 167 | $25.68 |
| 2025-02-04 | Webb William Trenton | Sell | 257 | $25.70 |
| 2025-01-31 | Baldock Jennifer | Grant | 22K | — |
| 2025-01-31 | Bane Harrison R. | Grant | 115K | — |
| 2025-01-31 | Doherty David T | Grant | 27K | — |
| 2025-01-31 | Evans Jason Eric | Grant | 111K | — |
| 2025-01-31 | Brittenham Marissa | Grant | 25K | — |
| 2025-01-31 | Webb William Trenton | Grant | 3.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-03-02 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-16 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-12-12 | OtherExhibits | filing ↗ |
| 2025-12-11 | Reg FDExhibits | filing ↗ |
| 2025-11-12 | Exec/director changeExhibits | filing ↗ |
| 2025-11-10 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-05 | 0001638833-26-000050 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001638833-26-000044 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001638833-26-000046 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001638833-26-000006 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001638833-26-000008 ↗ |
| 8-K | 2025-12-16 | 2025-12-16 | 0001104659-25-121563 ↗ |
| 8-K | 2025-12-12 | 2025-12-11 | 0001104659-25-120386 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001104659-25-120159 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001638833-25-000166 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001638833-25-000159 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001638833-25-000163 ↗ |
| 8-K | 2025-09-16 | 2025-09-11 | 0001638833-25-000153 ↗ |